UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-23346
 
Name of Fund:  BlackRock Variable Series Funds II, Inc.
BlackRock High Yield V.I. Fund
BlackRock Total Return V.I. Fund
BlackRock U.S. Government Bond V.I. Fund
      
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Variable Series Funds II, Inc., 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2020
 
Date of reporting period: 12/31/2020
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
    
Not Applicable
December
31,
2020
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2020
Annual
Report
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Variable
Series
Funds
II,
Inc.
Dear
Shareholder,
The
12-month
reporting
period
as
of
December
31,
2020
has
been
a
time
of
sudden
change
in
global
financial
markets,
as
the
emergence
and
spread
of
the
coronavirus
(or
“COVID-19”)
led
to
a
vast
disruption
in
the
global
economy
and
financial
markets.
The
threat
from
the
coronavirus
became
increasingly
apparent
throughout
February
and
March
2020,
and
countries
around
the
world
took
economically
disruptive
countermeasures.
Stay-
at-home
orders
and
closures
of
non-essential
businesses
became
widespread,
many
workers
were
laid
off,
and
unemployment
claims
spiked,
causing
a
global
recession
and
a
sharp
fall
in
equity
prices.
After
markets
hit
their
lowest
point
of
the
reporting
period
in
late
March
2020,
a
steady
recovery
ensued,
as
businesses
began
to
re-open
and
governments
learned
to
adapt
to
life
with
the
virus.
Equity
prices
continued
to
rise
throughout
the
summer,
fed
by
strong
fiscal
and
monetary
support
and
improving
economic
indicators.
Many
equity
indices
neared
or
surpassed
all-time
highs
late
in
the
reporting
period
following
a
series
of
successful
vaccine
trials
and
passage
of
additional
stimulus.
In
the
United
States,
both
large-
and
small-capitalization
stocks
posted
a
significant
advance.
International
equities
from
developed
economies
grew
at
a
more
modest
pace,
lagging
emerging
market
stocks,
which
rebounded
sharply.
During
the
market
downturn,
the
performance
of
different
types
of
fixed-income
securities
initially
diverged
due
to
a
reduced
investor
appetite
for
risk.
U.S.
Treasuries
benefited
from
the
risk-off
environment,
and
posted
solid
returns,
as
the
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
touched
an
all-time
low.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
both
investment-grade
and
high-yield
bonds
recovered
to
post
positive
returns.
Following
the
coronavirus
outbreak,
the
Fed
instituted
two
emergency
interest
rate
cuts,
pushing
short-
term
interest
rates,
already
low
as
the
year
began,
close
to
zero.
To
stabilize
credit
markets,
the
Fed
also
implemented
a
new
bond-buying
program,
as
did
several
other
central
banks
around
the
world,
including
the
European
Central
Bank
and
the
Bank
of
Japan.
Looking
ahead,
while
coronavirus-related
disruptions
have
clearly
hindered
worldwide
economic
growth,
we
believe
that
the
global
expansion
is
likely
to
accelerate
as
vaccination
efforts
get
under
way.
The
results
of
the
U.S.
elections
also
cleared
the
way
for
additional
stimulus
spending
in
2021,
which
is
likely
to
be
a
solid
tailwind
for
economic
growth.
Inflation
should
increase
as
the
expansion
continues,
but
a
shift
in
central
bank
policy
means
that
moderate
inflation
is
less
likely
to
be
followed
by
interest
rate
hikes
that
could
threaten
the
equity
expansion.
Overall,
we
favor
a
positive
stance
toward
risk,
with
an
overweight
in
both
equities
and
credit.
We
see
U.S.
and
Asian
equities
benefiting
from
structural
growth
trends
in
tech,
while
emerging
markets
should
be
particularly
helped
by
a
vaccine-led
economic
expansion.
In
credit,
rising
inflation
should
provide
tailwinds
for
inflation-
protected
bonds,
and
Euro
area
peripherals
and
Asian
bonds
also
provide
attractive
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,
2020
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
22.16%
18.40%
U.S.
small
cap
equities
(Russell
2000
®
Index)
37.85
19.96
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
21.61
7.82
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
31.14
18.31
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.07
0.67
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(1.87)
10.58
U.S.
investment
grade
bonds
(Bloomberg
Barclays
U.S.
Aggregate
Bond
Index)
1.29
7.51
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
2.92
4.95
U.S.
high
yield
bonds
(Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
11.32
7.05
This
Page
is
not
Part
of
Your
Fund
Report
December
31,
2020
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2020
Annual
Report
BlackRock
Variable
Series
Funds
II,
Inc.
BlackRock
High
Yield
V.I.
Fund
Fund
Summary
as
of
December
31,
2020
2020
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,
2020,
the
Fund’s
Class
I
Shares
outperformed
its
benchmark,
the
Bloomberg
Barclays
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
strong
returns
in
2020.
Although
the
market
fell
sharply
in
the
first
quarter
due
to
the
emergence
of
COVID-19,
the
Fed
responded
by
cutting
short-
term
interest
rates
to
zero
and
pledging
to
support
the
corporate
bond
market
through
direct
purchases.
The
high-yield
market
rebounded
quickly
in
response,
and
the
rally
carried
through
until
year
end
due
to
the
combination
of
better-than-expected
economic
growth
and
the
approval
of
a
coronavirus
vaccine
in
November
2020.
Security
selection
in
the
technology
sector
contributed
to
the
Fund’s
relative
performance,
as
did
an
underweight
position
in
oil
field
services
and
an
overweight
in
wireline
telecommunications.
The
Fund’s
overweight
allocation
to
BBB-rated
issues
was
additive,
as
was
security
selection
in
CCC
rated
bonds.
A
tactical
weighting
in
investment-
grade
corporate
bonds
was
also
an
important
positive
driver
of
performance.
A
position
in
floating
rate
loan
interests
made
a
modest
contribution
as
well.
Underweight
allocations
to
the
independent
energy
and
automotive
sectors
detracted
from
relative
performance.
Security
selection
in
the
finance
industry
and
an
underweight
in
BB
rated
securities
also
weighed
on
results.
The
Fund
used
derivatives
(including
credit
default
swaps
and
total
return
swaps)
to
manage
its
positioning.
This
aspect
of
its
strategy
was
a
minor
detractor
from
performance.
Describe
recent
portfolio
activity.
The
Fund
increased
its
allocations
to
the
wireline
telecommunications,
midstream
energy
and
independent
energy
sectors,
while
reducing
its
weightings
in
electricity,
construction
machinery
and
health
insurance.
The
Fund
tactically
increased
its
position
in
investment-grade
securities,
primarily
new
issues
that
came
to
the
market
at
attractive
valuations
in
the
second
quarter
of
2020.
Describe
portfolio
positioning
at
period
end.
The
Fund’s
broad
portfolio
strategy
was
relatively
stable.
The
investment
adviser’s
decision
to
increase
the
allocation
to
investment-grade
bonds
was
the
most
notable
shift.
This
position,
which
reached
a
peak
of
nearly
14%
of
assets
in
the
second
quarter,
stood
at
8%
as
of
year
end.
From
a
credit
quality
perspective,
the
Fund
was
underweight
in
BB-rated
debt
and
overweight
in
select
CCCs.
With
that
said,
the
Fund
maintained
an
underweight
in
the
highest-yielding
portion
of
the
market
with
the
largest
concentration
of
distressed
assets.
The
Fund’s
major
sector
positioning
themes
remained
consistent,
with
the
largest
overweight
positions
in
technology,
cable/satellite
and
aerospace/defense.
The
Fund
was
underweight
in
energy,
as
well
as
in
most
sectors
with
above-average
sensitivity
to
the
fallout
from
COVID-19.
This
included
the
retail
and
automotive,
media/entertainment
and
finance
industries.
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,
2020
(continued)
3
Fund
Summary
BlackRock
High
Yield
V.I.
Fund
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
Performance
Summary
for
the
Period
Ended
December
31,
2020
(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.
The
Fund’s
total
returns
prior
to
October
1,
2011
are
the
returns
of
the
Predecessor
Fund
when
it
followed
different
investment
objectives
and
investment
strategies
under
the
name
“BlackRock
High
Income
V.I.
Fund”.
(c)
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)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(c)
........................................
3.78‌%
3.67‌%
11.03‌%
7.27‌%
7.85‌%
6.58‌%
Class
III
(c)
........................................
3.55‌
3.45‌
10.75‌
7.01‌
7.60‌
6.31‌
(d)
Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
......................
—‌
—‌
11.32‌
7.05‌
8.57‌
6.79‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
a
portion
of
its
fee.
Without
such
waiver,
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
and
cumulative
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.
The
Fund's
total
returns
prior
to
October
1,
2011
a
re
the
returns
of
the
Predecessor
Fund
when
it
followed
different
investment
objectives
and
investment
strategies
under
the
name
"BlackRock
High
Income
V.I.
Fund".
(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.
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.
Fund
Summary
as
of
December
31,
2020
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
High
Yield
V.I.
Fund
Portfolio
Information
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(a)
Percent
of
Total
Investments
(b)
AAA/
Aaa
(c)
......................................
—‌
%
(d)
A
............................................
1‌
BBB/Baa
.......................................
13‌
BB/Ba
.........................................
38‌
B
............................................
33‌
CCC/
Caa
.......................................
1
3‌ 
NR
...........................................
2‌
(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)
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.
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 below
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
on July
1,
2020 and
held
through
December
31,
2020)
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.
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.
Actual
Hypothetical
(a)
Beginning
Account
Value
(07/01/20)
Ending
Account
Value
(12/31/20)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(07/01/20)
Ending
Account
Value
(12/31/20)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00
$
1,110.30
$
3.08
$
1,000.00
$
1,022.22
$
2.95
0.58%
Class
III
..................................
1,000.00
1,107.50
4.34
1,000.00
1,021.01
4.17
0.82
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
366.
(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
184/366
(to
reflect
the
one-half
year
period
shown).
2020
BlackRock
Annual
Report
To
Shareholders
BlackRock
High
Yield
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2020
Security
Shares
Shares
Value
Common
Stocks
—
1.0%
Building
Products
—
0.0%
AZEK
Co.,
Inc.
(The)
(a)
................
346
$
13,304
Chemicals
—
0.2%
Element
Solutions,
Inc.
................
67,588
1,198,335
Diversified
Telecommunication
Services
—
0.0%
CenturyLink,
Inc.
....................
25,766
251,219
Energy
Equipment
&
Services
—
0.0%
Pioneer
Energy
Services
Corp.
(a)(b)
........
1,058
41,085
Entertainment
—
0.1%
Live
Nation
Entertainment,
Inc.
(a)
.........
5,404
397,086
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.4%
Gaming
and
Leisure
Properties,
Inc.
.......
24,856
1,053,894
VICI
Properties,
Inc.
..................
56,302
1,435,701
2,489,595
Life
Sciences
Tools
&
Services
—
0.0%
PPD,
Inc.
(a)
........................
1,969
67,379
Media
—
0.0%
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
.....
146,145
241,139
Metals
&
Mining
—
0.2%
Constellium
SE,
Class
A
(a)
..............
80,736
1,129,497
Pharmaceuticals
—
0.1%
Bausch
Health
Cos.,
Inc.
(a)
..............
41,611
865,509
Total
Common
Stocks
—
1.0%
(Cost:
$6,026,422)
...............................
6,694,148
Par
(000)
Par
(000)
Corporate
Bonds
—
86.5%
Aerospace
&
Defense
—
4.2%
Boeing
Co.
(The):
5.15%
,
05/01/30
..................
USD
1,250
1,512,814
5.81%
,
05/01/50
..................
1,830
2,522,006
5.93%
,
05/01/60
..................
1,830
2,596,027
Bombardier,
Inc.
(c)
:
8.75%
,
12/01/21
..................
1,423
1,479,920
5.75%
,
03/15/22
..................
236
240,783
6.13%
,
01/15/23
..................
668
652,970
7.50%
,
12/01/24
..................
148
141,972
7.50%
,
03/15/25
..................
58
53,795
7.88%
,
04/15/27
..................
1,113
1,023,337
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(c)
..
418
435,242
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(c)
.
741
718,770
Howmet
Aerospace,
Inc.:
5.87%
,
02/23/22
..................
173
181,001
5.13%
,
10/01/24
..................
12
13,210
Kratos
Defense
&
Security
Solutions,
Inc.,
6.50%,
11/30/25
(c)
................
516
541,155
Rolls-Royce
plc,
5.75%,
10/15/27
(c)
.......
1,123
1,243,723
Signature
Aviation
US
Holdings,
Inc.
(c)
:
5.38%
,
05/01/26
..................
165
169,125
4.00%
,
03/01/28
..................
418
420,780
Spirit
AeroSystems,
Inc.,
5.50%,
01/15/25
(c)
..
276
291,152
SSL
Robotics
LLC,
9.75%,
12/31/23
(c)
.....
310
350,300
TransDigm,
Inc.:
8.00%
,
12/15/25
(c)
.................
1,715
1,895,590
6.25%
,
03/15/26
(c)
.................
9,140
9,734,100
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
6.38%
,
06/15/26
..................
USD
350
$
362,250
Triumph
Group,
Inc.,
8.88%,
06/01/24
(c)
....
1,702
1,867,945
28,447,967
Airlines
—
1.1%
American
Airlines,
Inc.,
11.75%,
07/15/25
(c)
..
536
618,142
Delta
Air
Lines,
Inc.
(c)
:
7.00%
,
05/01/25
..................
630
727,368
4.50%
,
10/20/25
..................
320
342,035
4.75%
,
10/20/28
..................
1,138
1,242,141
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(c)
2,028
2,180,100
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
09/20/25
(c)
115
128,394
United
Airlines
Pass-Through
Trust,
Series
2020-1,
Class
A,
5.88%,
10/15/27
......
1,868
2,017,837
7,256,017
Auto
Components
—
1.8%
Adient
US
LLC,
9.00%,
04/15/25
(c)
.......
305
340,075
Allison
Transmission,
Inc.
(c)
:
5.88%
,
06/01/29
..................
647
714,935
3.75%
,
01/30/31
..................
488
499,285
Clarios
Global
LP
(c)
:
6.75%
,
05/15/25
..................
1,608
1,732,620
6.25%
,
05/15/26
..................
1,859
1,993,778
8.50%
,
05/15/27
..................
3,367
3,657,940
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
.......
604
635,970
Goodyear
Tire
&
Rubber
Co.
(The),
9.50%,
05/31/25
......................
332
375,259
Icahn
Enterprises
LP:
4.75%
,
09/15/24
..................
162
168,277
6.38%
,
12/15/25
..................
562
581,389
6.25%
,
05/15/26
..................
369
390,734
5.25%
,
05/15/27
..................
517
554,224
Tenneco,
Inc.,
7.88%,
01/15/29
(c)
........
126
141,468
11,785,954
Automobiles
—
0.8%
Ford
Motor
Co.:
8.50%
,
04/21/23
..................
382
429,945
4.35%
,
12/08/26
..................
82
87,330
4.75%
,
01/15/43
..................
167
170,340
5.29%
,
12/08/46
..................
160
167,200
General
Motors
Co.:
5.00%
,
10/01/28
..................
101
120,177
5.00%
,
04/01/35
..................
160
192,653
6.25%
,
10/02/43
..................
727
980,701
5.20%
,
04/01/45
..................
522
633,931
6.75%
,
04/01/46
..................
197
283,825
5.95%
,
04/01/49
..................
450
608,589
Nissan
Motor
Co.
Ltd.,
4.81%,
09/17/30
(c)
...
550
619,309
Tesla,
Inc.,
5.30%,
08/15/25
(c)
..........
582
606,735
Winnebago
Industries,
Inc.,
6.25%,
07/15/28
(c)
210
225,750
5,126,485
Banks
—
0.3%
Banco
Espirito
Santo
SA
(a)(d)
:
2.63%
,
05/08/17
..................
EUR
100
15,881
4.75%
,
01/15/18
..................
100
15,882
4.00%
,
01/21/19
..................
100
15,881
Barclays
plc,
5.20%,
05/12/26
..........
USD
200
232,544
BNP
Paribas
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%),
4.50%
(c)(e)(f)
...............
325
328,422
CIT
Group,
Inc.:
5.00%
,
08/15/22
..................
30
31,800
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
5.00%
,
08/01/23
..................
USD
396
$
432,630
Citigroup,
Inc.,
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
(e)(f)
...............
295
302,744
HSBC
Holdings
plc
(e)(f)
:
(USD
Swap
Rate
5
Year
+
3.75%),
6.00%
.
465
506,269
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%),
4.60%
.......................
200
203,524
2,085,577
Biotechnology
—
0.0%
Emergent
BioSolutions,
Inc.,
3.88%,
08/15/28
(c)
118
122,189
Building
Products
—
1.0%
Advanced
Drainage
Systems,
Inc.,
5.00%,
09/30/27
(c)
.....................
545
572,457
Builders
FirstSource,
Inc.,
6.75%,
06/01/27
(c)
.
193
209,349
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(c)
.....................
850
903,125
CP
Atlas
Buyer,
Inc.,
7.00%,
12/01/28
(c)
....
152
158,080
Forterra
Finance
LLC,
6.50%,
07/15/25
(c)
...
766
823,450
Griffon
Corp.,
5.75%,
03/01/28
..........
331
350,032
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(c)
................
200
212,434
JELD-WEN,
Inc.
(c)
:
6.25%
,
05/15/25
..................
245
264,600
4.63%
,
12/15/25
..................
99
101,030
4.88%
,
12/15/27
..................
30
31,725
Masonite
International
Corp.
(c)
:
5.75%
,
09/15/26
..................
45
47,025
5.38%
,
02/01/28
..................
74
79,458
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(c)
..
923
964,678
Standard
Industries,
Inc.
(c)
:
5.00%
,
02/15/27
..................
221
230,945
4.38%
,
07/15/30
..................
653
698,534
3.38%
,
01/15/31
..................
975
979,875
Summit
Materials
LLC,
5.25%,
01/15/29
(c)
...
278
291,900
6,918,697
Capital
Markets
—
1.1%
Charles
Schwab
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
(e)(f)
....
1,590
1,673,475
Credit
Suisse
Group
AG
(c)(e)(f)
:
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
200
218,000
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%),
6.37%
.......................
700
779,625
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%),
5.25%
.......................
405
428,287
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%),
5.10%
.......................
235
244,400
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.55%),
4.50%
.......................
370
371,813
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.95%
(e)(f)
921
974,344
MSCI,
Inc.,
3.88%,
02/15/31
(c)
..........
555
586,913
Owl
Rock
Capital
Corp.:
5.25%
,
04/15/24
..................
146
158,011
4.00%
,
03/30/25
..................
195
203,610
3.75%
,
07/22/25
..................
866
898,653
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
4.25%
,
01/15/26
..................
USD
301
$
317,052
3.40%
,
07/15/26
..................
170
172,434
Owl
Rock
Technology
Finance
Corp.,
3.75%,
06/17/26
(c)
.....................
240
241,303
7,267,920
Chemicals
—
1.7%
Atotech
Alpha
2
BV,
8.75%,
(8.75%
Cash
or
9.50%
PIK),
06/01/23
(c)(g)
............
810
816,414
Atotech
Alpha
3
BV,
6.25%,
02/01/25
(c)
.....
2,754
2,802,195
Axalta
Coating
Systems
LLC
(c)
:
4.75%
,
06/15/27
..................
423
449,966
3.38%
,
02/15/29
..................
466
466,000
Blue
Cube
Spinco
LLC:
9.75%
,
10/15/23
..................
81
83,227
10.00%
,
10/15/25
.................
40
42,350
Chemours
Co.
(The),
5.75%,
11/15/28
(c)
....
186
189,720
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
..
2,394
2,462,827
Gates
Global
LLC,
6.25%,
01/15/26
(c)
......
574
602,700
GCP
Applied
Technologies,
Inc.,
5.50%,
04/15/26
(c)
.....................
534
550,020
HB
Fuller
Co.,
4.25%,
10/15/28
.........
165
169,125
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
....
553
608,300
Ingevity
Corp.,
3.88%,
11/01/28
(c)
........
132
132,990
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
388
406,003
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(c)
..
81
84,341
OCI
NV,
5.25%,
11/01/24
(c)
............
277
287,734
PQ
Corp.,
5.75%,
12/15/25
(c)
...........
912
935,940
Rayonier
AM
Products,
Inc.,
7.63%,
01/15/26
(c)
114
118,874
Valvoline,
Inc.
(c)
:
4.25%
,
02/15/30
..................
168
178,080
3.63%
,
06/15/31
..................
2
2,053
WR
Grace
&
Co.-Conn.,
4.88%,
06/15/27
(c)
..
162
171,804
11,560,663
Commercial
Services
&
Supplies
—
2.8%
ACCO
Brands
Corp.,
5.25%,
12/15/24
(c)
....
104
106,860
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(c)
.
803
870,251
Allied
Universal
Holdco
LLC
(c)
:
6.63%
,
07/15/26
..................
3,651
3,893,061
9.75%
,
07/15/27
..................
1,213
1,322,170
APX
Group,
Inc.:
7.88%
,
12/01/22
..................
115
115,287
8.50%
,
11/01/24
..................
202
212,100
6.75%
,
02/15/27
(c)
.................
455
489,125
Aramark
Services,
Inc.:
5.00%
,
04/01/25
(c)
.................
246
253,380
6.38%
,
05/01/25
(c)
.................
571
610,256
4.75%
,
06/01/26
..................
72
74,121
Brink's
Co.
(The),
5.50%,
07/15/25
(c)
......
114
121,695
Clean
Harbors,
Inc.
(c)
:
4.88%
,
07/15/27
..................
233
243,091
5.13%
,
07/15/29
..................
199
217,408
Covanta
Holding
Corp.,
5.00%,
09/01/30
...
141
150,861
Garda
World
Security
Corp.
(c)
:
4.63%
,
02/15/27
..................
715
722,150
9.50%
,
11/01/27
..................
428
474,010
GFL
Environmental,
Inc.
(c)
:
4.25%
,
06/01/25
..................
140
145,250
3.75%
,
08/01/25
..................
299
306,475
5.13%
,
12/15/26
..................
1,122
1,193,528
8.50%
,
05/01/27
..................
632
701,520
4.00%
,
08/01/28
..................
565
569,237
3.50%
,
09/01/28
..................
566
576,259
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
IAA,
Inc.,
5.50%,
06/15/27
(c)
...........
USD
274
$
290,440
Interface,
Inc.,
5.50%,
12/01/28
(c)
........
186
195,765
KAR
Auction
Services,
Inc.,
5.13%,
06/01/25
(c)
262
269,606
Nielsen
Finance
LLC
(c)
:
5.63%
,
10/01/28
..................
818
888,798
5.88%
,
10/01/30
..................
1,063
1,202,519
Prime
Security
Services
Borrower
LLC
(c)
:
5.25%
,
04/15/24
..................
135
144,113
5.75%
,
04/15/26
..................
42
45,990
3.38%
,
08/31/27
..................
460
456,550
6.25%
,
01/15/28
..................
1,009
1,083,252
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
........
254
260,985
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
....
776
793,460
18,999,573
Communications
Equipment
—
0.9%
Avaya,
Inc.,
6.13%,
09/15/28
(c)
..........
1,703
1,819,247
CommScope
Technologies
LLC
(c)
:
6.00%
,
06/15/25
..................
764
781,190
5.00%
,
03/15/27
..................
437
430,445
CommScope,
Inc.
(c)
:
5.50%
,
03/01/24
..................
449
462,919
6.00%
,
03/01/26
..................
455
479,388
8.25%
,
03/01/27
..................
66
70,455
7.13%
,
07/01/28
..................
65
69,225
Nokia
OYJ:
4.38%
,
06/12/27
..................
187
203,947
6.63%
,
05/15/39
..................
107
136,672
ViaSat,
Inc.
(c)
:
5.63%
,
04/15/27
..................
805
845,250
6.50%
,
07/15/28
..................
730
790,013
6,088,751
Construction
&
Engineering
—
0.3%
(c)
Brand
Industrial
Services,
Inc.,
8.50%,
07/15/25
767
783,299
MasTec,
Inc.,
4.50%,
08/15/28
..........
318
333,900
New
Enterprise
Stone
&
Lime
Co.,
Inc.:
6.25%
,
03/15/26
..................
99
101,475
9.75%
,
07/15/28
..................
131
143,445
Pike
Corp.,
5.50%,
09/01/28
...........
267
282,019
Weekley
Homes
LLC,
4.88%,
09/15/28
.....
127
132,715
1,776,853
Consumer
Finance
—
1.5%
Ally
Financial,
Inc.,
8.00%,
11/01/31
......
850
1,247,690
Ford
Motor
Credit
Co.
LLC:
5.88%
,
08/02/21
..................
701
717,473
2.98%
,
08/03/22
..................
736
748,291
3.09%
,
01/09/23
..................
200
203,489
4.14%
,
02/15/23
..................
248
255,440
3.81%
,
01/09/24
..................
200
205,000
4.06%
,
11/01/24
..................
200
210,114
5.13%
,
06/16/25
..................
1,147
1,247,133
4.13%
,
08/04/25
..................
650
681,688
3.38%
,
11/13/25
..................
200
205,472
4.39%
,
01/08/26
..................
475
498,598
4.00%
,
11/13/30
..................
200
210,000
General
Motors
Financial
Co.,
Inc.,
5.65%,
01/17/29
......................
112
138,778
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(c)(g)
.......
532
462,887
Navient
Corp.:
6.13%
,
03/25/24
..................
176
187,880
5.88%
,
10/25/24
..................
49
52,063
6.75%
,
06/25/25
..................
103
112,012
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
6.75%
,
06/15/26
..................
USD
138
$
149,903
OneMain
Finance
Corp.:
6.88%
,
03/15/25
..................
227
263,604
8.88%
,
06/01/25
..................
133
150,456
7.13%
,
03/15/26
..................
537
635,002
6.63%
,
01/15/28
..................
611
725,563
5.38%
,
11/15/29
..................
135
151,875
4.00%
,
09/15/30
..................
241
250,064
9,710,475
Containers
&
Packaging
—
1.9%
ARD
Finance
SA,
6.50%,
06/30/27
(c)
......
2,202
2,350,635
Ardagh
Packaging
Finance
plc
(c)
:
5.25%
,
04/30/25
..................
342
360,810
4.13%
,
08/15/26
..................
700
731,500
4.75%
,
07/15/27
..................
GBP
100
141,708
5.25%
,
08/15/27
..................
USD
1,325
1,390,998
CANPACK
SA,
3.13%,
11/01/25
(c)
........
211
210,473
Crown
Americas
LLC,
4.25%,
09/30/26
....
302
332,849
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
78
94,965
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(c)
356
393,380
Graphic
Packaging
International
LLC
(c)
:
4.75%
,
07/15/27
..................
128
141,760
3.50%
,
03/15/28
..................
61
63,211
3.50%
,
03/01/29
..................
106
108,385
Intelligent
Packaging
Ltd.
Finco,
Inc.,
6.00%,
09/15/28
(c)
.....................
259
266,123
Intertape
Polymer
Group,
Inc.,
7.00%,
10/15/26
(c)
.....................
181
191,952
LABL
Escrow
Issuer
LLC
(c)
:
6.75%
,
07/15/26
..................
365
395,284
10.50%
,
07/15/27
.................
307
345,759
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(c)
................
389
396,675
Sealed
Air
Corp.
(c)
:
5.13%
,
12/01/24
..................
20
21,800
6.88%
,
07/15/33
..................
31
40,920
Silgan
Holdings,
Inc.,
4.13%,
02/01/28
.....
3
3,116
Trivium
Packaging
Finance
BV
(c)(h)
:
5.50%
,
08/15/26
..................
2,067
2,185,853
8.50%
,
08/15/27
..................
2,434
2,665,230
12,833,386
Distributors
—
0.5%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.:
5.88%
,
05/15/26
..................
415
430,044
4.00%
,
01/15/28
..................
220
227,700
Core
&
Main
LP,
6.13%,
08/15/25
........
2,398
2,478,933
Wolverine
Escrow
LLC:
8.50%
,
11/15/24
..................
114
108,759
9.00%
,
11/15/26
..................
131
123,998
3,369,434
Diversified
Consumer
Services
—
0.3%
frontdoor,
Inc.,
6.75%,
08/15/26
(c)
........
302
322,007
Graham
Holdings
Co.,
5.75%,
06/01/26
(c)
...
105
110,250
Laureate
Education,
Inc.,
8.25%,
05/01/25
(c)
..
171
181,260
Service
Corp.
International:
5.13%
,
06/01/29
..................
89
98,567
3.38%
,
08/15/30
..................
408
424,406
Sotheby's,
7.38%,
10/15/27
(c)
...........
1,106
1,184,803
2,321,293
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
—
1.4%
(c)
Fairstone
Financial,
Inc.,
7.88%,
07/15/24
...
USD
289
$
306,340
MPH
Acquisition
Holdings
LLC,
5.75%,
11/01/28
......................
1,639
1,610,809
Refinitiv
US
Holdings,
Inc.:
4.50%
,
05/15/26
..................
EUR
650
834,769
6.25%
,
05/15/26
..................
USD
183
195,353
8.25%
,
11/15/26
..................
1,146
1,250,572
Sabre
GLBL,
Inc.:
5.25%
,
11/15/23
..................
73
73,912
9.25%
,
04/15/25
..................
806
959,140
7.38%
,
09/01/25
..................
395
428,575
Shift4
Payments
LLC,
4.63%,
11/01/26
.....
493
512,720
Verscend
Escrow
Corp.,
9.75%,
08/15/26
...
2,693
2,918,539
9,090,729
Diversified
Telecommunication
Services
—
7.0%
Altice
France
Holding
SA
(c)
:
10.50%
,
05/15/27
.................
3,477
3,902,933
6.00%
,
02/15/28
..................
1,063
1,076,287
Altice
France
SA
(c)
:
7.38%
,
05/01/26
..................
1,464
1,540,860
8.13%
,
02/01/27
..................
1,721
1,897,420
5.50%
,
01/15/28
..................
1,055
1,103,013
5.13%
,
01/15/29
..................
254
262,890
CCO
Holdings
LLC
(c)
:
5.00%
,
02/01/28
..................
441
466,358
5.38%
,
06/01/29
..................
792
868,230
4.75%
,
03/01/30
..................
657
708,903
4.50%
,
08/15/30
..................
1,244
1,320,195
4.25%
,
02/01/31
..................
1,428
1,504,912
4.50%
,
05/01/32
..................
1,988
2,122,627
CenturyLink,
Inc.:
Series
W,
6.75%
,
12/01/23
...........
128
142,560
Series
Y,
7.50%
,
04/01/24
...........
176
199,320
5.13%
,
12/15/26
(c)
.................
3,060
3,231,238
4.00%
,
02/15/27
(c)
.................
540
557,550
4.50%
,
01/15/29
(c)
.................
1,401
1,425,517
Series
P,
7.60%
,
09/15/39
...........
619
752,085
Series
U,
7.65%
,
03/15/42
...........
1,076
1,301,960
Cincinnati
Bell,
Inc.
(c)
:
7.00%
,
07/15/24
..................
919
955,760
8.00%
,
10/15/25
..................
75
79,969
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(c)
.....................
1,198
1,281,860
Frontier
Communications
Corp.
(c)
:
5.88%
,
10/15/27
..................
775
837,969
5.00%
,
05/01/28
..................
1,084
1,130,070
6.75%
,
05/01/29
..................
759
812,130
Intelsat
Jackson
Holdings
SA,
8.00%,
02/15/24
(c)(h)
....................
106
108,517
Level
3
Financing,
Inc.
(c)
:
4.25%
,
07/01/28
..................
1,312
1,348,080
3.63%
,
01/15/29
..................
964
961,590
QualityTech
LP,
3.88%,
10/01/28
(c)
.......
619
631,380
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(c)
.....................
200
212,750
Sprint
Capital
Corp.:
6.88%
,
11/15/28
..................
1,592
2,099,020
8.75%
,
03/15/32
..................
1,603
2,538,150
Switch
Ltd.,
3.75%,
09/15/28
(c)
..........
572
580,580
Telecom
Italia
Capital
SA:
6.38%
,
11/15/33
..................
408
501,840
6.00%
,
09/30/34
..................
739
900,169
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
7.20%
,
07/18/36
..................
USD
201
$
271,183
7.72%
,
06/04/38
..................
447
621,330
Telecom
Italia
SpA,
5.30%,
05/30/24
(c)
.....
251
272,962
Telesat
Canada
(c)
:
4.88%
,
06/01/27
..................
637
659,295
6.50%
,
10/15/27
..................
52
54,340
Virgin
Media
Secured
Finance
plc
(c)
:
5.50%
,
05/15/29
..................
400
433,500
4.50%
,
08/15/30
..................
760
794,200
Zayo
Group
Holdings,
Inc.
(c)
:
4.00%
,
03/01/27
..................
1,982
1,986,955
6.13%
,
03/01/28
..................
2,451
2,591,933
47,050,390
Electric
Utilities
—
0.9%
FirstEnergy
Corp.:
Series
B,
3.90%
,
07/15/27
(h)
..........
171
188,493
2.65%
,
03/01/30
..................
46
46,146
Series
B,
2.25%
,
09/01/30
...........
38
36,757
Series
C,
4.85%
,
07/15/47
(h)
..........
922
1,147,424
Series
C,
3.40%
,
03/01/50
...........
342
327,579
FirstEnergy
Transmission
LLC
(c)
:
5.45%
,
07/15/44
..................
537
681,380
4.55%
,
04/01/49
..................
259
302,468
NextEra
Energy
Operating
Partners
LP
(c)
:
4.25%
,
07/15/24
..................
38
40,660
4.25%
,
09/15/24
..................
13
13,910
NRG
Energy,
Inc.:
5.75%
,
01/15/28
..................
8
8,740
4.45%
,
06/15/29
(c)
.................
576
667,958
3.63%
,
02/15/31
(c)
.................
644
662,547
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
.....................
587
619,285
PG&E
Corp.,
5.25%,
07/01/30
..........
565
621,500
Vistra
Operations
Co.
LLC,
4.30%,
07/15/29
(c)
336
381,368
5,746,215
Electrical
Equipment
—
0.0%
Sensata
Technologies
BV,
5.63%,
11/01/24
(c)
.
187
208,980
Electronic
Equipment,
Instruments
&
Components
—
0.2%
CDW
LLC:
4.13%
,
05/01/25
..................
278
290,838
3.25%
,
02/15/29
..................
473
482,318
Itron,
Inc.,
5.00%,
01/15/26
(c)
...........
34
34,722
Sensata
Technologies,
Inc.
(c)
:
4.38%
,
02/15/30
..................
232
249,690
3.75%
,
02/15/31
..................
182
188,658
1,246,226
Energy
Equipment
&
Services
—
0.7%
Archrock
Partners
LP
(c)
:
6.88%
,
04/01/27
..................
397
427,271
6.25%
,
04/01/28
..................
1,329
1,383,436
ChampionX
Corp.,
6.38%,
05/01/26
.......
370
373,700
Pioneer
Energy
Services
Corp.
(b)(c)
:
(LIBOR
USD
3
Month
+
9.50%),
11.00%
,
05/15/25
(f)
....................
430
337,589
5.00%
,
(5.00%
Cash
or
5.00%
PIK),
11/15/25
(g)(i)
....................
303
161,683
Tervita
Corp.,
11.00%,
12/01/25
(c)
........
183
196,915
Transocean,
Inc.,
11.50%,
01/30/27
(c)
......
241
172,315
USA
Compression
Partners
LP:
6.88%
,
04/01/26
..................
933
974,985
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
6.88%
,
09/01/27
..................
USD
756
$
807,091
4,834,985
Entertainment
—
1.0%
Lions
Gate
Capital
Holdings
LLC
(c)
:
6.38%
,
02/01/24
..................
393
402,825
5.88%
,
11/01/24
..................
150
152,250
Live
Nation
Entertainment,
Inc.:
2.50%
,
03/15/23
(i)
.................
354
456,943
4.88%
,
11/01/24
(c)
.................
59
59,738
2.00%
,
02/15/25
(c)(i)
................
279
295,248
6.50%
,
05/15/27
(c)
.................
2,067
2,311,981
4.75%
,
10/15/27
(c)
.................
169
173,211
3.75%
,
01/15/28
(c)
.................
329
332,422
Netflix,
Inc.:
4.88%
,
04/15/28
..................
87
98,110
5.88%
,
11/15/28
..................
1,004
1,203,545
5.38%
,
11/15/29
(c)
.................
247
291,151
4.88%
,
06/15/30
(c)
.................
349
401,350
WMG
Acquisition
Corp.
(c)
:
5.50%
,
04/15/26
..................
182
188,598
3.88%
,
07/15/30
..................
260
276,320
3.00%
,
02/15/31
..................
106
103,880
6,747,572
Equity
Real
Estate
Investment
Trusts
(REITs)
—
3.5%
Brookfield
Property
REIT,
Inc.,
5.75%,
05/15/26
(c)
.....................
318
313,230
Diversified
Healthcare
Trust,
9.75%,
06/15/25
356
404,466
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
...
473
487,656
GLP
Capital
LP:
5.25%
,
06/01/25
..................
706
794,307
5.38%
,
04/15/26
..................
172
197,399
5.30%
,
01/15/29
..................
15
17,354
4.00%
,
01/15/30
..................
645
700,638
4.00%
,
01/15/31
..................
470
512,873
Host
Hotels
&
Resorts
LP,
Series
I,
3.50%,
09/15/30
......................
190
200,173
Iron
Mountain,
Inc.
(c)
:
4.88%
,
09/15/29
..................
95
100,225
5.25%
,
07/15/30
..................
1,306
1,410,480
5.63%
,
07/15/32
..................
768
846,720
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%
,
05/01/24
..................
79
85,806
4.63%
,
06/15/25
(c)
.................
348
372,708
4.50%
,
09/01/26
..................
1,347
1,449,237
5.75%
,
02/01/27
..................
351
393,776
4.50%
,
01/15/28
..................
827
879,829
3.88%
,
02/15/29
(c)
.................
1,327
1,356,858
MPT
Operating
Partnership
LP:
5.00%
,
10/15/27
..................
107
113,821
4.63%
,
08/01/29
..................
913
975,769
3.50%
,
03/15/31
..................
1,075
1,109,938
Park
Intermediate
Holdings
LLC,
5.88%,
10/01/28
(c)
.....................
149
158,685
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
..
916
948,060
SBA
Communications
Corp.,
3.88%,
02/15/27
(c)
1,652
1,735,096
Service
Properties
Trust:
4.50%
,
06/15/23
..................
70
70,350
4.35%
,
10/01/24
..................
68
67,150
7.50%
,
09/15/25
..................
563
648,756
5.50%
,
12/15/27
..................
209
228,512
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Uniti
Group
LP:
6.00%
,
04/15/23
(c)
.................
USD
697
$
710,940
8.25%
,
10/15/23
..................
960
967,200
7.88%
,
02/15/25
(c)
.................
188
201,951
VICI
Properties
LP
(c)
:
3.50%
,
02/15/25
..................
689
704,692
4.25%
,
12/01/26
..................
717
743,637
3.75%
,
02/15/27
..................
911
931,497
4.63%
,
12/01/29
..................
926
990,820
4.13%
,
08/15/30
..................
1,603
1,692,175
23,522,784
Food
&
Staples
Retailing
—
0.6%
Albertsons
Cos.,
Inc.
(c)
:
3.25%
,
03/15/26
..................
707
717,605
4.63%
,
01/15/27
..................
793
843,554
5.88%
,
02/15/28
..................
668
726,911
4.88%
,
02/15/30
..................
433
477,114
Sysco
Corp.:
6.60%
,
04/01/40
..................
310
453,455
6.60%
,
04/01/50
..................
310
477,450
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(c)
218
228,078
US
Foods,
Inc.,
6.25%,
04/15/25
(c)
.......
231
246,881
4,171,048
Food
Products
—
2.2%
Chobani
LLC
(c)
:
7.50%
,
04/15/25
..................
1,111
1,164,994
4.63%
,
11/15/28
..................
469
476,035
JBS
Investments
II
GmbH,
7.00%,
01/15/26
(c)
.
200
215,940
JBS
USA
LUX
SA
(c)
:
5.75%
,
06/15/25
..................
696
718,098
6.75%
,
02/15/28
..................
363
406,219
6.50%
,
04/15/29
..................
257
299,174
Kraft
Heinz
Foods
Co.:
4.25%
,
03/01/31
(c)
.................
1,716
1,913,439
5.00%
,
07/15/35
..................
189
229,114
6.88%
,
01/26/39
..................
414
573,662
4.63%
,
10/01/39
(c)
.................
129
144,036
6.50%
,
02/09/40
..................
280
378,479
5.00%
,
06/04/42
..................
125
146,659
5.20%
,
07/15/45
..................
245
291,318
4.38%
,
06/01/46
..................
652
705,428
4.88%
,
10/01/49
(c)
.................
2,628
3,065,886
5.50%
,
06/01/50
(c)
.................
2,184
2,751,299
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
(c)
355
396,269
Post
Holdings,
Inc.
(c)
:
5.75%
,
03/01/27
..................
6
6,353
5.63%
,
01/15/28
..................
165
175,725
4.63%
,
04/15/30
..................
119
125,183
Simmons
Foods,
Inc.,
7.75%,
01/15/24
(c)
....
415
432,119
TreeHouse
Foods,
Inc.,
4.00%,
09/01/28
...
97
100,334
14,715,763
Gas
Utilities
—
0.1%
Ferrellgas
LP,
10.00%,
04/15/25
(c)
........
451
498,590
Health
Care
Equipment
&
Supplies
—
1.1%
(c)
Avantor
Funding,
Inc.,
4.63%,
07/15/28
....
1,681
1,777,658
Hologic,
Inc.:
4.63%
,
02/01/28
..................
352
373,560
3.25%
,
02/15/29
..................
376
382,580
Ortho-Clinical
Diagnostics,
Inc.:
7.38%
,
06/01/25
..................
1,515
1,613,475
7.25%
,
02/01/28
..................
2,324
2,451,820
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Teleflex,
Inc.,
4.25%,
06/01/28
..........
USD
426
$
451,560
7,050,653
Health
Care
Providers
&
Services
—
4.5%
Acadia
Healthcare
Co.,
Inc.:
5.63%
,
02/15/23
..................
93
93,232
5.50%
,
07/01/28
(c)
.................
335
359,807
5.00%
,
04/15/29
(c)
.................
273
291,428
AdaptHealth
LLC
(c)
:
6.13%
,
08/01/28
..................
410
440,238
4.63%
,
08/01/29
..................
127
130,492
AHP
Health
Partners,
Inc.,
9.75%,
07/15/26
(c)
.
639
705,296
Akumin,
Inc.,
7.00%,
11/01/25
(c)
.........
93
97,650
Centene
Corp.:
4.25%
,
12/15/27
..................
765
810,900
4.63%
,
12/15/29
..................
1,613
1,790,769
3.00%
,
10/15/30
..................
378
400,642
Community
Health
Systems,
Inc.
(c)
:
8.63%
,
01/15/24
..................
1,114
1,161,345
6.63%
,
02/15/25
..................
2,162
2,275,462
8.00%
,
03/15/26
..................
2,340
2,521,350
5.63%
,
03/15/27
..................
1,255
1,349,439
6.00%
,
01/15/29
..................
927
1,001,401
Encompass
Health
Corp.:
4.50%
,
02/01/28
..................
27
28,215
4.75%
,
02/01/30
..................
105
112,481
4.63%
,
04/01/31
..................
155
165,850
HCA,
Inc.:
5.38%
,
02/01/25
..................
6
6,747
5.63%
,
09/01/28
..................
1,228
1,449,040
5.88%
,
02/01/29
..................
280
336,974
3.50%
,
09/01/30
..................
2,136
2,269,663
Legacy
LifePoint
Health
LLC
(c)
:
6.75%
,
04/15/25
..................
289
310,331
4.38%
,
02/15/27
..................
127
127,159
LifePoint
Health,
Inc.,
5.38%,
01/15/29
(c)
....
258
257,445
MEDNAX,
Inc.
(c)
:
5.25%
,
12/01/23
..................
343
347,219
6.25%
,
01/15/27
..................
231
247,738
Molina
Healthcare,
Inc.
(c)
:
4.38%
,
06/15/28
..................
429
451,522
3.88%
,
11/15/30
..................
396
424,710
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
.....................
247
262,438
Providence
Service
Corp.
(The),
5.88%,
11/15/25
(c)
.....................
313
330,997
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
................
173
190,300
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25
(c)
...
268
280,076
Surgery
Center
Holdings,
Inc.
(c)
:
6.75%
,
07/01/25
..................
1,130
1,149,775
10.00%
,
04/15/27
.................
1,020
1,127,100
Tenet
Healthcare
Corp.
(c)
:
4.63%
,
09/01/24
..................
406
419,195
7.50%
,
04/01/25
..................
459
501,457
4.88%
,
01/01/26
..................
2,044
2,138,249
6.25%
,
02/01/27
..................
334
354,040
5.13%
,
11/01/27
..................
1,185
1,254,619
4.63%
,
06/15/28
..................
96
100,560
6.13%
,
10/01/28
..................
970
1,010,721
Vizient,
Inc.,
6.25%,
05/15/27
(c)
.........
277
297,775
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
West
Street
Merger
Sub,
Inc.,
6.38%,
09/01/25
(c)
.....................
USD
706
$
723,650
30,105,497
Health
Care
Technology
—
0.1%
IQVIA,
Inc.:
3.25%
,
03/15/25
..................
EUR
224
276,386
5.00%
,
10/15/26
(c)
.................
USD
298
311,410
5.00%
,
05/15/27
(c)
.................
226
240,244
828,040
Hotels,
Restaurants
&
Leisure
—
5.0%
1011778
BC
ULC
(c)
:
5.75%
,
04/15/25
..................
161
172,270
3.88%
,
01/15/28
..................
613
622,667
4.38%
,
01/15/28
..................
707
728,210
3.50%
,
02/15/29
..................
159
158,801
4.00%
,
10/15/30
..................
907
919,181
Affinity
Gaming,
6.88%,
12/15/27
(c)
.......
206
215,845
Aramark
International
Finance
SARL,
3.13%,
04/01/25
......................
EUR
506
619,700
Boyd
Gaming
Corp.:
8.63%
,
06/01/25
(c)
.................
USD
514
571,666
6.38%
,
04/01/26
..................
186
193,219
4.75%
,
12/01/27
..................
454
471,592
Boyne
USA,
Inc.,
7.25%,
05/01/25
(c)
......
300
314,625
Caesars
Entertainment,
Inc.
(c)
:
6.25%
,
07/01/25
..................
2,673
2,846,745
8.13%
,
07/01/27
..................
2,146
2,375,670
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(c)
.....................
575
609,257
Carnival
Corp.
(c)
:
11.50%
,
04/01/23
.................
684
791,196
10.50%
,
02/01/26
.................
189
220,185
7.63%
,
03/01/26
..................
387
421,633
9.88%
,
08/01/27
..................
333
382,950
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
......
291
305,550
Cedar
Fair
LP
(c)
:
5.50%
,
05/01/25
..................
1,406
1,465,755
6.50%
,
10/01/28
..................
87
94,343
Churchill
Downs,
Inc.
(c)
:
5.50%
,
04/01/27
..................
521
551,609
4.75%
,
01/15/28
..................
545
573,612
Dave
&
Buster's,
Inc.,
7.63%,
11/01/25
(c)
....
333
350,482
Golden
Nugget,
Inc.,
6.75%,
10/15/24
(c)
....
1,489
1,478,309
Hilton
Domestic
Operating
Co.,
Inc.:
5.38%
,
05/01/25
(c)
.................
284
301,750
5.13%
,
05/01/26
..................
430
443,975
5.75%
,
05/01/28
(c)
.................
321
349,088
4.88%
,
01/15/30
..................
1,488
1,625,640
4.00%
,
05/01/31
(c)
.................
1,291
1,362,147
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
.....
232
253,460
Las
Vegas
Sands
Corp.:
2.90%
,
06/25/25
..................
83
86,854
3.50%
,
08/18/26
..................
75
80,257
3.90%
,
08/08/29
..................
68
73,130
Marriott
Ownership
Resorts,
Inc.,
6.50%,
09/15/26
......................
66
68,970
MGM
Resorts
International:
6.00%
,
03/15/23
..................
308
330,715
5.75%
,
06/15/25
..................
41
45,332
NCL
Corp.
Ltd.
(c)
:
10.25%
,
02/01/26
.................
191
223,470
5.88%
,
03/15/26
..................
340
357,619
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Peninsula
Pacific
Entertainment
LLC,
8.50%,
11/15/27
(c)
.....................
USD
179
$
191,530
Powdr
Corp.,
6.00%,
08/01/25
(c)
.........
348
366,270
Royal
Caribbean
Cruises
Ltd.
(c)
:
10.88%
,
06/01/23
.................
175
199,129
9.13%
,
06/15/23
..................
275
298,375
11.50%
,
06/01/25
.................
360
420,858
Scientific
Games
International,
Inc.:
8.63%
,
07/01/25
(c)
.................
332
363,540
5.00%
,
10/15/25
(c)
.................
395
407,597
3.38%
,
02/15/26
..................
EUR
500
605,480
8.25%
,
03/15/26
(c)
.................
USD
679
731,690
7.00%
,
05/15/28
(c)
.................
256
275,254
7.25%
,
11/15/29
(c)
.................
193
211,817
SeaWorld
Parks
&
Entertainment,
Inc.,
9.50%,
08/01/25
(c)
.....................
248
269,235
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
1,799
1,942,920
Station
Casinos
LLC,
4.50%,
02/15/28
(c)
....
392
394,940
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(c)
......
249
265,808
Wyndham
Destinations,
Inc.,
6.63%,
07/31/26
(c)
258
295,410
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
.....................
227
235,864
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(c)
...
483
497,852
Wynn
Resorts
Finance
LLC
(c)
:
7.75%
,
04/15/25
..................
320
346,800
5.13%
,
10/01/29
..................
1,113
1,165,868
Yum!
Brands,
Inc.:
7.75%
,
04/01/25
(c)
.................
420
465,150
4.75%
,
01/15/30
(c)
.................
57
62,501
3.63%
,
03/15/31
..................
146
147,581
5.35%
,
11/01/43
..................
10
11,300
33,230,248
Household
Durables
—
1.0%
Ashton
Woods
USA
LLC,
6.63%,
01/15/28
(c)
.
116
122,090
Brookfield
Residential
Properties,
Inc.
(c)
:
6.25%
,
09/15/27
..................
188
199,985
4.88%
,
02/15/30
..................
345
356,643
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
573
612,394
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
.....................
205
218,325
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(c)
.....................
521
547,050
Mattamy
Group
Corp.
(c)
:
5.25%
,
12/15/27
..................
246
260,145
4.63%
,
03/01/30
..................
299
316,940
MDC
Holdings,
Inc.,
6.00%,
01/15/43
......
339
454,445
Meritage
Homes
Corp.,
5.13%,
06/06/27
....
240
268,200
New
Home
Co.,
Inc.
(The),
7.25%,
10/15/25
(c)
118
121,185
Picasso
Finance
Sub,
Inc.,
6.13%,
06/15/25
(c)
664
710,480
PulteGroup,
Inc.:
7.88%
,
06/15/32
..................
20
29,925
6.38%
,
05/15/33
..................
362
495,976
6.00%
,
02/15/35
..................
244
331,767
Taylor
Morrison
Communities,
Inc.
(c)
:
5.88%
,
06/15/27
..................
161
182,464
5.13%
,
08/01/30
..................
227
254,240
Tempur
Sealy
International,
Inc.,
5.50%,
06/15/26
......................
14
14,570
Toll
Brothers
Finance
Corp.,
4.35%,
02/15/28
.
22
24,420
TRI
Pointe
Group,
Inc.:
5.88%
,
06/15/24
..................
123
134,255
5.25%
,
06/01/27
..................
385
418,687
5.70%
,
06/15/28
..................
91
102,739
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Williams
Scotsman
International,
Inc.,
4.63%,
08/15/28
(c)
.....................
USD
538
$
556,830
6,733,755
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.,
4.13%,
10/15/30
..
424
442,020
Energizer
Holdings,
Inc.
(c)
:
4.75%
,
06/15/28
..................
43
45,258
4.38%
,
03/31/29
..................
31
32,101
Kronos
Acquisition
Holdings,
Inc.,
5.00%,
12/31/26
(c)
.....................
125
130,401
Spectrum
Brands,
Inc.
(c)
:
5.00%
,
10/01/29
..................
346
371,569
5.50%
,
07/15/30
..................
244
262,910
1,284,259
Independent
Power
and
Renewable
Electricity
Producers
—
0.6%
(c)
Calpine
Corp.:
5.25%
,
06/01/26
..................
166
171,727
4.50%
,
02/15/28
..................
172
178,880
5.13%
,
03/15/28
..................
1,434
1,508,525
4.63%
,
02/01/29
..................
682
701,287
5.00%
,
02/01/31
..................
615
642,675
3.75%
,
03/01/31
..................
412
408,016
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
......................
308
330,330
3,941,440
Industrial
Conglomerates
—
0.1%
General
Electric
Co.:
4.25%
,
05/01/40
..................
230
271,907
4.35%
,
05/01/50
..................
180
218,907
490,814
Insurance
—
1.6%
Acrisure
LLC,
8.13%,
02/15/24
(c)
.........
115
121,752
Alliant
Holdings
Intermediate
LLC
(c)
:
4.25%
,
10/15/27
..................
1,891
1,933,547
6.75%
,
10/15/27
..................
3,052
3,265,640
AmWINS
Group,
Inc.,
7.75%,
07/01/26
(c)
....
223
239,480
Ardonagh
Midco
2
plc,
11.50%,
01/15/27
(c)
..
200
213,500
AssuredPartners,
Inc.,
5.63%,
01/15/29
(c)
...
458
478,037
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(c)
..
537
583,155
Highlands
Holdings
Bond
Issuer
Ltd.,
7.63%,
10/15/25
(c)
.....................
327
349,073
HUB
International
Ltd.,
7.00%,
05/01/26
(c)
...
1,501
1,569,731
NFP
Corp.
(c)
:
7.00%
,
05/15/25
..................
163
175,225
6.88%
,
08/15/28
..................
1,788
1,909,012
Willis
North
America,
Inc.,
2.95%,
09/15/29
..
30
32,824
10,870,976
Interactive
Media
&
Services
—
0.2%
Rackspace
Technology
Global,
Inc.,
5.38%,
12/01/28
(c)
.....................
1,084
1,135,707
Internet
&
Direct
Marketing
Retail
—
0.4%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
.......
411
418,193
Expedia
Group,
Inc.:
6.25%
,
05/01/25
..................
940
1,089,554
4.63%
,
08/01/27
..................
365
407,707
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
82
86,305
Match
Group
Holdings
II
LLC:
4.63%
,
06/01/28
..................
82
85,946
5.63%
,
02/15/29
..................
164
178,760
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Internet
&
Direct
Marketing
Retail
(continued)
4.13%
,
08/01/30
..................
USD
456
$
474,240
2,740,705
IT
Services
—
1.6%
(c)
Arches
Buyer,
Inc.:
4.25%
,
06/01/28
..................
188
190,388
6.13%
,
12/01/28
..................
82
84,681
Austin
BidCo,
Inc.,
7.13%,
12/15/28
.......
124
129,425
Banff
Merger
Sub,
Inc.,
9.75%,
09/01/26
....
2,774
2,996,336
Black
Knight
InfoServ
LLC,
3.63%,
09/01/28
.
602
616,297
Booz
Allen
Hamilton,
Inc.,
3.88%,
09/01/28
..
528
543,840
Cablevision
Lightpath
LLC:
3.88%
,
09/15/27
..................
276
277,725
5.63%
,
09/15/28
..................
855
894,544
Gartner,
Inc.:
4.50%
,
07/01/28
..................
456
481,080
3.75%
,
10/01/30
..................
714
752,385
KBR,
Inc.,
4.75%,
09/30/28
............
305
317,962
Northwest
Fiber
LLC,
10.75%,
06/01/28
....
149
169,860
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
....
548
581,307
Science
Applications
International
Corp.,
4.88%,
04/01/28
.................
408
432,480
Tempo
Acquisition
LLC:
5.75%
,
06/01/25
..................
314
333,625
6.75%
,
06/01/25
..................
1,325
1,369,454
Unisys
Corp.,
6.88%,
11/01/27
..........
181
197,743
WEX,
Inc.,
4.75%,
02/01/23
...........
345
345,431
10,714,563
Leisure
Products
—
0.3%
Mattel,
Inc.:
6.75%
,
12/31/25
(c)
.................
982
1,036,472
5.88%
,
12/15/27
(c)
.................
433
481,171
6.20%
,
10/01/40
..................
113
131,927
5.45%
,
11/01/41
..................
311
342,209
1,991,779
Life
Sciences
Tools
&
Services
—
0.2%
(c)
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
.................
336
351,960
Syneos
Health,
Inc.,
3.63%,
01/15/29
.....
792
794,190
1,146,150
Machinery
—
1.3%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
..
230
244,375
ATS
Automation
Tooling
Systems,
Inc.,
4.13%,
12/15/28
(c)
.....................
188
191,290
Clark
Equipment
Co.,
5.88%,
06/01/25
(c)
....
419
442,045
Colfax
Corp.,
6.38%,
02/15/26
(c)
.........
316
337,330
EnPro
Industries,
Inc.,
5.75%,
10/15/26
....
568
603,500
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(c)
...
241
243,711
Grinding
Media,
Inc.,
7.38%,
12/15/23
(c)
....
608
617,120
Husky
III
Holding
Ltd.,
0.00%,
(0.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(g)
...........
432
469,800
Meritor,
Inc.,
4.50%,
12/15/28
(c)
.........
122
125,050
Navistar
International
Corp.
(c)
:
9.50%
,
05/01/25
..................
118
132,455
6.63%
,
11/01/25
..................
316
331,058
RBS
Global,
Inc.,
4.88%,
12/15/25
(c)
......
281
286,269
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(c)
.
457
493,560
Terex
Corp.,
5.63%,
02/01/25
(c)
.........
178
183,362
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
....
906
942,240
Vertical
Holdco
GmbH,
7.63%,
07/15/28
(c)
...
600
654,000
Vertical
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
..
1,848
1,958,880
Wabash
National
Corp.,
5.50%,
10/01/25
(c)
..
674
687,480
8,943,525
Security
Par
(000)
Par
(000)
Value
Media
—
6.5%
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(c)
.....................
USD
251
$
265,432
Altice
Financing
SA
(c)
:
7.50%
,
05/15/26
..................
1,792
1,891,098
5.00%
,
01/15/28
..................
1,107
1,134,271
AMC
Networks,
Inc.:
5.00%
,
04/01/24
..................
69
70,121
4.75%
,
08/01/25
..................
71
73,322
Block
Communications,
Inc.,
4.88%,
03/01/28
(c)
231
237,930
Cable
One,
Inc.,
4.00%,
11/15/30
(c)
.......
426
442,507
Charter
Communications
Operating
LLC,
3.85%,
04/01/61
.................
1,160
1,169,451
Clear
Channel
International
BV,
6.63%,
08/01/25
(c)
.....................
1,185
1,250,175
Clear
Channel
Worldwide
Holdings,
Inc.:
9.25%
,
02/15/24
..................
534
540,675
5.13%
,
08/15/27
(c)
.................
2,924
2,953,240
CSC
Holdings
LLC:
5.25%
,
06/01/24
..................
192
207,821
6.50%
,
02/01/29
(c)
.................
236
266,456
5.75%
,
01/15/30
(c)
.................
895
981,144
4.13%
,
12/01/30
(c)
.................
421
440,197
4.63%
,
12/01/30
(c)
.................
4,087
4,265,806
3.38%
,
02/15/31
(c)
.................
724
710,425
Diamond
Sports
Group
LLC,
5.38%,
08/15/26
(c)
656
533,000
DISH
DBS
Corp.:
6.75%
,
06/01/21
..................
614
626,409
5.88%
,
07/15/22
..................
775
809,875
5.00%
,
03/15/23
..................
1,343
1,386,647
5.88%
,
11/15/24
..................
531
556,772
7.75%
,
07/01/26
..................
1,779
1,992,498
DISH
Network
Corp.
(i)
:
2.38%
,
03/15/24
..................
496
462,237
3.38%
,
08/15/26
..................
705
672,029
Entercom
Media
Corp.,
6.50%,
05/01/27
(c)
...
469
476,621
GCI
LLC,
4.75%,
10/15/28
(c)
...........
145
154,650
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(c)
.....................
1,055
1,135,444
Liberty
Broadband
Corp.
(c)(i)
:
1.25%
,
09/30/50
..................
459
463,365
2.75%
,
09/30/50
..................
1,472
1,574,690
Meredith
Corp.,
6.88%,
02/01/26
........
308
300,300
Midcontinent
Communications,
5.38%,
08/15/27
(c)
.....................
307
320,815
Outfront
Media
Capital
LLC,
5.00%,
08/15/27
(c)
802
816,035
Radiate
Holdco
LLC
(c)
:
4.50%
,
09/15/26
..................
1,435
1,479,844
6.50%
,
09/15/28
..................
3,209
3,381,484
Scripps
Escrow
II,
Inc.
(c)
:
3.88%
,
01/15/29
..................
165
171,479
5.38%
,
01/15/31
..................
295
307,537
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(c)
.....................
1,502
1,536,891
Sirius
XM
Radio,
Inc.
(c)
:
5.00%
,
08/01/27
..................
74
78,626
5.50%
,
07/01/29
..................
135
148,542
4.13%
,
07/01/30
..................
818
870,659
TEGNA,
Inc.
(c)
:
5.50%
,
09/15/24
..................
33
33,536
4.63%
,
03/15/28
..................
54
55,215
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
................
400
426,600
Terrier
Media
Buyer,
Inc.,
8.88%,
12/15/27
(c)
..
1,294
1,426,635
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Townsquare
Media,
Inc.,
6.88%,
02/01/26
(c)
..
USD
133
$
139,295
Univision
Communications,
Inc.
(c)
:
5.13%
,
02/15/25
..................
150
151,125
6.63%
,
06/01/27
..................
730
784,057
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)
................
1,950
2,028,000
Ziggo
Bond
Co.
BV
(c)
:
6.00%
,
01/15/27
..................
296
312,804
5.13%
,
02/28/30
..................
371
391,516
Ziggo
BV
(c)
:
5.50%
,
01/15/27
..................
361
376,794
4.88%
,
01/15/30
..................
508
534,035
43,816,132
Metals
&
Mining
—
2.4%
Allegheny
Technologies,
Inc.,
7.88%,
08/15/23
(h)
114
124,755
Arconic
Corp.
(c)
:
6.00%
,
05/15/25
..................
371
396,042
6.13%
,
02/15/28
..................
335
361,172
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
....
2,240
2,419,200
Constellium
SE
(c)
:
6.63%
,
03/01/25
..................
858
876,232
5.88%
,
02/15/26
..................
660
679,800
5.63%
,
06/15/28
..................
663
714,383
Freeport-McMoRan,
Inc.:
4.38%
,
08/01/28
..................
602
639,625
4.63%
,
08/01/30
..................
1,153
1,265,417
5.45%
,
03/15/43
..................
2,680
3,336,600
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
08/01/28
(c)
.....................
273
309,173
Kaiser
Aluminum
Corp.
(c)
:
6.50%
,
05/01/25
..................
175
187,250
4.63%
,
03/01/28
..................
447
463,763
New
Gold,
Inc.
(c)
:
6.38%
,
05/15/25
..................
77
80,465
7.50%
,
07/15/27
..................
733
809,965
Novelis
Corp.
(c)
:
5.88%
,
09/30/26
..................
515
538,175
4.75%
,
01/30/30
..................
1,545
1,664,529
United
States
Steel
Corp.,
12.00%,
06/01/25
(c)
916
1,057,980
Vedanta
Resources
Finance
II
plc,
13.88%,
01/21/24
(c)
.....................
200
210,125
16,134,651
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.:
5.00%
,
12/15/21
..................
255
259,276
5.50%
,
11/01/23
(c)
.................
50
52,250
311,526
Multiline
Retail
—
0.3%
(c)
Macy's,
Inc.,
8.38%,
06/15/25
..........
804
892,842
Nordstrom,
Inc.,
8.75%,
05/15/25
........
805
901,641
1,794,483
Oil,
Gas
&
Consumable
Fuels
—
10.7%
Antero
Midstream
Partners
LP,
7.88%,
05/15/26
(c)
.....................
551
568,952
Antero
Resources
Corp.,
8.38%,
07/15/26
(c)
..
93
94,924
Apache
Corp.:
4.88%
,
11/15/27
..................
329
348,740
5.10%
,
09/01/40
..................
216
230,310
5.25%
,
02/01/42
..................
55
59,281
4.75%
,
04/15/43
..................
410
425,114
4.25%
,
01/15/44
..................
60
59,198
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.35%
,
07/01/49
..................
USD
123
$
126,202
Ascent
Resources
Utica
Holdings
LLC,
9.00%,
11/01/27
(c)
.....................
708
785,880
Baytex
Energy
Corp.,
8.75%,
04/01/27
(c)
....
497
316,251
Blue
Racer
Midstream
LLC,
7.63%,
12/15/25
(c)
291
309,915
Buckeye
Partners
LP:
4.13%
,
03/01/25
(c)
.................
126
127,575
3.95%
,
12/01/26
..................
85
86,105
4.50%
,
03/01/28
(c)
.................
190
195,700
5.85%
,
11/15/43
..................
237
233,194
5.60%
,
10/15/44
..................
308
296,065
Cenovus
Energy,
Inc.:
3.00%
,
08/15/22
..................
140
143,055
3.80%
,
09/15/23
..................
80
83,098
5.38%
,
07/15/25
..................
368
414,901
5.40%
,
06/15/47
..................
161
188,999
Centennial
Resource
Production
LLC,
6.88%,
04/01/27
(c)
.....................
322
231,035
Cheniere
Energy
Partners
LP:
5.63%
,
10/01/26
..................
429
446,160
4.50%
,
10/01/29
..................
740
782,757
Cheniere
Energy,
Inc.,
4.63%,
10/15/28
(c)
...
2,153
2,260,650
CITGO
Petroleum
Corp.,
7.00%,
06/15/25
(c)
..
453
451,867
CNX
Resources
Corp.
(c)
:
7.25%
,
03/14/27
..................
532
569,240
6.00%
,
01/15/29
..................
446
456,920
Comstock
Resources,
Inc.:
7.50%
,
05/15/25
(c)
.................
597
611,680
9.75%
,
08/15/26
..................
832
895,935
Continental
Resources,
Inc.:
5.00%
,
09/15/22
..................
532
532,798
4.50%
,
04/15/23
..................
46
47,431
5.75%
,
01/15/31
(c)
.................
388
430,672
4.90%
,
06/01/44
..................
427
422,307
Crestwood
Midstream
Partners
LP:
6.25%
,
04/01/23
(h)
.................
266
266,665
5.63%
,
05/01/27
(c)
.................
322
318,780
CrownRock
LP,
5.63%,
10/15/25
(c)
........
2,055
2,098,628
CVR
Energy,
Inc.
(c)
:
5.25%
,
02/15/25
..................
250
241,250
5.75%
,
02/15/28
..................
130
123,175
DCP
Midstream
Operating
LP:
5.38%
,
07/15/25
..................
272
298,879
5.63%
,
07/15/27
..................
178
197,580
5.13%
,
05/15/29
..................
84
93,166
6.45%
,
11/03/36
(c)
.................
269
290,520
6.75%
,
09/15/37
(c)
.................
706
762,480
Diamondback
Energy,
Inc.:
4.75%
,
05/31/25
..................
225
253,302
3.50%
,
12/01/29
..................
588
628,170
Double
Eagle
III
Midco
1
LLC,
7.75%,
12/15/25
(c)
.....................
402
426,273
Endeavor
Energy
Resources
LP
(c)
:
6.63%
,
07/15/25
..................
302
323,140
5.50%
,
01/30/26
..................
1,112
1,141,079
5.75%
,
01/30/28
..................
368
396,961
Energy
Transfer
Operating
LP:
5.80%
,
06/15/38
..................
115
132,112
6.50%
,
02/01/42
..................
539
657,572
5.15%
,
03/15/45
..................
200
216,738
6.13%
,
12/15/45
..................
275
324,857
6.00%
,
06/15/48
..................
496
584,453
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.25%
,
04/15/49
..................
USD
156
$
188,691
5.00%
,
05/15/50
..................
1,240
1,342,788
EnLink
Midstream
LLC:
5.63%
,
01/15/28
(c)
.................
305
311,161
5.38%
,
06/01/29
..................
121
117,673
EnLink
Midstream
Partners
LP:
4.40%
,
04/01/24
..................
293
289,124
4.15%
,
06/01/25
..................
27
26,325
4.85%
,
07/15/26
..................
28
27,337
5.60%
,
04/01/44
..................
309
247,972
5.05%
,
04/01/45
..................
93
74,111
EQM
Midstream
Partners
LP:
6.00%
,
07/01/25
(c)
.................
418
457,710
4.13%
,
12/01/26
..................
53
53,398
6.50%
,
07/01/27
(c)
.................
440
495,455
EQT
Corp.:
3.90%
,
10/01/27
..................
562
558,319
5.00%
,
01/15/29
..................
242
255,145
8.75%
,
02/01/30
(h)
.................
279
341,775
Extraction
Oil
&
Gas,
Inc.
(a)(c)(d)
:
7.38%
,
05/15/24
..................
1,004
180,720
5.63%
,
02/01/26
..................
481
86,580
Genesis
Energy
LP:
5.63%
,
06/15/24
..................
342
333,450
6.50%
,
10/01/25
..................
63
61,267
8.00%
,
01/15/27
..................
368
364,394
7.75%
,
02/01/28
..................
167
159,903
Great
Western
Petroleum
LLC,
9.00%,
09/30/21
(c)
.....................
708
410,640
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
..
462
491,453
Hess
Midstream
Operations
LP
(c)
:
5.63%
,
02/15/26
..................
302
314,080
5.13%
,
06/15/28
..................
144
150,525
Holly
Energy
Partners
LP,
5.00%,
02/01/28
(c)
.
360
362,700
Indigo
Natural
Resources
LLC,
6.88%,
02/15/26
(c)
.....................
989
1,011,253
Kinder
Morgan
Energy
Partners
LP,
4.70%,
11/01/42
......................
460
526,522
Kinder
Morgan,
Inc.:
5.55%
,
06/01/45
..................
160
205,621
5.05%
,
02/15/46
..................
151
184,338
Matador
Resources
Co.,
5.88%,
09/15/26
...
759
743,820
MEG
Energy
Corp.
(c)
:
7.00%
,
03/31/24
..................
535
540,350
6.50%
,
01/15/25
..................
516
531,506
7.13%
,
02/01/27
..................
260
268,450
MPLX
LP:
4.70%
,
04/15/48
..................
607
719,829
5.50%
,
02/15/49
..................
188
247,561
Murphy
Oil
Corp.:
5.75%
,
08/15/25
..................
198
196,020
6.37%
,
12/01/42
(h)
.................
46
40,538
New
Fortress
Energy,
Inc.,
6.75%,
09/15/25
(c)
.
2,707
2,875,321
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(c)
.....
307
415,058
NuStar
Logistics
LP:
5.75%
,
10/01/25
..................
232
247,080
6.00%
,
06/01/26
..................
311
336,350
6.38%
,
10/01/30
..................
35
39,648
Occidental
Petroleum
Corp.:
2.70%
,
08/15/22
..................
564
564,705
2.70%
,
02/15/23
..................
490
489,535
6.95%
,
07/01/24
..................
121
130,680
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
2.90%
,
08/15/24
..................
USD
623
$
599,638
5.50%
,
12/01/25
..................
222
231,459
3.40%
,
04/15/26
..................
132
125,849
3.20%
,
08/15/26
..................
31
28,985
3.00%
,
02/15/27
..................
9
8,010
8.88%
,
07/15/30
..................
66
77,468
6.13%
,
01/01/31
..................
415
444,133
4.30%
,
08/15/39
..................
852
720,383
6.20%
,
03/15/40
..................
1,302
1,288,980
4.50%
,
07/15/44
..................
347
294,082
4.63%
,
06/15/45
..................
1,663
1,449,521
6.60%
,
03/15/46
..................
46
46,675
4.40%
,
04/15/46
..................
332
289,326
4.10%
,
02/15/47
..................
101
82,562
4.20%
,
03/15/48
..................
520
423,800
4.40%
,
08/15/49
..................
205
172,774
Ovintiv
Exploration,
Inc.,
5.75%,
01/30/22
...
148
153,720
Parkland
Corp.,
5.88%,
07/15/27
(c)
.......
418
451,954
Parsley
Energy
LLC
(c)
:
5.38%
,
01/15/25
..................
427
439,127
5.25%
,
08/15/25
..................
395
411,392
5.63%
,
10/15/27
..................
54
59,103
4.13%
,
02/15/28
..................
410
430,500
PBF
Holding
Co.
LLC,
9.25%,
05/15/25
(c)
...
1,756
1,731,240
PDC
Energy,
Inc.:
1.13%
,
09/15/21
(i)
.................
365
354,627
6.13%
,
09/15/24
..................
163
167,500
6.25%
,
12/01/25
..................
10
9,875
5.75%
,
05/15/26
..................
416
429,520
Plains
All
American
Pipeline
LP:
3.55%
,
12/15/29
..................
163
170,580
3.80%
,
09/15/30
..................
131
140,832
6.65%
,
01/15/37
..................
120
146,484
5.15%
,
06/01/42
..................
90
96,612
4.30%
,
01/31/43
..................
260
255,814
4.70%
,
06/15/44
..................
150
155,536
4.90%
,
02/15/45
..................
325
344,921
QEP
Resources,
Inc.:
5.38%
,
10/01/22
..................
877
913,176
5.25%
,
05/01/23
..................
297
312,592
5.63%
,
03/01/26
..................
154
168,869
Range
Resources
Corp.:
5.88%
,
07/01/22
..................
52
52,000
5.00%
,
08/15/22
..................
456
451,440
5.00%
,
03/15/23
..................
188
183,300
4.88%
,
05/15/25
..................
163
153,968
Rattler
Midstream
LP,
5.63%,
07/15/25
(c)
....
362
382,363
Sabine
Pass
Liquefaction
LLC,
4.50%,
05/15/30
(c)
.....................
578
685,090
SM
Energy
Co.:
6.13%
,
11/15/22
..................
59
56,935
10.00%
,
01/15/25
(c)
................
1,538
1,653,350
Southwestern
Energy
Co.:
4.10%
,
03/15/22
..................
462
464,310
7.50%
,
04/01/26
..................
78
81,822
8.38%
,
09/15/28
..................
152
164,920
Sunoco
Logistics
Partners
Operations
LP:
5.30%
,
04/01/44
..................
330
356,607
5.35%
,
05/15/45
..................
380
418,612
5.40%
,
10/01/47
..................
676
755,318
Sunoco
LP:
4.88%
,
01/15/23
..................
279
282,515
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.50%
,
02/15/26
..................
USD
6
$
6,150
6.00%
,
04/15/27
..................
42
44,647
5.88%
,
03/15/28
..................
185
199,800
4.50%
,
05/15/29
(c)
.................
276
287,040
Tallgrass
Energy
Partners
LP
(c)
:
5.50%
,
09/15/24
..................
568
577,940
7.50%
,
10/01/25
..................
226
243,988
6.00%
,
12/31/30
..................
266
273,727
Targa
Resources
Partners
LP:
5.13%
,
02/01/25
..................
213
218,325
5.88%
,
04/15/26
..................
337
357,294
5.38%
,
02/01/27
..................
32
33,612
6.50%
,
07/15/27
..................
616
668,360
5.00%
,
01/15/28
..................
748
789,559
6.88%
,
01/15/29
..................
65
73,206
5.50%
,
03/01/30
..................
584
634,049
4.88%
,
02/01/31
(c)
.................
470
512,107
TerraForm
Power
Operating
LLC
(c)
:
4.25%
,
01/31/23
..................
16
16,540
5.00%
,
01/31/28
..................
14
15,731
4.75%
,
01/15/30
..................
254
271,780
Viper
Energy
Partners
LP,
5.38%,
11/01/27
(c)
.
353
368,885
Western
Midstream
Operating
LP:
3.95%
,
06/01/25
..................
283
288,660
4.75%
,
08/15/28
..................
59
61,360
5.45%
,
04/01/44
..................
499
504,624
5.30%
,
03/01/48
..................
386
382,510
5.50%
,
08/15/48
..................
105
103,067
6.25%
,
02/01/50
(h)
.................
1,458
1,603,800
Williams
Cos.,
Inc.
(The):
5.80%
,
11/15/43
..................
460
600,264
5.10%
,
09/15/45
..................
135
166,854
WPX
Energy,
Inc.:
8.25%
,
08/01/23
..................
217
246,972
5.25%
,
09/15/24
..................
251
273,407
5.75%
,
06/01/26
..................
345
362,681
5.25%
,
10/15/27
..................
72
76,293
5.88%
,
06/15/28
..................
338
368,430
4.50%
,
01/15/30
..................
453
480,180
71,907,583
Paper
&
Forest
Products
—
0.1%
(c)
Boise
Cascade
Co.,
4.88%,
07/01/30
......
213
230,573
Norbord,
Inc.,
6.25%,
04/15/23
..........
226
245,210
475,783
Personal
Products
—
0.0%
Edgewell
Personal
Care
Co.,
5.50%,
06/01/28
(c)
217
233,210
Pharmaceuticals
—
1.7%
Bausch
Health
Americas,
Inc.
(c)
:
9.25%
,
04/01/26
..................
100
111,500
8.50%
,
01/31/27
..................
868
965,363
Bausch
Health
Cos.,
Inc.
(c)
:
9.00%
,
12/15/25
..................
332
366,511
5.75%
,
08/15/27
..................
369
395,753
7.00%
,
01/15/28
..................
438
481,450
5.00%
,
01/30/28
..................
363
374,086
5.00%
,
02/15/29
..................
1,497
1,539,215
6.25%
,
02/15/29
..................
870
945,038
7.25%
,
05/30/29
..................
775
871,185
5.25%
,
01/30/30
..................
657
689,850
5.25%
,
02/15/31
..................
664
693,694
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Catalent
Pharma
Solutions,
Inc.
(c)
:
4.88%
,
01/15/26
..................
USD
230
$
234,600
5.00%
,
07/15/27
..................
5
5,281
Cheplapharm
Arzneimittel
GmbH,
5.50%,
01/15/28
(c)
.....................
480
501,600
Elanco
Animal
Health,
Inc.,
5.90%,
08/28/28
(h)
14
16,520
Endo
DAC
(c)
:
9.50%
,
07/31/27
..................
480
535,800
6.00%
,
06/30/28
..................
239
203,150
P&L
Development
LLC,
7.75%,
11/15/25
(c)
...
255
274,125
Par
Pharmaceutical,
Inc.,
7.50%,
04/01/27
(c)
.
2,209
2,396,765
11,601,486
Professional
Services
—
0.5%
(c)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
....
153
156,442
ASGN,
Inc.,
4.63%,
05/15/28
...........
132
137,280
Dun
&
Bradstreet
Corp.
(The):
6.88%
,
08/15/26
..................
354
380,550
10.25%
,
02/15/27
.................
597
673,118
Jaguar
Holding
Co.
II/PPD
Development
LP:
4.63%
,
06/15/25
..................
531
559,998
5.00%
,
06/15/28
..................
1,307
1,395,222
3,302,610
Real
Estate
Management
&
Development
—
0.3%
(c)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
.................
549
605,272
Five
Point
Operating
Co.
LP,
7.88%,
11/15/25
274
290,043
Greystar
Real
Estate
Partners
LLC,
5.75%,
12/01/25
......................
174
177,306
Howard
Hughes
Corp.
(The):
5.38%
,
03/15/25
..................
86
88,687
5.38%
,
08/01/28
..................
431
463,541
Realogy
Group
LLC,
7.63%,
06/15/25
.....
212
230,173
1,855,022
Road
&
Rail
—
0.7%
(c)
Ashtead
Capital,
Inc.,
4.00%,
05/01/28
.....
310
329,263
Uber
Technologies,
Inc.:
7.50%
,
05/15/25
..................
1,377
1,487,463
8.00%
,
11/01/26
..................
655
714,847
7.50%
,
09/15/27
..................
916
1,007,600
6.25%
,
01/15/28
..................
817
888,488
4,427,661
Semiconductors
&
Semiconductor
Equipment
—
0.4%
(c)
Entegris,
Inc.,
4.38%,
04/15/28
.........
377
401,976
Microchip
Technology,
Inc.,
4.25%,
09/01/25
.
926
979,656
ON
Semiconductor
Corp.,
3.88%,
09/01/28
..
517
535,095
Qorvo,
Inc.,
3.38%,
04/01/31
...........
738
761,985
2,678,712
Software
—
2.7%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(c)
....
1,008
1,065,960
Ascend
Learning
LLC:
6.88%
,
08/01/25
(c)
.................
1,041
1,070,072
Boxer
Parent
Co.,
Inc.
(c)
:
7.13%
,
10/02/25
..................
1,103
1,197,249
9.13%
,
03/01/26
..................
1,656
1,780,200
BY
Crown
Parent
LLC
(c)
:
7.38%
,
10/15/24
..................
1,049
1,067,358
4.25%
,
01/31/26
..................
1,045
1,071,125
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
....
375
391,406
Castle
US
Holding
Corp.,
9.50%,
02/15/28
(c)
.
504
504,000
CDK
Global,
Inc.,
5.25%,
05/15/29
(c)
......
308
341,239
Change
Healthcare
Holdings
LLC,
5.75%,
03/01/25
(c)
.....................
1,657
1,690,140
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
.......
USD
126
$
132,615
Nuance
Communications,
Inc.,
5.63%,
12/15/26
327
346,005
Open
Text
Corp.,
3.88%,
02/15/28
(c)
.......
170
176,800
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30
(c)
.
45
47,871
PTC,
Inc.
(c)
:
3.63%
,
02/15/25
..................
16
16,449
4.00%
,
02/15/28
..................
290
303,956
Solera
LLC,
10.50%,
03/01/24
(c)
.........
3,213
3,329,471
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
.
1,984
2,118,952
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
.......
1,709
1,753,861
18,404,729
Specialty
Retail
—
1.7%
Asbury
Automotive
Group,
Inc.:
4.50%
,
03/01/28
..................
208
216,840
4.75%
,
03/01/30
..................
186
199,485
eG
Global
Finance
plc
(c)
:
6.75%
,
02/07/25
..................
667
687,010
8.50%
,
10/30/25
..................
399
424,935
Gap,
Inc.
(The),
8.88%,
05/15/27
(c)
.......
267
309,720
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(c)
.
252
259,757
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
220
228,800
L
Brands,
Inc.:
6.88%
,
07/01/25
(c)
.................
701
761,132
6.63%
,
10/01/30
(c)
.................
236
262,550
6.88%
,
11/01/35
..................
752
844,120
6.75%
,
07/01/36
..................
119
132,581
LBM
Acquisition
LLC,
6.25%,
01/15/29
(c)
....
357
368,602
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
.....
440
468,050
Penske
Automotive
Group,
Inc.:
3.50%
,
09/01/25
..................
312
317,070
5.50%
,
05/15/26
..................
170
176,588
PetSmart,
Inc.
(c)
:
7.13%
,
03/15/23
..................
429
429,000
5.88%
,
06/01/25
..................
1,329
1,365,547
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
................
831
880,644
SRS
Distribution,
Inc.,
8.25%,
07/01/26
(c)
...
988
1,049,750
Staples,
Inc.,
7.50%,
04/15/26
(c)
.........
812
847,947
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
...
1,169
1,246,446
11,476,574
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Diebold
Nixdorf,
Inc.,
9.38%,
07/15/25
(c)
....
191
213,920
NCR
Corp.
(c)
:
5.75%
,
09/01/27
..................
250
265,625
5.00%
,
10/01/28
..................
172
181,460
6.13%
,
09/01/29
..................
39
43,192
5.25%
,
10/01/30
..................
286
306,735
Seagate
HDD
Cayman,
4.13%,
01/15/31
(c)
..
120
127,950
Xerox
Corp.,
4.80%,
03/01/35
..........
331
333,483
1,472,365
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Hanesbrands,
Inc.,
5.38%,
05/15/25
(c)
.....
90
95,222
Levi
Strauss
&
Co.,
5.00%,
05/01/25
......
68
69,700
William
Carter
Co.
(The),
5.50%,
05/15/25
(c)
..
69
73,277
Wolverine
World
Wide,
Inc.,
6.38%,
05/15/25
(c)
119
126,735
364,934
Thrifts
&
Mortgage
Finance
—
0.5%
Freedom
Mortgage
Corp.,
7.63%,
05/01/26
(c)
.
124
131,155
Genworth
Mortgage
Holdings,
Inc.,
6.50%,
08/15/25
(c)
.....................
935
1,012,137
Ladder
Capital
Finance
Holdings
LLLP,
4.25%,
02/01/27
(c)
.....................
708
695,610
Security
Par
(000)
Par
(000)
Value
Thrifts
&
Mortgage
Finance
(continued)
LD
Holdings
Group
LLC,
6.50%,
11/01/25
(c)
..
USD
88
$
92,620
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
241
257,870
Nationstar
Mortgage
Holdings,
Inc.
(c)
:
6.00%
,
01/15/27
..................
408
432,990
5.50%
,
08/15/28
..................
395
414,750
5.13%
,
12/15/30
..................
237
247,717
3,284,849
Trading
Companies
&
Distributors
—
0.5%
Brightstar
Escrow
Corp.,
9.75%,
10/15/25
(c)
..
147
157,106
Fortress
Transportation
&
Infrastructure
Investors
LLC
(c)
:
6.50%
,
10/01/25
..................
130
135,864
9.75%
,
08/01/27
..................
79
90,554
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(c)
.....................
219
221,344
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(c)
.....
440
466,400
United
Rentals
North
America,
Inc.:
5.25%
,
01/15/30
..................
30
33,300
4.00%
,
07/15/30
..................
56
58,940
WESCO
Distribution,
Inc.
(c)
:
7.13%
,
06/15/25
..................
839
922,757
7.25%
,
06/15/28
..................
961
1,092,936
3,179,201
Wireless
Telecommunication
Services
—
1.2%
Connect
Finco
SARL,
6.75%,
10/01/26
(c)
....
3,970
4,276,484
Gogo
Intermediate
Holdings
LLC,
9.88%,
05/01/24
(c)
.....................
337
360,839
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
35
38,631
Ligado
Networks
LLC,
0.00%,
(0.00%
Cash
or
15.50%
PIK),
11/01/23
(c)(f)(g)
..........
2,166
2,044,133
Sprint
Corp.:
7.88%
,
09/15/23
..................
50
57,890
7.13%
,
06/15/24
..................
183
214,110
7.63%
,
03/01/26
..................
301
373,600
T-Mobile
USA,
Inc.,
4.75%,
02/01/28
......
400
429,956
VTR
Comunicaciones
SpA,
5.13%,
01/15/28
(c)
337
358,694
8,154,337
Total
Corporate
Bonds
—
86.5%
(Cost:
$551,248,240)
..............................
579,588,475
Floating
Rate
Loan
Interests
—
7.9%
Aerospace
&
Defense
—
0.1%
(f)
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.75%
,
 11/28/23
(b)
.................
203
203,729
Spirit
Aerosystems,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.25%),
6.00%
,
 01/15/25
.
310
312,325
516,054
Airlines
—
0.1%
(f)
JetBlue
Airways
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 06/17/24
.
94
96,072
SkyMiles
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 10/20/27
......
538
557,013
653,085
Auto
Components
—
0.1%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.65%
,
 04/30/26
(f)
.
425
422,449
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Automobiles
—
0.0%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
4.40%
,
 01/01/38
(f)
......
USD
127
$
125,558
Building
Products
—
0.0%
(f)
CP
Atlas
Buyer,
Inc.,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.50%),
5.25%
,
 11/23/27
..
126
126,157
CP
Atlas
Buyer,
Inc.,
Term
Loan
B2,
(LIBOR
USD
3
Month
+
4.50%),
5.25%
,
 11/23/27
..
42
42,053
CPG
International
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.75%
,
 05/05/24
.
163
162,917
331,127
Capital
Markets
—
0.0%
Jefferies
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.19%
,
 06/03/26
(f)
....
331
328,622
Chemicals
—
0.4%
(f)
Alpha
3
BV,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.00%),
4.00%
,
 01/31/24
......
1,630
1,623,094
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 08/27/26
..................
601
602,891
Illuminate
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.15%
,
 06/30/27
.....
476
475,608
Invictus
US
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
6.90%
,
 03/30/26
.
67
63,731
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.40%
,
 05/15/24
............
125
123,582
2,888,906
Commercial
Services
&
Supplies
—
0.6%
(f)
Brand
Energy
&
Infrastructure
Services,
Inc.,
Term
Loan,
06/21/24
(j)
...............
2,899
2,821,163
Diamond
(BC)
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.21%
,
 09/06/24
......
800
786,899
GFL
Environmental,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
4.00%
,
 05/30/25
.
147
146,694
Tempo
Acquisition
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.75%
,
 11/02/26
..
49
48,492
TruGreen
Ltd.
Partnership,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.50%),
9.25%
,
 11/02/28
(b)
.................
275
275,000
4,078,248
Construction
&
Engineering
—
0.1%
SRS
Distribution,
Inc.,
Term
Loan:
(f)
(LIBOR
USD
1
Month
+
3.00%),
3.15%, 05/23/25
................
677
664,980
(LIBOR
USD
1
Month
+
4.25%),
4.40%, 05/23/25
................
245
244,353
909,333
Construction
Materials
—
0.0%
Forterra
Finance
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 10/25/23
(f)
....
149
148,988
Containers
&
Packaging
—
0.1%
(f)
BWay
Holding
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
3.48%
,
 04/03/24
......
550
529,766
Charter
NEX
US,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
5.00%
,
 12/01/27
..................
127
127,371
657,137
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
—
0.2%
(f)
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
3.65%
,
 01/29/27
............
USD
113
$
113,005
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
6.25%
,
 06/21/27
.
307
319,090
Sotheby's,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.50%),
6.50%
,
 01/15/27
......
455
456,530
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
4.75%
,
 05/06/24
.
193
191,470
1,080,095
Diversified
Financial
Services
—
0.4%
(f)
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
5.50%
,
 12/11/26
.....
275
275,243
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 12/01/27
.
715
714,274
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
12/17/27
(j)
.......................
74
73,878
LBM
Acquisition
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
12/17/27
(j)
...............
16
16,417
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.15%
,
 06/28/24
(b)
25
19,625
Milano
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
4.75%
,
 10/01/27
..................
785
783,689
White
Cap
Buyer
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
4.50%
,
 10/19/27
.....
893
891,884
2,775,010
Diversified
Telecommunication
Services
—
0.3%
(f)
Altice
Financing
SA,
Term
Loan,
07/15/25
(j)
..
63
61,123
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
4.24%
,
 08/14/26
.....
287
285,657
Frontier
Communications
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
5.75%
,
 10/08/21
..................
527
528,650
Northwest
Fiber
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
5.50%),
5.65%
,
 04/30/27
..................
357
357,151
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.15%
,
 03/09/27
.
1,007
999,927
2,232,508
Entertainment
—
0.1%
(f)
MSG
National
Properties
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
7.00%
,
 11/12/25
(b)
.................
656
659,280
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.40%
,
 05/30/25
..................
9
8,570
667,850
Health
Care
Equipment
&
Supplies
—
0.1%
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
5.50%
,
 12/11/26
(f)
.................
663
664,758
Health
Care
Providers
&
Services
—
0.4%
(f)
AHP
Health
Partners,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
5.50%
,
 06/30/25
.
226
226,740
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
3.71%
,
 07/24/26
.
258
254,452
Envision
Healthcare
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.90%
,
 10/10/25
.
1,049
872,202
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Gentiva
Health
Services,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
3.44%
,
 07/02/25
..................
USD
246
$
244,538
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
3.90%
,
 11/16/25
..................
177
176,447
Ortho-Clinical
Diagnostics,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.40%
,
 06/30/25
..................
236
232,077
Quorum
Health
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
9.25%
,
 04/29/25
.....
287
279,787
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
8.00%),
9.00%
,
 09/03/24
..................
28
28,450
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
5.00%
,
 01/08/27
..................
317
317,935
2,632,628
Hotels,
Restaurants
&
Leisure
—
0.3%
(f)
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
4.65%
,
 07/21/25
..................
328
328,224
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
12.00%),
13.00%
,
 10/04/23
(b)
................
87
97,862
Golden
Nugget,
Inc.,
Term
Loan
B,
(LIBOR
USD
2
Month
+
2.50%),
3.25%
-
3.50%
,
 10/04/23
..................
631
607,502
IRB
Holding
Corp.,
Term
Loan,
12/15/27
(j)
...
661
661,205
1,694,793
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.15%
,
 08/12/26
(f)
......
26
25,498
Industrial
Conglomerates
—
0.0%
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
8.25%
,
 09/01/25
(f)
.................
504
311,671
Insurance
—
0.4%
(f)
Asurion
LLC,
2nd
Lien
Term
Loan
B2,
(LIBOR
USD
1
Month
+
6.50%),
6.65%
,
 08/04/25
.
640
643,725
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
3.40%
,
 12/23/26
......
117
115,569
Ryan
Specialty
Group
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.00%
,
 09/01/27
.
316
315,022
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan:
(LIBOR
USD
1
Month
+
3.25%),
3.40%, 12/31/25
................
829
814,891
(LIBOR
USD
1
Month
+
4.00%),
4.15%, 09/03/26
................
366
364,819
(LIBOR
USD
1
Month
+
4.25%),
5.25%, 09/03/26
................
278
279,340
2,533,366
Interactive
Media
&
Services
—
0.0%
Camelot
US
Acquisition
1
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 10/30/26
(f)
.................
214
213,799
Security
Par
(000)
Par
(000)
Value
Internet
&
Direct
Marketing
Retail
—
0.1%
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 11/08/27
(f)
.................
USD
387
$
386,334
IT
Services
—
1.0%
(f)
Airbnb,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.50%),
8.50%
,
 04/17/25
......
113
122,646
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
4.40%
,
 10/02/25
.
510
507,010
CCC
Information
Services,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 04/29/24
..................
164
163,341
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
8.75%
,
 07/31/28
..................
156
162,338
Epicor
Software
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.25%),
5.25%
,
 07/30/27
.
431
433,020
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
0.03%),
0.00%
-
3.40%
,
 11/29/24
..................
215
210,991
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.40%
,
 12/01/25
..................
123
118,373
Peak
10
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
3.75%
,
 08/01/24
..................
189
167,857
Peak
10
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
7.48%
,
 08/01/25
..................
83
51,949
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
3.65%
,
 02/12/27
............
292
278,018
Rackspace
Technology
Global,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.00%),
4.00%
,
 11/03/23
.............
178
177,329
Sabre
GLBL,
Inc.,
Term
Loan
B,
12/17/27
(j)
...
167
167,209
Sophia
LP,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.50%
,
 10/07/27
............
1,108
1,108,787
Veritas
US,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.50%),
6.50%
,
 09/01/25
......
1,460
1,454,533
Verscend
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.50%),
4.65%
,
 08/27/25
.
1,770
1,766,118
6,889,519
Life
Sciences
Tools
&
Services
—
0.1%
Parexel
International
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.90%
,
 09/27/24
(f)
.
400
392,688
Machinery
—
0.3%
(f)
MHI
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
5.15%
,
 09/21/26
......
711
707,012
Titan
Acquisition
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
3.27%
,
 03/28/25
.....
1,684
1,638,667
2,345,679
Media
—
1.0%
Ascend
Learning
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 07/12/24
(f)
....
142
140,687
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
3.71%
,
 08/21/26
(f)
.................
1,270
1,219,910
Intelsat
Jackson
Holdings
SA,
Facility
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
6.50%
,
 07/13/22
(f)
.................
1,029
1,047,633
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Intelsat
Jackson
Holdings
SA,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
4.75%),
8.00%
,
 11/27/23
(f)
.................
USD
317
$
320,678
Intelsat
Jackson
Holdings
SA,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.50%),
8.75%
,
 01/02/24
(f)
.................
416
422,093
Intelsat
Jackson
Holdings
SA,
Term
Loan
B5,
8.63%
,
 01/02/24
(k)
.................
2,255
2,289,434
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
4.25%
,
 12/01/23
(f)
.................
123
111,070
Radiate
Holdco
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
,
 09/25/26
(f)
.
60
59,787
Terrier
Media
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.25%),
4.40%
,
 12/17/26
(f)
.
249
248,480
Xplornet
Communications,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
4.90%
,
 12/31/28
(f)
.................
790
789,728
6,649,500
Oil,
Gas
&
Consumable
Fuels
—
0.5%
(f)
Ascent
Resources
Utica
Holdings
LLC,
2nd
Lien
Term
Loan,
11/01/25
(j)
...........
2,029
2,199,394
Chesapeake
Energy
Corp.,
Term
Loan
A,
(LIBOR
USD
1
Month
+
8.00%),
0.00%
,
 06/24/24
(a)(b)(d)
...............
1,064
883,498
3,082,892
Pharmaceuticals
—
0.2%
(f)
Endo
Luxembourg
Finance
Co.
I
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
5.00%
,
 04/29/24
..................
1,027
1,009,388
Jaguar
Holding
Co.
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
3.50%
,
 08/18/22
.
361
361,027
1,370,415
Professional
Services
—
0.1%
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.90%
,
 02/06/26
(f)
.................
686
685,490
Software
—
0.6%
(f)
Barracuda
Networks,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
7.50%
,
 10/30/28
..................
229
230,899
BY
Crown
Parent
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
4.00%
,
 02/02/26
.
81
80,965
Castle
US
Holding
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
4.00%
,
 01/29/27
.
356
348,313
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
4.75%
,
 12/01/27
..................
465
465,262
Informatica
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.13%),
7.13%
,
 02/25/25
.
707
718,135
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.40%
,
 02/25/27
......
329
325,439
Omnitracs
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
8.00%),
8.15%
,
 10/23/28
.
92
90,620
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
12/18/28
(b)(j)
......................
288
285,120
Refinitiv
US
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
3.40%
,
 10/01/25
.
309
308,184
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
7.40%
,
 03/03/28
..................
471
474,923
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Ultimate
Software
Group,
Inc.
(The),
1st
Lien
Term
Loan:
(LIBOR
USD
1
Month
+
3.75%),
3.90%, 05/04/26
................
USD
168
$
167,814
(LIBOR
USD
3
Month
+
4.00%),
4.75%, 05/04/26
................
322
323,620
3,819,294
Specialty
Retail
—
0.2%
PetSmart,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
4.50%
,
 03/11/22
(f)
......
1,012
1,009,121
Wireless
Telecommunication
Services
—
0.1%
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.25%),
3.51%
,
 05/27/24
(f)
.................
405
369,027
Total
Floating
Rate
Loan
Interests
—
7.9%
(Cost:
$52,755,799)
...............................
52,891,442
Capital
Trusts
—
1.4%
Banks
—
1.2%
(e)(f)
Bank
of
America
Corp.:
Series
X,
(LIBOR
USD
3
Month
+
3.71%),
6.25%
.......................
808
896,526
Series
Z,
(LIBOR
USD
3
Month
+
4.17%),
6.50%
.......................
584
667,220
Series
AA,
(LIBOR
USD
3
Month
+
3.90%),
6.10%
.......................
840
951,762
Series
DD,
(LIBOR
USD
3
Month
+
4.55%),
6.30%
.......................
98
114,415
CIT
Group,
Inc.,
Series
A,
(LIBOR
USD
3
Month
+
3.97%),
5.80%
..................
295
300,900
Citigroup,
Inc.,
Series
Q,
(LIBOR
USD
3
Month
+
4.10%),
4.32%
..................
413
410,935
JPMorgan
Chase
&
Co.:
Series
V,
(LIBOR
USD
3
Month
+
3.32%),
3.55%
.......................
760
746,654
Series
I,
(LIBOR
USD
3
Month
+
3.47%),
3.68%
.......................
500
498,977
Series
Q,
(LIBOR
USD
3
Month
+
3.25%),
5.15%
.......................
190
196,179
Series
U,
(LIBOR
USD
3
Month
+
3.33%),
6.13%
.......................
99
107,910
Series
FF,
(SOFR
+
3.38%),
5.00%
.....
1,199
1,261,385
Series
X,
(LIBOR
USD
3
Month
+
3.33%),
6.10%
.......................
693
760,056
Series
HH,
(SOFR
+
3.13%),
4.60%
.....
426
439,845
Wells
Fargo
&
Co.,
Series
U,
(LIBOR
USD
3
Month
+
3.99%),
5.87%
.............
425
481,844
7,834,608
Capital
Markets
—
0.2%
Morgan
Stanley,
Series
H,
(LIBOR
USD
3
Month
+
3.61%),
3.85%
(e)(f)
...........
1,192
1,183,417
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%
(e)
(f)
.............................
210
231,525
Total
Capital
Trusts
—
1.4%
(Cost:
$8,852,954)
...............................
9,249,550
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Shares
Shares
Value
Warrants
—
0.0%
Oil,
Gas
&
Consumable
Fuels
—
0.0%
SM
Energy
Co.
(Issued/exercisable
06/17/20,
1
share
for
1
warrant,
Expires
06/30/23,
Strike
Price
USD
0.01)
(a)
.................
33,915
$
207,221
Total
Warrants
—
0.0%
..............................
207,221
Total
Long-Term
Investments
—
96.8%
(Cost:
$618,883,415)
..............................
648,630,836
Short-Term
Securities
—
1.8%
(l)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
*
....................
11,933,997
11,933,997
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
Agency
Class,
0.01%
...........
255,725
255,725
Total
Short-Term
Securities
—
1.8%
(Cost:
$12,189,722)
...............................
12,189,722
Total
Investments
—
98.6%
(Cost:
$631,073,137
)
..............................
660,820,558
Other
Assets
Less
Liabilities
—
1.4%
....................
9,132,635
Net
Assets
—
100.0%
...............................
$
669,953,193
(a)
Non-income
producing
security.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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)
Perpetual
security
with
no
stated
maturity
date.
(f)
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.
(g)
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.
(h)
Step-up
bond
that
pays
an
initial
coupon
rate
for
the
first
period
and
then
a
higher
coupon
rate
for
the
following
periods.
Rate
as
of
period
end.
(i)
Convertible
security.
(j)
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.
(k)
Fixed
rate.
(l)
Annualized
7-day
yield
as
of
period
end.
*
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2020
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/19
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/20
Shares
Held
at
12/31/20
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
17,457,639
$
—
$
(5,523,642)
$
—
$
—
$
11,933,997
11,933,997
$
54,488
$
—
(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.
2020
BlackRock
Annual
Report
To
Shareholders
BlackRock
High
Yield
V.I.
Fund
22
Schedule
of
Investments
(continued)
December
31,
2020
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Short
Contracts
U.S.
Treasury
10
Year
Note
...................................................
72
03/22/21
$
9,942
$
(15,820)
U.S.
Treasury
Long
Bond
....................................................
25
03/22/21
4,330
26,133
U.S.
Treasury
Ultra
Bond
....................................................
46
03/22/21
9,824
27,069
U.S.
Treasury
5
Year
Note
....................................................
53
03/31/21
6,687
(14,775)
$
22,607
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
1,136,453
EUR
928,000
UBS
AG
02/03/21
$
1,944
EUR
928,000
USD
1,135,686
UBS
AG
01/06/21
(1,962)
USD
242,596
CAD
315,000
HSBC
Bank
plc
01/06/21
(4,872)
USD
1,675,747
EUR
1,405,500
Goldman
Sachs
International
01/06/21
(41,333)
USD
1,683,221
EUR
1,405,500
UBS
AG
01/06/21
(33,858)
USD
113,585
GBP
85,000
BNP
Paribas
SA
01/06/21
(2,654)
(84,679)
$
(82,735)
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.35.V1
.....
5.00
%
Quarterly
12/20/25
B-
USD
3,440
$
326,066
$
140,125
$
185,941
(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
—
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)
Nordstrom,
Inc.
...........
1.00
%
Quarterly
Barclays
Bank
plc
06/20/25
USD
87
$
5,408
$
18,585
$
(13,177)
$
–
$
–
$
–
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
23
Schedule
of
Investments
(continued)
December
31,
2020
i
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CenturyLink,
Inc.
......
1.00
%
Quarterly
Barclays
Bank
plc
12/20/23
NR
USD
312
$
(7,475)
$
(14,209)
$
6,734
CenturyLink,
Inc.
......
1.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
567
(40,151)
(67,245)
27,094
$
(47,626)
$
(81,454)
$
33,828
(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
Swaps
and
OTC
Swaps
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
.........................................................
$
140,125
$
—
$
185,941
$
—
OTC
Swaps
...................................................................
18,585
(81,454)
33,828
(13,177)
(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)
.....
$
—
$
—
$
—
$
—
$
53,202
$
—
$
53,202
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,944
—
—
1,944
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
185,941
—
—
—
—
185,941
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
52,413
—
—
—
—
52,413
$
—
$
238,354
$
—
$
1,944
$
53,202
$
—
$
293,500
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
30,595
—
30,595
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
84,679
—
—
84,679
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
94,631
—
—
—
—
94,631
$
—
$
94,631
$
—
$
84,679
$
30,595
$
—
$
209,905
(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).
2020
BlackRock
Annual
Report
To
Shareholders
BlackRock
High
Yield
V.I.
Fund
24
Schedule
of
Investments
(continued)
December
31,
2020
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
year
ended
December
31,
2020,
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
.......................
$
—
$
—
$
(725,851)
$
—
$
(206,249)
$
—
$
(932,100)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(209,447)
—
—
(209,447)
Swaps
..............................
—
(771,770)
—
—
—
—
(771,770)
$
—
$
(771,770)
$
(725,851)
$
(209,447)
$
(206,249)
$
—
$
(1,913,317)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
22,607
—
22,607
Forward
foreign
currency
exchange
contracts
....
—
—
—
(17,937)
—
—
(17,937)
Swaps
..............................
—
(42,041)
—
—
—
—
(42,041)
$
—
$
(42,041)
$
—
$
(17,937)
$
22,607
$
—
$
(37,371)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
short
.................................................................................
$
29,812,649
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
6,381,249
Average
amounts
sold
—
in
USD
........................................................................................
2,858,067
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
65,387
Average
notional
value
—
sell
protection
...................................................................................
8,598,000
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments:
$
—
Futures
contracts
....................................................................................
$
—
$
53,452
Forward
foreign
currency
exchange
contracts
.................................................................
1,944
84,679
Swaps
—
Centrally
cleared
.............................................................................
5,386
—
Swaps
—
OTC
(a)
....................................................................................
52,413
94,631
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
59,743
$
232,762
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(5,386)
(53,452)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
54,357
$
179,310
(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
................................
$
52,413
$
(52,413)
$
—
$
—
$
—
UBS
AG
......................................
1,944
(1,944)
—
—
—
$
54,357
$
(54,357)
$
—
$
—
$
—
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
25
Schedule
of
Investments
(continued)
December
31,
2020
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)
Barclays
Bank
plc
................................
$
94,631
$
(52,413)
$
—
$
(42,218)
$
—
BNP
Paribas
SA
.................................
2,654
—
—
—
2,654
Goldman
Sachs
International
........................
41,333
—
—
—
41,333
HSBC
Bank
plc
..................................
4,872
—
—
—
4,872
UBS
AG
......................................
35,820
(1,944)
—
—
33,876
$
179,310
$
(54,357)
$
—
$
(42,218)
$
82,735
(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.
2020
BlackRock
Annual
Report
To
Shareholders
BlackRock
High
Yield
V.I.
Fund
26
Schedule
of
Investments
(continued)
December
31,
2020
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
tables
summarize
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
disclosure
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Common
Stocks:
Building
Products
.......................................
$
13,304
$
—
$
—
$
13,304
Chemicals
............................................
1,198,335
—
—
1,198,335
Diversified
Telecommunication
Services
........................
251,219
—
—
251,219
Energy
Equipment
&
Services
..............................
—
—
41,085
41,085
Entertainment
.........................................
397,086
—
—
397,086
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
2,489,595
—
—
2,489,595
Life
Sciences
Tools
&
Services
..............................
67,379
—
—
67,379
Media
...............................................
241,139
—
—
241,139
Metals
&
Mining
........................................
1,129,497
—
—
1,129,497
Pharmaceuticals
.......................................
865,509
—
—
865,509
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
28,447,967
—
28,447,967
Airlines
..............................................
—
7,256,017
—
7,256,017
Auto
Components
......................................
—
11,785,954
—
11,785,954
Automobiles
..........................................
—
5,126,485
—
5,126,485
Banks
...............................................
—
2,085,577
—
2,085,577
Biotechnology
.........................................
—
122,189
—
122,189
Building
Products
.......................................
—
6,918,697
—
6,918,697
Capital
Markets
........................................
—
7,267,920
—
7,267,920
Chemicals
............................................
—
11,560,663
—
11,560,663
Commercial
Services
&
Supplies
.............................
—
18,999,573
—
18,999,573
Communications
Equipment
................................
—
6,088,751
—
6,088,751
Construction
&
Engineering
................................
—
1,776,853
—
1,776,853
Consumer
Finance
......................................
—
9,710,475
—
9,710,475
Containers
&
Packaging
..................................
—
12,833,386
—
12,833,386
Distributors
...........................................
—
3,369,434
—
3,369,434
Diversified
Consumer
Services
..............................
—
2,321,293
—
2,321,293
Diversified
Financial
Services
...............................
—
9,090,729
—
9,090,729
Diversified
Telecommunication
Services
........................
—
47,050,390
—
47,050,390
Electric
Utilities
........................................
—
5,746,215
—
5,746,215
Electrical
Equipment
.....................................
—
208,980
—
208,980
Electronic
Equipment,
Instruments
&
Components
.................
—
1,246,226
—
1,246,226
Energy
Equipment
&
Services
..............................
—
4,335,713
499,272
4,834,985
Entertainment
.........................................
—
6,747,572
—
6,747,572
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
23,522,784
—
23,522,784
Food
&
Staples
Retailing
..................................
—
4,171,048
—
4,171,048
Food
Products
.........................................
—
14,715,763
—
14,715,763
Gas
Utilities
...........................................
—
498,590
—
498,590
Health
Care
Equipment
&
Supplies
...........................
—
7,050,653
—
7,050,653
Health
Care
Providers
&
Services
............................
—
30,105,497
—
30,105,497
Health
Care
Technology
..................................
—
828,040
—
828,040
Hotels,
Restaurants
&
Leisure
..............................
—
33,230,248
—
33,230,248
Household
Durables
.....................................
—
6,733,755
—
6,733,755
Household
Products
.....................................
—
1,284,259
—
1,284,259
Independent
Power
and
Renewable
Electricity
Producers
............
—
3,941,440
—
3,941,440
Industrial
Conglomerates
..................................
—
490,814
—
490,814
Insurance
............................................
—
10,870,976
—
10,870,976
Interactive
Media
&
Services
...............................
—
1,135,707
—
1,135,707
Internet
&
Direct
Marketing
Retail
............................
—
2,740,705
—
2,740,705
IT
Services
...........................................
—
10,714,563
—
10,714,563
Leisure
Products
.......................................
—
1,991,779
—
1,991,779
Life
Sciences
Tools
&
Services
..............................
—
1,146,150
—
1,146,150
Machinery
............................................
—
8,943,525
—
8,943,525
Media
...............................................
—
43,816,132
—
43,816,132
BlackRock
High
Yield
V.I.
Fund
Schedule
of
Investments
27
Schedule
of
Investments
(continued)
December
31,
2020
Level
1
Level
2
Level
3
Total
Metals
&
Mining
........................................
$
—
$
16,134,651
$
—
$
16,134,651
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
311,526
—
311,526
Multiline
Retail
.........................................
—
1,794,483
—
1,794,483
Oil,
Gas
&
Consumable
Fuels
...............................
—
71,907,583
—
71,907,583
Paper
&
Forest
Products
..................................
—
475,783
—
475,783
Personal
Products
......................................
—
233,210
—
233,210
Pharmaceuticals
.......................................
—
11,601,486
—
11,601,486
Professional
Services
....................................
—
3,302,610
—
3,302,610
Real
Estate
Management
&
Development
.......................
—
1,855,022
—
1,855,022
Road
&
Rail
...........................................
—
4,427,661
—
4,427,661
Semiconductors
&
Semiconductor
Equipment
....................
—
2,678,712
—
2,678,712
Software
.............................................
—
18,404,729
—
18,404,729
Specialty
Retail
........................................
—
11,476,574
—
11,476,574
Technology
Hardware,
Storage
&
Peripherals
....................
—
1,472,365
—
1,472,365
Textiles,
Apparel
&
Luxury
Goods
............................
—
364,934
—
364,934
Thrifts
&
Mortgage
Finance
................................
—
3,284,849
—
3,284,849
Trading
Companies
&
Distributors
............................
—
3,179,201
—
3,179,201
Wireless
Telecommunication
Services
.........................
—
8,154,337
—
8,154,337
Floating
Rate
Loan
Interests:
Aerospace
&
Defense
....................................
—
312,325
203,729
516,054
Airlines
..............................................
—
653,085
—
653,085
Auto
Components
......................................
—
422,449
—
422,449
Automobiles
..........................................
—
125,558
—
125,558
Building
Products
.......................................
—
331,127
—
331,127
Capital
Markets
........................................
—
328,622
—
328,622
Chemicals
............................................
—
2,888,906
—
2,888,906
Commercial
Services
&
Supplies
.............................
—
3,803,248
275,000
4,078,248
Construction
&
Engineering
................................
—
909,333
—
909,333
Construction
Materials
....................................
—
148,988
—
148,988
Containers
&
Packaging
..................................
—
657,137
—
657,137
Diversified
Consumer
Services
..............................
—
1,080,095
—
1,080,095
Diversified
Financial
Services
...............................
—
2,755,385
19,625
2,775,010
Diversified
Telecommunication
Services
........................
—
2,232,508
—
2,232,508
Entertainment
.........................................
—
8,570
659,280
667,850
Health
Care
Equipment
&
Supplies
...........................
—
664,758
—
664,758
Health
Care
Providers
&
Services
............................
—
2,632,628
—
2,632,628
Hotels,
Restaurants
&
Leisure
..............................
—
1,596,931
97,862
1,694,793
Independent
Power
and
Renewable
Electricity
Producers
............
—
25,498
—
25,498
Industrial
Conglomerates
..................................
—
311,671
—
311,671
Insurance
............................................
—
2,533,366
—
2,533,366
Interactive
Media
&
Services
...............................
—
213,799
—
213,799
Internet
&
Direct
Marketing
Retail
............................
—
386,334
—
386,334
IT
Services
...........................................
—
6,889,519
—
6,889,519
Life
Sciences
Tools
&
Services
..............................
—
392,688
—
392,688
Machinery
............................................
—
2,345,679
—
2,345,679
Media
...............................................
—
6,649,500
—
6,649,500
Oil,
Gas
&
Consumable
Fuels
...............................
—
2,199,394
883,498
3,082,892
Pharmaceuticals
.......................................
—
1,370,415
—
1,370,415
Professional
Services
....................................
—
685,490
—
685,490
Software
.............................................
—
3,534,174
285,120
3,819,294
Specialty
Retail
........................................
—
1,009,121
—
1,009,121
Wireless
Telecommunication
Services
.........................
—
369,027
—
369,027
Capital
Trusts
...........................................
—
9,249,550
—
9,249,550
Warrants
..............................................
—
207,221
—
207,221
Short-Term
Securities
.......................................
12,189,722
—
—
12,189,722
$
18,842,785
$
639,013,302
$
2,964,471
$
660,820,558
Derivative
Financial
Instruments
(a)
Assets:
Credit
contracts
...........................................
$
—
$
219,769
$
—
$
219,769
Foreign
currency
exchange
contracts
............................
—
1,944
—
1,944
Interest
rate
contracts
.......................................
53,202
—
—
53,202
Liabilities:
Credit
contracts
...........................................
—
(13,177)
—
(13,177)
Foreign
currency
exchange
contracts
............................
—
(84,679)
—
(84,679)
2020
BlackRock
Annual
Report
To
Shareholders
BlackRock
High
Yield
V.I.
Fund
28
Schedule
of
Investments
(continued)
December
31,
2020
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Interest
rate
contracts
.......................................
$
(30,595)
$
—
$
—
$
(30,595)
$
22,607
$
123,857
$
—
$
146,464
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities

December
31,
2020
29
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
V.I.
Fund
ASSETS
Investments
at
value
—
unaffiliated
(cost
—
$619,139,140)
..............................................................................
$
648,886,561‌
Investments
at
value
—
affiliated
(cost
—
$11,933,997)
................................................................................
11,933,997‌
Cash
.................................................................................................................
12,865‌
Cash
pledged:
–‌
Collateral
—
OTC
derivatives
................................................................................................
410,000‌
Futures
contracts
........................................................................................................
643,000‌
Centrally
cleared
swaps
....................................................................................................
364,000‌
Foreign
currency
at
value
(cost
—
$1,167,485)
......................................................................................
1,168,129‌
Receivables:
–‌
Investments
sold
........................................................................................................
120,324‌
Capital
shares
sold
.......................................................................................................
3,421,609‌
Dividends
—
affiliated
.....................................................................................................
273‌
Dividends
—
unaffiliated
...................................................................................................
14,017‌
Interest
—
unaffiliated
.....................................................................................................
9,163,306‌
Variation
margin
on
centrally
cleared
swaps
......................................................................................
5,386‌
Swap
premiums
paid
.......................................................................................................
18,585‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.....................................................................................
1,944‌
OTC
swaps
............................................................................................................
33,828‌
Prepaid
expenses
.........................................................................................................
10,442‌
Total
assets
.............................................................................................................
676,208,266‌
LIABILITIES
Payables:
–‌
Investments
purchased
....................................................................................................
2,172,878‌
Capital
shares
redeemed
...................................................................................................
660,083‌
Distribution
fees
.........................................................................................................
95,582‌
Income
dividend
distributions
................................................................................................
2,469,034‌
Investment
advisory
fees
..................................................................................................
250,718‌
Directors'
and
Officer's
fees
.................................................................................................
738‌
Other
affiliate
fees
.......................................................................................................
4,602‌
Variation
margin
on
futures
contracts
...........................................................................................
53,452‌
Other
accrued
expenses
...................................................................................................
368,676‌
Swap
premiums
received
....................................................................................................
81,454‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.....................................................................................
84,679‌
OTC
swaps
............................................................................................................
13,177‌
Total
liabilities
............................................................................................................
6,255,073‌
NET
ASSETS
............................................................................................................
$
669,953,193‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
............................................................................................................
$
654,755,773‌
Accumulated
earnings
......................................................................................................
15,197,420‌
NET
ASSETS
............................................................................................................
$
669,953,193‌
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2020
2020
BlackRock
Annual
Report
To
Shareholders
30
BlackRock
High
Yield
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
........................................................................................................
$
182,844,542‌
Shares
outstanding
.................................................................................................
24,196,690‌
Net
asset
value
....................................................................................................
$
7.56‌
Shares
authorized
..................................................................................................
200
million
Par
value
........................................................................................................
$
0.10‌
Class
III
Net
assets
........................................................................................................
$
487,108,651‌
Shares
outstanding
.................................................................................................
64,501,910‌
Net
asset
value
....................................................................................................
$
7.55‌
Shares
authorized
..................................................................................................
100
million
Par
value
........................................................................................................
$
0.10‌
See
notes
to
financial
statements.
Statement
of
Operations

Year
Ended
December
31,
2020
31
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.....................................................................................................
$
54,488‌
Dividends
—
unaffiliated
...................................................................................................
138,076‌
Interest
—
unaffiliated
....................................................................................................
31,215,340‌
Foreign
taxes
withheld
....................................................................................................
(79‌)
Total
investment
income
.....................................................................................................
31,407,825‌
EXPENSES
Investment
advisory
......................................................................................................
2,545,565‌
Distribution
—
class
specific
................................................................................................
958,152‌
Transfer
agent
—
class
specific
..............................................................................................
854,295‌
Accounting
services
......................................................................................................
136,495‌
Professional
...........................................................................................................
88,789‌
Printing
and
postage
.....................................................................................................
54,586‌
Custodian
.............................................................................................................
40,050‌
Registration
...........................................................................................................
13,110‌
Transfer
agent
..........................................................................................................
5,521‌
Directors
and
Officer
.....................................................................................................
4,465‌
Miscellaneous
..........................................................................................................
6,352‌
Total
expenses
...........................................................................................................
4,707,380‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...................................................................................
(10,585‌)
Transfer
agent
fees
reimbursed
—
class
specific
...................................................................................
(561,544‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................................................
4,135,251‌
Net
investment
income
......................................................................................................
27,272,574‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
12,929,722‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...............................................................................................
1,408,120‌
Forward
foreign
currency
exchange
contracts
...................................................................................
(209,447‌)
Foreign
currency
transactions
.............................................................................................
1,779‌
Futures
contracts
......................................................................................................
(932,100‌)
Swaps
.............................................................................................................
(771,770‌)
A
(503,418‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...............................................................................................
13,503,031‌
Forward
foreign
currency
exchange
contracts
...................................................................................
(17,937‌)
Foreign
currency
translations
..............................................................................................
(3,273‌)
Futures
contracts
......................................................................................................
22,607‌
Swaps
.............................................................................................................
(42,041‌)
Unfunded
floating
rate
loan
interests
.........................................................................................
(29,247‌)
A
13,433,140‌
Net
realized
and
unrealized
gain
...............................................................................................
12,929,722‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
......................................................................
$
40,202,296‌
Statements
of
Changes
in
Net
Assets

2020
BlackRock
Annual
Report
To
Shareholders
32
See
notes
to
financial
statements.
BlackRock
High
Yield
V.I.
Fund
Year
Ended
December
31,
2020
2019
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
27,272,574‌
$
26,346,952‌
Net
realized
loss
..................................................................................
(503,418‌)
(2,928,838‌)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
13,433,140‌
45,625,137‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
40,202,296‌
69,043,251‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
(8,873,345‌)
(9,356,058‌)
  Class
III
.......................................................................................
(19,188,316‌)
(17,474,280‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(28,061,661‌)
(26,830,338‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
82,416,377‌
103,576,572‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
94,557,012‌
145,789,485‌
Beginning
of
year
....................................................................................
575,396,181‌
429,606,696‌
End
of
year
........................................................................................
$
669,953,193‌
$
575,396,181‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
33
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
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
BlackRock
High
Yield
V.I.
Fund
Class
I
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
..............................
$
7.43‌
$
6.80‌
$
7.39‌
$
7.24‌
$
6.77‌
Net
investment
income
(a)
.....................................
0.37‌
0.38‌
0.38‌
0.38‌
0.37‌
Net
realized
and
unrealized
gain
(loss)
...........................
0.14‌
0.64‌
(0.57‌)
0.15‌
0.48‌
Net
increase
(decrease)
from
investment
operations
....................
0.51‌
1.02‌
(0.19‌)
0.53‌
0.85‌
Distributions
from
net
investment
income
(b)
........................
(0.38‌)
(0.39‌)
(0.40‌)
(0.38‌)
(0.38‌)
Net
asset
value,
end
of
year
...................................
$
7.56‌
$
7.43‌
$
6.80‌
$
7.39‌
$
7.24‌
Total
Return
(c)
7.27%
15.29%
(2.79)%
7.34%
—
Based
on
net
asset
value
......................................
7.27%
15.29%
(2.79)%
7.48%
12.92%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
.............................................
0.69%
0.70%
0.77%
0.78%
0.80%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.58%
0.59%
0.63%
0.67%
0.68%
Net
investment
income
.......................................
5.13%
5.28%
5.30%
5.13%
5.29%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
182,845‌
$
178,147‌
$
185,736‌
$
201,945‌
$
152,835‌
Portfolio
turnover
rate
........................................
103%
83%
79%
75%
89%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Investments
in
underlying
funds
..................................
—%
0.01%
0.01%
0.01%
0.01%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2020
BlackRock
Annual
Report
To
Shareholders
34
(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
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
BlackRock
High
Yield
V.I.
Fund
Class
III
Year
Ended
December
31,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
..............................
$
7.42‌
$
6.80‌
$
7.38‌
$
7.24‌
$
6.76‌
Net
investment
income
(a)
.....................................
0.35‌
0.37‌
0.36‌
0.36‌
0.36‌
Net
realized
and
unrealized
gain
(loss)
...........................
0.14‌
0.62‌
(0.56‌)
0.14‌
0.48‌
Net
increase
(decrease)
from
investment
operations
....................
0.49‌
0.99‌
(0.20‌)
0.50‌
0.84‌
Distributions
from
net
investment
income
(b)
........................
(0.36‌)
(0.37‌)
(0.38‌)
(0.36‌)
(0.36‌)
Net
asset
value,
end
of
year
...................................
$
7.55‌
$
7.42‌
$
6.80‌
$
7.38‌
$
7.24‌
Total
Return
(c)
7.01%
14.86%
(2.89)%
7.08%
—
Based
on
net
asset
value
......................................
7.01%
14.86%
(2.89)%
7.08%
12.82%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
.............................................
0.92%
0.94%
1.02%
1.03%
1.00%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.82%
0.83%
0.87%
0.92%
0.92%
Net
investment
income
.......................................
4.86%
5.06%
5.05%
4.87%
5.05%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
487,109‌
$
397,249‌
$
243,871‌
$
243,479‌
$
190,149‌
Portfolio
turnover
rate
........................................
103%
83%
79%
75%
89%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Investments
in
underlying
funds
..................................
—%
0.01%
0.01%
0.01%
0.01%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
35
Notes
to
Financial
Statements
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.
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
non-
index
fixed-income
mutual
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
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
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
date.
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,
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.
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.
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,
2020
,
if
any,
are
disclosed
in
the Statement
of
Assets
and
Liabilities.
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
record
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
investment
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
date
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
fr
om
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. 
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
36
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.  
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
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.,
a
market
closure,
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)
37
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.
Valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”)
or
a
hybrid
of
those
techniques
are
used
in
allocating
enterprise
value
of
the
company,
as
deemed
appropriate
under
the
circumstances.
The
use
of
OPM
and
PWERM
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.
SECURITIES
AND
OTHER
INVESTMENTS 
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. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
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)
2020
BlackRock
Annual
Report
to
Shareholders
38
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.
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.
Notes
to
Financial
Statements
(continued)
39
Notes
to
Financial
Statements
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
a
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, a
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.
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
40
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,
2020,
the
aggregate
average
daily
net
assets
of
the
Fund
and
BlackRock
Total
Return
V.I.
Fund
were
approximately
$1,217,480,272.
For
the year
ended
December
31,
2020,
the
Fund
reimbursed
the
Manager $6,220
for
certain
accounting
services,
which
is
included
in
accounting
services
in
the
Statement
of
Operations.
The
Manager
entered
into
a
sub-advisory
agreement,
effective
March
2,
2020,
with
BlackRock
International
Limited
(“BIL”),
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,
2020,
the
class
specific
distribution
fees
borne
directly
by Class
III
were
$958,152.
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,
2020,
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,
2020,
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
April
30,
2021.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitations
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
Prior
to
May
1,
2020,
this
waiver
was
voluntary.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
December
31,
2020,
the
amount
waived
was
$10,585.
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
April
30,
2021.
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,
2020,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$250
Million
.......................................................................................................
0.55%
$250
Million
-
$500
Million
.................................................................................................
0.50
$500
Million
-
$750
Million
.................................................................................................
0.45
Greater
than
$750
Million
.................................................................................................
0.40
Class
I
..........................................................................................................
$
277,913‌
Class
III
.........................................................................................................
576,382‌
$
854,295‌
Class
I
................................................................................................................
0.
0
6‌
%
Class
III
...............................................................................................................
0.
0
5‌
Notes
to
Financial
Statements
(continued)
41
Notes
to
Financial
Statements
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
April
30,
2021,
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,
2020,
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
these
contractual
expense
limitations
through
April
30,
2021,
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,
2020,
there
were
no
investment
advisory
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“
Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to borrow under
th
e
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets,
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
year
ended
December
31,
2020,
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,
2020,
the
purchase
and
sale
transactions
and
any
net
r
ealized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
PURCHASES
AND
SALES 
For
the year
ended
December
31,
2020,
purchases
and
sales
of
investments,
including
paydowns
and
excluding
short-term
investments, were $631,398,662
and
$553,559,078,
respectively.
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,
2020,
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.
Transfer
Agent
Fees
Reimbursed
Class
I
..........................................................................................................
$
176,855‌
Class
III
.........................................................................................................
384,689‌
$
561,544‌
Class
I
.............................................................................................................
1.25‌%
Class
III
............................................................................................................
1.50‌
Purchases
...............................................................................................................
$
2,506,549‌
Sales
...................................................................................................................
6,581,433‌
Net
Realized
Gain
..........................................................................................................
26,133‌
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
42
The
tax
character
of
distributions
paid
was
as
follows: 
As
of
period
end,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
As
of
December
31,
2020, 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: 
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
2021
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,
2020,
the
Fund
did
not
borrow
under
the
credit
agreement.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
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. 
12/31/20
12/31/19
Ordinary
income
............................................................................................
$
28,061,661‌
$
26,830,338‌
Undistributed
ordinary
income
.............................................................................................
$
198,495‌
Non-expiring
capital
loss
carryforwards
(a)
......................................................................................
(13,249,400‌)
Net
unrealized
gains
(losses)
(b)
............................................................................................
28,248,325‌
$
15,197,420‌
(a)
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
and
foreign
currency
exchange
contracts,
amortization
methods
for
premiums
and
discounts
on
fixed
income
securities,
the
accounting
for
swap
agreements
and
the
classification
of
investments.
Tax
cost
...........................................................................................................
$
632,723,917‌
Gross
unrealized
appreciation
............................................................................................
$
31,940,383‌
Gross
unrealized
depreciation
............................................................................................
(3,574,977‌)
Net
unrealized
appreciation
(depreciation)
....................................................................................
$
28,365,406‌
Notes
to
Financial
Statements
(continued)
43
Notes
to
Financial
Statements
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
the
LIBOR
by
the
end
of
2021,
and
it
is
expected
that
LIBOR
will
cease
to
be
published
after
that
time. 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. 
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
Year
Ended
12/31/20
Year
Ended
12/31/19
Shares
Amount
Shares
Amount
Class
I
Shares
sold
.............................................
13,734,356‌
$
99,683,568‌
7,593,809‌
$
55,369,906‌
Shares
issued
in
reinvestment
of
distributions
........................
1,250,039‌
8,899,981‌
1,308,440‌
9,425,674‌
Shares
redeemed
.........................................
(14,769,292‌)
(106,123,209‌)
(12,221,914‌)
(88,379,054‌)
Net
increase
(decrease)
.......................................
215,103‌
$
2,460,340‌
(3,319,665‌)
$
(23,583,474‌)
Class
III
Shares
sold
.............................................
51,857,389‌
$
372,553,853‌
42,635,935‌
$
307,644,405‌
Shares
issued
in
reinvestment
of
distributions
........................
2,662,655‌
18,972,539‌
2,356,193‌
17,002,418‌
Shares
redeemed
.........................................
(43,528,745‌)
(311,570,355‌)
(27,351,268‌)
(197,486,777‌)
Net
increase
...............................................
10,991,299‌
$
79,956,037‌
17,640,860‌
$
127,160,046‌
Total
Net
Increase
11,206,403‌
$
82,416,377‌
14,321,195‌
$
103,576,572‌
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
44
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
45
Report
of
Independent
Registered
Public
Accounting
Firm
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,
2020,
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,
2020,
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,
2020,
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
16,
2021
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Glossary
of
Terms
Used
in
this
Report
2020
BlackRock
Annual
Report
To
Shareholders
46
Currency
Abbreviations
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Portfolio
Abbreviations
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,
2020
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2020
Annual
Report
BlackRock
Variable
Series
Funds
II,
Inc.
BlackRock
Total
Return
V.I.
Fund
Fund
Summary
as
of
December
31,
2020
2020
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,
2020,
the
Fund
outperformed
its
benchmark,
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index.
What
factors
influenced
performance?
Exposure
to
high
yield
corporate
bonds
led
positive
contributions
to
relative
performance.
An
above-benchmark
stance
with
respect
to
portfolio
duration
(and
corresponding
sensitivity
to
changes
in
interest
rates)
also
contributed
notably
as
U.S.
Treasury
yields
declined
sharply
over
the
period.
The
Fund’s
overweighting
of
U.S.
investment
grade
corporate
bonds
also
added
to
relative
performance
as
the
asset
class
benefited
from
Fed
support
along
with
improving
credit
sentiment
as
the
period
progressed.
Finally,
overweight
positioning
in
agency
residential
mortgage-backed
securities
(“RMBS”)
proved
beneficial.
Exposure
to
U.S.
municipal
bonds
led
detractors
from
performance
relative
to
the
benchmark.
The
Fund’s
allocation
to
U.S.
absolute
return
strategies
and
securitized
assets,
namely
commercial
mortgage-backed
securities
(“CMBS”),
also
constrained
relative
performance.
CMBS
suffered
from
illiquidity
and
concerns
that
individuals
and
businesses
would
have
difficulty
servicing
their
mortgage
debt
in
the
wake
of
the
economic
downturn
driven
by
the
emergence
of
COVID-19.
Describe
recent
portfolio
activity.
Beginning
in
February
2020,
market
sentiment
took
a
sharp
negative
turn
due
to
the
COVID-19
pandemic.
As
investors
rotated
into
cash,
liquidity
became
a
major
issue
across
every
fixed
income
segment.
Despite
the
Fund’s
overweight
duration
as
U.S.
Treasury
yields
declined,
the
Fund
incurred
a
drawdown
as
even
high-quality
assets
sold
off.
After
sharply
reducing
exposure
to
agency
RMBS
when
valuations
became
rich
in
February,
the
Fund
moved
back
to
an
overweight
position
in
mid-March
as
mortgage
spreads
widened
alongside
other
risk
assets.
The
sector
benefited
from
the
Fed’s
announcement
of
its
bond
purchase
program.
As
2020
progressed,
the
investment
adviser
shifted
to
a
modest
duration
underweight
versus
the
benchmark,
as
U.S.
rates
continued
to
rally
to
historically
low
levels.
The
investment
adviser
added
to
the
Fund’s
overweight
allocation
across
emerging
market
debt,
European
sovereign
debt
and
non-agency
RMBS
where
the
investment
adviser
believed
there
was
attractive
upside
potential.
Moving
into
the
fourth
quarter
of
2020,
the
investment
adviser
continued
to
modestly
trim
duration
exposure
while
favoring
European
peripheral
government
bonds
given
more
attractive
valuations.
In
addition,
the
investment
adviser
continued
to
trim
high
quality
spread
assets
given
stretched
valuations.
The
Fund
increased
its
underweight
to
agency
RMBS
while
also
reducing
its
exposure
to
higher
quality
U.S.
investment
grade
corporate
and
municipal
bonds.
In
turn,
the
investment
adviser
started
to
move
down
the
capital
structure,
favoring
select
segments
within
securitized
assets
including
industrial
and
office
properties
within
CMBS
and
non-agency
RMBS
given
robust
housing
fundamentals.
In
addition,
the
investment
adviser
opportunistically
increased
exposure
to
emerging
market
debt
and
maintained
a
modest
allocation
to
U.S.
high
yield
credit
given
improving
global
growth
and
positive
vaccine
headlines.
The
Fund’s
cash
position
was
slightly
elevated
at
times
during
the
period
as
high-quality
assets
offered
a
less
attractive
strategy
to
manage
risk.
The
Fund’s
cash
position
did
not
have
any
material
impact
on
Fund
performance.
Describe
portfolio
positioning
at
period
end.
The
Fund
ended
the
period
with
an
underweight
stance
with
respect
to
overall
portfolio
duration
and
corresponding
interest
rate
sensitivity.
The
Fund
held
an
allocation
to
European
peripheral
sovereign
debt
given
attractive
valuations
relative
to
U.S.
Treasuries,
and
also
had
exposure
to
U.S.
Treasury
inflation-protected
securities.
The
Fund
was
underweight
agency
RMBS.
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,
2020
(continued)
3
Fund
Summary
BlackRock
Total
Return
V.I.
Fund
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
Performance
Summary
for
the
Period
Ended
December
31,
2020
(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,
th
e
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)
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)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(c)
........................................
1.46‌%
1.28‌%
2.97‌%
8.88‌%
4.79‌%
4.37‌%
Class
III
(c)
........................................
1.15‌
1.06‌
2.75‌
8.54‌
4.46‌
4.06‌
(d)
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
—‌
—‌
1.29‌
7.51‌
4.44‌
3.84‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
a
portion
of
its
fee.
Without
such
waiver,
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
and
cumulative
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.
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.
Fund
Summary
as
of
December
31,
2020
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
Total
Return
V.I.
Fund
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
37‌
%
Corporate
Bonds
...................................
31‌
U.S.
Treasury
Obligations
.............................
10‌
Investment
Companies
...............................
8‌
Foreign
Government
Obligations
........................
6‌
Asset-Backed
Securities
..............................
4‌
Non-Agency
Mortgage-Backed
Securities
..................
2‌
Municipal
Bonds
...................................
1‌
Foreign
Agency
Obligations
............................
1‌
Floating
Rate
Loan
Interests
...........................
—‌
(b)
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)
......................................
32‌
%
AA/Aa
.........................................
5‌
A
............................................
18‌
BBB/Baa
.......................................
29‌
BB/Ba
.........................................
11‌
B
............................................
1‌
CCC/
Caa
.......................................
—‌
(d)
CC/Ca
........................................
1‌
C
............................................
—‌
(d)
NR
...........................................
3‌
(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 below
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
on July
1,
2020 and
held
through
December
31,
2020)
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.
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.
Actual
Hypothetical
(a)
Including
Interest
Expense
and
Fees
Excluding
Interest
Expense
and
Fees
Including
Interest
Expense
and
Fees
Excluding
Interest
Expense
and
Fees
Beginning
Account
Value
(07/01/20)
Ending
Account
Value
(12/31/20)
Expenses
Paid
During
the
Period
(b)
Expenses
Paid
During
the
Period
(c)
Beginning
Account
Value
(07/01/20)
Ending
Account
Value
(12/31/20)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(12/31/20)
Expenses
Paid
During
the
Period
(c)
Class
I
..................
$
1,000.00
$
1,029.70
$
2.60
$
2.60
$
1,000.00
$
1,022.57
$
2.59
$
1,022.57
$
2.59
Class
III
.................
1,000.00
1,027.50
4.18
4.18
1,000.00
1,021.01
4.17
1,021.01
4.17
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
366.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class
(0.51%
for
Class
I
and
0.82%
for
Class
III),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
(c)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class
(0.51%
for
Class
I
and
0.82%
for
Class
III),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Derivative
Financial
Instruments
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
5.0%
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(a)
:
Series
2003-OP1,
Class
A2,
(LIBOR
USD
1
Month
+
0.72%),
0.87%,
12/25/33
....
USD
122
$
110,610
Series
2007-HE4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.26%),
0.41%,
05/25/37
....
93
22,934
Adams
Mill
CLO
Ltd.,
Series
2014-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.10%),
1.34%,
07/15/26
(a)(b)
................
125
125,255
Ajax
Mortgage
Loan
Trust
(b)
:
Series
2017-D,
Class
A,
3.75%,
12/25/57
..
283
289,182
Series
2018-A,
Class
A,
3.85%,
04/25/58
(c)
.
288
287,709
Series
2018-A,
Class
B,
0.00%,
04/25/58
..
89
46,803
Series
2018-B,
Class
A,
3.75%,
02/26/57
(c)
.
172
172,109
Series
2018-B,
Class
B,
0.00%,
02/26/57
..
90
25,459
Series
2018-D,
Class
A,
3.75%,
08/25/58
(a)(c)
335
336,126
Series
2018-D,
Class
B,
0.00%,
08/25/58
(a)(c)
109
69,922
Series
2018-E,
Class
A,
4.38%,
06/25/58
(a)
193
195,398
Series
2018-E,
Class
B,
5.25%,
06/25/58
(a)(c)
100
100,590
Series
2018-E,
Class
C,
0.00%,
06/25/58
(a)
96
77,071
Series
2018-F,
Class
A,
4.38%,
11/25/58
(a)(c)
589
594,015
Series
2018-F,
Class
B,
5.25%,
11/25/58
(a)(c)
111
110,346
Series
2018-F,
Class
C,
0.00%,
11/25/58
..
242
167,406
Series
2018-G,
Class
A,
4.38%,
06/25/57
(a)(c)
485
484,135
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
(c)
226
222,641
Series
2019-A,
Class
A,
3.75%,
08/25/57
(a)
464
471,890
Series
2019-A,
Class
B,
5.25%,
08/25/57
(a)
100
92,394
Series
2019-A,
Class
C,
0.00%,
08/25/57
(c)
185
153,090
Series
2019-B,
Class
A,
3.75%,
01/25/59
(a)
774
786,381
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
(c)
298
255,629
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(LIBOR
USD
3
Month
+
1.08%),
1.29%,
10/21/28
(a)(b)
.....................
500
499,034
Allegro
CLO
V
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.24%),
1.47%,
10/16/30
(a)(b)
.....................
250
249,729
ALM
XVI
Ltd.,
Series
2015-16A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.50%),
1.74%,
07/15/27
(a)(b)
.....................
255
252,298
American
Homes
4
Rent
Trust,
Series
2014-
SFR3,
Class
A,
3.68%,
12/17/36
(b)
......
178
192,429
Anchorage
Capital
CLO
1-R
Ltd.,
Series
2018-
1RA,
Class
A1,
(LIBOR
USD
3
Month
+
0.99%),
1.21%,
04/13/31
(a)(b)
..........
310
307,545
Anchorage
Capital
CLO
4-R
Ltd.
(a)(b)
:
Series
2014-4RA,
Class
A,
(LIBOR
USD
3
Month
+
1.05%),
1.27%,
01/28/31
....
250
249,430
Series
2014-4RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.07%,
01/28/31
....
250
243,196
Anchorage
Capital
CLO
5-R
Ltd.
(a)(b)
:
Series
2014-5RA,
Class
B,
(LIBOR
USD
3
Month
+
1.45%),
1.69%,
01/15/30
....
500
489,712
Series
2014-5RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
2.09%,
01/15/30
....
250
245,331
Anchorage
Capital
CLO
6
Ltd.,
Series
2015-6A,
Class
AR,
(LIBOR
USD
3
Month
+
1.27%),
1.51%,
07/15/30
(a)(b)
................
250
250,119
Anchorage
Capital
CLO
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.47%,
10/13/30
(a)(b)
................
250
250,000
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.32%,
04/15/31
(a)(b)
.....................
500
498,907
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(LIBOR
USD
3
Month
+
1.01%),
1.23%,
04/20/31
(a)(b)
.....................
USD
500
$
496,849
Arbor
Realty
CLO
Ltd.,
Series
2017-FL3,
Class
A,
(LIBOR
USD
1
Month
+
0.99%),
1.15%,
12/15/27
(a)(b)
.....................
130
129,156
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.17%),
1.41%,
10/15/30
(a)(b)
................
250
248,933
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(LIBOR
USD
1
Month
+
0.48%),
0.63%,
05/25/35
(a)
.................
45
40,929
Avery
Point
V
CLO
Ltd.,
Series
2014-5A,
Class
AR,
(LIBOR
USD
3
Month
+
0.98%),
1.20%,
07/17/26
(a)(b)
.....................
73
72,727
Avery
Point
VI
CLO
Ltd.,
Series
2015-6A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
1.72%,
08/05/27
(a)(b)
.....................
250
248,769
Babson
CLO
Ltd.,
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.19%),
1.41%,
10/20/30
(a)(b)
.....................
260
259,486
BankAmerica
Manufactured
Housing
Contract
Trust,
Series
1998-2,
Class
B1,
7.46%,
12/10/25
(a)
......................
300
133,683
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.46%,
01/24/29
(a)(b)
................
940
939,530
Bayview
Financial
Revolving
Asset
Trust
(a)(b)
:
Series
2004-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.00%),
1.15%,
05/28/39
....
99
92,041
Series
2005-A,
Class
A1,
(LIBOR
USD
1
Month
+
1.00%),
1.15%,
02/28/40
....
136
127,929
Series
2005-E,
Class
A1,
(LIBOR
USD
1
Month
+
1.00%),
1.15%,
12/28/40
....
50
44,140
BCMSC
Trust
(a)
:
Series
2000-A,
Class
A2,
7.58%,
06/15/30
.
40
11,358
Series
2000-A,
Class
A3,
7.83%,
06/15/30
.
37
10,902
Series
2000-A,
Class
A4,
8.29%,
06/15/30
.
27
8,352
BDS
Ltd.,
Series
2019-FL3,
Class
A,
(LIBOR
USD
1
Month
+
1.40%),
1.55%,
12/15/35
(a)(b)
200
199,398
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
:
Series
2007-FS1,
Class
1A3,
(LIBOR
USD
1
Month
+
0.17%),
0.32%,
05/25/35
....
56
63,200
Series
2007-HE2,
Class
23A,
(LIBOR
USD
1
Month
+
0.14%),
0.29%,
03/25/37
....
42
44,493
Series
2007-HE3,
Class
1A4,
(LIBOR
USD
1
Month
+
0.35%),
0.50%,
04/25/37
....
195
178,593
Benefit
Street
Partners
CLO
VI
Ltd.,
Series
2015-VIA,
Class
A1R,
(LIBOR
USD
3
Month
+
1.24%),
1.46%,
10/18/29
(a)(b)
.........
250
249,940
BlueMountain
CLO
Ltd.
(a)(b)
:
Series
2013-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.23%),
1.45%,
01/20/29
....
303
303,102
Series
2013-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.18%),
1.40%,
10/22/30
....
493
493,844
California
Street
CLO
XII
Ltd.,
Series
2013-12A,
Class
AR,
(LIBOR
USD
3
Month
+
1.03%),
1.27%,
10/15/25
(a)(b)
................
86
86,451
Carrington
Mortgage
Loan
Trust,
Series
2006-
NC4,
Class
A3,
(LIBOR
USD
1
Month
+
0.16%),
0.31%,
10/25/36
(a)
...........
62
59,681
CBAM
Ltd.,
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.25%),
1.47%,
07/20/30
(a)(b)
250
250,151
C-BASS
Trust,
Series
2006-CB7,
Class
A4,
(LIBOR
USD
1
Month
+
0.16%),
0.31%,
10/25/36
(a)
......................
52
43,707
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Cedar
Funding
II
CLO
Ltd.
(a)(b)
:
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.23%),
1.46%,
06/09/30
....
USD
250
$
249,758
Series
2013-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
1.98%,
06/09/30
....
250
248,879
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
AR,
(LIBOR
USD
3
Month
+
1.09%),
1.31%,
10/20/28
(a)(b)
................
430
429,171
Cedar
Funding
VIII
CLO
Ltd.,
Series
2017-8A,
Class
A1,
(LIBOR
USD
3
Month
+
1.25%),
1.47%,
10/17/30
(a)(b)
................
510
511,739
CIFC
Funding
Ltd.
(a)(b)
:
Series
2013-2A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.21%),
1.43%,
10/18/30
....
230
229,999
Series
2014-4RA,
Class
A1A,
(LIBOR
USD
3
Month
+
1.13%),
1.35%,
10/17/30
....
540
539,076
Citigroup
Mortgage
Loan
Trust
(a)
:
Series
2007-AHL2,
Class
A3B,
(LIBOR
USD
1
Month
+
0.20%),
0.35%,
05/25/37
...
211
167,057
Series
2007-AHL2,
Class
A3C,
(LIBOR
USD
1
Month
+
0.27%),
0.42%,
05/25/37
...
96
76,464
Conseco
Finance
Corp.
(a)
:
Series
1997-3,
Class
M1,
7.53%,
03/15/28
.
37
37,442
Series
1997-6,
Class
M1,
7.21%,
01/15/29
.
24
24,734
Series
1998-8,
Class
M1,
6.98%,
09/01/30
.
104
96,646
Series
1999-5,
Class
A5,
7.86%,
03/01/30
.
28
16,571
Series
1999-5,
Class
A6,
7.50%,
03/01/30
.
30
16,890
Series
2001-D,
Class
B1,
(LIBOR
USD
1
Month
+
2.50%),
2.66%,
11/15/32
....
57
53,167
Conseco
Finance
Securitizations
Corp.:
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
56
19,306
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
151
48,668
Series
2000-5,
Class
A7,
8.20%,
05/01/31
.
140
69,892
Countrywide
Asset-Backed
Certificates
(a)
:
Series
2006-S10,
Class
A3,
(LIBOR
USD
1
Month
+
0.32%),
0.47%,
10/25/36
....
21
20,304
Series
2006-SPS1,
Class
A,
(LIBOR
USD
1
Month
+
0.22%),
0.37%,
12/25/25
....
1
1,366
Credit-Based
Asset
Servicing
&
Securitization
LLC:
Series
2006-CB2,
Class
AF4,
3.18%,
12/25/36
(d)
....................
13
12,871
Series
2006-MH1,
Class
B1,
6.25%,
10/25/36
(b)(d)
...................
100
104,201
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(b)(d)
...................
81
10,150
Series
2007-CB6,
Class
A4,
(LIBOR
USD
1
Month
+
0.34%),
0.49%,
07/25/37
(a)(b)
..
48
38,733
CWABS
Asset-Backed
Certificates
Trust
(a)
:
Series
2005-16,
Class
1AF,
4.61%,
04/25/36
112
111,443
Series
2006-11,
Class
3AV2,
(LIBOR
USD
1
Month
+
0.16%),
0.31%,
09/25/46
....
6
5,717
CWABS
Revolving
Home
Equity
Loan
Trust,
Series
2004-U,
Class
2A,
(LIBOR
USD
1
Month
+
0.27%),
0.43%,
03/15/34
(a)
.....
18
17,466
CWABS,
Inc.
Asset-Backed
Certificates
Trust,
Series
2004-5,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.05%,
10/25/34
(a)
.....
89
87,452
CWHEQ
Home
Equity
Loan
Trust,
Series
2006-
S5,
Class
A5,
6.16%,
06/25/35
.........
7
8,672
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(b)
:
Series
2006-RES,
Class
4Q1B,
(LIBOR
USD
1
Month
+
0.30%),
0.46%,
12/15/33
...
13
12,133
Series
2006-RES,
Class
5B1B,
(LIBOR
USD
1
Month
+
0.19%),
0.35%,
05/15/35
(c)
..
6
5,267
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
:
Series
2005-B,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
0.34%,
05/15/35
....
USD
10
$
10,215
Series
2006-C,
Class
2A,
(LIBOR
USD
1
Month
+
0.18%),
0.34%,
05/15/36
....
70
68,198
Series
2006-H,
Class
1A,
(LIBOR
USD
1
Month
+
0.15%),
0.31%,
11/15/36
....
47
39,868
Dorchester
Park
CLO
DAC,
Series
2015-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.45%),
1.67%,
04/20/28
(a)(b)
................
250
246,532
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
1.36%,
01/15/31
(a)(b)
.....................
800
796,812
Dryden
XXV
Senior
Loan
Fund,
Series
2012-
25A,
Class
ARR,
(LIBOR
USD
3
Month
+
0.90%),
1.14%,
10/15/27
(a)(b)
..........
210
209,110
First
Franklin
Mortgage
Loan
Trust
(a)
:
Series
2004-FFH3,
Class
M3,
(LIBOR
USD
1
Month
+
1.05%),
1.20%,
10/25/34
...
33
30,877
Series
2006-FF16,
Class
2A3,
(LIBOR
USD
1
Month
+
0.14%),
0.29%,
12/25/36
...
647
381,697
Series
2006-FF17,
Class
A5,
(LIBOR
USD
1
Month
+
0.15%),
0.30%,
12/25/36
....
503
463,043
Series
2006-FFH1,
Class
M2,
(LIBOR
USD
1
Month
+
0.60%),
0.75%,
01/25/36
...
91
74,542
Flatiron
CLO
Ltd.,
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.89%),
1.13%,
04/15/27
(a)(b)
.....................
139
139,226
Fremont
Home
Loan
Trust,
Series
2006-3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.28%),
0.43%,
02/25/37
(a)
.................
95
75,530
GE-WMC
Asset-Backed
Pass-Through
Certificates,
Series
2005-2,
Class
A2C,
(LIBOR
USD
1
Month
+
0.50%),
0.65%,
12/25/35
(a)
......................
11
10,648
GSAA
Home
Equity
Trust,
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
(a)
.............
27
7,400
GSAMP
Trust
(a)
:
Series
2007-H1,
Class
A1B,
(LIBOR
USD
1
Month
+
0.20%),
0.35%,
01/25/47
....
26
17,222
Series
2007-HS1,
Class
M6,
(LIBOR
USD
1
Month
+
2.25%),
2.40%,
02/25/47
....
40
41,607
Halcyon
Loan
Advisors
Funding
Ltd.,
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.29%,
07/25/27
(a)(b)
..........
195
194,583
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.15%),
0.30%,
05/25/37
(a)
......................
90
77,590
Home
Equity
Mortgage
Loan
Asset-Backed
Trust
(a)
:
Series
2004-A,
Class
M2,
(LIBOR
USD
1
Month
+
2.03%),
2.17%,
07/25/34
....
22
22,030
Series
2007-A,
Class
2A2,
(LIBOR
USD
1
Month
+
0.19%),
0.34%,
04/25/37
....
63
47,489
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(d)
.........
60
14,079
Home
Loan
Mortgage
Loan
Trust,
Series
2005-
1,
Class
A3,
(LIBOR
USD
1
Month
+
0.72%),
0.88%,
04/15/36
(a)
.................
20
18,539
HPS
Loan
Management
Ltd.,
Series
6A-2015,
Class
A1R,
(LIBOR
USD
3
Month
+
1.00%),
1.22%,
02/05/31
(a)(b)
................
248
247,074
ICG
US
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.14%),
1.36%,
10/19/28
(a)(b)
.....................
250
249,753
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Invitation
Homes
Trust,
Series
2018-SFR3,
Class
A,
(LIBOR
USD
1
Month
+
1.00%),
1.15%,
07/17/37
(a)(b)
................
USD
119
$
118,886
Irwin
Home
Equity
Loan
Trust,
Series
2006-3,
Class
2A3,
6.53%,
09/25/37
(b)(d)
........
25
24,852
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CW1,
Class
M1,
(LIBOR
USD
1
Month
+
0.41%),
0.55%,
05/25/36
(a)
..........
100
97,071
LCM
26
Ltd.,
Series
26A,
Class
A1,
(LIBOR
USD
3
Month
+
1.07%),
1.29%,
01/20/31
(a)(b)
280
279,306
LCM
XX
LP,
Series
20A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.26%,
10/20/27
(a)(b)
250
249,524
LCM
XXIV
Ltd.,
Series
24A,
Class
A,
(LIBOR
USD
3
Month
+
1.31%),
1.53%,
03/20/30
(a)(b)
250
249,999
Legacy
Mortgage
Asset
Trust,
Series
2019-SL1,
Class
A,
4.00%,
12/28/54
(a)(b)
..........
137
137,864
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
......................
64
68,534
Litigation
Fee
Residual
Funding
LLC,
Series
2015-1,
Class
A,
4.00%,
10/30/27
(c)
.....
32
32,234
Long
Beach
Mortgage
Loan
Trust
(a)
:
Series
2006-9,
Class
2A2,
(LIBOR
USD
1
Month
+
0.11%),
0.26%,
10/25/36
....
50
22,168
Series
2006-9,
Class
2A4,
(LIBOR
USD
1
Month
+
0.23%),
0.38%,
10/25/36
....
114
52,010
Madison
Avenue
Manufactured
Housing
Contract
Trust,
Series
2002-A,
Class
B2,
(LIBOR
USD
1
Month
+
3.25%),
3.40%,
03/25/32
(a)
......................
25
24,917
Madison
Park
Funding
XI
Ltd.,
Series
2013-
11A,
Class
AR,
(LIBOR
USD
3
Month
+
1.16%),
1.37%,
07/23/29
(a)(b)
..........
250
249,724
Madison
Park
Funding
XIII
Ltd.,
Series
2014-
13A,
Class
AR2,
(LIBOR
USD
3
Month
+
0.95%),
1.17%,
04/19/30
(a)(b)
..........
580
579,426
Madison
Park
Funding
XVIII
Ltd.,
Series
2015-
18A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.19%),
1.40%,
10/21/30
(a)(b)
..........
510
508,231
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
1.41%,
07/29/30
(a)(b)
..........
270
269,950
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
1.45%,
12/18/30
(a)(b)
................
250
250,000
Mariner
CLO
5
Ltd.,
Series
2018-5A,
Class
A,
(LIBOR
USD
3
Month
+
1.11%),
1.32%,
04/25/31
(a)(b)
.....................
250
249,072
Mariner
CLO
Ltd.,
Series
2017-4A,
Class
A,
(LIBOR
USD
3
Month
+
1.21%),
1.42%,
10/26/29
(a)(b)
.....................
250
249,756
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(LIBOR
USD
1
Month
+
0.26%),
0.41%,
06/25/46
(a)(b)
................
14
13,826
Merrill
Lynch
Mortgage
Investors
Trust
(a)
:
Series
2006-OPT1,
Class
M1,
(LIBOR
USD
1
Month
+
0.26%),
0.41%,
08/25/37
...
34
24,237
Series
2006-RM3,
Class
A2B,
(LIBOR
USD
1
Month
+
0.18%),
0.33%,
06/25/37
...
27
8,244
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(a)
:
Series
2005-HE1,
Class
A2MZ,
(LIBOR
USD
1
Month
+
0.60%),
0.75%,
12/25/34
...
155
144,957
Series
2005-HE5,
Class
M4,
(LIBOR
USD
1
Month
+
0.87%),
1.02%,
09/25/35
....
128
84,416
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
MP
CLO
III
Ltd.,
Series
2013-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.25%),
1.47%,
10/20/30
(a)(b)
.....................
USD
250
$
249,382
MP
CLO
VIII
Ltd.,
Series
2015-2A,
Class
AR,
(LIBOR
USD
3
Month
+
0.91%),
1.13%,
10/28/27
(a)(b)
.....................
237
235,157
Navient
Private
Education
Loan
Trust,
Series
2014-AA,
Class
A2B,
(LIBOR
USD
1
Month
+
1.25%),
1.41%,
02/15/29
(a)(b)
.........
174
175,070
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
A,
(LIBOR
USD
3
Month
+
1.17%),
1.39%,
10/18/30
(a)(b)
....
250
248,977
Oakwood
Mortgage
Investors,
Inc.
(a)
:
Series
2001-D,
Class
A2,
5.26%,
01/15/19
.
19
12,925
Series
2001-D,
Class
A4,
6.93%,
09/15/31
.
11
8,537
Series
2002-B,
Class
M1,
7.62%,
06/15/32
80
67,393
OCP
CLO
Ltd.
(a)(b)
:
Series
2016-12A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.12%),
1.34%,
10/18/28
....
216
215,356
Series
2017-13A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.26%),
1.50%,
07/15/30
....
300
299,999
Series
2017-14A,
Class
B,
(LIBOR
USD
3
Month
+
1.95%),
2.17%,
11/20/30
....
250
246,450
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.02%),
1.24%,
07/17/30
(a)(b)
.........
250
247,503
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.00%),
1.21%,
01/25/31
(a)(b)
.........
250
248,468
OHA
Loan
Funding
Ltd.,
Series
2013-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.04%),
1.25%,
05/23/31
(a)(b)
.....................
225
222,683
Option
One
Mortgage
Acceptance
Corp.
Asset-
Backed
Certificates,
Series
2003-4,
Class
A2,
(LIBOR
USD
1
Month
+
0.64%),
0.79%,
07/25/33
(a)
......................
155
145,742
Option
One
Mortgage
Loan
Trust:
Series
2007-CP1,
Class
2A3,
(LIBOR
USD
1
Month
+
0.21%),
0.36%,
03/25/37
(a)
...
90
68,622
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(d)
....................
87
85,480
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(d)
....................
222
219,261
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(d)
....................
117
121,069
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(LIBOR
USD
1
Month
+
1.20%),
1.36%,
10/15/37
(a)(b)(c)
...
56
54,592
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(d)
.........
70
67,926
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.25%),
1.47%,
10/22/30
(a)(b)
................
383
381,721
OZLM
XIV
Ltd.,
Series
2015-14A,
Class
A2AR,
(LIBOR
USD
3
Month
+
1.70%),
1.94%,
01/15/29
(a)(b)
.....................
250
247,140
Palmer
Square
CLO
Ltd.
(a)(b)
:
Series
2014-1A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.13%),
1.35%,
01/17/31
....
250
248,566
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.25%,
04/18/31
....
250
248,050
Series
2018-2A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.10%),
1.33%,
07/16/31
....
420
419,999
Park
Avenue
Institutional
Advisers
CLO
Ltd.
(a)(b)
:
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.22%),
1.44%,
11/14/29
....
280
279,523
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2017-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.70%),
1.92%,
11/14/29
....
USD
300
$
294,988
Progress
Residential
Trust
(b)
:
Series
2017-SFR1,
Class
A,
2.77%,
08/17/34
.....................
99
100,557
Series
2018-SFR1,
Class
F,
4.78%,
03/17/35
.....................
100
100,394
Race
Point
IX
CLO
Ltd.,
Series
2015-9A,
Class
A1AR,
(LIBOR
USD
3
Month
+
1.21%),
1.45%,
10/15/30
(a)(b)
................
497
497,235
Race
Point
X
CLO
Ltd.,
Series
2016-10A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.10%),
1.31%,
07/25/31
(a)(b)
................
246
244,424
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
1.30%,
07/20/28
(a)(b)
.....................
291
290,369
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
1.41%,
10/20/30
(a)(b)
................
250
249,974
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.25%,
04/20/31
(a)(b)
.....................
247
245,447
RR
3
Ltd.,
Series
2018-3A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.09%),
1.33%,
01/15/30
(a)(b)
.....................
1,250
1,243,908
SG
Mortgage
Securities
Trust,
Series
2006-
OPT2,
Class
A3D,
(LIBOR
USD
1
Month
+
0.21%),
0.36%,
10/25/36
(a)
...........
100
76,666
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.24%),
1.46%,
07/20/30
(a)(b)
.....................
250
249,848
SLM
Private
Credit
Student
Loan
Trust,
Series
2004-B,
Class
A3,
(LIBOR
USD
3
Month
+
0.33%),
0.55%,
03/15/24
(a)
...........
127
126,335
SMB
Private
Education
Loan
Trust,
Series
2015-B,
Class
B,
3.50%,
12/17/40
(b)
.....
100
103,431
Sound
Point
CLO
XXIII
Ltd.,
Series
2019-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.40%),
1.64%,
04/15/32
(a)(b)
................
800
798,421
Soundview
Home
Loan
Trust,
Series
2004-
WMC1,
Class
M2,
(LIBOR
USD
1
Month
+
0.80%),
0.94%,
01/25/35
(a)
...........
1
1,414
Structured
Asset
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2004-
23XS,
Class
2A1,
(LIBOR
USD
1
Month
+
0.45%),
0.60%,
01/25/35
(a)
...........
25
25,155
TCI-Flatiron
CLO
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.20%),
1.42%,
11/18/30
(a)(b)
.....................
250
249,006
Towd
Point
Mortgage
Trust,
Series
2019-SJ2,
Class
M1,
4.50%,
11/25/58
(a)(b)
.........
340
350,375
Tricon
American
Homes
Trust,
Series
2018-
SFR1,
Class
E,
4.56%,
05/17/37
(b)
......
100
106,430
Venture
35
CLO
Ltd.,
Series
2018-35A,
Class
AS,
(LIBOR
USD
3
Month
+
1.65%),
1.37%,
10/22/31
(a)(b)
.....................
100
100,000
Venture
XVIII
CLO
Ltd.,
Series
2014-18A,
Class
AR,
(LIBOR
USD
3
Month
+
1.22%),
1.46%,
10/15/29
(a)(b)
.....................
315
313,428
Voya
CLO
Ltd.,
Series
2017-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.13%),
1.37%,
10/15/30
(a)(b)
.....................
250
249,502
Wachovia
Asset
Securitization
Issuance
II
LLC
Trust,
Series
2007-HE2A,
Class
A,
(LIBOR
USD
1
Month
+
0.13%),
0.28%,
07/25/37
(a)(b)
63
57,421
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Washington
Mutual
Asset-Backed
CertificatesTrust
(a)
:
Series
2006-HE4,
Class
2A2,
(LIBOR
USD
1
Month
+
0.18%),
0.33%,
09/25/36
....
USD
147
$
66,027
Series
2006-HE5,
Class
1A,
(LIBOR
USD
1
Month
+
0.16%),
0.30%,
10/25/36
....
150
124,286
Yale
Mortgage
Loan
Trust,
Series
2007-1,
Class
A,
(LIBOR
USD
1
Month
+
0.40%),
0.55%,
06/25/37
(a)(b)
.....................
87
36,073
York
CLO-2
Ltd.,
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
1.37%,
01/22/31
(a)(b)
.....................
250
249,011
Total
Asset-Backed
Securities
—
5.0%
(Cost:
$36,415,973)
...............................
36,288,087
Corporate
Bonds
—
35.3%
Aerospace
&
Defense
—
1.7%
BAE
Systems
Holdings,
Inc.
(b)
:
3.80%
,
10/07/24
..................
48
53,377
3.85%
,
12/15/25
..................
165
187,112
4.75%
,
10/07/44
..................
8
10,534
BAE
Systems
plc,
3.40%,
04/15/30
(b)
......
737
834,929
Boeing
Co.
(The):
4.51%
,
05/01/23
..................
166
179,418
4.88%
,
05/01/25
..................
441
502,699
3.83%
,
03/01/59
..................
33
33,522
5.93%
,
05/01/60
..................
170
241,161
Embraer
Netherlands
Finance
BV,
5.40%,
02/01/27
......................
36
38,183
Embraer
Overseas
Ltd.,
5.70%,
09/16/23
...
49
51,955
General
Dynamics
Corp.:
3.75%
,
05/15/28
..................
20
23,398
3.63%
,
04/01/30
..................
557
660,744
Huntington
Ingalls
Industries,
Inc.,
4.20%,
05/01/30
(b)
.....................
339
401,525
L3Harris
Technologies,
Inc.:
3.85%
,
12/15/26
..................
435
502,650
4.40%
,
06/15/28
..................
680
815,375
1.80%
,
01/15/31
..................
393
398,950
Leidos,
Inc.,
4.38%,
05/15/30
(b)
.........
463
554,419
Lockheed
Martin
Corp.:
3.60%
,
03/01/35
..................
523
631,578
3.80%
,
03/01/45
..................
112
140,345
2.80%
,
06/15/50
..................
206
222,723
Northrop
Grumman
Corp.:
2.93%
,
01/15/25
..................
234
254,512
3.25%
,
01/15/28
..................
725
819,839
4.03%
,
10/15/47
..................
285
357,595
Raytheon
Technologies
Corp.:
3.65%
,
08/16/23
..................
26
28,032
3.15%
,
12/15/24
..................
155
168,379
7.20%
,
08/15/27
..................
45
60,622
7.00%
,
11/01/28
..................
360
490,953
4.13%
,
11/16/28
..................
257
306,386
2.15%
,
05/18/30
..................
EUR
355
500,300
2.25%
,
07/01/30
..................
USD
395
419,567
5.40%
,
05/01/35
..................
95
130,621
4.20%
,
12/15/44
..................
62
75,683
4.63%
,
11/16/48
..................
151
204,997
Textron,
Inc.:
3.88%
,
03/01/25
..................
185
203,262
3.90%
,
09/17/29
..................
235
269,724
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
3.00%
,
06/01/30
..................
USD
132
$
142,289
TransDigm,
Inc.
(b)
:
8.00%
,
12/15/25
..................
370
408,961
6.25%
,
03/15/26
..................
892
949,980
12,276,299
Air
Freight
&
Logistics
—
0.3%
FedEx
Corp.:
1.30%
,
08/05/31
..................
EUR
290
380,441
3.88%
,
08/01/42
..................
USD
94
109,648
4.10%
,
02/01/45
..................
218
257,212
4.55%
,
04/01/46
..................
73
93,914
United
Parcel
Service,
Inc.:
3.40%
,
03/15/29
..................
168
195,729
4.45%
,
04/01/30
..................
521
651,709
5.20%
,
04/01/40
..................
248
352,264
4.88%
,
11/15/40
..................
63
86,520
XPO
Logistics,
Inc.
(b)
:
6.13%
,
09/01/23
..................
45
45,788
6.75%
,
08/15/24
..................
110
116,875
2,290,100
Airlines
—
0.5%
Air
Canada
Pass-Through
Trust
(b)
:
Series
2015-2,
Class
B,
5.00%
,
12/15/23
.
52
51,581
Series
2017-1,
Class
B,
3.70%
,
01/15/26
.
1
745
Series
2017-1,
Class
AA,
3.30%
,
01/15/30
86
84,314
American
Airlines
Pass-Through
Trust:
Series
2015-2,
Class
B,
4.40%
,
09/22/23
.
229
173,266
Series
2016-1,
Class
B,
5.25%
,
01/15/24
.
178
150,793
Series
2017-1,
Class
B,
4.95%
,
02/15/25
.
51
42,990
Series
2016-3,
Class
B,
3.75%
,
10/15/25
.
3
2,208
Series
2015-2,
Class
AA,
3.60%
,
09/22/27
40
39,501
Series
2016-1,
Class
AA,
3.58%
,
01/15/28
105
104,237
Series
2019-1,
Class
B,
3.85%
,
02/15/28
.
221
185,804
Series
2016-2,
Class
AA,
3.20%
,
06/15/28
71
69,462
Series
2016-3,
Class
AA,
3.00%
,
10/15/28
346
338,669
Series
2017-1,
Class
AA,
3.65%
,
02/15/29
57
57,639
Series
2019-1,
Class
AA,
3.15%
,
02/15/32
208
203,358
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
.....
505
518,850
Gol
Finance
SA,
7.00%,
01/31/25
(b)
.......
107
95,932
JetBlue
Pass-Through
Trust,
Series
2020-1,
Class
A,
4.00%,
11/15/32
...........
335
361,583
Turkish
Airlines
Pass-Through
Trust,
Series
2015-1,
Class
A,
4.20%,
03/15/27
(b)
.....
29
23,603
United
Airlines
Pass-Through
Trust:
Series
2014-1,
Class
B,
4.75%
,
04/11/22
.
12
12,057
Series
2014-2,
Class
B,
4.63%
,
09/03/22
.
19
18,853
Series
2016-2,
Class
B,
3.65%
,
10/07/25
.
11
10,788
Series
2016-1,
Class
B,
3.65%
,
01/07/26
.
17
16,760
Series
2014-1,
Class
A,
4.00%
,
04/11/26
.
139
140,873
Series
2020-1,
Class
A,
5.88%
,
10/15/27
.
315
340,267
Series
2015-1,
Class
AA,
3.45%
,
12/01/27
36
36,011
Series
2019-2,
Class
B,
3.50%
,
05/01/28
.
151
141,080
Series
2016-1,
Class
AA,
3.10%
,
07/07/28
11
11,553
Series
2016-2,
Class
AA,
2.88%
,
10/07/28
75
75,240
Series
2018-1,
Class
AA,
3.50%
,
03/01/30
36
36,039
Series
2019-2,
Class
AA,
2.70%
,
05/01/32
126
121,721
3,465,777
Security
Par
(000)
Par
(000)
Value
Auto
Components
—
0.0%
American
Axle
&
Manufacturing,
Inc.,
6.25%,
04/01/25
......................
USD
74
$
76,590
Magna
International,
Inc.,
2.45%,
06/15/30
..
122
131,234
207,824
Automobiles
—
0.4%
(b)
Daimler
Finance
North
America
LLC:
2.30%
,
02/12/21
..................
150
150,303
3.35%
,
05/04/21
..................
430
434,124
Hyundai
Capital
America:
3.95%
,
02/01/22
..................
305
315,579
2.38%
,
02/10/23
..................
601
620,345
Nissan
Motor
Co.
Ltd.,
4.81%,
09/17/30
....
896
1,008,911
2,529,262
Banks
—
5.9%
Banco
de
Credito
del
Peru,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
3.13%,
07/01/30
(a)(b)
........
114
117,135
Banco
Internacional
del
Peru
SAA
Interbank,
3.25%,
10/04/26
(b)
................
325
343,891
Banco
Santander
SA:
2.71%
,
06/27/24
..................
200
213,555
3.31%
,
06/27/29
..................
400
450,149
Bangkok
Bank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.90%),
3.73%,
09/25/34
(a)
...........
200
207,750
Bank
of
America
Corp.:
(LIBOR
USD
3
Month
+
0.63%),
3.50%
,
05/17/22
(a)
....................
285
288,377
(LIBOR
USD
3
Month
+
1.02%),
2.88%
,
04/24/23
(a)
....................
127
131,053
(LIBOR
USD
3
Month
+
0.93%),
2.82%
,
07/21/23
(a)
....................
83
86,190
(LIBOR
USD
3
Month
+
0.78%),
3.55%
,
03/05/24
(a)
....................
234
249,980
(SOFR
+
1.46%),
1.49%
,
05/19/24
(a)
....
13
13,304
(LIBOR
USD
3
Month
+
0.94%),
3.86%
,
07/23/24
(a)
....................
116
125,767
4.20%
,
08/26/24
..................
48
53,735
4.00%
,
01/22/25
..................
332
373,062
(LIBOR
USD
3
Month
+
0.97%),
3.46%
,
03/15/25
(a)
....................
199
216,670
Series
L,
3.95%
,
04/21/25
...........
265
298,731
3.88%
,
08/01/25
..................
407
463,897
(LIBOR
USD
3
Month
+
0.81%),
3.37%
,
01/23/26
(a)
....................
369
406,232
4.45%
,
03/03/26
..................
387
451,068
3.50%
,
04/19/26
..................
533
604,064
(SOFR
+
1.01%),
1.20%
,
10/24/26
(a)
....
491
497,538
(LIBOR
USD
3
Month
+
1.06%),
3.56%
,
04/23/27
(a)
....................
649
732,792
(LIBOR
USD
3
Month
+
1.58%),
3.82%
,
01/20/28
(a)
....................
710
815,499
Series
FF,
(LIBOR
USD
3
Month
+
2.93%),
5.87%
(a)(e)
.....................
290
327,700
(LIBOR
USD
3
Month
+
1.51%),
3.71%
,
04/24/28
(a)
....................
875
996,151
(LIBOR
USD
3
Month
+
1.37%),
3.59%
,
07/21/28
(a)
....................
155
176,083
(LIBOR
USD
3
Month
+
1.04%),
3.42%
,
12/20/28
(a)
....................
1,445
1,632,191
(LIBOR
USD
3
Month
+
1.07%),
3.97%
,
03/05/29
(a)
....................
56
65,385
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(LIBOR
USD
3
Month
+
1.31%),
4.27%
,
07/23/29
(a)
....................
USD
285
$
339,363
(LIBOR
USD
3
Month
+
1.18%),
3.19%
,
07/23/30
(a)
....................
264
295,862
(SOFR
+
1.93%),
2.68%
,
06/19/41
(a)
....
519
540,744
Bank
of
East
Asia
Ltd.
(The),
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.26%),
5.87%
(a)(e)
...........
250
264,531
Barclays
plc,
(LIBOR
USD
3
Month
+
1.90%),
4.97%,
05/16/29
(a)
................
436
523,031
BNP
Paribas
SA
(a)(b)
:
(LIBOR
USD
3
Month
+
1.11%),
2.82%
,
11/19/25
.....................
603
642,751
(SOFR
+
1.51%),
3.05%
,
01/13/31
......
600
654,737
Citigroup,
Inc.:
4.40%
,
06/10/25
..................
185
211,512
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
(a)(e)
.....................
165
169,331
4.60%
,
03/09/26
..................
125
146,486
(LIBOR
USD
3
Month
+
1.39%),
3.67%
,
07/24/28
(a)
....................
1,542
1,748,173
(LIBOR
USD
3
Month
+
1.19%),
4.07%
,
04/23/29
(a)
....................
556
652,123
(SOFR
+
1.42%),
2.98%
,
11/05/30
(a)
.....
1,414
1,557,257
(SOFR
+
1.15%),
2.67%
,
01/29/31
(a)
....
192
205,977
(SOFR
+
2.11%),
2.57%
,
06/03/31
(a)
.....
78
83,137
Citizens
Financial
Group,
Inc.,
3.25%,
04/30/30
143
161,147
Credit
Suisse
Group
Funding
Guernsey
Ltd.,
3.80%,
09/15/22
.................
577
609,422
Danske
Bank
A/S
(b)
:
5.00%
,
01/12/22
..................
400
417,583
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.03%),
1.17%
,
12/08/23
(a)
...............
263
264,185
5.38%
,
01/12/24
..................
300
338,448
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%),
1.62%
,
09/11/26
(a)
...............
200
200,903
HSBC
Holdings
plc,
(LIBOR
USD
3
Month
+
1.53%),
4.58%,
06/19/29
(a)
...........
1,009
1,193,700
ING
Groep
NV:
4.10%
,
10/02/23
..................
710
780,021
4.63%
,
01/06/26
(b)
.................
482
566,897
Itau
Unibanco
Holding
SA
(b)
:
2.90%
,
01/24/23
..................
250
255,937
3.25%
,
01/24/25
..................
250
261,538
JPMorgan
Chase
&
Co.:
(LIBOR
USD
3
Month
+
0.89%),
3.80%
,
07/23/24
(a)
....................
288
312,410
(LIBOR
USD
3
Month
+
1.00%),
4.02%
,
12/05/24
(a)
....................
1,450
1,597,361
3.90%
,
07/15/25
..................
674
765,690
(SOFR
+
1.16%),
2.30%
,
10/15/25
(a)
....
335
355,611
(SOFR
+
1.59%),
2.00%
,
03/13/26
(a)
....
1,082
1,136,524
3.30%
,
04/01/26
..................
22
24,623
3.20%
,
06/15/26
..................
78
87,232
(LIBOR
USD
3
Month
+
1.25%),
3.96%
,
01/29/27
(a)
....................
785
902,034
(LIBOR
USD
3
Month
+
1.34%),
3.78%
,
02/01/28
(a)
....................
407
467,793
(LIBOR
USD
3
Month
+
1.38%),
3.54%
,
05/01/28
(a)
....................
1,765
2,014,010
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(SOFR
+
1.89%),
2.18%
,
06/01/28
(a)
....
USD
95
$
100,840
(LIBOR
USD
3
Month
+
0.95%),
3.51%
,
01/23/29
(a)
....................
144
163,769
(LIBOR
USD
3
Month
+
1.12%),
4.01%
,
04/23/29
(a)
....................
431
506,011
(LIBOR
USD
3
Month
+
1.33%),
4.45%
,
12/05/29
(a)
....................
80
97,608
(LIBOR
USD
3
Month
+
1.58%),
4.26%
,
02/22/48
(a)
....................
63
82,510
(LIBOR
USD
3
Month
+
1.46%),
4.03%
,
07/24/48
(a)
....................
470
595,712
Kasikornbank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.70%),
3.34%,
10/02/31
(a)
...........
200
205,687
Lloyds
Banking
Group
plc,
3.75%,
01/11/27
..
453
513,711
Mitsubishi
UFJ
Financial
Group,
Inc.:
3.46%
,
03/02/23
..................
250
266,373
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.68%),
0.85%
,
09/15/24
(a)
...............
472
474,815
2.19%
,
02/25/25
..................
668
705,672
3.78%
,
03/02/25
..................
67
74,922
Mizuho
Financial
Group,
Inc.:
2.27%
,
09/13/21
..................
200
202,631
(LIBOR
USD
3
Month
+
1.10%),
2.55%
,
09/13/25
(a)
....................
719
759,494
(LIBOR
USD
3
Month
+
1.27%),
1.98%
,
09/08/31
(a)
....................
425
432,552
NBK
Tier
2
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.11%),
2.50%,
11/24/30
(a)
................
200
203,000
Santander
UK
Group
Holdings
plc:
3.57%
,
01/10/23
..................
963
992,285
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%),
1.53%
,
08/21/26
(a)
...............
440
446,634
Shinhan
Financial
Group
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.50%),
3.34%,
02/05/30
(a)
......
200
212,500
Sumitomo
Mitsui
Financial
Group,
Inc.:
2.70%
,
07/16/24
..................
395
421,721
2.35%
,
01/15/25
..................
301
319,391
1.47%
,
07/08/25
..................
250
256,035
US
Bancorp,
3.00%,
07/30/29
..........
127
141,847
Washington
Mutual
Escrow
Bonds
(c)(f)(g)
:
0.00%
,
11/06/09
..................
300
—
0.00%
,
09/19/17
(h)
.................
250
—
0.00%
,
09/29/17
..................
500
—
Wells
Fargo
&
Co.:
2.63%
,
07/22/22
..................
103
106,617
3.75%
,
01/24/24
..................
544
593,879
3.00%
,
02/19/25
..................
329
357,670
3.55%
,
09/29/25
..................
250
280,835
(LIBOR
USD
3
Month
+
0.83%),
2.41%
,
10/30/25
(a)
....................
121
127,942
3.00%
,
10/23/26
..................
391
433,216
(LIBOR
USD
3
Month
+
1.31%),
3.58%
,
05/22/28
(a)
....................
260
294,734
(SOFR
+
2.10%),
2.39%
,
06/02/28
(a)
....
52
55,360
(LIBOR
USD
3
Month
+
1.17%),
2.88%
,
10/30/30
(a)
....................
327
356,754
(SOFR
+
2.53%),
3.07%
,
04/30/41
(a)
....
596
648,328
42,517,088
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Beverages
—
0.8%
Anheuser-Busch
Cos.
LLC,
4.70%,
02/01/36
.
USD
1,241
$
1,576,426
Anheuser-Busch
InBev
Worldwide,
Inc.:
4.75%
,
01/23/29
..................
1,264
1,560,908
3.50%
,
06/01/30
..................
873
1,011,251
4.90%
,
01/23/31
..................
251
319,717
Coca-Cola
Co.
(The):
2.50%
,
06/01/40
..................
210
223,681
2.75%
,
06/01/60
..................
265
286,072
Embotelladora
Andina
SA,
3.95%,
01/21/50
(b)
.
150
168,984
Keurig
Dr
Pepper,
Inc.,
3.20%,
05/01/30
....
236
267,205
PepsiCo,
Inc.,
3.38%,
07/29/49
.........
90
109,209
5,523,453
Biotechnology
—
0.9%
AbbVie,
Inc.:
2.30%
,
11/21/22
..................
197
204,171
2.60%
,
11/21/24
..................
1,653
1,771,678
3.80%
,
03/15/25
..................
693
772,819
3.60%
,
05/14/25
..................
59
65,731
3.20%
,
11/21/29
..................
282
316,036
4.55%
,
03/15/35
..................
129
163,096
4.50%
,
05/14/35
..................
603
757,413
4.05%
,
11/21/39
..................
58
70,193
4.70%
,
05/14/45
..................
355
464,416
4.88%
,
11/14/48
..................
50
67,624
Amgen,
Inc.:
2.45%
,
02/21/30
..................
180
192,748
4.40%
,
05/01/45
..................
456
585,260
Biogen,
Inc.,
2.25%,
05/01/30
..........
369
385,458
Gilead
Sciences,
Inc.:
1.20%
,
10/01/27
..................
11
11,076
4.80%
,
04/01/44
..................
143
188,709
4.50%
,
02/01/45
..................
64
81,566
4.75%
,
03/01/46
..................
181
239,897
4.15%
,
03/01/47
..................
254
310,275
6,648,166
Building
Products
—
0.3%
Carrier
Global
Corp.:
1.92%
,
02/15/23
..................
458
471,818
2.24%
,
02/15/25
..................
1,002
1,060,279
Johnson
Controls
International
plc:
4.63%
,
07/02/44
(d)
.................
50
65,933
5.13%
,
09/14/45
..................
5
6,865
Masonite
International
Corp.,
5.38%,
02/01/28
(b)
54
57,982
Owens
Corning,
3.95%,
08/15/29
........
41
47,285
Standard
Industries,
Inc.
(b)
:
5.00%
,
02/15/27
..................
53
55,385
4.75%
,
01/15/28
..................
22
23,155
1,788,702
Capital
Markets
—
2.2%
Bank
of
New
York
Mellon
Corp.
(The)
(a)
:
Series
E,
(LIBOR
USD
3
Month
+
3.42%),
3.66%
(e)
......................
200
200,206
(LIBOR
USD
3
Month
+
1.07%),
3.44%
,
02/07/28
.....................
293
334,565
Charles
Schwab
Corp.
(The),
3.20%,
01/25/28
166
187,985
Deutsche
Bank
AG
(a)
:
(SOFR
+
1.87%),
2.13%
,
11/24/26
......
169
172,961
(SOFR
+
3.04%),
3.55%
,
09/18/31
......
155
167,980
Goldman
Sachs
Group,
Inc.
(The):
3.50%
,
01/23/25
..................
363
400,628
3.50%
,
04/01/25
..................
2,370
2,633,046
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(LIBOR
USD
3
Month
+
1.20%),
3.27%
,
09/29/25
(a)
....................
USD
247
$
270,570
3.75%
,
02/25/26
..................
353
400,990
(LIBOR
USD
3
Month
+
1.17%),
1.39%
,
05/15/26
(a)
....................
268
273,246
(LIBOR
USD
3
Month
+
1.51%),
3.69%
,
06/05/28
(a)
....................
538
619,788
Huarong
Finance
Co.
Ltd.:
3.25%
,
11/13/24
..................
200
208,172
3.88%
,
11/13/29
..................
200
212,625
Intercontinental
Exchange,
Inc.:
3.75%
,
09/21/28
..................
121
140,954
2.10%
,
06/15/30
..................
150
155,697
1.85%
,
09/15/32
..................
278
280,397
Joy
Treasure
Assets
Holdings,
Inc.,
3.50%,
09/24/29
......................
200
215,312
Moody's
Corp.,
3.25%,
01/15/28
.........
103
115,908
Morgan
Stanley:
(SOFR
+
1.15%),
2.72%
,
07/22/25
(a)
....
1,493
1,596,878
3.88%
,
01/27/26
..................
339
388,858
3.63%
,
01/20/27
..................
1,008
1,154,378
(LIBOR
USD
3
Month
+
1.34%),
3.59%
,
07/22/28
(a)
....................
166
189,521
(LIBOR
USD
3
Month
+
1.14%),
3.77%
,
01/24/29
(a)
....................
504
584,280
(SOFR
+
1.14%),
2.70%
,
01/22/31
(a)
....
1,589
1,730,029
(SOFR
+
3.12%),
3.62%
,
04/01/31
(a)
....
508
590,856
(SOFR
+
1.03%),
1.79%
,
02/13/32
(a)
....
20
20,143
Nomura
Holdings,
Inc.,
2.68%,
07/16/30
....
275
291,132
Northern
Trust
Corp.,
3.15%,
05/03/29
.....
107
121,169
State
Street
Corp.,
2.40%,
01/24/30
......
80
87,422
UBS
Group
AG
(b)
:
(LIBOR
USD
3
Month
+
0.95%),
2.86%
,
08/15/23
(a)
....................
510
528,703
(USD
Swap
Semi
5
Year
+
4.34%),
7.00%
(a)
(e)
..........................
490
537,162
4.13%
,
09/24/25
..................
670
767,189
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.08%),
1.36%
,
01/30/27
(a)
...............
381
385,266
15,964,016
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
292,212
Dow
Chemical
Co.
(The):
9.00%
,
04/01/21
..................
135
137,279
4.55%
,
11/30/25
..................
89
104,142
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/25
..
515
601,185
Ecolab,
Inc.,
4.80%,
03/24/30
..........
196
250,094
LYB
International
Finance
BV,
4.88%,
03/15/44
115
144,691
LYB
International
Finance
III
LLC,
4.20%,
05/01/50
......................
68
79,243
MEGlobal
Canada
ULC:
5.00%
,
05/18/25
..................
200
224,500
5.00%
,
05/18/25
(b)
.................
200
224,500
Sherwin-Williams
Co.
(The):
4.20%
,
01/15/22
..................
260
267,634
2.95%
,
08/15/29
..................
103
113,335
2.30%
,
05/15/30
..................
176
183,794
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
4.00%
,
12/15/42
..................
USD
20
$
23,475
2,646,084
Commercial
Services
&
Supplies
—
0.4%
Aramark
Services,
Inc.:
4.75%
,
06/01/26
..................
52
53,531
5.00%
,
02/01/28
(b)
.................
125
131,719
Clean
Harbors,
Inc.,
4.88%,
07/15/27
(b)
.....
57
59,469
KAR
Auction
Services,
Inc.,
5.13%,
06/01/25
(b)
106
109,077
Nielsen
Co.
Luxembourg
SARL
(The),
5.00%,
02/01/25
(b)
.....................
53
54,391
RELX
Capital,
Inc.:
3.50%
,
03/16/23
..................
355
377,568
4.00%
,
03/18/29
..................
404
479,589
3.00%
,
05/22/30
..................
507
562,985
Republic
Services,
Inc.:
2.90%
,
07/01/26
..................
131
144,744
3.38%
,
11/15/27
..................
40
45,362
3.95%
,
05/15/28
..................
381
446,783
2.30%
,
03/01/30
..................
177
187,021
1.45%
,
02/15/31
..................
63
61,658
Waste
Management,
Inc.,
1.15%,
03/15/28
..
370
371,058
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
....
55
56,237
3,141,192
Communications
Equipment
—
0.1%
Motorola
Solutions,
Inc.:
4.60%
,
05/23/29
..................
623
746,363
5.50%
,
09/01/44
..................
179
227,950
974,313
Construction
&
Engineering
—
0.0%
Stoneway
Capital
Corp.
(f)(g)
:
10.00%
,
03/01/27
.................
133
52,347
10.00%
,
03/01/27
(b)
................
133
52,346
104,693
Construction
Materials
—
0.0%
US
Concrete,
Inc.,
6.38%,
06/01/24
.......
17
17,425
Consumer
Finance
—
0.6%
Capital
One
Financial
Corp.:
3.90%
,
01/29/24
..................
592
648,463
3.75%
,
04/24/24
..................
122
133,596
Discover
Financial
Services,
4.50%,
01/30/26
149
172,144
Ford
Motor
Credit
Co.
LLC:
3.20%
,
01/15/21
..................
200
200,100
5.75%
,
02/01/21
..................
200
200,500
General
Motors
Financial
Co.,
Inc.:
5.20%
,
03/20/23
..................
442
484,648
3.70%
,
05/09/23
..................
66
69,955
5.10%
,
01/17/24
..................
503
562,881
3.50%
,
11/07/24
..................
161
173,986
4.00%
,
01/15/25
..................
525
577,869
4.35%
,
04/09/25
..................
396
442,090
Hyundai
Capital
Services,
Inc.,
3.00%,
08/29/22
(b)
.....................
250
258,750
Navient
Corp.:
6.63%
,
07/26/21
..................
74
75,573
6.50%
,
06/15/22
..................
100
105,824
7.25%
,
09/25/23
..................
58
63,567
5.88%
,
10/25/24
..................
55
58,437
6.75%
,
06/25/25
..................
57
61,987
6.75%
,
06/15/26
..................
55
59,744
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Toyota
Motor
Credit
Corp.,
2.15%,
02/13/30
..
USD
230
$
247,095
4,597,209
Containers
&
Packaging
—
0.1%
Ball
Corp.:
5.25%
,
07/01/25
..................
22
25,107
4.88%
,
03/15/26
..................
17
19,202
International
Paper
Co.:
6.00%
,
11/15/41
..................
97
142,070
4.40%
,
08/15/47
..................
64
83,732
Owens-Brockway
Glass
Container,
Inc.,
5.88%,
08/15/23
(b)
.....................
78
83,557
353,668
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.:
5.88%
,
05/15/26
..................
67
69,429
4.00%
,
01/15/28
..................
90
93,150
Performance
Food
Group,
Inc.,
5.50%,
10/15/27
......................
118
124,490
287,069
Diversified
Financial
Services
—
0.4%
Banco
Votorantim
SA,
4.00%,
09/24/22
(b)
...
200
206,875
Coastal
Emerald
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
7.45%),
4.30%
(a)(e)
................
200
201,812
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/35
..............
200
238,709
MDGH
-
GMTN
BV,
2.88%,
11/07/29
(b)
.....
200
215,688
ORIX
Corp.,
2.90%,
07/18/22
..........
155
160,639
Petronas
Capital
Ltd.,
3.50%,
04/21/30
(b)
....
300
345,680
Shell
International
Finance
BV:
3.88%
,
11/13/28
..................
128
151,614
2.38%
,
11/07/29
..................
917
987,207
3.63%
,
08/21/42
..................
12
14,000
4.38%
,
05/11/45
..................
123
162,069
2,684,293
Diversified
Telecommunication
Services
—
1.7%
Altice
France
SA,
7.38%,
05/01/26
(b)
......
516
543,090
AT&T,
Inc.:
0.00%
,
11/27/22
(b)(h)
................
1,000
991,575
4.25%
,
03/01/27
..................
148
173,121
2.30%
,
06/01/27
..................
182
194,110
1.65%
,
02/01/28
..................
51
52,035
4.35%
,
03/01/29
..................
328
391,193
2.75%
,
06/01/31
..................
471
503,322
2.55%
,
12/01/33
(b)
.................
10
10,251
4.50%
,
05/15/35
..................
977
1,185,526
2.60%
,
05/19/38
..................
EUR
175
253,311
3.55%
,
09/15/55
(b)
.................
USD
894
890,965
3.80%
,
12/01/57
(b)
.................
174
181,819
CCO
Holdings
LLC
(b)
:
5.75%
,
02/15/26
..................
226
233,198
5.50%
,
05/01/26
..................
134
138,858
5.13%
,
05/01/27
..................
288
305,623
5.88%
,
05/01/27
..................
71
73,751
5.00%
,
02/01/28
..................
305
322,537
5.38%
,
06/01/29
..................
138
151,283
4.75%
,
03/01/30
..................
159
171,561
Deutsche
Telekom
International
Finance
BV,
3.60%,
01/19/27
(b)
................
225
252,970
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Level
3
Financing,
Inc.:
5.25%
,
03/15/26
..................
USD
82
$
84,731
4.63%
,
09/15/27
(b)
.................
22
22,977
Verizon
Communications,
Inc.:
4.13%
,
03/16/27
..................
579
682,462
4.33%
,
09/21/28
..................
150
180,634
3.88%
,
02/08/29
..................
453
533,225
3.15%
,
03/22/30
..................
416
466,507
1.50%
,
09/18/30
..................
834
821,586
1.68%
,
10/30/30
(b)
.................
251
249,984
1.75%
,
01/20/31
..................
201
199,996
4.27%
,
01/15/36
..................
756
937,652
5.25%
,
03/16/37
..................
52
70,470
2.88%
,
01/15/38
..................
EUR
200
320,718
4.81%
,
03/15/39
..................
USD
135
176,124
1.85%
,
05/18/40
..................
EUR
160
224,349
4.86%
,
08/21/46
..................
USD
113
152,712
12,144,226
Electric
Utilities
—
2.7%
Adani
Transmission
Ltd.,
4.25%,
05/21/36
...
193
204,821
AEP
Texas,
Inc.:
3.95%
,
06/01/28
..................
310
362,612
Series
H,
3.45%
,
01/15/50
...........
91
101,914
AEP
Transmission
Co.
LLC:
4.25%
,
09/15/48
..................
140
184,615
3.80%
,
06/15/49
..................
155
191,385
3.15%
,
09/15/49
..................
115
128,166
Series
M,
3.65%
,
04/01/50
...........
88
106,690
Alabama
Power
Co.:
Series
13-A,
3.55%
,
12/01/23
.........
35
38,072
4.15%
,
08/15/44
..................
30
38,060
3.75%
,
03/01/45
..................
150
181,460
Series
A,
4.30%
,
07/15/48
...........
28
37,441
3.45%
,
10/01/49
..................
166
194,760
Baltimore
Gas
&
Electric
Co.:
3.50%
,
08/15/46
..................
86
99,955
3.75%
,
08/15/47
..................
45
55,152
4.25%
,
09/15/48
..................
105
136,992
3.20%
,
09/15/49
..................
125
139,597
2.90%
,
06/15/50
..................
100
107,669
CenterPoint
Energy
Houston
Electric
LLC,
3.95%,
03/01/48
.................
85
106,974
China
Huaneng
Group
Hong
Kong
Treasury
Management
Holding
Ltd.,
3.00%,
12/10/29
200
210,688
Dayton
Power
&
Light
Co.
(The),
3.95%,
06/15/49
......................
178
206,637
DTE
Electric
Co.,
Series
A,
4.05%,
05/15/48
.
265
348,298
Duke
Energy
Carolinas
LLC:
3.95%
,
11/15/28
..................
72
85,875
2.45%
,
08/15/29
..................
230
247,864
2.45%
,
02/01/30
..................
437
470,000
3.88%
,
03/15/46
..................
32
39,325
3.95%
,
03/15/48
..................
52
65,132
3.20%
,
08/15/49
..................
261
297,111
Duke
Energy
Florida
LLC:
3.80%
,
07/15/28
..................
100
117,372
2.50%
,
12/01/29
..................
550
600,396
1.75%
,
06/15/30
..................
478
488,756
3.40%
,
10/01/46
..................
90
102,769
4.20%
,
07/15/48
..................
34
43,748
Duke
Energy
Ohio,
Inc.:
3.65%
,
02/01/29
..................
112
129,757
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
2.13%
,
06/01/30
..................
USD
141
$
147,673
Duke
Energy
Progress
LLC:
3.70%
,
09/01/28
..................
400
468,177
3.45%
,
03/15/29
..................
123
142,874
4.10%
,
05/15/42
..................
167
206,606
4.10%
,
03/15/43
..................
105
130,465
4.20%
,
08/15/45
..................
62
78,726
Edison
International,
2.40%,
09/15/22
.....
42
42,925
Entergy
Louisiana
LLC:
5.40%
,
11/01/24
..................
65
76,512
4.20%
,
09/01/48
..................
201
261,760
Exelon
Corp.,
5.63%,
06/15/35
..........
34
45,986
FirstEnergy
Corp.:
2.05%
,
03/01/25
..................
52
51,792
Series
B,
3.90%
,
07/15/27
(d)
..........
349
384,701
2.65%
,
03/01/30
..................
158
158,501
Series
B,
2.25%
,
09/01/30
...........
79
76,417
Series
C,
4.85%
,
07/15/47
(d)
..........
125
155,562
Series
C,
3.40%
,
03/01/50
...........
71
68,006
FirstEnergy
Transmission
LLC
(b)
:
4.35%
,
01/15/25
..................
666
726,087
5.45%
,
07/15/44
..................
42
53,292
4.55%
,
04/01/49
..................
550
642,307
Florida
Power
&
Light
Co.:
3.95%
,
03/01/48
..................
393
512,529
3.15%
,
10/01/49
..................
352
405,695
MidAmerican
Energy
Co.:
3.10%
,
05/01/27
..................
193
216,354
3.65%
,
04/15/29
..................
460
546,360
4.25%
,
07/15/49
..................
131
175,884
3.15%
,
04/15/50
..................
120
137,954
Mong
Duong
Finance
Holdings
BV,
5.13%,
05/07/29
......................
250
261,797
Northern
States
Power
Co.:
3.40%
,
08/15/42
..................
110
127,865
4.00%
,
08/15/45
..................
59
76,443
3.60%
,
05/15/46
..................
27
32,775
2.90%
,
03/01/50
..................
88
99,227
2.60%
,
06/01/51
..................
123
130,294
NRG
Energy,
Inc.:
7.25%
,
05/15/26
..................
110
116,050
6.63%
,
01/15/27
..................
133
140,453
2.45%
,
12/02/27
(b)
.................
324
341,116
5.75%
,
01/15/28
..................
88
96,140
5.25%
,
06/15/29
(b)
.................
80
88,000
NSTAR
Electric
Co.,
3.95%,
04/01/30
.....
59
71,556
Ohio
Power
Co.:
Series
G,
6.60%
,
02/15/33
...........
140
194,446
4.00%
,
06/01/49
..................
125
157,649
Oncor
Electric
Delivery
Co.
LLC:
3.70%
,
11/15/28
..................
267
313,803
5.30%
,
06/01/42
..................
21
30,015
3.80%
,
09/30/47
..................
101
124,019
3.80%
,
06/01/49
..................
11
13,664
3.10%
,
09/15/49
..................
76
86,668
5.35%
,
10/01/52
(b)
.................
34
51,741
Public
Service
Electric
&
Gas
Co.:
3.65%
,
09/01/28
..................
210
243,730
3.20%
,
05/15/29
..................
22
25,087
3.85%
,
05/01/49
..................
53
66,793
2.05%
,
08/01/50
..................
35
32,898
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Southern
California
Edison
Co.:
Series
A,
2.90%
,
03/01/21
...........
USD
635
$
637,591
1.85%
,
02/01/22
..................
63
63,351
Series
E,
3.70%
,
08/01/25
...........
136
152,572
Series
20C,
1.20%
,
02/01/26
.........
311
314,698
Series
A,
4.20%
,
03/01/29
...........
459
542,950
Series
C,
3.60%
,
02/01/45
...........
6
6,629
Star
Energy
Geothermal
Darajat
II,
4.85%,
10/14/38
(b)
.....................
200
223,126
Tampa
Electric
Co.:
4.30%
,
06/15/48
..................
30
38,616
4.45%
,
06/15/49
..................
175
229,232
Trans-Allegheny
Interstate
Line
Co.,
3.85%,
06/01/25
(b)
.....................
700
764,559
Virginia
Electric
&
Power
Co.:
Series
C,
2.75%
,
03/15/23
...........
210
219,863
6.35%
,
11/30/37
..................
50
75,430
4.00%
,
01/15/43
..................
257
323,024
Vistra
Operations
Co.
LLC
(b)
:
5.50%
,
09/01/26
..................
108
112,558
5.63%
,
02/15/27
..................
140
148,909
5.00%
,
07/31/27
..................
140
148,400
4.30%
,
07/15/29
..................
503
570,917
19,277,862
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Corning,
Inc.,
4.38%,
11/15/57
..........
75
93,791
Energy
Equipment
&
Services
—
0.0%
Hilong
Holding
Ltd.,
8.25%,
09/26/22
(f)(g)
....
200
155,000
Entertainment
—
0.2%
Activision
Blizzard,
Inc.:
1.35%
,
09/15/30
..................
261
256,229
2.50%
,
09/15/50
..................
170
166,157
NBCUniversal
Media
LLC:
5.95%
,
04/01/41
..................
85
129,821
4.45%
,
01/15/43
..................
268
350,951
Netflix,
Inc.:
4.88%
,
04/15/28
..................
36
40,597
6.38%
,
05/15/29
..................
18
22,230
5.38%
,
11/15/29
(b)
.................
20
23,575
4.88%
,
06/15/30
(b)
.................
22
25,300
Walt
Disney
Co.
(The):
4.95%
,
10/15/45
..................
60
83,823
4.75%
,
11/15/46
..................
138
187,489
2.75%
,
09/01/49
..................
181
191,494
3.60%
,
01/13/51
..................
143
173,102
1,650,768
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.9%
American
Tower
Corp.:
3.38%
,
05/15/24
..................
501
544,769
2.40%
,
03/15/25
..................
244
259,363
4.40%
,
02/15/26
..................
89
103,044
3.95%
,
03/15/29
..................
143
166,424
3.80%
,
08/15/29
..................
311
361,580
2.95%
,
01/15/51
..................
15
15,036
ARI
FCP
Investments
LP,
(LIBOR
USD
1
Month
+
2.90%),
3.05%,
01/06/25
(a)(c)
........
743
732,202
Crown
Castle
International
Corp.:
4.45%
,
02/15/26
..................
32
37,028
3.70%
,
06/15/26
..................
16
18,030
3.80%
,
02/15/28
..................
83
95,660
4.30%
,
02/15/29
..................
196
232,783
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
3.10%
,
11/15/29
..................
USD
663
$
730,582
3.30%
,
07/01/30
..................
220
246,241
4.00%
,
11/15/49
..................
98
115,734
Digital
Dutch
Finco
BV:
1.50%
,
03/15/30
..................
EUR
315
414,743
1.00%
,
01/15/32
..................
180
227,229
Equinix,
Inc.:
1.25%
,
07/15/25
..................
USD
135
137,718
1.00%
,
09/15/25
..................
433
434,200
ESH
Hospitality,
Inc.
(b)
:
5.25%
,
05/01/25
..................
136
139,400
4.63%
,
10/01/27
..................
17
17,425
MGM
Growth
Properties
Operating
Partnership
LP:
5.63%
,
05/01/24
..................
239
259,590
4.50%
,
09/01/26
..................
66
71,009
5.75%
,
02/01/27
..................
107
120,040
MPT
Operating
Partnership
LP:
5.25%
,
08/01/26
..................
11
11,517
5.00%
,
10/15/27
..................
150
159,563
4.63%
,
08/01/29
..................
20
21,375
Prologis
Euro
Finance
LLC,
1.50%,
09/10/49
.
EUR
255
337,991
Realty
Income
Corp.:
3.00%
,
01/15/27
..................
USD
35
38,727
3.25%
,
01/15/31
..................
174
197,250
RHP
Hotel
Properties
LP,
4.75%,
10/15/27
..
92
95,220
Service
Properties
Trust,
4.35%,
10/01/24
...
56
55,300
Trust
Fibra
Uno,
6.39%,
01/15/50
(b)
.......
200
233,000
VICI
Properties
LP
(b)
:
3.50%
,
02/15/25
..................
81
82,845
4.25%
,
12/01/26
..................
28
29,040
3.75%
,
02/15/27
..................
17
17,382
4.63%
,
12/01/29
..................
22
23,540
4.13%
,
08/15/30
..................
22
23,224
6,805,804
Food
&
Staples
Retailing
—
0.2%
Albertsons
Cos.,
Inc.:
3.50%
,
02/15/23
(b)
.................
83
85,075
5.75%
,
03/15/25
..................
215
221,450
7.50%
,
03/15/26
(b)
.................
138
154,429
4.63%
,
01/15/27
(b)
.................
30
31,913
5.88%
,
02/15/28
(b)
.................
102
110,995
4.88%
,
02/15/30
(b)
.................
22
24,241
Alimentation
Couche-Tard,
Inc.,
3.55%,
07/26/27
(b)
.....................
382
430,127
1,058,230
Food
Products
—
0.3%
BRF
GmbH,
4.35%,
09/29/26
(b)
.........
200
210,750
Campbell
Soup
Co.,
8.88%,
05/01/21
.....
100
102,680
Darling
Ingredients,
Inc.,
5.25%,
04/15/27
(b)
..
54
57,418
JBS
USA
LUX
SA
(b)
:
5.75%
,
06/15/25
..................
88
90,794
6.75%
,
02/15/28
..................
102
114,145
6.50%
,
04/15/29
..................
159
185,092
5.50%
,
01/15/30
..................
28
32,165
Lamb
Weston
Holdings,
Inc.
(b)
:
4.63%
,
11/01/24
..................
89
92,782
4.88%
,
11/01/26
..................
89
93,032
Mondelez
International,
Inc.,
2.75%,
04/13/30
234
257,019
Pilgrim's
Pride
Corp.,
5.88%,
09/30/27
(b)
....
190
206,076
Post
Holdings,
Inc.
(b)
:
5.75%
,
03/01/27
..................
147
155,636
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
5.63%
,
01/15/28
..................
USD
108
$
115,020
5.50%
,
12/15/29
..................
85
92,756
Simmons
Foods,
Inc.,
5.75%,
11/01/24
(b)
....
57
58,211
1,863,576
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.,
3.38%,
09/15/49
.....
95
110,540
CenterPoint
Energy
Resources
Corp.,
1.75%,
10/01/30
......................
532
537,130
Eastern
Energy
Gas
Holdings
LLC:
4.80%
,
11/01/43
..................
45
57,796
4.60%
,
12/15/44
..................
46
57,909
Piedmont
Natural
Gas
Co.,
Inc.,
3.64%,
11/01/46
......................
25
28,576
791,951
Health
Care
Equipment
&
Supplies
—
0.2%
Boston
Scientific
Corp.,
4.00%,
03/01/29
...
276
325,269
DH
Europe
Finance
II
SARL:
1.35%
,
09/18/39
..................
EUR
170
223,023
1.80%
,
09/18/49
..................
100
137,967
Medtronic
Global
Holdings
SCA:
1.50%
,
07/02/39
..................
165
224,322
1.75%
,
07/02/49
..................
100
141,222
Teleflex,
Inc.,
4.63%,
11/15/27
..........
USD
52
55,885
1,107,688
Health
Care
Providers
&
Services
—
1.5%
Aetna,
Inc.:
4.50%
,
05/15/42
..................
79
97,322
4.13%
,
11/15/42
..................
4
4,743
4.75%
,
03/15/44
..................
65
83,659
Anthem,
Inc.,
4.10%,
03/01/28
..........
266
314,460
Centene
Corp.:
5.38%
,
06/01/26
(b)
.................
194
204,614
5.38%
,
08/15/26
(b)
.................
81
85,556
4.25%
,
12/15/27
..................
266
281,960
4.63%
,
12/15/29
..................
79
87,707
Cigna
Corp.:
3.75%
,
07/15/23
..................
7
7,567
3.40%
,
03/01/27
..................
113
127,592
4.38%
,
10/15/28
..................
853
1,031,010
CVS
Health
Corp.:
3.25%
,
08/15/29
..................
757
852,559
3.75%
,
04/01/30
..................
845
983,388
5.13%
,
07/20/45
..................
542
729,728
Encompass
Health
Corp.:
4.50%
,
02/01/28
..................
53
55,385
4.75%
,
02/01/30
..................
55
58,919
HCA,
Inc.:
4.75%
,
05/01/23
..................
580
632,531
5.00%
,
03/15/24
..................
568
638,985
5.38%
,
02/01/25
..................
58
65,222
5.25%
,
04/15/25
..................
618
721,627
5.88%
,
02/15/26
..................
34
39,100
5.25%
,
06/15/26
..................
238
281,674
5.38%
,
09/01/26
..................
22
25,287
5.63%
,
09/01/28
..................
34
40,120
5.88%
,
02/01/29
..................
22
26,477
Humana,
Inc.:
4.50%
,
04/01/25
..................
150
172,333
3.13%
,
08/15/29
..................
152
167,826
4.88%
,
04/01/30
..................
47
58,725
Molina
Healthcare,
Inc.,
5.38%,
11/15/22
(d)
..
76
80,465
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Select
Medical
Corp.,
6.25%,
08/15/26
(b)
....
USD
62
$
66,769
Tenet
Healthcare
Corp.:
4.63%
,
07/15/24
..................
154
157,853
4.63%
,
09/01/24
(b)
.................
64
66,080
5.13%
,
05/01/25
..................
301
306,866
4.88%
,
01/01/26
(b)
.................
222
232,237
6.25%
,
02/01/27
(b)
.................
331
350,860
5.13%
,
11/01/27
(b)
.................
34
35,998
UnitedHealth
Group,
Inc.:
2.95%
,
10/15/27
..................
214
240,419
3.85%
,
06/15/28
..................
135
160,511
6.50%
,
06/15/37
..................
11
17,598
3.50%
,
08/15/39
..................
509
605,518
2.75%
,
05/15/40
..................
60
65,090
4.20%
,
01/15/47
..................
241
318,333
10,580,673
Hotels,
Restaurants
&
Leisure
—
0.5%
1011778
BC
ULC,
3.88%,
01/15/28
(b)
......
17
17,268
Boyd
Gaming
Corp.:
6.38%
,
04/01/26
..................
74
76,872
6.00%
,
08/15/26
..................
68
70,550
Caesars
Resort
Collection
LLC,
5.25%,
10/15/25
(b)
.....................
182
183,927
Cedar
Fair
LP:
5.50%
,
05/01/25
(b)
.................
70
72,975
5.38%
,
04/15/27
..................
109
111,452
5.25%
,
07/15/29
..................
110
113,251
Churchill
Downs,
Inc.
(b)
:
5.50%
,
04/01/27
..................
132
139,755
4.75%
,
01/15/28
..................
66
69,465
Hilton
Domestic
Operating
Co.,
Inc.:
5.13%
,
05/01/26
..................
127
131,128
4.88%
,
01/15/30
..................
22
24,035
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
......................
64
67,739
Hyatt
Hotels
Corp.,
5.38%,
04/23/25
......
57
64,417
Marriott
Ownership
Resorts,
Inc.,
6.50%,
09/15/26
......................
83
86,735
McDonald's
Corp.:
2.13%
,
03/01/30
..................
130
137,063
3.60%
,
07/01/30
..................
274
321,141
4.88%
,
12/09/45
..................
93
126,353
4.45%
,
09/01/48
..................
296
387,487
MGM
Resorts
International:
5.75%
,
06/15/25
..................
15
16,585
4.63%
,
09/01/26
..................
9
9,524
5.50%
,
04/15/27
..................
15
16,717
Scientific
Games
International,
Inc.,
5.00%,
10/15/25
(b)
.....................
118
121,763
Starbucks
Corp.:
2.25%
,
03/12/30
..................
229
242,405
2.55%
,
11/15/30
..................
317
342,834
Station
Casinos
LLC,
5.00%,
10/01/25
(b)
....
60
60,693
Sunny
Express
Enterprises
Corp.,
3.13%,
04/23/30
......................
200
210,327
Wyndham
Hotels
&
Resorts,
Inc.,
5.38%,
04/15/26
(b)
.....................
53
54,855
Wynn
Las
Vegas
LLC
(b)
:
5.50%
,
03/01/25
..................
243
253,631
5.25%
,
05/15/27
..................
121
124,721
Wynn
Resorts
Finance
LLC,
5.13%,
10/01/29
(b)
100
104,750
3,760,418
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Household
Durables
—
0.1%
Brookfield
Residential
Properties,
Inc.,
6.25%,
09/15/27
(b)
.....................
USD
131
$
139,351
Century
Communities,
Inc.,
6.75%,
06/01/27
.
58
61,927
Lennar
Corp.:
4.13%
,
01/15/22
..................
49
50,164
4.50%
,
04/30/24
..................
57
62,985
4.75%
,
05/30/25
..................
11
12,567
4.75%
,
11/29/27
..................
20
23,636
Mattamy
Group
Corp.,
5.25%,
12/15/27
(b)
...
11
11,632
PulteGroup,
Inc.:
5.50%
,
03/01/26
..................
16
19,039
5.00%
,
01/15/27
..................
13
15,340
Taylor
Morrison
Communities,
Inc.,
5.88%,
06/15/27
(b)
.....................
11
12,466
Tempur
Sealy
International,
Inc.,
5.50%,
06/15/26
......................
131
136,332
545,439
Household
Products
—
0.0%
Clorox
Co.
(The),
3.10%,
10/01/27
.......
31
34,866
Spectrum
Brands,
Inc.,
5.75%,
07/15/25
....
96
99,130
133,996
Industrial
Conglomerates
—
0.2%
General
Electric
Co.,
5.88%,
01/14/38
.....
438
593,638
Honeywell
International,
Inc.,
0.75%,
03/10/32
EUR
270
342,845
Roper
Technologies,
Inc.:
2.95%
,
09/15/29
..................
USD
176
193,361
1.75%
,
02/15/31
..................
69
68,734
1,198,578
Insurance
—
0.4%
Ambac
Assurance
Corp.,
5.10%
(b)(e)
.......
15
20,561
Ambac
LSNI
LLC,
(LIBOR
USD
3
Month
+
5.00%),
6.00%,
02/12/23
(a)(b)
..........
85
84,317
American
International
Group,
Inc.:
4.25%
,
03/15/29
..................
178
213,623
3.40%
,
06/30/30
..................
190
217,712
Aon
Corp.:
3.75%
,
05/02/29
..................
647
754,792
2.80%
,
05/15/30
..................
231
252,014
Aon
plc,
4.25%,
12/12/42
.............
30
36,122
Hartford
Financial
Services
Group,
Inc.
(The):
2.80%
,
08/19/29
..................
227
246,605
4.30%
,
04/15/43
..................
35
44,134
Marsh
&
McLennan
Cos.,
Inc.:
1.35%
,
09/21/26
..................
EUR
160
208,656
1.98%
,
03/21/30
..................
145
202,229
2.25%
,
11/15/30
..................
USD
424
448,893
MetLife,
Inc.,
4.72%,
12/15/44
(d)
.........
17
23,328
Willis
North
America,
Inc.,
3.60%,
05/15/24
..
36
39,309
2,792,295
Internet
&
Direct
Marketing
Retail
—
0.2%
Alibaba
Group
Holding
Ltd.,
3.60%,
11/28/24
.
220
241,857
Amazon.com,
Inc.,
3.88%,
08/22/37
......
265
330,579
Booking
Holdings,
Inc.:
4.10%
,
04/13/25
..................
466
528,486
1.80%
,
03/03/27
..................
EUR
200
268,554
Expedia
Group,
Inc.:
6.25%
,
05/01/25
(b)
.................
USD
188
217,911
3.80%
,
02/15/28
..................
159
170,787
1,758,174
Security
Par
(000)
Par
(000)
Value
IT
Services
—
1.0%
DXC
Technology
Co.,
4.00%,
04/15/23
.....
USD
395
$
420,212
Fidelity
National
Information
Services,
Inc.:
1.00%
,
12/03/28
..................
EUR
300
384,398
2.95%
,
05/21/39
..................
200
312,702
Fiserv,
Inc.:
3.50%
,
07/01/29
..................
USD
724
826,704
2.65%
,
06/01/30
..................
173
187,172
1.63%
,
07/01/30
..................
EUR
300
402,708
Global
Payments,
Inc.:
4.80%
,
04/01/26
..................
USD
431
511,477
4.45%
,
06/01/28
..................
85
100,566
3.20%
,
08/15/29
..................
280
309,831
2.90%
,
05/15/30
..................
72
78,399
International
Business
Machines
Corp.:
3.30%
,
05/15/26
..................
805
909,616
1.95%
,
05/15/30
..................
719
741,087
2.85%
,
05/15/40
..................
365
392,724
Mastercard,
Inc.,
2.95%,
06/01/29
........
508
570,161
PayPal
Holdings,
Inc.:
1.65%
,
06/01/25
..................
162
169,255
2.65%
,
10/01/26
..................
74
81,341
Visa,
Inc.,
4.15%,
12/14/35
............
484
629,100
7,027,453
Leisure
Products
—
0.1%
Hasbro,
Inc.,
2.60%,
11/19/22
..........
451
468,358
Life
Sciences
Tools
&
Services
—
0.2%
Agilent
Technologies,
Inc.:
3.05%
,
09/22/26
..................
366
399,383
2.75%
,
09/15/29
..................
133
145,095
2.10%
,
06/04/30
..................
157
162,506
Charles
River
Laboratories
International,
Inc.
(b)
:
5.50%
,
04/01/26
..................
43
45,038
4.25%
,
05/01/28
..................
11
11,523
Thermo
Fisher
Scientific,
Inc.:
4.50%
,
03/25/30
..................
113
141,224
1.88%
,
10/01/49
..................
EUR
300
423,192
1,327,961
Machinery
—
0.1%
Colfax
Corp.,
6.00%,
02/15/24
(b)
.........
USD
65
67,357
John
Deere
Cash
Management
SA,
2.20%,
04/02/32
......................
EUR
100
147,861
Otis
Worldwide
Corp.,
2.57%,
02/15/30
....
USD
225
241,612
Parker-Hannifin
Corp.:
2.70%
,
06/14/24
..................
305
327,111
3.25%
,
06/14/29
..................
12
13,618
Terex
Corp.,
5.63%,
02/01/25
(b)
.........
128
131,856
929,415
Media
—
1.4%
AMC
Networks,
Inc.:
5.00%
,
04/01/24
..................
104
105,690
4.75%
,
08/01/25
..................
84
86,747
Charter
Communications
Operating
LLC:
6.38%
,
10/23/35
..................
21
28,771
6.48%
,
10/23/45
..................
1,092
1,544,590
5.38%
,
05/01/47
..................
229
285,816
3.85%
,
04/01/61
..................
27
27,220
Clear
Channel
Worldwide
Holdings,
Inc.,
5.13%,
08/15/27
(b)
................
138
139,380
Comcast
Corp.:
3.30%
,
04/01/27
..................
162
184,209
3.15%
,
02/15/28
..................
397
448,057
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Media
(continued)
2.65%
,
02/01/30
..................
USD
750
$
820,487
3.40%
,
04/01/30
..................
1,087
1,256,956
1.95%
,
01/15/31
..................
586
601,787
4.40%
,
08/15/35
..................
80
102,380
6.40%
,
05/15/38
..................
150
233,691
4.60%
,
10/15/38
..................
157
206,899
3.40%
,
07/15/46
..................
110
126,640
4.00%
,
11/01/49
..................
151
190,622
4.95%
,
10/15/58
..................
50
75,913
2.65%
,
08/15/62
..................
216
216,239
Cox
Communications,
Inc.
(b)
:
3.25%
,
12/15/22
..................
110
115,864
3.15%
,
08/15/24
..................
776
841,349
3.35%
,
09/15/26
..................
22
24,720
Diamond
Sports
Group
LLC,
5.38%,
08/15/26
(b)
68
55,250
Discovery
Communications
LLC:
1.90%
,
03/19/27
..................
EUR
200
261,594
4.00%
,
09/15/55
(b)
.................
USD
45
50,369
Gray
Television,
Inc.
(b)
:
5.88%
,
07/15/26
..................
78
81,802
7.00%
,
05/15/27
..................
89
97,455
iHeartCommunications,
Inc.:
6.38%
,
05/01/26
..................
90
96,300
5.25%
,
08/15/27
(b)
.................
81
85,050
4.75%
,
01/15/28
(b)
.................
11
11,289
Lamar
Media
Corp.:
5.75%
,
02/01/26
..................
72
74,250
3.75%
,
02/15/28
..................
13
13,360
Meredith
Corp.,
6.88%,
02/01/26
........
140
136,500
Nexstar
Broadcasting,
Inc.,
5.63%,
07/15/27
(b)
127
136,049
Omnicom
Group,
Inc.,
2.45%,
04/30/30
....
146
155,065
Outfront
Media
Capital
LLC
(b)
:
5.00%
,
08/15/27
..................
146
148,555
4.63%
,
03/15/30
..................
11
11,244
Sirius
XM
Radio,
Inc.
(b)
:
4.63%
,
07/15/24
..................
159
164,764
5.38%
,
07/15/26
..................
86
89,655
5.00%
,
08/01/27
..................
163
173,189
5.50%
,
07/01/29
..................
135
148,542
TEGNA,
Inc.:
4.63%
,
03/15/28
(b)
.................
22
22,495
5.00%
,
09/15/29
..................
25
26,410
Time
Warner
Cable
LLC,
4.00%,
09/01/21
...
22
22,312
ViacomCBS,
Inc.:
6.88%
,
04/30/36
..................
122
176,464
5.85%
,
09/01/43
..................
159
221,172
10,123,162
Metals
&
Mining
—
0.2%
Anglo
American
Capital
plc,
2.63%,
09/10/30
(b)
317
331,483
Chinalco
Capital
Holdings
Ltd.,
4.25%,
04/21/22
200
202,875
FMG
Resources
Pty.
Ltd.
(b)
:
4.75%
,
05/15/22
..................
80
82,300
5.13%
,
03/15/23
..................
53
55,981
4.50%
,
09/15/27
..................
13
14,443
Freeport-McMoRan,
Inc.:
5.00%
,
09/01/27
..................
13
13,780
5.25%
,
09/01/29
..................
13
14,463
Fresnillo
plc,
4.25%,
10/02/50
(b)
.........
200
219,000
Newmont
Corp.,
2.25%,
10/01/30
........
311
327,305
Nucor
Corp.,
3.95%,
05/01/28
..........
56
65,877
Steel
Dynamics,
Inc.,
2.80%,
12/15/24
.....
135
145,137
Teck
Resources
Ltd.,
6.13%,
10/01/35
.....
81
104,448
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Vale
Overseas
Ltd.,
3.75%,
07/08/30
......
USD
90
$
99,984
1,677,076
Multi-Utilities
—
0.1%
Ameren
Illinois
Co.:
3.80%
,
05/15/28
..................
120
139,873
3.25%
,
03/15/50
..................
159
185,818
Consumers
Energy
Co.:
3.75%
,
02/15/50
..................
300
377,284
3.10%
,
08/15/50
..................
140
161,836
3.50%
,
08/01/51
..................
120
146,801
1,011,612
Oil,
Gas
&
Consumable
Fuels
—
2.4%
Boardwalk
Pipelines
LP,
4.80%,
05/03/29
...
53
60,732
BP
Capital
Markets
America,
Inc.:
3.79%
,
02/06/24
..................
308
336,594
3.80%
,
09/21/25
..................
145
164,424
Buckeye
Partners
LP,
3.95%,
12/01/26
.....
13
13,169
Cameron
LNG
LLC
(b)
:
3.30%
,
01/15/35
..................
105
118,488
3.40%
,
01/15/38
..................
532
580,049
Cheniere
Corpus
Christi
Holdings
LLC:
5.88%
,
03/31/25
..................
495
576,070
5.13%
,
06/30/27
..................
331
391,566
Cheniere
Energy
Partners
LP:
5.25%
,
10/01/25
..................
74
75,942
5.63%
,
10/01/26
..................
55
57,200
4.50%
,
10/01/29
..................
34
35,965
Chevron
Corp.,
3.08%,
05/11/50
.........
133
148,466
Citgo
Holding,
Inc.,
9.25%,
08/01/24
(b)
.....
75
69,000
Concho
Resources,
Inc.:
3.75%
,
10/01/27
..................
234
267,442
4.30%
,
08/15/28
..................
260
307,381
CrownRock
LP,
5.63%,
10/15/25
(b)
.......
58
59,231
DCP
Midstream
Operating
LP:
5.38%
,
07/15/25
..................
19
20,878
5.13%
,
05/15/29
..................
13
14,418
Diamondback
Energy,
Inc.,
3.50%,
12/01/29
.
588
628,170
Enbridge
Energy
Partners
LP,
7.38%,
10/15/45
4
6,104
Energy
Transfer
Operating
LP:
3.60%
,
02/01/23
..................
95
99,525
4.50%
,
04/15/24
..................
600
656,209
4.05%
,
03/15/25
..................
40
43,880
2.90%
,
05/15/25
..................
735
777,603
6.63%
,
10/15/36
..................
30
36,442
6.50%
,
02/01/42
..................
310
378,195
Enterprise
Products
Operating
LLC:
Series
D,
6.88%
,
03/01/33
...........
41
57,413
4.45%
,
02/15/43
..................
141
170,902
4.85%
,
03/15/44
..................
54
66,990
5.10%
,
02/15/45
..................
215
279,365
EOG
Resources,
Inc.,
4.15%,
01/15/26
....
323
374,792
Exxon
Mobil
Corp.,
1.41%,
06/26/39
......
EUR
320
409,655
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.63%,
03/31/36
......................
USD
200
207,000
Kinder
Morgan
Energy
Partners
LP:
6.50%
,
02/01/37
..................
161
208,949
6.38%
,
03/01/41
..................
43
56,853
Leviathan
Bond
Ltd.,
5.75%,
06/30/23
(b)
....
102
108,577
Marathon
Petroleum
Corp.,
5.85%,
12/15/45
.
65
80,322
Matador
Resources
Co.,
5.88%,
09/15/26
...
24
23,520
MPLX
LP:
4.88%
,
12/01/24
..................
407
467,068
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
2.65%
,
08/15/30
..................
USD
344
$
360,516
NGPL
PipeCo
LLC
(b)
:
4.38%
,
08/15/22
..................
207
215,662
4.88%
,
08/15/27
..................
307
347,818
7.77%
,
12/15/37
..................
52
70,303
Northwest
Pipeline
LLC,
4.00%,
04/01/27
...
365
417,631
Petrobras
Global
Finance
BV:
5.09%
,
01/15/30
..................
103
114,845
6.75%
,
06/03/50
..................
38
47,061
ReNew
Power
Synthetic,
6.67%,
03/12/24
...
200
210,938
Sabine
Pass
Liquefaction
LLC:
5.63%
,
04/15/23
(d)
.................
184
202,148
5.75%
,
05/15/24
..................
556
635,671
5.63%
,
03/01/25
..................
1,804
2,104,045
5.88%
,
06/30/26
..................
268
324,039
4.20%
,
03/15/28
..................
100
114,664
SM
Energy
Co.,
10.00%,
01/15/25
(b)
......
18
19,350
Suncor
Energy,
Inc.,
6.80%,
05/15/38
.....
96
134,678
Sunoco
Logistics
Partners
Operations
LP:
4.65%
,
02/15/22
..................
605
630,925
5.95%
,
12/01/25
..................
105
123,866
Sunoco
LP:
4.88%
,
01/15/23
..................
48
48,605
5.50%
,
02/15/26
..................
39
39,975
6.00%
,
04/15/27
..................
29
30,827
Targa
Resources
Partners
LP:
5.13%
,
02/01/25
..................
52
53,300
5.88%
,
04/15/26
..................
108
114,504
5.38%
,
02/01/27
..................
54
56,720
6.50%
,
07/15/27
..................
87
94,395
5.00%
,
01/15/28
..................
17
17,944
6.88%
,
01/15/29
..................
87
97,984
5.50%
,
03/01/30
..................
22
23,885
Texas
Eastern
Transmission
LP
(b)
:
3.50%
,
01/15/28
..................
455
498,676
4.15%
,
01/15/48
..................
46
51,084
Total
Capital
International
SA,
3.70%,
01/15/24
102
111,736
TransCanada
PipeLines
Ltd.:
4.63%
,
03/01/34
..................
123
150,309
5.85%
,
03/15/36
..................
33
44,552
Transcontinental
Gas
Pipe
Line
Co.
LLC:
7.85%
,
02/01/26
..................
234
306,729
4.00%
,
03/15/28
..................
246
283,869
4.60%
,
03/15/48
..................
89
108,052
3.95%
,
05/15/50
..................
232
262,411
Williams
Cos.,
Inc.
(The),
Series
A,
7.50%,
01/15/31
......................
129
175,363
17,079,629
Paper
&
Forest
Products
—
0.1%
Georgia-Pacific
LLC:
1.75%
,
09/30/25
(b)
.................
246
257,194
2.10%
,
04/30/27
(b)
.................
98
103,464
7.75%
,
11/15/29
..................
6
8,876
2.30%
,
04/30/30
(b)
.................
64
68,427
8.88%
,
05/15/31
..................
83
134,160
Suzano
Austria
GmbH,
3.75%,
01/15/31
....
30
31,800
603,921
Pharmaceuticals
—
0.7%
AstraZeneca
plc,
1.38%,
08/06/30
........
606
599,839
Bausch
Health
Americas,
Inc.
(b)
:
9.25%
,
04/01/26
..................
154
171,710
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
8.50%
,
01/31/27
..................
USD
180
$
200,191
Bausch
Health
Cos.,
Inc.
(b)
:
5.50%
,
11/01/25
..................
154
159,589
9.00%
,
12/15/25
..................
157
173,320
5.75%
,
08/15/27
..................
46
49,335
7.00%
,
01/15/28
..................
74
81,341
7.25%
,
05/30/29
..................
76
85,432
Bristol-Myers
Squibb
Co.,
4.25%,
10/26/49
..
141
190,675
Elanco
Animal
Health,
Inc.
(d)
:
5.27%
,
08/28/23
..................
81
88,492
5.90%
,
08/28/28
..................
16
18,880
Eli
Lilly
&
Co.,
1.70%,
11/01/49
.........
EUR
100
144,140
Johnson
&
Johnson,
4.50%,
12/05/43
.....
USD
102
142,293
Merck
&
Co.,
Inc.:
3.40%
,
03/07/29
..................
412
479,309
1.45%
,
06/24/30
..................
87
88,211
Pfizer,
Inc.:
3.45%
,
03/15/29
..................
398
465,172
2.63%
,
04/01/30
..................
114
127,241
1.70%
,
05/28/30
..................
291
302,154
Shire
Acquisitions
Investments
Ireland
DAC,
3.20%,
09/23/26
.................
89
99,563
Takeda
Pharmaceutical
Co.
Ltd.:
5.00%
,
11/26/28
..................
375
465,937
2.05%
,
03/31/30
..................
200
204,718
2.00%
,
07/09/40
..................
EUR
380
526,991
4,864,533
Professional
Services
—
0.0%
Equifax,
Inc.,
3.10%,
05/15/30
..........
USD
138
153,504
Real
Estate
Management
&
Development
—
0.4%
Agile
Group
Holdings
Ltd.
(a)(e)
:
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
11.25%),
8.38%
.......................
200
213,562
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
11.29%),
7.88%
.......................
200
209,313
Celulosa
Arauco
y
Constitucion
SA,
4.25%,
04/30/29
(b)
.....................
200
225,750
Central
China
Real
Estate
Ltd.:
6.50%
,
03/05/21
..................
200
200,512
6.75%
,
11/08/21
..................
200
202,080
China
Aoyuan
Group
Ltd.,
7.95%,
02/19/23
..
200
211,750
China
Resources
Land
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.14%),
3.75%
(a)(e)
...............
200
204,625
CIFI
Holdings
Group
Co.
Ltd.,
5.50%,
01/23/22
200
203,000
Howard
Hughes
Corp.
(The),
5.38%,
03/15/25
(b)
106
109,313
Kaisa
Group
Holdings
Ltd.,
11.95%,
10/22/22
.
200
211,563
Powerlong
Real
Estate
Holdings
Ltd.,
7.13%,
11/08/22
......................
200
208,750
Ronshine
China
Holdings
Ltd.,
8.95%,
01/22/23
200
208,687
Vanke
Real
Estate
Hong
Kong
Co.
Ltd.,
3.15%,
05/12/25
......................
200
209,250
Yuzhou
Group
Holdings
Co.
Ltd.:
6.00%
,
10/25/23
..................
200
204,687
8.50%
,
02/26/24
..................
200
216,250
3,039,092
Road
&
Rail
—
0.7%
Burlington
Northern
Santa
Fe
LLC:
5.05%
,
03/01/41
..................
85
118,447
4.40%
,
03/15/42
..................
174
230,683
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
(continued)
CSX
Corp.:
4.25%
,
03/15/29
..................
USD
373
$
451,870
6.15%
,
05/01/37
..................
15
22,425
4.30%
,
03/01/48
..................
296
380,016
Norfolk
Southern
Corp.:
3.85%
,
01/15/24
..................
3
3,274
3.65%
,
08/01/25
..................
6
6,707
2.90%
,
06/15/26
..................
413
456,824
4.45%
,
06/15/45
..................
5
6,468
3.40%
,
11/01/49
..................
161
183,657
4.05%
,
08/15/52
..................
87
110,753
Penske
Truck
Leasing
Co.
LP
(b)
:
4.25%
,
01/17/23
..................
231
248,183
2.70%
,
03/14/23
..................
160
167,287
2.70%
,
11/01/24
..................
65
69,636
3.95%
,
03/10/25
..................
90
100,806
4.00%
,
07/15/25
..................
240
272,164
3.35%
,
11/01/29
..................
20
21,772
Rumo
Luxembourg
SARL,
5.88%,
01/18/25
(b)
.
200
211,562
Ryder
System,
Inc.:
2.50%
,
09/01/24
..................
69
73,305
4.63%
,
06/01/25
..................
630
729,998
Union
Pacific
Corp.:
3.25%
,
08/15/25
..................
96
106,339
2.75%
,
03/01/26
..................
175
191,366
3.60%
,
09/15/37
..................
111
129,480
4.38%
,
09/10/38
..................
104
130,764
3.84%
,
03/20/60
..................
329
407,248
2.97%
,
09/16/62
(b)
.................
40
41,780
Union
Pacific
Railroad
Co.
Pass-Through
Trust,
Series
2014-1,
3.23%,
05/14/26
.......
90
99,849
4,972,663
Semiconductors
&
Semiconductor
Equipment
—
1.1%
Applied
Materials,
Inc.:
4.35%
,
04/01/47
..................
63
87,326
2.75%
,
06/01/50
..................
187
203,453
Broadcom
Corp.,
3.88%,
01/15/27
.......
486
545,441
Broadcom,
Inc.:
2.25%
,
11/15/23
..................
474
495,038
4.70%
,
04/15/25
..................
852
976,364
4.25%
,
04/15/26
..................
91
104,217
4.11%
,
09/15/28
..................
261
298,711
4.75%
,
04/15/29
..................
138
164,596
5.00%
,
04/15/30
..................
240
291,747
4.30%
,
11/15/32
..................
129
152,928
Intel
Corp.,
3.73%,
12/08/47
...........
398
475,635
KLA
Corp.:
4.10%
,
03/15/29
..................
282
337,966
3.30%
,
03/01/50
..................
456
514,573
Lam
Research
Corp.:
3.75%
,
03/15/26
..................
379
433,211
4.88%
,
03/15/49
..................
134
193,692
2.88%
,
06/15/50
..................
132
142,233
NVIDIA
Corp.:
3.20%
,
09/16/26
..................
265
300,045
2.85%
,
04/01/30
..................
485
545,594
3.50%
,
04/01/50
..................
171
207,438
NXP
BV
(b)
:
4.30%
,
06/18/29
..................
487
580,417
3.40%
,
05/01/30
..................
386
437,730
QUALCOMM,
Inc.,
4.30%,
05/20/47
......
346
469,133
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Texas
Instruments,
Inc.,
1.75%,
05/04/30
...
USD
83
$
86,078
8,043,566
Software
—
0.5%
Autodesk,
Inc.:
4.38%
,
06/15/25
..................
30
34,308
3.50%
,
06/15/27
..................
468
527,550
Microsoft
Corp.:
4.20%
,
11/03/35
..................
91
119,480
3.45%
,
08/08/36
..................
70
86,319
4.10%
,
02/06/37
..................
75
98,433
3.75%
,
02/12/45
..................
325
417,731
3.70%
,
08/08/46
..................
224
284,028
Oracle
Corp.:
3.90%
,
05/15/35
..................
670
822,640
3.85%
,
07/15/36
..................
354
427,478
4.13%
,
05/15/45
..................
591
729,530
4.00%
,
07/15/46
..................
135
165,707
4.00%
,
11/15/47
..................
177
218,575
3,931,779
Specialty
Retail
—
0.2%
Home
Depot,
Inc.
(The),
2.95%,
06/15/29
...
656
745,666
Lowe's
Cos.,
Inc.:
4.00%
,
04/15/25
..................
387
439,714
3.65%
,
04/05/29
..................
255
297,577
4.05%
,
05/03/47
..................
58
72,606
3.00%
,
10/15/50
..................
70
74,873
1,630,436
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Apple,
Inc.:
3.85%
,
05/04/43
..................
442
558,421
2.55%
,
08/20/60
..................
250
257,120
Dell
International
LLC
(b)
:
4.90%
,
10/01/26
..................
144
170,041
8.10%
,
07/15/36
..................
190
280,987
Hewlett
Packard
Enterprise
Co.,
4.65%,
10/01/24
......................
520
590,252
HP,
Inc.,
6.00%,
09/15/41
.............
15
19,597
Seagate
HDD
Cayman,
4.09%,
06/01/29
(b)
..
168
179,970
2,056,388
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Hanesbrands,
Inc.
(b)
:
4.63%
,
05/15/24
..................
96
100,560
4.88%
,
05/15/26
..................
20
21,725
NIKE,
Inc.,
2.75%,
03/27/27
...........
505
558,796
Under
Armour,
Inc.,
3.25%,
06/15/26
......
13
13,081
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
..
54
56,835
750,997
Thrifts
&
Mortgage
Finance
—
0.1%
(b)
BPCE
SA,
2.70%,
10/01/29
............
491
527,894
Quicken
Loans,
Inc.,
5.25%,
01/15/28
.....
107
114,222
642,116
Tobacco
—
0.6%
Altria
Group,
Inc.:
4.00%
,
01/31/24
..................
215
236,062
4.40%
,
02/14/26
..................
349
405,213
4.80%
,
02/14/29
..................
8
9,585
3.13%
,
06/15/31
..................
EUR
300
436,172
5.80%
,
02/14/39
..................
USD
471
620,577
BAT
Capital
Corp.:
3.22%
,
08/15/24
..................
700
757,836
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Tobacco
(continued)
4.91%
,
04/02/30
..................
USD
343
$
414,239
2.73%
,
03/25/31
..................
216
223,720
4.54%
,
08/15/47
..................
136
151,021
Philip
Morris
International,
Inc.,
1.45%,
08/01/39
......................
EUR
395
491,295
Reynolds
American,
Inc.,
5.85%,
08/15/45
...
USD
322
411,758
4,157,478
Trading
Companies
&
Distributors
—
0.1%
Beacon
Roofing
Supply,
Inc.,
4.88%,
11/01/25
(b)
134
137,182
BOC
Aviation
Ltd.,
3.00%,
09/11/29
.......
200
206,750
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
.....
134
142,040
United
Rentals
North
America,
Inc.:
5.88%
,
09/15/26
..................
110
116,457
5.50%
,
05/15/27
..................
110
117,700
3.88%
,
11/15/27
..................
17
17,808
4.88%
,
01/15/28
..................
177
188,505
5.25%
,
01/15/30
..................
17
18,870
945,312
Wireless
Telecommunication
Services
—
0.7%
America
Movil
SAB
de
CV,
2.88%,
05/07/30
..
205
222,758
Empresa
Nacional
de
Telecomunicaciones
SA,
4.75%,
08/01/26
(b)
................
240
268,425
Millicom
International
Cellular
SA
(b)
:
6.63%
,
10/15/26
..................
200
214,875
4.50%
,
04/27/31
..................
200
215,562
Sprint
Corp.:
7.63%
,
02/15/25
..................
176
210,467
7.63%
,
03/01/26
..................
177
219,691
Sprint
Spectrum
Co.
LLC,
3.36%,
09/20/21
(b)(d)
148
149,707
T-Mobile
USA,
Inc.
(b)
:
3.75%
,
04/15/27
..................
670
762,996
3.88%
,
04/15/30
..................
1,336
1,547,355
2.55%
,
02/15/31
..................
249
261,468
VEON
Holdings
BV,
3.38%,
11/25/27
(b)
.....
200
206,000
Vodafone
Group
plc:
4.38%
,
02/19/43
..................
232
288,133
5.25%
,
05/30/48
..................
302
420,671
4,988,108
Total
Corporate
Bonds
—
35.3%
(Cost:
$240,704,654)
..............................
254,159,661
Floating
Rate
Loan
Interests
—
0.4%
Air
Freight
&
Logistics
—
0.0%
XPO
Logistics,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
2.15%
,
 02/24/25
(a)
.....
269
267,778
Building
Products
—
0.0%
(a)
Advanced
Drainage
Systems,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
2.44%
,
 07/31/26
..................
30
30,169
Jeld-Wen,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
2.15%
,
 12/14/24
......
116
114,641
144,810
Construction
Materials
—
0.0%
Foundation
Building
Materials
Holding
Co.
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
3.15%
,
 08/13/25
(a)
.................
73
72,558
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ER,
Term
Loan
A,
(LIBOR
USD
3
Month
+
0.00%),
4.00%
,
 02/21/23
(a)(c)
................
USD
30
$
28,470
Diversified
Financial
Services
—
0.0%
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
5.50%
,
 12/11/26
(a)
....
270
270,631
Health
Care
Providers
&
Services
—
0.1%
(a)
Acadia
Healthcare
Co.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
2.65%
,
 02/16/23
.
300
299,031
Select
Medical
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
2.53%
,
 03/06/25
.
45
44,270
343,301
Hotels,
Restaurants
&
Leisure
—
0.1%
(a)
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
3.90%
,
 02/02/26
..................
155
145,680
Golden
Nugget,
Inc.,
Term
Loan
B,
(LIBOR
USD
2
Month
+
2.50%),
3.25%
-
3.50%
,
 10/04/23
..................
184
176,762
322,442
Media
—
0.0%
(a)
CSC
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
2.66%
,
 04/15/27
......
180
177,767
Lamar
Media
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.50%),
1.64%
,
 02/05/27
.....
19
18,868
196,635
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Buckeye
Partners
LP,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
2.90%
,
 11/01/26
(a)
....
463
462,557
Pharmaceuticals
—
0.0%
Grifols
Worldwide
Operations
Ltd.,
Term
Loan
B,
(LIBOR
USD
1
Week
+
2.00%),
2.10%
,
 11/15/27
(a)
.................
284
281,817
Road
&
Rail
—
0.0%
Genesee
&
Wyoming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
2.25%
,
 12/30/26
(a)
168
167,234
Thrifts
&
Mortgage
Finance
—
0.1%
Caliber
Home
Loans,
Term
Loan,
(LIBOR
USD
1
Month
+
3.15
%),
0.00%
,
 04/24/21
(a)(c)
...
342
340,233
Total
Floating
Rate
Loan
Interests
—
0.4%
(Cost:
$2,924,938)
...............................
2,898,466
Foreign
Agency
Obligations
—
0.5%
Argentina
—
0.0%
YPF
SA,
7.00%
,
12/15/47
(b)
.............
106
73,405
Colombia
—
0.1%
Ecopetrol
SA:
5.38%
,
06/26/26
..................
395
454,127
6.88%
,
04/29/30
..................
39
50,027
Empresas
Publicas
de
Medellin
ESP,
4.25%
,
07/18/29
(b)
......................
200
214,062
718,216
India
—
0.1%
Power
Finance
Corp.
Ltd.,
4.50%
,
06/18/29
..
200
220,250
Indonesia
—
0.0%
Pertamina
Persero
PT,
4.18%
,
01/21/50
....
200
214,875
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Mexico
—
0.2%
Petroleos
Mexicanos:
6.38%
,
01/23/45
..................
USD
174
$
157,785
5.63%
,
01/23/46
..................
51
43,621
6.35%
,
02/12/48
..................
433
389,024
7.69%
,
01/23/50
..................
126
127,040
6.95%
,
01/28/60
..................
696
653,300
1,370,770
Saudi
Arabia
—
0.1%
Saudi
Arabian
Oil
Co.
(b)
:
2.25%
,
11/24/30
..................
435
440,981
3.50%
,
11/24/70
..................
290
291,450
732,431
Total
Foreign
Agency
Obligations
—
0.5%
(Cost:
$2,983,842)
...............................
3,329,947
Foreign
Government
Obligations
—
7.1%
Bahrain
—
0.1%
Kingdom
of
Bahrain:
7.38%
,
05/14/30
..................
200
237,188
7.50%
,
09/20/47
..................
200
234,062
471,250
Brazil
—
0.1%
Federative
Republic
of
Brazil,
3.88%
,
06/12/30
649
684,167
China
—
3.8%
People's
Republic
of
China:
1.99%
,
04/09/25
..................
CNY
79,760
11,780,930
2.41%
,
06/19/25
..................
15,600
2,348,629
2.85%
,
06/04/27
..................
11,100
1,673,930
3.29%
,
05/23/29
..................
2,800
433,007
2.68%
,
05/21/30
..................
76,880
11,328,711
27,565,207
Colombia
—
0.3%
Republic
of
Colombia:
6.25%
,
11/26/25
..................
COP
440,100
141,048
3.88%
,
04/25/27
..................
USD
528
586,872
4.50%
,
03/15/29
..................
570
658,350
3.13%
,
04/15/31
..................
444
471,306
5.20%
,
05/15/49
..................
250
316,016
2,173,592
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond:
4.50%
,
01/30/30
..................
393
425,300
4.88%
,
09/23/32
(b)
.................
197
217,131
642,431
Egypt
—
0.1%
Arab
Republic
of
Egypt:
5.63%
,
04/16/30
..................
EUR
117
149,142
6.38%
,
04/11/31
(b)
.................
332
435,373
8.88%
,
05/29/50
(b)
.................
USD
205
240,298
824,813
Hungary
—
0.1%
Hungary
Government
Bond,
5.38%
,
03/25/24
.
414
471,491
Indonesia
—
0.5%
Republic
of
Indonesia:
4.10%
,
04/24/28
..................
670
778,038
Security
Par
(000)
Par
(000)
Value
Indonesia
(continued)
2.85%
,
02/14/30
..................
USD
503
$
542,297
3.85%
,
10/15/30
..................
253
293,717
6.50%
,
02/15/31
..................
IDR
6,922,000
512,129
6.63%
,
05/15/33
..................
1,064,000
76,487
7.50%
,
06/15/35
..................
8,321,000
651,929
8.38%
,
04/15/39
..................
3,938,000
327,933
7.38%
,
05/15/48
..................
5,016,000
372,184
3,554,714
Mexico
—
0.6%
United
Mexican
States:
2.66%
,
05/24/31
..................
USD
2,657
2,732,724
7.75%
,
11/23/34
..................
MXN
48
283,228
10.00%
,
11/20/36
.................
43
301,453
8.50%
,
11/18/38
..................
62
386,701
4.50%
,
01/31/50
..................
USD
530
619,769
4,323,875
Panama
—
0.2%
Republic
of
Panama:
3.88%
,
03/17/28
..................
1,026
1,177,656
2.25%
,
09/29/32
..................
207
213,003
1,390,659
Peru
—
0.1%
Peru
Government
Bond:
2.78%
,
12/01/60
..................
73
73,475
3.23%
,
07/28/21
..................
64
63,968
Republic
of
Peru:
4.13%
,
08/25/27
..................
648
759,982
2.78%
,
01/23/31
..................
170
185,857
1,083,282
Philippines
—
0.2%
Republic
of
Philippines,
3.00%
,
02/01/28
....
1,210
1,337,316
Qatar
—
0.1%
State
of
Qatar,
3.75%
,
04/16/30
..........
630
739,659
Romania
—
0.0%
Romania
Government
Bond,
3.00%
,
02/14/31
(b)
175
187,305
Russia
—
0.4%
Russian
Federation:
7.75%
,
09/16/26
..................
RUB
50,314
754,918
8.15%
,
02/03/27
..................
20,185
309,227
6.00%
,
10/06/27
..................
11,275
155,057
4.38%
,
03/21/29
..................
USD
400
466,800
6.90%
,
05/23/29
..................
RUB
23,324
338,481
8.50%
,
09/17/31
..................
55,989
906,697
2,931,180
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia,
3.25%
,
10/22/30
...
USD
438
482,347
Sri
Lanka
—
0.0%
Democratic
Socialist
Republic
of
Sri
Lanka,
7.55%
,
03/28/30
..................
200
113,500
Ukraine
—
0.2%
Ukraine
Government
Bond:
9.75%
,
11/01/28
..................
391
480,930
7.38%
,
09/25/32
..................
400
439,500
7.25%
,
03/15/33
..................
200
218,000
1,138,430
2020
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,
2020
Security
Par
(000)
Par
(000)
Value
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay:
4.38%
,
10/27/27
..................
USD
524
$
619,423
4.38%
,
01/23/31
..................
96
117,137
5.10%
,
06/18/50
..................
120
167,925
904,485
Total
Foreign
Government
Obligations
—
7.1%
(Cost:
$48,755,096)
...............................
51,019,703
Shares
Shares
Investment
Companies
—
9.4%
BlackRock
Allocation
Target
Shares-
BATS
Series
A
*
.......................
6,800,561
67,937,601
Total
Investment
Companies
—
9.4%
(Cost:
$67,736,000)
...............................
67,937,601
Par
(000)
Par
(000)
Municipal
Bonds
—
0.6%
California
-
0.4%
Bay
Area
Toll
Authority,
Series
2010S-1,
RB,
7.04%, 04/01/50
..................
215
395,136
Los
Angeles
Community
College
District,
Series
2010E,
GO,
6.60%, 08/01/42
..........
110
181,613
Los
Angeles
Unified
School
District,
Series
2010I,
GO,
6.76%, 07/01/34
..........
375
564,386
State
of
California:
Series
2018,
GO,
4.60%, 04/01/38
......
815
978,138
Series
2009,
GO,
7.55%, 04/01/39
......
55
96,866
University
of
California,
Series
2012AD,
RB,
4.86%, 05/15/12
..................
20
28,644
2,244,783
Georgia
-
0.0%
Municipal
Electric
Authority
of
Georgia,
Series
2010A,
RB,
6.64%, 04/01/57
..........
40
59,796
Illinois
-
0.1%
State
of
Illinois,
Series
2003,
GO,
5.10%, 06/01/33
..................
580
619,521
Massachusetts
-
0.0%
Massachusetts
Housing
Finance
Agency,
Series
2015A,
RB,
4.50%, 12/01/48
.....
40
43,404
New
Jersey
-
0.0%
New
Jersey
Turnpike
Authority,
Series
2009F,
RB,
7.41%, 01/01/40
...............
125
209,664
New
York
-
0.1%
Metropolitan
Transportation
Authority,
Series
2010A,
RB,
6.67%, 11/15/39
..........
55
70,725
New
York
City
Water
&
Sewer
System:
Series
2010EE,
RB,
6.01%, 06/15/42
....
25
39,770
Series
2011CC,
RB,
5.88%, 06/15/44
....
40
64,310
New
York
State
Dormitory
Authority,
Series
2010H,
RB,
5.39%, 03/15/40
..........
60
84,241
Port
Authority
of
New
York
&
New
Jersey:
Series
2010-165,
RB,
5.65%, 11/01/40
...
95
136,296
Series
2014-181,
RB,
4.96%, 08/01/46
...
195
264,607
659,949
Security
Par
(000)
Par
(000)
Value
Ohio
-
0.0%
American
Municipal
Power,
Inc.,
Series
2010B,
RB,
8.08%, 02/15/50
...............
USD
100
$
185,723
Texas
-
0.0%
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2010A,
RB,
5.81%, 02/01/41
.....
160
237,362
State
of
Texas,
Series
2009A,
GO,
5.52%, 04/01/39
..................
160
240,744
478,106
Total
Municipal
Bonds
—
0.6%
(Cost:
$3,927,089)
...............................
4,500,946
Non-Agency
Mortgage-Backed
Securities
—
2.3%
Collateralized
Mortgage
Obligations
—
0.7%
Alternative
Loan
Trust:
Series
2005-22T1,
Class
A1,
(LIBOR
USD
1
Month
+
0.35%),
0.50%,
06/25/35
(a)
...
125
99,425
Series
2005-72,
Class
A3,
(LIBOR
USD
1
Month
+
0.60%),
0.75%,
01/25/36
(a)
...
63
58,604
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
1.00%),
1.61%,
02/25/36
(a)
....................
21
19,497
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
.....................
56
40,870
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
.....................
9
7,063
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
1.73%),
2.34%,
11/25/46
(a)
....................
75
62,842
Series
2006-OA16,
Class
A4C,
(LIBOR
USD
1
Month
+
0.34%),
0.49%,
10/25/46
(a)
..
143
105,180
Series
2006-OA8,
Class
1A1,
(LIBOR
USD
1
Month
+
0.19%),
0.34%,
07/25/46
(a)
...
11
9,702
Series
2006-OC10,
Class
2A3,
(LIBOR
USD
1
Month
+
0.23%),
0.38%,
11/25/36
(a)
..
55
51,407
Series
2006-OC7,
Class
2A3,
(LIBOR
USD
1
Month
+
0.50%),
0.65%,
07/25/46
(a)
..
80
72,123
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
.....................
11
7,215
Series
2007-OA3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.14%),
0.29%,
04/25/47
(a)
...
20
18,418
American
Home
Mortgage
Assets
Trust
(a)
:
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
1.55%,
10/25/46
.....................
57
46,814
Series
2006-4,
Class
1A12,
(LIBOR
USD
1
Month
+
0.21%),
0.36%,
10/25/46
....
67
44,503
Series
2006-5,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.92%),
1.53%,
11/25/46
.....
118
50,136
Series
2007-1,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.70%),
1.31%,
02/25/47
.....
61
34,684
APS
Resecuritization
Trust
(a)(b)
:
Series
2016-1,
Class
1MZ,
4.08%,
07/31/57
258
91,490
Series
2016-3,
Class
3A,
(LIBOR
USD
1
Month
+
2.85%),
3.00%,
09/27/46
....
149
148,336
Series
2016-3,
Class
4A,
(LIBOR
USD
1
Month
+
2.60%),
2.75%,
04/27/47
....
24
23,593
Banc
of
America
Funding
Trust,
Series
2016-
R2,
Class
1A1,
4.70%,
05/01/33
(a)(b)
.....
78
75,067
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Bear
Stearns
Mortgage
Funding
Trust
(a)
:
Series
2006-SL1,
Class
A1,
(LIBOR
USD
1
Month
+
0.28%),
0.43%,
08/25/36
....
USD
39
$
38,145
Series
2007-AR2,
Class
A1,
(LIBOR
USD
1
Month
+
0.17%),
0.32%,
03/25/37
....
108
98,472
Series
2007-AR3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.14%),
0.29%,
03/25/37
....
13
12,086
Series
2007-AR4,
Class
1A1,
(LIBOR
USD
1
Month
+
0.20%),
0.35%,
09/25/47
....
48
45,936
Series
2007-AR4,
Class
2A1,
(LIBOR
USD
1
Month
+
0.21%),
0.36%,
06/25/37
....
16
15,046
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
........
781
510,854
CHL
Mortgage
Pass-Through
Trust:
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.96%),
1.57%,
04/25/46
(a)
....................
144
60,359
Series
2006-OA5,
Class
3A1,
(LIBOR
USD
1
Month
+
0.40%),
0.55%,
04/25/46
(a)
...
21
19,275
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
203
122,204
Citicorp
Mortgage
Securities
Trust:
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
54
48,618
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
80
71,020
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(b)
......................
281
147,751
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(LIBOR
USD
1
Month
+
1.35%),
1.50%,
11/25/35
(a)
......................
44
8,068
CSMC
Trust
(a)(b)
:
Series
2009-5R,
Class
4A4,
2.97%,
06/25/36
.....................
—
(i)
2
Series
2014-11R,
Class
16A1,
3.21%,
09/27/47
.....................
22
22,884
Series
2019-JR1,
Class
A1,
4.10%,
09/27/66
1,045
1,050,823
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(LIBOR
USD
1
Month
+
0.17%),
0.32%,
08/25/47
(a)
....
128
139,962
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust,
Series
2006-AB3,
Class
A8,
(LIBOR
USD
1
Month
+
0.00%),
6.36%,
07/25/36
(a)
.....
10
9,964
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
2.00%),
2.61%,
03/25/36
(a)
...........
23
22,249
GSMPS
Mortgage
Loan
Trust
(a)(b)
:
Series
2005-RP1,
Class
1AF,
(LIBOR
USD
1
Month
+
0.35%),
0.50%,
01/25/35
....
42
37,797
Series
2005-RP2,
Class
1AF,
(LIBOR
USD
1
Month
+
0.35%),
0.50%,
03/25/35
....
50
45,517
Series
2006-RP1,
Class
1AF1,
(LIBOR
USD
1
Month
+
0.35%),
0.50%,
01/25/36
...
39
31,535
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
..........
7
8,497
HarborView
Mortgage
Loan
Trust,
Series
2007-4,
Class
2A2,
(LIBOR
USD
1
Month
+
0.25%),
0.40%,
07/19/47
(a)
...........
142
124,422
IndyMac
INDX
Mortgage
Loan
Trust
(a)
:
Series
2007-AR19,
Class
3A1,
3.18%,
09/25/37
.....................
77
53,433
Series
2007-FLX5,
Class
2A2,
(LIBOR
USD
1
Month
+
0.24%),
0.39%,
08/25/37
...
125
114,597
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(LIBOR
USD
1
Month
+
1.15%),
1.30%,
12/25/37
(a)
......................
USD
25
$
25,429
LSTAR
Securities
Investment
Trust,
Series
2019-1,
Class
A1,
(LIBOR
USD
1
Month
+
1.70%),
1.85%,
03/01/24
(a)(b)
..........
92
92,242
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
0.55%,
08/25/37
(a)(b)
.........
23
11,683
MCM
Trust
(b)
:
Series
2018-NPL2,
Class
A,
4.00%,
10/25/28
(c)(d)
...................
40
40,441
Series
2018-NPL2,
Class
B,
0.00%,
10/25/28
.....................
473
250,180
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(LIBOR
USD
1
Month
+
0.21%),
0.36%,
04/25/37
(a)
....
176
165,693
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(LIBOR
USD
1
Month
+
0.34%),
0.49%,
04/16/36
(a)(b)
.........
351
313,776
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(b)
..
73
78,265
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(LIBOR
USD
1
Month
+
0.42%),
0.57%,
06/25/37
(a)
14
11,519
RALI
Trust,
Series
2007-QH9,
Class
A1,
1.81%,
11/25/37
(a)
......................
31
27,891
Reperforming
Loan
REMIC
Trust,
Series
2005-R3,
Class
AF,
(LIBOR
USD
1
Month
+
0.40%),
0.55%,
09/25/35
(a)(b)
..........
5
4,119
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-1,
Class
BX,
1.53%,
05/25/57
(a)
....
19
9,027
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.50%,
04/25/36
(a)
......................
56
43,818
Structured
Asset
Mortgage
Investments
II
Trust
(a)
:
Series
2006-AR4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.19%),
0.34%,
06/25/36
....
70
64,241
Series
2006-AR5,
Class
2A1,
(LIBOR
USD
1
Month
+
0.42%),
0.57%,
05/25/46
....
51
44,432
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust:
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
71
71,478
Series
2006-4,
Class
3A1,
6.50%,
05/25/36
(d)
....................
36
33,600
5,214,319
Commercial
Mortgage-Backed
Securities
—
1.4%
245
Park
Avenue
Trust,
Series
2017-245P,
Class
E,
3.66%,
06/05/37
(a)(b)
..........
200
191,129
280
Park
Avenue
Mortgage
Trust
(a)(b)
:
Series
2017-280P,
Class
D,
(LIBOR
USD
1
Month
+
1.54%),
1.70%,
09/15/34
....
100
97,743
Series
2017-280P,
Class
E,
(LIBOR
USD
1
Month
+
2.12%),
2.28%,
09/15/34
....
150
144,734
AOA
Mortgage
Trust,
Series
2015-1177,
Class
C,
3.01%,
12/13/29
(a)(b)
..............
100
99,729
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(LIBOR
USD
1
Month
+
2.10%),
2.26%,
04/15/35
(a)(b)
................
19
17,360
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
:
Series
2015-200P,
Class
F,
3.60%,
04/14/33
300
309,112
Series
2016-ISQ,
Class
E,
3.61%,
08/14/34
200
190,644
Series
2017-SCH,
Class
CL,
(LIBOR
USD
1
Month
+
1.50%),
1.66%,
11/15/32
....
100
85,902
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2017-SCH,
Class
DL,
(LIBOR
USD
1
Month
+
2.00%),
2.16%,
11/15/32
....
USD
100
$
82,264
Series
2018-DSNY,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
1.86%,
09/15/34
....
650
615,237
Bayview
Commercial
Asset
Trust
(a)(b)
:
Series
2005-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.30%),
0.45%,
01/25/36
....
39
36,816
Series
2005-4A,
Class
M1,
(LIBOR
USD
1
Month
+
0.45%),
0.60%,
01/25/36
....
29
27,174
Series
2006-1A,
Class
A2,
(LIBOR
USD
1
Month
+
0.54%),
0.69%,
04/25/36
....
10
9,012
Series
2006-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.25%),
0.40%,
10/25/36
....
16
15,165
Series
2006-3A,
Class
A2,
(LIBOR
USD
1
Month
+
0.30%),
0.45%,
10/25/36
....
13
12,663
Series
2007-2A,
Class
A1,
(LIBOR
USD
1
Month
+
0.27%),
0.42%,
07/25/37
....
27
25,350
Series
2007-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
0.60%,
09/25/37
....
137
127,572
BBCMS
Mortgage
Trust,
Series
2018-TALL,
Class
A,
(LIBOR
USD
1
Month
+
0.72%),
0.88%,
03/15/37
(a)(b)
................
35
34,386
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
.................
96
101,193
Bear
Stearns
Commercial
Mortgage
Securities
Trust,
Series
2007-T26,
Class
AM,
5.43%,
01/12/45
(a)
......................
28
28,360
Benchmark
Mortgage
Trust,
Series
2019-B10,
Class
3CCA,
3.90%,
03/15/62
(a)(b)
.......
148
156,359
BHMS,
Series
2018-ATLS,
Class
A,
(LIBOR
USD
1
Month
+
1.25%),
1.41%,
07/15/35
(a)(b)
140
136,139
BWAY
Mortgage
Trust
(b)
:
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
.....................
150
162,467
Series
2013-1515,
Class
C,
3.45%,
03/10/33
105
110,852
BX
Commercial
Mortgage
Trust,
Series
2018-IND,
Class
H,
(LIBOR
USD
1
Month
+
3.00%),
3.16%,
11/15/35
(a)(b)
..........
371
369,611
BXP
Trust
(a)(b)
:
Series
2017-CC,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.55%,
08/13/37
....
60
63,595
Series
2017-CC,
Class
E,
(LIBOR
USD
1
Month
+
0.00%),
3.55%,
08/13/37
....
110
111,922
Series
2017-GM,
Class
D,
3.42%,
06/13/39
200
212,835
Series
2017-GM,
Class
E,
3.42%,
06/13/39
50
51,261
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(LIBOR
USD
1
Month
+
1.75%),
1.91%,
12/15/37
(a)(b)
..........
100
100,004
CD
Mortgage
Trust:
Series
2006-CD3,
Class
AM,
5.65%,
10/15/48
.....................
11
11,046
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
.....................
30
34,168
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
.....
10
11,218
CFK
Trust,
Series
2019-FAX,
Class
D,
4.64%,
01/15/39
(a)(b)
.....................
126
128,271
CGDBB
Commercial
Mortgage
Trust
(a)(b)
:
Series
2017-BIOC,
Class
D,
(LIBOR
USD
1
Month
+
1.60%),
1.76%,
07/15/32
....
100
100,735
Series
2017-BIOC,
Class
E,
(LIBOR
USD
1
Month
+
2.15%),
2.31%,
07/15/32
....
247
246,055
Citigroup
Commercial
Mortgage
Trust
(a)
:
Series
2016-GC37,
Class
C,
4.93%,
04/10/49
.....................
20
19,954
Series
2016-P3,
Class
C,
4.89%,
04/15/49
.
10
10,007
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Commercial
Mortgage
Trust:
Series
2014-CR14,
Class
A4,
4.24%,
02/10/47
(a)
....................
USD
30
$
32,958
Series
2014-CR19,
Class
A5,
3.80%,
08/10/47
.....................
50
55,179
Series
2014-LC15,
Class
A4,
4.01%,
04/10/47
.....................
50
54,543
Series
2015-CR25,
Class
A4,
3.76%,
08/10/48
.....................
100
112,434
Series
2015-LC21,
Class
C,
4.33%,
07/10/48
(a)
....................
150
149,518
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(a)(b)
...................
100
97,808
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
.....
50
55,029
CSMC
Trust
(b)
:
Series
2017-PFHP,
Class
A,
(LIBOR
USD
1
Month
+
0.95%),
1.11%,
12/15/30
(a)
...
60
58,894
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
100
104,708
DBGS
Mortgage
Trust,
Series
2019-1735,
Class
F,
4.19%,
04/10/37
(a)(b)
..........
100
76,897
DBUBS
Mortgage
Trust
(b)
:
Series
2017-BRBK,
Class
A,
3.45%,
10/10/34
.....................
140
151,226
Series
2017-BRBK,
Class
E,
(LIBOR
USD
1
Month
+
0.00%),
3.53%,
10/10/34
(a)
...
210
214,256
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
(a)
....................
80
79,793
Eleven
Madison
Mortgage
Trust,
Series
2015-
11MD,
Class
A,
3.55%,
09/10/35
(a)(b)
.....
100
109,961
Exantas
Capital
Corp.
Ltd.,
Series
2019-RSO7,
Class
AS,
(LIBOR
USD
1
Month
+
1.50%),
1.65%,
04/15/36
(a)(b)
................
160
157,761
GPMT
Ltd.,
Series
2018-FL1,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.05%,
11/21/35
(a)(b)
13
13,059
GRACE
Mortgage
Trust,
Series
2014-GRCE,
Class
F,
3.59%,
06/10/28
(a)(b)
..........
330
329,736
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
A,
5.37%,
05/03/32
(b)
......
100
115,319
GS
Mortgage
Securities
Corp.
Trust
(b)
:
Series
2017-500K,
Class
D,
(LIBOR
USD
1
Month
+
1.30%),
1.46%,
07/15/32
(a)
...
10
9,956
Series
2017-500K,
Class
E,
(LIBOR
USD
1
Month
+
1.50%),
1.66%,
07/15/32
(a)
...
20
19,899
Series
2017-500K,
Class
F,
(LIBOR
USD
1
Month
+
1.80%),
1.96%,
07/15/32
(a)
...
110
109,313
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
.....................
100
99,268
GS
Mortgage
Securities
Trust,
Series
2017-
GS7,
Class
D,
3.00%,
08/10/50
(b)
.......
20
17,201
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
......................
110
104,827
IMT
Trust
(b)
:
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
.....................
100
107,444
Series
2017-APTS,
Class
EFX,
3.50%,
06/15/34
(a)
....................
100
94,476
JPMBB
Commercial
Mortgage
Securities
Trust:
Series
2014-C21,
Class
A5,
3.77%,
08/15/47
50
54,858
Series
2015-C33,
Class
D1,
4.11%,
12/15/48
(a)(b)
...................
100
95,940
JPMCC
Commercial
Mortgage
Securities
Trust:
Series
2017-JP5,
Class
D,
4.62%,
03/15/50
(a)(b)
...................
100
93,078
Series
2017-JP7,
Class
B,
4.05%,
09/15/50
10
10,957
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust:
Series
2012-CBX,
Class
A4FL,
(LIBOR
USD
1
Month
+
1.30%),
1.45%,
06/15/45
(a)(b)
.
USD
92
$
92,237
Series
2014-C20,
Class
A5,
3.80%,
07/15/47
70
76,479
Series
2015-JP1,
Class
D,
4.22%,
01/15/49
(a)
....................
50
44,647
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(LIBOR
USD
1
Month
+
0.25%),
0.40%,
03/25/37
(a)(b)
.....................
24
23,377
LSTAR
Commercial
Mortgage
Trust,
Series
2015-3,
Class
AS,
3.19%,
04/20/48
(a)(b)
...
66
66,426
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust:
Series
2014-C16,
Class
A5,
3.89%,
06/15/47
140
152,309
Series
2015-C26,
Class
D,
3.06%,
10/15/48
(b)
....................
15
14,098
Morgan
Stanley
Capital
I
Trust:
Series
2007-T27,
Class
AJ,
6.01%,
06/11/42
(a)
....................
61
61,080
Series
2015-MS1,
Class
D,
4.03%,
05/15/48
(a)(b)
...................
100
86,747
Series
2017-CLS,
Class
F,
(LIBOR
USD
1
Month
+
2.60%),
2.76%,
11/15/34
(a)(b)
..
211
211,025
Series
2017-H1,
Class
D,
2.55%,
06/15/50
(b)
140
109,520
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-FL1,
Class
MCR1,
(LIBOR
USD
1
Month
+
2.35%),
2.49%,
06/15/35
(a)(b)
...
85
81,371
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
3.95%,
05/10/39
(a)(b)
.......
190
166,695
PFP
Ltd.
(a)(b)
:
Series
2019-5,
Class
A,
(LIBOR
USD
1
Month
+
0.97%),
1.12%,
04/14/36
....
39
38,820
Series
2019-5,
Class
AS,
(LIBOR
USD
1
Month
+
1.42%),
1.57%,
04/14/36
....
40
39,337
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(b)(c)
...
100
97,200
USDC,
Series
2018,
Class
E,
4.49%,
05/13/38
(a)
(b)
............................
50
41,804
Velocity
Commercial
Capital
Loan
Trust
(a)
:
Series
2016-2,
Class
M4,
7.23%,
10/25/46
.
100
101,545
Series
2017-2,
Class
M3,
(LIBOR
USD
3
Month
+
0.00%),
4.24%,
11/25/47
(b)
...
128
127,121
Series
2017-2,
Class
M4,
5.00%,
11/25/47
(b)
64
63,276
Wells
Fargo
Commercial
Mortgage
Trust:
Series
2015-C31,
Class
A4,
3.70%,
11/15/48
50
56,270
Series
2015-NXS2,
Class
A5,
3.77%,
07/15/58
(a)
....................
110
122,953
Series
2015-NXS4,
Class
A4,
3.72%,
12/15/48
.....................
20
22,536
Series
2015-P2,
Class
A4,
3.81%,
12/15/48
70
79,524
Series
2017-C39,
Class
D,
4.35%,
09/15/50
(a)(b)
...................
83
70,838
Series
2017-C41,
Class
D,
2.60%,
11/15/50
(a)(b)
...................
60
46,238
Series
2017-HSDB,
Class
A,
(LIBOR
USD
1
Month
+
0.85%),
1.00%,
12/13/31
(a)(b)
..
151
147,636
Series
2018-C44,
Class
A5,
4.21%,
05/15/51
770
907,268
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C21,
Class
A5,
3.68%,
08/15/47
....
60
65,630
10,288,347
Interest
Only
Collateralized
Mortgage
Obligations
—
0.0%
Banc
of
America
Funding
Trust,
Series
2014-
R2,
Class
1C,
0.00%,
11/26/36
(a)(b)
......
138
34,455
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.2%
(a)
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2016-SS1,
Class
XA,
0.56%,
12/15/35
(b)
......................
USD
15,000
$
388,500
Banc
of
America
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.63%,
02/15/50
.......................
1,000
35,544
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
0.95%,
08/10/35
(b)
.................
1,021
49,462
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.60%,
11/05/36
(b)
.................
3,475
75,759
Benchmark
Mortgage
Trust:
Series
2018-B8,
Class
XA,
0.66%,
01/15/52
4,981
211,031
Series
2019-B9,
Class
XA,
(LIBOR
USD
1
Month
+
0.00%),
1.04%,
03/15/52
....
1,044
74,971
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.72%,
05/10/58
....
170
6,101
Commercial
Mortgage
Trust:
Series
2015-3BP,
Class
XA,
0.06%,
02/10/35
(b)
....................
1,916
7,357
Series
2015-CR25,
Class
XA,
0.83%,
08/10/48
.....................
194
6,244
CSAIL
Commercial
Mortgage
Trust,
Series
2017-CX10,
Class
XB,
0.13%,
11/15/50
...
1,430
20,983
JPMBB
Commercial
Mortgage
Securities
Trust:
Series
2014-C22,
Class
XA,
0.83%,
09/15/47
.....................
1,135
28,863
Series
2014-C23,
Class
XA,
0.63%,
09/15/47
.....................
1,177
22,546
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
......................
1,800
65,875
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
.................
900
32,228
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(b)
:
Series
2014-C19,
Class
XF,
1.21%,
12/15/47
130
5,403
Series
2015-C26,
Class
XD,
1.34%,
10/15/48
.....................
120
7,054
Morgan
Stanley
Capital
I
Trust:
Series
2016-UBS9,
Class
XD,
1.61%,
03/15/49
(b)
....................
1,000
74,410
Series
2017-H1,
Class
XD,
2.20%,
06/15/50
(b)
....................
110
12,508
Series
2019-L2,
Class
XA,
1.03%,
03/15/52
384
26,927
One
Market
Plaza
Trust
(b)
:
Series
2017-1MKT,
Class
XCP,
0.09%,
02/10/32
.....................
1,880
3,158
Series
2017-1MKT,
Class
XNCP,
0.00%,
02/10/32
(c)
....................
376
4
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-BNK1,
Class
XD,
1.26%,
08/15/49
(b)
......................
1,000
59,030
1,213,958
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(b)(h)
....
115
15,360
Total
Non-Agency
Mortgage-Backed
Securities
—
2.3%
(Cost:
$16,647,928)
...............................
16,766,439
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Beneficial
Interest
(000)
Value
Other
Interests
—
0.0%
(j)
Capital
Markets
—
0.0%
(c)(f)(g)
Lehman
Brothers
Holdings
Capital
Trust
VII
..
USD
185
$
—
Lehman
Brothers
Holdings,
Inc.
..........
1,025
—
Total
Other
Interests
—
0.0%
..........................
—
Par
(000)
Pa
r
(
000)
Capital
Trusts
—
0.3%
Capital
Markets
—
0.2%
(a)(e)
Bank
of
New
York
Mellon
Corp.
(The),
Series
F,
(LIBOR
USD
3
Month
+
3.13%),
4.62%
...
310
328,600
State
Street
Corp.:
Series
F,
(LIBOR
USD
3
Month
+
3.60%),
3.81%
.......................
205
203,975
Series
H,
(LIBOR
USD
3
Month
+
2.54%),
5.63%
.......................
680
717,264
1,249,839
Entertainment
—
0.1%
NBCUniversal
Enterprise,
Inc.,
5.25%
(b)(e)
....
620
632,400
Total
Capital
Trusts
—
0.3%
(Cost:
$1,828,641)
...............................
1,882,239
U.S.
Government
Sponsored
Agency
Securities
—
42.7%
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%),
4.60%, 03/25/30
(a)
250
256,856
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes,
Series
KL4F,
Class
A2AS,
3.68%, 10/25/25
(a)
............
71
77,454
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
:
Series
2018-K732,
Class
B,
4.06%, 05/25/25
(b)
...............
80
88,482
Series
2018-SB52,
Class
A10F,
3.47%, 06/25/28
................
70
74,459
Series
2018-SB53,
Class
A10F,
3.65%, 06/25/28
................
43
46,998
Government
National
Mortgage
Association:
Series
2015-97,
Class
VA,
2.25%, 12/16/38
30
31,262
Series
2016-158,
Class
VA,
2.00%, 03/16/35
81
82,133
400,788
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
:
Series
2013-63,
0.77%, 09/16/51
.......
376
11,301
Series
2013-191,
0.71%, 11/16/53
......
92
2,085
Series
2015-48,
0.60%, 02/16/50
.......
154
5,035
Series
2015-173,
0.76%, 09/16/55
......
173
7,033
Series
2016-26,
0.88%, 02/16/58
.......
481
23,843
Series
2016-110,
0.94%, 05/16/58
......
136
7,791
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.15%, 02/16/58
..........
210
14,997
Series
2016-125,
0.94%, 12/16/57
......
201
11,478
Series
2016-128,
0.86%, 09/16/56
......
115
6,352
Series
2016-152,
0.83%, 08/15/58
......
415
23,566
113,481
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
—
42.6%
Federal
Home
Loan
Mortgage
Corp.:
2.50%, 01/01/29
-
04/01/31
...........
USD
462
$
490,738
3.00%, 09/01/27
-
12/01/46
...........
1,331
1,440,852
3.50%, 09/01/30
-
01/01/48
...........
2,988
3,272,178
4.00%, 08/01/40
-
12/01/45
...........
242
267,213
4.50%, 02/01/39
-
04/01/49
...........
4,725
5,245,794
5.00%, 10/01/41
-
11/01/41
...........
118
136,436
5.50%, 02/01/35
-
06/01/41
...........
150
175,907
Federal
National
Mortgage
Association:
4.00%, 01/01/41
..................
16
17,396
6.00%, 07/01/39
..................
121
139,765
Government
National
Mortgage
Association:
2.00%, 01/15/51
-
02/15/51
(k)
..........
3,323
3,472,561
2.50%, 01/15/51
(k)
.................
7,581
8,025,199
3.00%, 02/15/45
-
09/20/50
...........
5,719
6,090,903
3.00%, 07/20/50
(l)
.................
7,446
7,813,929
3.00%, 01/15/51
-
02/15/51
(k)
..........
1,322
1,382,607
3.50%, 01/15/42
-
11/20/46
...........
9,176
9,926,113
3.50%, 01/15/51
(k)
.................
2,346
2,486,818
4.00%, 04/20/39
-
12/20/47
...........
2,156
2,338,183
4.00%, 01/15/51
(k)
.................
3,975
4,238,033
4.50%, 12/20/39
-
05/20/50
...........
2,104
2,292,724
4.50%, 01/15/51
(k)
.................
29
31,053
5.00%, 12/15/38
-
07/20/44
...........
123
140,535
5.00%, 01/15/51
(k)
.................
1,436
1,567,652
Uniform
Mortgage-Backed
Securities:
1.50%, 01/25/51
(k)
.................
1,233
1,245,763
2.00%, 10/01/31
-
03/01/32
...........
439
461,250
2.00%, 01/25/36
-
02/25/51
(k)
..........
37,004
38,456,244
2.50%, 09/01/27
-
12/01/50
...........
16,123
17,147,249
2.50%, 01/25/51
-
02/25/51
(k)
..........
63,611
66,994,857
3.00%, 04/01/28
-
09/01/50
...........
29,373
31,497,115
3.00%, 01/25/36
(k)
.................
2,237
2,347,606
3.50%, 03/01/29
-
08/01/50
...........
11,642
12,736,207
3.50%, 01/25/36
-
02/25/51
(k)
..........
13,663
14,454,189
4.00%, 08/01/31
-
09/01/50
...........
7,762
8,556,091
4.00%, 01/25/51
-
02/25/51
(k)
..........
24,645
26,334,168
4.50%, 02/01/25
-
09/01/49
...........
20,204
22,396,026
4.50%, 01/25/51
(k)
.................
483
523,451
5.00%, 02/01/35
-
06/01/45
...........
816
942,982
5.00%, 01/25/51
(k)
.................
1,077
1,191,894
5.50%, 02/01/35
-
03/01/40
...........
439
511,769
6.00%, 04/01/35
-
06/01/41
...........
246
290,406
6.50%, 05/01/40
..................
101
121,592
307,201,448
Total
U.S.
Government
Sponsored
Agency
Securities
—
42.7%
(Cost:
$304,116,954)
..............................
307,972,573
U.S.
Treasury
Obligations
—
11.6%
U.S.
Treasury
Bonds:
4.25%, 05/15/39
-
11/15/40
...........
529
792,840
4.50%, 08/15/39
..................
146
223,380
4.38%, 11/15/39
..................
146
220,791
4.63%, 02/15/40
..................
432
673,464
1.13%, 05/15/40
-
08/15/40
...........
656
621,923
3.88%, 08/15/40
..................
432
619,144
1.38%, 11/15/40
-
08/15/50
...........
468
455,429
3.13%, 02/15/43
..................
528
692,526
2.88%, 05/15/43
-
05/15/49
...........
1,138
1,448,270
3.63%, 08/15/43
..................
528
745,676
3.75%, 11/15/43
..................
528
759,990
2.50%, 02/15/45
..................
2,222
2,649,822
2.75%, 11/15/47
..................
2,222
2,788,436
3.00%, 02/15/48
..................
2,645
3,472,182
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.25%, 08/15/49
..................
USD
1,937
$
2,216,730
2.38%, 11/15/49
..................
2,431
2,855,760
2.00%, 02/15/50
..................
73
79,285
1.25%, 05/15/50
..................
33
29,937
1.63%, 11/15/50
..................
463
461,264
U.S.
Treasury
Inflation
Linked
Bonds,
0.25%, 02/15/50
..................
4,555
5,426,700
U.S.
Treasury
Notes:
1.13%, 07/31/21
..................
2,304
2,317,500
1.75%, 07/31/21
-
11/15/29
...........
14,599
15,217,758
1.50%, 01/31/22
-
02/15/30
...........
9,818
10,245,816
2.13%, 12/31/22
-
05/15/25
...........
3,182
3,382,391
0.50%, 03/15/23
-
05/31/27
...........
5,381
5,401,113
0.25%, 04/15/23
..................
3,353
3,361,251
2.75%, 05/31/23
..................
1,029
1,093,473
2.00%, 02/15/25
..................
1,283
1,373,662
0.38%, 04/30/25
..................
5,525
5,545,071
1.63%, 11/30/26
-
08/15/29
...........
1,958
2,092,707
2.38%, 05/15/27
-
05/15/29
...........
1,618
1,808,123
2.25%, 08/15/27
..................
3,057
3,389,688
2.88%, 08/15/28
..................
309
358,935
3.13%, 11/15/28
..................
309
365,851
2.63%, 02/15/29
..................
228
261,737
Total
U.S.
Treasury
Obligations
—
11.6%
(Cost:
$81,427,595)
...............................
83,448,625
Total
Long-Term
Investments
—
115.2%
(Cost:
$807,468,722)
..............................
830,204,287
Short-Term
Securities
—
7.3%
Foreign
Government
Obligations
—
2.0%
Japan
—
2.0%
Japan
Treasury
Bill,
(0.09)%
,
03/15/21
(m)
....
JPY
1,500,000
14,530,067
Total
Foreign
Government
Obligations
—
2.0%
(Cost:
$14,419,485)
...............................
14,530,067
Security
Shares
Shares
Value
Money
Market
Funds
—
5.3%
(n)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
*
....................
38,187,472
$
38,187,472
JPMorgan
U.S.
Treasury
Plus
Money
Market
Fund,
Agency
Class,
0.01%
...........
21,532
21,532
Total
Money
Market
Funds
—
5.3%
(Cost:
$38,209,004)
...............................
38,209,004
Total
Short-Term
Securities
—
7.3%
(Cost:
$52,628,489)
...............................
52,739,071
Total
Options
Purchased
—
0.1%
(Cost:
$1,257,435)
...............................
1,476,753
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
122.6%
(Cost:
$861,354,646
)
..............................
884,420,111
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$342,558)
.....................
(344,210)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
—
(24.9)%
(k)
Mortgage-Backed
Securities
—
(24.9)%
Government
National
Mortgage
Association:
2.00%
,
 01/15/51
..................
USD
1,100
(1,150,316)
3.00%
,
 01/15/51
..................
886
(925,970)
3.50%
,
 01/15/51
..................
105
(111,284)
4.00%
,
 01/15/51
..................
518
(551,744)
4.50%
,
 01/15/51
..................
15
(16,062)
Uniform
Mortgage-Backed
Securities:
2.50%
,
 01/25/36
-
03/25/51
...........
104,847
(110,329,410)
3.00%
,
 01/25/36
-
01/25/51
...........
26,606
(27,876,385)
3.50%
,
 01/25/36
-
01/25/51
...........
3,937
(4,161,656)
4.00%
,
 01/25/36
-
01/25/51
...........
9,717
(10,374,651)
1.50%
,
 01/25/51
-
02/25/51
...........
5,852
(5,911,540)
2.00%
,
 01/25/51
..................
11,565
(12,013,076)
4.50%
,
 01/25/51
..................
5,997
(6,499,249)
Total
TBA
Sale
Commitments
—
(24.9)%
(Proceeds:
$179,051,473)
..........................
(179,921,343)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
97.7%
(Cost:
$681,960,615
)
..............................
704,154,558
Other
Assets
Less
Liabilities
—
2.3%
....................
16,618,293
Net
Assets
—
100.0%
...............................
$
720,772,851
(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)
Step-up
bond
that
pays
an
initial
coupon
rate
for
the
first
period
and
then
a
higher
coupon
rate
for
the
following
periods.
Rate
as
of
period
end.
(e)
Perpetual
security
with
no
stated
maturity
date.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
Non-income
producing
security.
(h)
Zero-coupon
bond.
(i)
Amount
is
less
than
500.
(j)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(k)
Represents
or
includes
a
TBA
transaction.
(l)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(m)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(n)
Annualized
7-day
yield
as
of
period
end.
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
30
Schedule
of
Investments
(continued)
December
31,
2020
*
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2020
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/19
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/20
Shares
Held
at
12/31/20
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
.
$
4,269,478
$
33,917,994
$
—
$
—
$
—
$
38,187,472
38,187,472
$
116,873
$
—
BlackRock
Allocation
Target
Shares-
BATS
Series
A
....
27,401,851
40,236,000
—
—
299,750
67,937,601
6,800,561
1,548,636
11,860
$
—
$
299,750
$
106,125,073
$
1,665,509
$
11,860
(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
31
Schedule
of
Investments
(continued)
December
31,
2020
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bund
Futures
Put
Options,
Strike
Price
EUR
175.00
..............................
117
02/19/21
$
37
$
(24,639)
U.S.
Treasury
Long
Bond
....................................................
76
03/22/21
13,162
(35,151)
U.S.
Treasury
Ultra
Bond
....................................................
160
03/22/21
34,170
(154,157)
U.S.
Treasury
2
Year
Note
....................................................
223
03/31/21
49,278
39,026
U.S.
Treasury
5
Year
Note
....................................................
491
03/31/21
61,947
155,007
(19,914)
Short
Contracts
Euro-Bund
..............................................................
110
03/08/21
23,872
2,336
Euro-
Buxl
...............................................................
19
03/08/21
5,228
(48,785)
U.S.
Treasury
10
Year
Note
...................................................
125
03/22/21
17,260
(33,358)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
17
03/22/21
2,658
3,838
(75,969)
$
(95,883)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
742,999
USD
141,000
BNP
Paribas
SA
01/05/21
$
2,044
GBP
1,543,582
USD
2,110,000
Bank
of
America
NA
01/05/21
849
MXN
14,349,100
USD
710,000
Citibank
NA
01/05/21
11,078
MXN
28,315,280
USD
1,400,000
HSBC
Bank
plc
01/05/21
22,914
USD
783,000
BRL
3,988,993
BNP
Paribas
SA
01/05/21
15,030
USD
141,000
BRL
725,304
Citibank
NA
01/05/21
1,363
USD
2,110,000
ZAR
30,993,263
BNP
Paribas
SA
01/05/21
897
ZAR
10,634,380
USD
710,000
BNP
Paribas
SA
01/05/21
13,673
ZAR
21,763,770
USD
1,400,000
Deutsche
Bank
AG
01/05/21
81,032
IDR
19,891,200,000
USD
1,400,000
Bank
of
America
NA
01/06/21
17,626
IDR
10,073,480,000
USD
710,000
JPMorgan
Chase
Bank
NA
01/06/21
7,927
INR
103,950,000
USD
1,400,000
Bank
of
America
NA
01/06/21
22,600
INR
52,330,550
USD
710,000
JPMorgan
Chase
Bank
NA
01/06/21
6,166
KRW
114,890,702
USD
105,192
Bank
of
America
NA
01/07/21
526
KRW
503,050,824
USD
460,808
Citibank
NA
01/07/21
2,080
RUB
107,522,660
USD
1,400,000
Citibank
NA
01/12/21
52,837
AUD
794,000
USD
583,828
Barclays
Bank
plc
01/13/21
28,376
AUD
392,000
USD
288,664
JPMorgan
Chase
Bank
NA
01/13/21
13,584
CLP
129,762,500
USD
175,000
Citibank
NA
01/13/21
7,610
COP
887,135,200
USD
244,000
Citibank
NA
01/13/21
15,739
INR
26,026,455
USD
350,000
Deutsche
Bank
AG
01/13/21
6,062
JPY
12,892,266
USD
124,000
Bank
of
America
NA
01/13/21
872
JPY
57,927,960
USD
558,000
Morgan
Stanley
&
Co.
International
plc
01/13/21
3,080
KRW
234,108,000
USD
210,000
Barclays
Bank
plc
01/13/21
5,186
MXN
15,467,123
USD
771,000
Bank
of
America
NA
01/13/21
5,503
MXN
10,001,072
USD
500,000
Citibank
NA
01/13/21
2,088
MXN
2,914,735
USD
143,000
Morgan
Stanley
&
Co.
International
plc
01/13/21
3,330
NOK
1,537,038
USD
174,000
JPMorgan
Chase
Bank
NA
01/13/21
5,265
NOK
1,239,185
USD
141,000
UBS
AG
01/13/21
3,526
RUB
26,425,392
USD
354,000
BNP
Paribas
SA
01/13/21
3,004
RUB
5,243,255
USD
69,000
Citibank
NA
01/13/21
1,836
USD
70,000
MXN
1,393,392
Bank
of
America
NA
01/13/21
46
USD
356,000
RUB
26,146,420
Bank
of
America
NA
01/13/21
2,764
ZAR
2,669,377
USD
178,000
HSBC
Bank
plc
01/13/21
3,399
CNY
4,658,260
USD
712,000
JPMorgan
Chase
Bank
NA
01/19/21
3,664
USD
712,000
TWD
19,839,532
JPMorgan
Chase
Bank
NA
01/19/21
4,536
KZT
21,545,601
USD
49,090
Citibank
NA
01/20/21
1,995
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
32
Schedule
of
Investments
(continued)
December
31,
2020
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
MXN
42,177,845
USD
2,110,000
Citibank
NA
02/02/21
$
2,639
USD
356,000
BRL
1,838,384
Citibank
NA
02/02/21
2,192
USD
2,110,000
EUR
1,723,328
Bank
of
America
NA
02/02/21
3,227
USD
2,110,000
JPY
217,773,522
Bank
of
America
NA
02/02/21
168
USD
2,110,000
SEK
17,322,849
Bank
of
America
NA
02/02/21
3,795
COP
1,115,920,000
USD
290,000
Citibank
NA
02/17/21
36,568
KRW
616,424,940
USD
566,000
Barclays
Bank
plc
02/17/21
580
COP
1,079,327,140
USD
310,790
JPMorgan
Chase
Bank
NA
02/24/21
4,978
IDR
558,494,339
USD
39,314
BNP
Paribas
SA
02/24/21
686
IDR
2,104,047,110
USD
147,572
Deutsche
Bank
AG
02/24/21
3,125
IDR
273,423,700
USD
19,232
UBS
AG
02/24/21
351
RUB
24,326,580
USD
317,000
BNP
Paribas
SA
02/24/21
9,832
MXN
25,363,000
USD
1,256,602
Citibank
NA
02/26/21
10,465
EUR
440,000
USD
534,288
Bank
of
America
NA
03/17/21
4,109
EUR
1,460,000
USD
1,780,327
Barclays
Bank
plc
03/17/21
6,171
EUR
4,670,000
USD
5,683,079
BNP
Paribas
SA
03/17/21
31,268
EUR
880,000
USD
1,075,632
Goldman
Sachs
International
03/17/21
1,162
EUR
2,190,000
USD
2,664,830
HSBC
Bank
plc
03/17/21
14,918
EUR
380,557
USD
462,000
JPMorgan
Chase
Bank
NA
03/17/21
3,661
EUR
719,443
USD
871,231
Morgan
Stanley
&
Co.
International
plc
03/17/21
9,100
GBP
1,713,541
EUR
1,887,639
BNP
Paribas
SA
03/17/21
34,545
GBP
1,902,421
EUR
2,088,601
Deutsche
Bank
AG
03/17/21
47,050
GBP
652,817
EUR
720,000
Goldman
Sachs
International
03/17/21
12,113
GBP
1,559,369
EUR
1,723,759
UBS
AG
03/17/21
24,150
GBP
1,550,000
USD
2,073,127
Barclays
Bank
plc
03/17/21
47,446
GBP
1,575,000
USD
2,110,026
Deutsche
Bank
AG
03/17/21
44,750
GBP
590,000
USD
796,441
Goldman
Sachs
International
03/17/21
10,745
GBP
1,045,000
USD
1,388,518
HSBC
Bank
plc
03/17/21
41,159
GBP
610,000
USD
811,176
UBS
AG
03/17/21
23,372
USD
1,792,573
EUR
1,460,000
Barclays
Bank
plc
03/17/21
6,075
USD
3,768,723
EUR
3,070,000
BNP
Paribas
SA
03/17/21
12,182
USD
896,075
EUR
730,000
Deutsche
Bank
AG
03/17/21
2,826
USD
1,790,825
EUR
1,460,000
Morgan
Stanley
&
Co.
International
plc
03/17/21
4,327
839,842
BRL
894,717
USD
178,000
BNP
Paribas
SA
01/05/21
(5,747)
BRL
3,591,180
USD
710,000
Citibank
NA
01/05/21
(18,617)
EUR
1,724,490
USD
2,110,000
Bank
of
America
NA
01/05/21
(3,277)
JPY
217,846,950
USD
2,110,000
Bank
of
America
NA
01/05/21
(204)
SEK
17,328,480
USD
2,110,000
Bank
of
America
NA
01/05/21
(3,860)
USD
105,000
BRL
557,707
Deutsche
Bank
AG
01/05/21
(2,371)
USD
1,400,000
EUR
1,169,007
Bank
of
America
NA
01/05/21
(28,117)
USD
710,000
EUR
584,779
JPMorgan
Chase
Bank
NA
01/05/21
(4,395)
USD
2,110,000
GBP
1,578,858
Deutsche
Bank
AG
01/05/21
(49,088)
USD
710,000
JPY
73,751,818
Bank
of
America
NA
01/05/21
(4,269)
USD
1,400,000
JPY
145,862,500
Citibank
NA
01/05/21
(12,643)
USD
2,110,000
MXN
42,042,805
Citibank
NA
01/05/21
(2,757)
USD
710,000
SEK
5,964,212
Bank
of
America
NA
01/05/21
(14,903)
USD
1,400,000
SEK
11,958,719
JPMorgan
Chase
Bank
NA
01/05/21
(53,488)
USD
1,410,000
CLP
1,057,474,000
Citibank
NA
01/06/21
(78,323)
USD
700,000
CLP
536,956,000
JPMorgan
Chase
Bank
NA
01/06/21
(55,729)
USD
3,738,388
EUR
3,135,500
Goldman
Sachs
International
01/06/21
(92,208)
USD
301,800
EUR
248,000
HSBC
Bank
plc
01/06/21
(1,178)
USD
3,755,062
EUR
3,135,500
UBS
AG
01/06/21
(75,534)
USD
964,852
GBP
722,000
BNP
Paribas
SA
01/06/21
(22,494)
USD
566,000
KRW
616,396,640
Barclays
Bank
plc
01/07/21
(1,184)
RUB
52,461,900
USD
710,000
Bank
of
America
NA
01/12/21
(1,139)
MXN
5,622,064
USD
284,000
Citibank
NA
01/13/21
(1,754)
PLN
1,035,976
USD
284,000
Bank
of
America
NA
01/13/21
(6,658)
PLN
791,270
USD
212,000
Citibank
NA
01/13/21
(168)
PLN
29,646
USD
8,000
Goldman
Sachs
International
01/13/21
(64)
USD
176,578
AUD
240,000
Bank
of
America
NA
01/13/21
(8,471)
USD
288,367
AUD
390,000
BNP
Paribas
SA
01/13/21
(12,337)
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
33
Schedule
of
Investments
(continued)
December
31,
2020
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
222,933
AUD
294,000
Morgan
Stanley
&
Co.
International
plc
01/13/21
$
(3,752)
USD
348,000
CAD
452,142
Morgan
Stanley
&
Co.
International
plc
01/13/21
(7,224)
USD
175,000
CLP
134,263,500
Deutsche
Bank
AG
01/13/21
(13,944)
USD
319,000
COP
1,101,291,000
Citibank
NA
01/13/21
(3,440)
USD
284,000
COP
992,580,000
Deutsche
Bank
AG
01/13/21
(6,612)
USD
177,000
COP
613,305,000
HSBC
Bank
plc
01/13/21
(2,566)
USD
91,895
EUR
77,000
Deutsche
Bank
AG
01/13/21
(2,194)
USD
210,000
KRW
231,903,000
Bank
of
America
NA
01/13/21
(3,160)
USD
210,000
KRW
234,150,000
JPMorgan
Chase
Bank
NA
01/13/21
(5,226)
USD
448,500
MXN
8,994,620
Bank
of
America
NA
01/13/21
(3,060)
USD
297,908
MXN
5,992,827
HSBC
Bank
plc
01/13/21
(2,953)
USD
179,000
MXN
3,579,194
Morgan
Stanley
&
Co.
International
plc
01/13/21
(688)
USD
142,000
NOK
1,239,617
Bank
of
America
NA
01/13/21
(2,577)
USD
424,000
PLN
1,588,196
BNP
Paribas
SA
01/13/21
(1,178)
USD
569,000
RUB
42,463,260
Bank
of
America
NA
01/13/21
(4,674)
USD
140,000
RUB
10,630,999
BNP
Paribas
SA
01/13/21
(3,624)
USD
356,000
RUB
26,806,800
Citibank
NA
01/13/21
(6,157)
USD
778,335
ZAR
11,882,667
Bank
of
America
NA
01/13/21
(29,158)
USD
14,438,456
JPY
1,500,300,000
Barclays
Bank
plc
01/19/21
(94,245)
BRL
3,991,264
USD
783,000
BNP
Paribas
SA
02/02/21
(14,858)
RUB
156,604,200
USD
2,110,000
JPMorgan
Chase
Bank
NA
02/02/21
(644)
USD
2,110,000
GBP
1,543,238
Bank
of
America
NA
02/02/21
(858)
ZAR
31,114,587
USD
2,110,000
BNP
Paribas
SA
02/02/21
(1,183)
INR
154,530,070
USD
2,110,000
Citibank
NA
02/03/21
(392)
USD
106,000
TRY
850,651
Barclays
Bank
plc
02/16/21
(6,704)
USD
290,000
COP
1,115,920,000
Morgan
Stanley
&
Co.
International
plc
02/17/21
(36,568)
EUR
121,000
USD
148,580
Citibank
NA
02/24/21
(590)
USD
4,356,479
CNY
28,761,040
Morgan
Stanley
&
Co.
International
plc
02/24/21
(51,775)
USD
523,796
COP
1,906,826,925
Deutsche
Bank
AG
02/24/21
(34,064)
USD
269,473
EUR
221,238
Citibank
NA
02/24/21
(1,114)
USD
437,373
EUR
366,148
JPMorgan
Chase
Bank
NA
02/24/21
(10,448)
USD
1,062,466
IDR
15,130,574,000
JPMorgan
Chase
Bank
NA
02/24/21
(21,216)
USD
2,806,533
RUB
214,472,109
Citibank
NA
02/24/21
(74,938)
USD
1,813,933
MXN
36,777,485
Barclays
Bank
plc
02/26/21
(23,371)
USD
577,990
MXN
11,691,000
Deutsche
Bank
AG
02/26/21
(6,061)
PEN
760,444
USD
212,000
Citibank
NA
03/09/21
(1,884)
EUR
1,450,000
GBP
1,310,198
Barclays
Bank
plc
03/17/21
(18,235)
EUR
2,560,000
GBP
2,302,551
Barclays
Bank
plc
03/17/21
(17,656)
EUR
2,129,443
GBP
1,930,763
Deutsche
Bank
AG
03/17/21
(35,849)
EUR
193,680
GBP
175,126
Goldman
Sachs
International
03/17/21
(2,601)
EUR
1,075,708
GBP
981,882
JPMorgan
Chase
Bank
NA
03/17/21
(27,057)
EUR
111,169
GBP
101,323
UBS
AG
03/17/21
(2,592)
USD
11,863,128
CNY
77,964,475
Standard
Chartered
Bank
03/17/21
(69,559)
USD
2,399,546
EUR
1,970,000
Barclays
Bank
plc
03/17/21
(11,003)
USD
6,041,116
EUR
4,970,000
Goldman
Sachs
International
03/17/21
(40,321)
USD
2,941,114
GBP
2,180,000
Barclays
Bank
plc
03/17/21
(41,369)
USD
2,419,437
GBP
1,800,000
HSBC
Bank
plc
03/17/21
(43,164)
USD
1,852,286
GBP
1,390,000
Morgan
Stanley
&
Co.
International
plc
03/17/21
(49,389)
USD
1,059,267
IDR
15,130,574,209
JPMorgan
Chase
Bank
NA
03/31/21
(21,132)
(1,424,004)
$
(584,162)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
EUR
Currency
...............
One-Touch
BNP
Paribas
SA
06/28/21
USD
1.25
USD
1.25
EUR
460
$
182,868
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
34
Schedule
of
Investments
(continued)
December
31,
2020
OTC
Barrier
Options
Purchased
(continued)
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
USD
Currency
...............
Down
and
Out
Morgan
Stanley
&
Co.
International
plc
01/15/21
MXN
20.00
MXN
19.10
USD
280
$
2,334
USD
Currency
...............
One-Touch
Bank
of
America
NA
02/04/21
KRW
1,071.00
KRW
1,048.00
USD
42
8,504
USD
Currency
...............
One-Touch
Citibank
NA
04/23/21
TRY
7.35
TRY
7.35
USD
70
19,807
EUR
Currency
...............
One-Touch
BNP
Paribas
SA
05/28/21
PLN
4.25
PLN
4.25
EUR
130
6,312
EUR
Currency
...............
One-Touch
BNP
Paribas
SA
05/28/21
HUF
340.00
HUF
340.00
EUR
140
10,502
47,459
$
230,327
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
June
2021
Futures
..............
841
06/11/21
USD
99.25
USD
210,250
$
173,456
90-day
Eurodollar
September
2021
Futures
..........
981
09/10/21
USD
99.38
USD
245,250
153,281
90-day
Eurodollar
September
2021
Futures
..........
1,091
09/10/21
USD
99.63
USD
272,750
68,188
$
394,925
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Bank
of
America
NA
01/05/21
KRW
1,110.00
USD
566
$
65
USD
Currency
...........................
BNP
Paribas
SA
01/07/21
ZAR
15.30
USD
496
517
GBP
Currency
...........................
Goldman
Sachs
International
01/08/21
USD
1.40
GBP
3,980
2,535
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
01/11/21
KRW
1,095.00
USD
638
2,596
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
01/11/21
KRW
1,180.00
USD
686
5
EUR
Currency
...........................
UBS
AG
01/12/21
CHF
1.10
EUR
4,370
1,168
USD
Currency
...........................
Citibank
NA
01/26/21
RUB
78.50
USD
354
1,710
EUR
Currency
...........................
Citibank
NA
01/29/21
USD
1.22
EUR
5,920
78,553
EUR
Currency
...........................
Citibank
NA
02/10/21
USD
1.23
EUR
5,900
58,136
USD
Currency
...........................
Citibank
NA
02/12/21
RUB
81.00
USD
220
1,029
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
02/12/21
MXN
22.35
USD
514
988
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
03/18/21
ZAR
14.75
USD
249
8,050
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
03/18/21
CLP
730.00
USD
712
9,809
165,161
Put
EUR
Currency
...........................
Citibank
NA
01/07/21
GBP
0.90
EUR
8,840
61,628
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
01/11/21
KRW
1,140.00
USD
686
30,624
USD
Currency
...........................
Citibank
NA
01/15/21
TRY
7.60
USD
246
6,563
USD
Currency
...........................
Deutsche
Bank
AG
01/15/21
MXN
20.00
USD
140
2,050
USD
Currency
...........................
Goldman
Sachs
International
01/21/21
BRL
5.10
USD
712
8,548
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
01/25/21
COP
3,630.00
USD
494
30,972
USD
Currency
...........................
Citibank
NA
01/26/21
RUB
72.00
USD
353
1,411
USD
Currency
...........................
Deutsche
Bank
AG
01/26/21
RUB
75.50
USD
706
17,520
USD
Currency
...........................
UBS
AG
01/26/21
RUB
72.00
USD
353
1,411
EUR
Currency
...........................
Bank
of
America
NA
02/05/21
RUB
89.00
EUR
584
5,772
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
02/05/21
BRL
4.95
USD
531
3,812
USD
Currency
...........................
BNP
Paribas
SA
02/08/21
IDR
14,100.00
USD
708
13,504
USD
Currency
...........................
Deutsche
Bank
AG
02/08/21
TRY
7.85
USD
283
15,309
USD
Currency
...........................
JPMorgan
Chase
Bank
NA
02/09/21
IDR
14,000.00
USD
710
10,371
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
02/11/21
BRL
5.25
USD
1,715
57,304
USD
Currency
...........................
Bank
of
America
NA
02/12/21
NOK
8.65
USD
284
6,153
USD
Currency
...........................
Deutsche
Bank
AG
02/12/21
RUB
75.50
USD
1,031
29,045
USD
Currency
...........................
Goldman
Sachs
International
02/12/21
MXN
20.60
USD
1,715
70,538
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
35
Schedule
of
Investments
(continued)
December
31,
2020
OTC
Currency
Options
Purchased
(continued)
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
02/12/21
COP
3,760.00
USD
1,029
$
102,909
EUR
Currency
...........................
Citibank
NA
02/17/21
GBP
0.87
EUR
8,930
27,654
USD
Currency
...........................
Citibank
NA
02/19/21
RUB
76.00
USD
705
23,628
USD
Currency
...........................
Citibank
NA
02/22/21
MXN
20.00
USD
1,057
23,636
USD
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
03/02/21
BRL
5.05
USD
7,322
131,943
USD
Currency
...........................
Citibank
NA
04/22/21
TRY
7.75
USD
106
4,035
686,340
$
851,501
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
.............................
BNP
Paribas
SA
01/07/21
ZAR
15.80
USD
710
$
(137)
USD
Currency
.............................
JPMorgan
Chase
Bank
NA
01/11/21
KRW
1,160.00
USD
686
(16)
EUR
Currency
.............................
UBS
AG
01/12/21
CHF
1.14
EUR
4,370
(32)
USD
Currency
.............................
Goldman
Sachs
International
01/21/21
BRL
5.25
USD
356
(5,950)
USD
Currency
.............................
Bank
of
America
NA
01/22/21
TRY
7.75
USD
107
(885)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
01/25/21
COP
3,800.00
USD
494
(227)
USD
Currency
.............................
Deutsche
Bank
AG
01/26/21
RUB
78.50
USD
706
(3,410)
EUR
Currency
.............................
HSBC
Bank
plc
01/29/21
USD
1.22
EUR
5,920
(78,553)
EUR
Currency
.............................
Bank
of
America
NA
02/05/21
RUB
92.00
EUR
410
(7,956)
USD
Currency
.............................
Deutsche
Bank
AG
02/12/21
RUB
81.00
USD
220
(1,029)
USD
Currency
.............................
Bank
of
America
NA
02/12/21
NOK
9.00
USD
284
(1,294)
USD
Currency
.............................
Goldman
Sachs
International
02/12/21
MXN
22.35
USD
514
(988)
USD
Currency
.............................
Citibank
NA
02/19/21
RUB
80.00
USD
493
(3,301)
USD
Currency
.............................
Citibank
NA
02/22/21
MXN
21.00
USD
705
(6,172)
USD
Currency
.............................
JPMorgan
Chase
Bank
NA
03/18/21
ZAR
15.50
USD
249
(3,803)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
03/18/21
CLP
780.00
USD
712
(2,678)
–
(116,431)
–
Put
USD
Currency
.............................
Deutsche
Bank
AG
01/15/21
MXN
19.50
USD
140
(531)
USD
Currency
.............................
Citibank
NA
01/15/21
TRY
7.30
USD
281
(1,703)
USD
Currency
.............................
Goldman
Sachs
International
01/21/21
BRL
4.90
USD
1,070
(2,763)
USD
Currency
.............................
Deutsche
Bank
AG
01/26/21
RUB
72.00
USD
706
(2,823)
USD
Currency
.............................
Deutsche
Bank
AG
02/08/21
TRY
7.55
USD
354
(9,053)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
02/11/21
BRL
4.95
USD
2,229
(18,611)
USD
Currency
.............................
Deutsche
Bank
AG
02/12/21
RUB
72.50
USD
1,340
(11,346)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
02/12/21
COP
3,600.00
USD
1,338
(75,643)
USD
Currency
.............................
Goldman
Sachs
International
02/12/21
MXN
19.50
USD
2,229
(20,520)
USD
Currency
.............................
Citibank
NA
02/19/21
RUB
72.00
USD
881
(6,520)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
03/02/21
BRL
4.90
USD
7,322
(64,936)
USD
Currency
.............................
JPMorgan
Chase
Bank
NA
03/18/21
ZAR
14.00
USD
249
(1,902)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
03/18/21
CLP
700.00
USD
712
(11,428)
–
(227,779)
–
$
(344,210)
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
36
Schedule
of
Investments
(continued)
December
31,
2020
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)
1
day
REPO_CORRA
At
Termination
0.48%
At
Termination
10/07/22
(a)
10/07/23
CAD
15,201
$
5,391
$
—
$
5,391
3
month
BA
Semi-Annual
0.76%
Semi-Annual
10/07/22
(a)
10/07/23
CAD
36,495
6,953
(757)
7,710
3
month
BA
Semi-Annual
0.75%
Semi-Annual
10/24/22
(a)
10/24/23
CAD
25,422
431
—
431
3
month
BA
Semi-Annual
0.74%
Semi-Annual
10/26/22
(a)
10/26/23
CAD
19,112
(1,456)
—
(1,456)
3
month
BA
Semi-Annual
0.83%
Semi-Annual
11/09/22
(a)
11/09/23
CAD
18,998
10,355
—
10,355
3
month
BA
Semi-Annual
0.85%
Semi-Annual
12/01/22
(a)
12/01/23
CAD
22,120
11,403
—
11,403
0.80%
Semi-Annual
3
month
BA
Semi-Annual
12/12/22
(a)
12/12/23
CAD
23,010
(699)
—
(699)
28
day
MXIBTIIE
Monthly
6.67%
Monthly
N/A
08/12/24
MXN
10,494
39,201
—
39,201
28
day
MXIBTIIE
Monthly
6.72%
Monthly
N/A
08/13/24
MXN
9,029
34,425
—
34,425
28
day
MXIBTIIE
Monthly
6.59%
Monthly
N/A
11/08/24
MXN
6,685
24,969
—
24,969
28
day
MXIBTIIE
Monthly
5.04%
Monthly
N/A
11/12/25
MXN
32,801
25,221
—
25,221
2.91%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
08/23/26
USD
125
(18,159)
—
(18,159)
3.16%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/03/28
USD
152
(29,174)
—
(29,174)
$
108,861
$
(757)
$
109,618
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.72%
At
Termination
1
month
HICPXT
At
Termination
09/15/25
EUR
2,360
$
19,199
$
—
$
19,199
0.73%
At
Termination
1
month
HICPXT
At
Termination
09/15/25
EUR
2,360
17,673
—
17,673
0.67%
At
Termination
1
month
HICPXT
At
Termination
10/15/25
EUR
1,820
19,909
—
19,909
0.67%
At
Termination
1
month
HICPXT
At
Termination
10/15/25
EUR
2,680
28,902
—
28,902
0.68%
At
Termination
1
month
HICPXT
At
Termination
10/15/25
EUR
1,840
18,417
—
18,417
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.50%
At
Termination
10/15/25
GBP
2,020
27,288
—
27,288
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.51%
At
Termination
10/15/25
GBP
4,130
59,846
—
59,846
0.70%
At
Termination
1
month
HICPXT
At
Termination
11/15/25
EUR
1,825
33,152
—
33,152
0.70%
At
Termination
1
month
HICPXT
At
Termination
11/15/25
EUR
2,590
46,462
—
46,462
1.01%
At
Termination
1
month
HICPXT
At
Termination
12/15/25
EUR
1,048
125
—
125
1.03%
At
Termination
1
month
HICPXT
At
Termination
12/15/25
EUR
1,571
(1,974)
—
(1,974)
1.03%
At
Termination
1
month
HICPXT
At
Termination
12/15/25
EUR
1,571
(2,108)
—
(2,108)
1
month
HICPXT
At
Termination
0.96%
At
Termination
09/15/30
EUR
2,360
(28,503)
—
(28,503)
1
month
HICPXT
At
Termination
0.98%
At
Termination
09/15/30
EUR
2,360
(23,488)
—
(23,488)
1
month
HICPXT
At
Termination
0.92%
At
Termination
10/15/30
EUR
2,680
(48,840)
—
(48,840)
1
month
HICPXT
At
Termination
0.92%
At
Termination
10/15/30
EUR
1,820
(32,790)
—
(32,790)
1
month
HICPXT
At
Termination
0.93%
At
Termination
10/15/30
EUR
1,840
(30,682)
—
(30,682)
1
month
HICPXT
At
Termination
0.90%
At
Termination
11/15/30
EUR
1,825
(55,508)
—
(55,508)
1
month
HICPXT
At
Termination
0.90%
At
Termination
11/15/30
EUR
2,590
(77,882)
—
(77,882)
1
month
HICPXT
At
Termination
1.13%
At
Termination
12/15/30
EUR
1,048
(979)
—
(979)
1
month
HICPXT
At
Termination
1.14%
At
Termination
12/15/30
EUR
1,571
1,566
—
1,566
1
month
HICPXT
At
Termination
1.14%
At
Termination
12/15/30
EUR
1,571
303
—
303
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.33%
At
Termination
11/15/40
GBP
760
5,771
—
5,771
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
250
8,109
—
8,109
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
500
16,460
—
16,460
$
428
$
—
$
428
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
37
Schedule
of
Investments
(continued)
December
31,
2020
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
12/20/25
USD
520
$
10,460
$
29,608
$
(19,148)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
130
2,615
6,822
(4,207)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
715
14,380
43,462
(29,082)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
112
2,253
6,027
(3,774)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
130
2,615
6,995
(4,380)
Republic
of
Colombia
.......
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
80
(480)
1,308
(1,788)
Republic
of
Colombia
.......
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
70
(420)
1,210
(1,630)
Republic
of
Colombia
.......
1.00
Quarterly
Citibank
NA
12/20/25
USD
1,531
(9,181)
28,253
(37,434)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
12/20/25
USD
270
(1,619)
4,786
(6,405)
Republic
of
Colombia
.......
1.00
Quarterly
Goldman
Sachs
International
12/20/25
USD
122
(732)
2,667
(3,399)
Republic
of
Colombia
.......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
USD
40
(240)
673
(913)
Republic
of
Colombia
.......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
USD
60
(360)
1,060
(1,420)
Republic
of
Indonesia
.......
1.00
Quarterly
Citibank
NA
12/20/25
USD
110
(1,755)
247
(2,002)
Republic
of
Indonesia
.......
1.00
Quarterly
Citibank
NA
12/20/25
USD
110
(1,755)
195
(1,950)
Republic
of
Indonesia
.......
1.00
Quarterly
Citibank
NA
12/20/25
USD
720
(11,485)
688
(12,173)
Republic
of
Indonesia
.......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
USD
152
(2,425)
291
(2,716)
Republic
of
South
Africa
.....
1.00
Quarterly
Goldman
Sachs
International
12/20/25
USD
293
14,172
26,409
(12,237)
Republic
of
South
Africa
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
USD
1,047
50,657
95,758
(45,101)
Republic
of
South
Africa
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
USD
128
6,202
11,724
(5,522)
Republic
of
South
Africa
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
USD
531
25,693
48,568
(22,875)
Republic
of
South
Africa
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
USD
372
18,000
33,200
(15,200)
Republic
of
the
Philippines
...
1.00
Quarterly
Goldman
Sachs
International
12/20/25
USD
754
(24,377)
(16,925)
(7,452)
Russian
Federation
........
1.00
Quarterly
Bank
of
America
NA
12/20/25
USD
309
(2,037)
2,139
(4,176)
Russian
Federation
........
1.00
Quarterly
Bank
of
America
NA
12/20/25
USD
282
(1,855)
2,578
(4,433)
Russian
Federation
........
1.00
Quarterly
Bank
of
America
NA
12/20/25
USD
372
(2,451)
2,725
(5,176)
Russian
Federation
........
1.00
Quarterly
Citibank
NA
12/20/25
USD
129
(851)
823
(1,674)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
130
(1,236)
2,110
(3,346)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
120
(1,141)
1,777
(2,918)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
12/20/25
USD
1,232
(11,711)
21,677
(33,388)
United
Mexican
States
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
USD
122
(1,160)
2,008
(3,168)
CMBX.NA.9.AAA-
.........
0.50
Monthly
Credit
Suisse
International
09/17/58
USD
150
(2,016)
1,840
(3,856)
CMBX.NA.9.AAA-
.........
0.50
Monthly
Deutsche
Bank
AG
09/17/58
USD
120
(1,612)
1,492
(3,104)
CMBX.NA.9.AAA-
.........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
100
(1,344)
1,227
(2,571)
CMBX.NA.9.AAA-
.........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
90
(1,209)
1,104
(2,313)
CMBX.NA.9.AAA-
.........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
230
(3,090)
3,039
(6,129)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
8
947
435
512
CMBX.NA.6.AAA-
.........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
78
(417)
(11)
(406)
CMBX.NA.6.AAA-
.........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
183
(981)
(138)
(843)
CMBX.NA.6.BBB-
.........
3.00
Monthly
JPMorgan
Securities
LLC
05/11/63
USD
30
7,996
2,714
5,282
$
–
$
–
$
–
$
68,050
$
380,565
$
(312,515)
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.3.AM
.......
0.50
%
Monthly
Credit
Suisse
International
12/13/49
NR
USD
—
$
—
$
(4)
$
4
CMBX.NA.9.BBB-
.....
3.00
Monthly
Deutsche
Bank
AG
09/17/58
NR
USD
29
(3,435)
(3,291)
(144)
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A-
USD
120
(3,657)
(4,889)
1,232
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A-
USD
60
(1,829)
(2,490)
661
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
NR
USD
10
(1,231)
(807)
(424)
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
38
Schedule
of
Investments
(continued)
December
31,
2020
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.6.BBB-
.....
3.00
%
Monthly
Credit
Suisse
International
05/11/63
NR
USD
30
$
(7,996)
$
(2,243)
$
(5,753)
$
(18,148)
$
(13,724)
$
(4,424)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.27%
Semi-Annual
3
month
LIBOR
Quarterly
Deutsche
Bank
AG
05/16/21
USD
470
$
(7,219)
$
—
$
(7,219)
28
day
MXIBTIIE
Monthly
6.43%
Monthly
Bank
of
America
NA
06/06/25
MXN
541
1,986
—
1,986
28
day
MXIBTIIE
Monthly
6.33%
Monthly
Citibank
NA
06/09/25
MXN
271
941
—
941
$
(4,292)
$
—
$
(4,292)
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
(Amount)/
Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3
month
LIBOR
.....
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Barclays
Bank
plc
03/20/21
USD
5,220
$
35,775
$
(2,460)
$
38,235
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
REPO_CORRA
...................................
Canadian
Overnight
Repo
Rate
0.20
%
1
month
HICPXT
......................................
Harmonized
Index
Of
Consumer
Prices
Excluding
Tobacco
(0.36)
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
4.48
3
month
BA
..........................................
Canadian
Bankers
Acceptances
0.48
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.24
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
—
$
(757)
$
462,288
$
(352,242)
$
—
OTC
Swaps
.....................................................
397,639
(33,258)
48,853
(331,849)
—
Options
Written
...................................................
N/A
N/A
82,164
(83,816)
(344,210)
(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
39
Schedule
of
Investments
(continued)
December
31,
2020
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)
.....
$
—
$
—
$
—
$
—
$
200,207
$
—
$
200,207
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
839,842
—
—
839,842
Options
purchased
Investments
at
value
—
unaffiliated
(b)
...........
—
—
—
1,081,828
394,925
—
1,476,753
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
159,106
303,182
462,288
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
405,330
—
—
41,162
—
446,492
$
—
$
405,330
$
—
$
1,921,670
$
795,400
$
303,182
$
3,425,582
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
296,090
—
296,090
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,424,004
—
—
1,424,004
Options
written
Options
written
at
value
.....................
—
—
—
344,210
—
—
344,210
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
49,488
302,754
352,242
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
355,428
—
—
9,679
—
365,107
$
—
$
355,428
$
—
$
1,768,214
$
355,257
$
302,754
$
2,781,653
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
year
ended
December
31,
2020,
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
.......................
$
—
$
—
$
—
$
—
$
7,788,265
$
—
$
7,788,265
Forward
foreign
currency
exchange
contracts
....
—
—
—
(1,129,543)
—
—
(1,129,543)
Options
purchased
(a)
....................
—
—
—
(1,008,823)
(695,656)
—
(1,704,479)
Options
written
........................
—
—
—
500,168
73,699
—
573,867
Swaps
..............................
—
453,332
—
—
1,344,283
555,443
2,353,058
$
—
$
453,332
$
—
$
(1,638,198)
$
8,510,591
$
555,443
$
7,881,168
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
330,188
—
330,188
Forward
foreign
currency
exchange
contracts
....
—
—
—
(833,963)
—
—
(833,963)
Options
purchased
(b)
....................
—
—
—
275,992
72,779
—
348,771
Options
written
........................
—
—
—
9,706
(168,921)
—
(159,215)
Swaps
..............................
—
(82,485)
—
—
150,802
428
68,745
$
—
$
(82,485)
$
—
$
(548,265)
$
384,848
$
428
$
(245,474)
(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.
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
40
Schedule
of
Investments
(continued)
December
31,
2020
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
..................................................................................
$
127,630,434
Average
notional
value
of
contracts
—
short
.................................................................................
38,444,733
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
65,407,950
Average
amounts
sold
—
in
USD
........................................................................................
32,991,601
Options:
Average
value
of
option
contracts
purchased
................................................................................
552,190
Average
value
of
option
contracts
written
...................................................................................
191,779
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
1,926,750
Average
notional
value
of
swaption
contracts
written
...........................................................................
—
(a)
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
8,414,530
Average
notional
value
—
sell
protection
...................................................................................
350,429
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
57,335,173
Average
notional
value
—
receives
fixed
rate
................................................................................
105,978,133
Inflation
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
20,272,478
Average
notional
value
—
receives
fixed
rate
................................................................................
22,891,240
Total
return
swaps:
Average
notional
value
...............................................................................................
4,157,500
(a)
Derivative
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments:
$
—
Futures
contracts
....................................................................................
$
171,372
$
20,260
Forward
foreign
currency
exchange
contracts
.................................................................
839,842
1,424,004
Options
(a)
.........................................................................................
1,476,753
344,210
Swaps
—
Centrally
cleared
.............................................................................
—
11,904
Swaps
—
OTC
(b)
....................................................................................
446,492
365,107
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
2,934,459
$
2,165,485
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(566,297)
(32,164)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
2,368,162
$
2,133,321
(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
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
41
Schedule
of
Investments
(continued)
December
31,
2020
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Bank
of
America
NA
..............................
$
92,007
$
(92,007)
$
—
$
—
$
—
Barclays
Bank
plc
................................
253,065
(253,065)
—
—
—
BNP
Paribas
SA
.................................
336,864
(61,558)
—
—
275,306
Citibank
NA
....................................
487,427
(275,706)
—
(190,000)
21,721
Credit
Suisse
International
..........................
1,844
(1,844)
—
—
—
Deutsche
Bank
AG
...............................
252,154
(200,910)
—
—
51,244
Goldman
Sachs
International
........................
139,503
(139,503)
—
—
—
HSBC
Bank
plc
..................................
82,390
(82,390)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
101,718
(101,718)
—
—
—
JPMorgan
Securities
LLC
...........................
7,996
(1,231)
—
—
6,765
Morgan
Stanley
&
Co.
International
plc
..................
559,216
(428,131)
—
—
131,085
UBS
AG
......................................
53,978
(53,978)
—
—
—
$
2,368,162
$
(1,692,041)
$
—
$
(190,000)
$
486,121
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)
Bank
of
America
NA
..............................
$
138,305
$
(92,007)
$
—
$
—
$
46,298
Barclays
Bank
plc
................................
319,888
(253,065)
—
—
66,823
BNP
Paribas
SA
.................................
61,558
(61,558)
—
—
—
Citibank
NA
....................................
275,706
(275,706)
—
—
—
Credit
Suisse
International
..........................
11,856
(1,844)
—
—
10,012
Deutsche
Bank
AG
...............................
200,910
(200,910)
—
—
—
Goldman
Sachs
International
........................
211,833
(139,503)
—
—
72,330
HSBC
Bank
plc
..................................
128,414
(82,390)
—
—
46,024
JPMorgan
Chase
Bank
NA
..........................
207,772
(101,718)
—
—
106,054
JPMorgan
Securities
LLC
...........................
1,231
(1,231)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
428,131
(428,131)
—
—
—
Standard
Chartered
Bank
...........................
69,559
—
—
—
69,559
UBS
AG
......................................
78,158
(53,978)
—
—
24,180
$
2,133,321
$
(1,692,041)
$
—
$
—
$
441,280
(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
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
42
Schedule
of
Investments
(continued)
December
31,
2020
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
tables
summarize
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
disclosure
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments:
Asset-Backed
Securities
....................................
$
—
$
33,243,582
$
3,044,505
$
36,288,087
Corporate
Bonds:
Aerospace
&
Defense
....................................
—
12,276,299
—
12,276,299
Air
Freight
&
Logistics
....................................
—
2,290,100
—
2,290,100
Airlines
..............................................
—
3,465,777
—
3,465,777
Auto
Components
......................................
—
207,824
—
207,824
Automobiles
..........................................
—
2,529,262
—
2,529,262
Banks
...............................................
—
42,517,088
—
42,517,088
Beverages
...........................................
—
5,523,453
—
5,523,453
Biotechnology
.........................................
—
6,648,166
—
6,648,166
Building
Products
.......................................
—
1,788,702
—
1,788,702
Capital
Markets
........................................
—
15,964,016
—
15,964,016
Chemicals
............................................
—
2,646,084
—
2,646,084
Commercial
Services
&
Supplies
.............................
—
3,141,192
—
3,141,192
Communications
Equipment
................................
—
974,313
—
974,313
Construction
&
Engineering
................................
—
104,693
—
104,693
Construction
Materials
....................................
—
17,425
—
17,425
Consumer
Finance
......................................
—
4,597,209
—
4,597,209
Containers
&
Packaging
..................................
—
353,668
—
353,668
Distributors
...........................................
—
287,069
—
287,069
Diversified
Financial
Services
...............................
—
2,684,293
—
2,684,293
Diversified
Telecommunication
Services
........................
—
12,144,226
—
12,144,226
Electric
Utilities
........................................
—
19,277,862
—
19,277,862
Electronic
Equipment,
Instruments
&
Components
.................
—
93,791
—
93,791
Energy
Equipment
&
Services
..............................
—
155,000
—
155,000
Entertainment
.........................................
—
1,650,768
—
1,650,768
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
6,073,602
732,202
6,805,804
Food
&
Staples
Retailing
..................................
—
1,058,230
—
1,058,230
Food
Products
.........................................
—
1,863,576
—
1,863,576
Gas
Utilities
...........................................
—
791,951
—
791,951
Health
Care
Equipment
&
Supplies
...........................
—
1,107,688
—
1,107,688
Health
Care
Providers
&
Services
............................
—
10,580,673
—
10,580,673
Hotels,
Restaurants
&
Leisure
..............................
—
3,760,418
—
3,760,418
Household
Durables
.....................................
—
545,439
—
545,439
Household
Products
.....................................
—
133,996
—
133,996
Industrial
Conglomerates
..................................
—
1,198,578
—
1,198,578
Insurance
............................................
—
2,792,295
—
2,792,295
Internet
&
Direct
Marketing
Retail
............................
—
1,758,174
—
1,758,174
IT
Services
...........................................
—
7,027,453
—
7,027,453
Leisure
Products
.......................................
—
468,358
—
468,358
Life
Sciences
Tools
&
Services
..............................
—
1,327,961
—
1,327,961
Machinery
............................................
—
929,415
—
929,415
Media
...............................................
—
10,123,162
—
10,123,162
Metals
&
Mining
........................................
—
1,677,076
—
1,677,076
Multi-Utilities
..........................................
—
1,011,612
—
1,011,612
Oil,
Gas
&
Consumable
Fuels
...............................
—
17,079,629
—
17,079,629
Paper
&
Forest
Products
..................................
—
603,921
—
603,921
Pharmaceuticals
.......................................
—
4,864,533
—
4,864,533
Professional
Services
....................................
—
153,504
—
153,504
Real
Estate
Management
&
Development
.......................
—
3,039,092
—
3,039,092
Road
&
Rail
...........................................
—
4,972,663
—
4,972,663
Semiconductors
&
Semiconductor
Equipment
....................
—
8,043,566
—
8,043,566
Software
.............................................
—
3,931,779
—
3,931,779
Specialty
Retail
........................................
—
1,630,436
—
1,630,436
Technology
Hardware,
Storage
&
Peripherals
....................
—
2,056,388
—
2,056,388
BlackRock
Total
Return
V.I.
Fund
Schedule
of
Investments
43
Schedule
of
Investments
(continued)
December
31,
2020
Level
1
Level
2
Level
3
Total
Textiles,
Apparel
&
Luxury
Goods
............................
$
—
$
750,997
$
—
$
750,997
Thrifts
&
Mortgage
Finance
................................
—
642,116
—
642,116
Tobacco
.............................................
—
4,157,478
—
4,157,478
Trading
Companies
&
Distributors
............................
—
945,312
—
945,312
Wireless
Telecommunication
Services
.........................
—
4,988,108
—
4,988,108
Floating
Rate
Loan
Interests:
Air
Freight
&
Logistics
....................................
—
267,778
—
267,778
Building
Products
.......................................
—
144,810
—
144,810
Construction
Materials
....................................
—
72,558
—
72,558
Consumer
Finance
......................................
—
—
28,470
28,470
Diversified
Financial
Services
...............................
—
270,631
—
270,631
Health
Care
Providers
&
Services
............................
—
343,301
—
343,301
Hotels,
Restaurants
&
Leisure
..............................
—
322,442
—
322,442
Media
...............................................
—
196,635
—
196,635
Oil,
Gas
&
Consumable
Fuels
...............................
—
462,557
—
462,557
Pharmaceuticals
.......................................
—
281,817
—
281,817
Road
&
Rail
...........................................
—
167,234
—
167,234
Thrifts
&
Mortgage
Finance
................................
—
—
340,233
340,233
Foreign
Agency
Obligations
.................................
—
3,329,947
—
3,329,947
Foreign
Government
Obligations
..............................
—
51,019,703
—
51,019,703
Investment
Companies
....................................
67,937,601
—
—
67,937,601
Municipal
Bonds
.........................................
—
4,500,946
—
4,500,946
Non-Agency
Mortgage-Backed
Securities
........................
—
16,628,794
137,645
16,766,439
Capital
Trusts
...........................................
—
1,882,239
—
1,882,239
U.S.
Government
Sponsored
Agency
Securities
....................
—
307,972,573
—
307,972,573
U.S.
Treasury
Obligations
...................................
—
83,448,625
—
83,448,625
Short-Term
Securities:
Foreign
Government
Obligations
..............................
—
14,530,067
—
14,530,067
Money
Market
Funds
......................................
38,209,004
—
—
38,209,004
Options
Purchased:
Foreign
currency
exchange
contracts
...........................
—
1,081,828
—
1,081,828
Interest
rate
contracts
......................................
394,925
—
—
394,925
Liabilities:
Investments:
TBA
Sale
Commitments
....................................
—
(179,921,343)
—
(179,921,343)
$
106,541,530
$
593,674,183
$
4,283,055
$
704,498,768
Derivative
Financial
Instruments
(a)
Assets:
Credit
contracts
...........................................
$
—
$
7,691
$
—
$
7,691
Foreign
currency
exchange
contracts
............................
—
839,842
—
839,842
Interest
rate
contracts
.......................................
200,207
200,268
—
400,475
Other
contracts
...........................................
—
303,182
—
303,182
Liabilities:
Credit
contracts
...........................................
—
(324,630)
—
(324,630)
Foreign
currency
exchange
contracts
............................
—
(1,768,214)
—
(1,768,214)
Interest
rate
contracts
.......................................
(296,090)
(56,707)
—
(352,797)
Other
contracts
...........................................
—
(302,754)
—
(302,754)
$
(95,883)
$
(1,101,322)
$
—
$
(1,197,205)
(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.
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
Total
Return
V.I.
Fund
44
Schedule
of
Investments
(continued)
December
31,
2020
See
notes
to
financial
statements.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
year
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Corporate
Bonds
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Total
Investments:
Assets:
Opening
balance,
as
of
December
31,
2019
..............................................
$
3,780,025
$
806,975
$
1,988,467
$
909,139
$
7,484,606
Transfers
into
level
3
............................................................
—
—
—
—
—
Transfers
out
of
level
3
...........................................................
(327,267)
—
(157,407)
(370,381)
(855,055)
Accrued
discounts/premiums
........................................................
974
—
—
—
974
Net
realized
gain
...............................................................
1,191
20
—
5,105
6,316
Net
change
in
unrealized
depreciation
(a)(b)
...............................................
(19,758)
(9,816)
(60)
(13,525)
(43,159)
Purchases
....................................................................
—
—
87,673
—
87,673
Sales
.......................................................................
(390,660)
(64,977)
(1,549,970)
(392,693)
(2,398,300)
Closing
balance,
as
of
December
31,
2020
...............................................
$
3,044,505
$
732,202
$
368,703
$
137,645
$
4,283,055
Net
change
in
unrealized
depreciation
on
investments
still
held
at
December
31,
2020
(b)
.................
$
(19,758)
$
(9,816)
$
(1,704)
$
(13,525)
$
(44,803)
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statement
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
December
31,
2020
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
The
Fund’s
financial
instruments
that
are
categorized
as
Level
3
were
valued
utilizing
third
party
pricing
information
without
adjustment.
Such
valuations
are
based
on
unobservable
inputs.
A
significant
change
in
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
financial
instruments.
Statement
of
Assets
and
Liabilities

December
31,
2020
45
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Total
Return
V.I.
Fund
ASSETS
Investments
at
value
—
unaffiliated
(cost
—
$755,431,174)
..............................................................................
$
778,295,038‌
Investments
at
value
—
affiliated
(cost
—
$105,923,472)
...............................................................................
106,125,073‌
Cash
.................................................................................................................
76,076‌
Cash
pledged:
–‌
Futures
contracts
........................................................................................................
2,294,050‌
Centrally
cleared
swaps
....................................................................................................
1,004,090‌
Foreign
currency
at
value
(cost
—
$4,640,649)
......................................................................................
4,803,397‌
Receivables:
–‌
Investments
sold
........................................................................................................
135,704,780‌
TBA
sale
commitments
....................................................................................................
179,051,473‌
Capital
shares
sold
.......................................................................................................
1,046,768‌
Dividends
—
affiliated
.....................................................................................................
176,125‌
Dividends
—
unaffiliated
...................................................................................................
9,850‌
Interest
—
unaffiliated
.....................................................................................................
4,139,874‌
Variation
margin
on
futures
contracts
...........................................................................................
171,372‌
Swap
premiums
paid
.......................................................................................................
397,639‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.....................................................................................
839,842‌
OTC
swaps
............................................................................................................
48,853‌
Prepaid
expenses
.........................................................................................................
11,325‌
Other
assets
.............................................................................................................
1,528‌
Total
assets
.............................................................................................................
1,214,197,153‌
LIABILITIES
Cash
received:
–‌
Collateral
—
OTC
derivatives
................................................................................................
190,000‌
Collateral
—
TBA
commitments
...............................................................................................
78,000‌
Options
written
at
value
(premium
received
$342,558)
.................................................................................
344,210‌
TBA
sale
commitments
at
value
(proceeds
$179,051,473)
..............................................................................
179,921,343‌
Payables:
–‌
Investments
purchased
....................................................................................................
309,141,309‌
Capital
shares
redeemed
...................................................................................................
30,437‌
Distribution
fees
.........................................................................................................
94,046‌
Income
dividend
distributions
................................................................................................
1,050,734‌
Investment
advisory
fees
..................................................................................................
241,142‌
Directors'
and
Officer's
fees
.................................................................................................
976‌
Other
affiliate
fees
.......................................................................................................
6,052‌
Variation
margin
on
futures
contracts
...........................................................................................
20,260‌
Variation
margin
on
centrally
cleared
swaps
......................................................................................
11,904‌
Other
accrued
expenses
...................................................................................................
504,778‌
Swap
premiums
received
....................................................................................................
33,258‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.....................................................................................
1,424,004‌
OTC
swaps
............................................................................................................
331,849‌
Total
liabilities
............................................................................................................
493,424,302‌
NET
ASSETS
............................................................................................................
$
720,772,851‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
............................................................................................................
$
697,433,923‌
Accumulated
earnings
......................................................................................................
23,338,928‌
NET
ASSETS
............................................................................................................
$
720,772,851‌
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2020
2020
BlackRock
Annual
Report
To
Shareholders
46
See
notes
to
financial
statements.
BlackRock
Total
Return
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
........................................................................................................
$
250,444,369‌
Shares
outstanding
.................................................................................................
20,198,960‌
Net
asset
value
....................................................................................................
$
12.40‌
Shares
authorized
..................................................................................................
600
million
Par
value
........................................................................................................
$
0.10‌
Class
III
Net
assets
........................................................................................................
$
470,328,482‌
Shares
outstanding
.................................................................................................
38,412,124‌
Net
asset
value
....................................................................................................
$
12.24‌
Shares
authorized
..................................................................................................
100
million
Par
value
........................................................................................................
$
0.10‌
Statement
of
Operations

Year
Ended
December
31,
2020
47
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Total
Return
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.....................................................................................................
$
1,665,509‌
Dividends
—
unaffiliated
...................................................................................................
617‌
Interest
—
unaffiliated
....................................................................................................
14,981,601‌
Foreign
taxes
withheld
....................................................................................................
(38,023‌)
Total
investment
income
.....................................................................................................
16,609,704‌
EXPENSES
Investment
advisory
......................................................................................................
2,740,665‌
Transfer
agent
—
class
specific
..............................................................................................
1,062,900‌
Distribution
—
class
specific
................................................................................................
1,052,243‌
Printing
and
postage
.....................................................................................................
236,792‌
Accounting
services
......................................................................................................
143,311‌
Professional
...........................................................................................................
120,095‌
Custodian
.............................................................................................................
67,273‌
Registration
...........................................................................................................
15,615‌
Directors
and
Officer
.....................................................................................................
6,539‌
Transfer
agent
..........................................................................................................
5,000‌
Miscellaneous
..........................................................................................................
111,877‌
Total
expenses
excluding
interest
expense
.........................................................................................
5,562,310‌
Interest
expense
..........................................................................................................
3,753‌
Total
expenses
...........................................................................................................
5,566,063‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...................................................................................
(30,173‌)
Transfer
agent
fees
reimbursed
—
class
specific
...................................................................................
(810,276‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................................................
4,725,614‌
Net
investment
income
......................................................................................................
11,884,090‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
42,068,208‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...............................................................................................
25,838,008‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
..........................................................................
11,860‌
Forward
foreign
currency
exchange
contracts
...................................................................................
(1,129,543‌)
Foreign
currency
transactions
.............................................................................................
687,807‌
Futures
contracts
......................................................................................................
7,788,265‌
Options
written
.......................................................................................................
573,867‌
Short
sales
—
unaffiliated
................................................................................................
(19,030‌)
Swaps
.............................................................................................................
2,353,058‌
A
36,104,292‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
.................................................................................................
299,750‌
Investments
—
unaffiliated
...............................................................................................
6,122,719‌
Forward
foreign
currency
exchange
contracts
...................................................................................
(833,963‌)
Foreign
currency
translations
..............................................................................................
138,835‌
Futures
contracts
......................................................................................................
330,188‌
Options
written
.......................................................................................................
(159,215‌)
Swaps
.............................................................................................................
68,745‌
Unfunded
floating
rate
loan
interests
.........................................................................................
(3,142‌)
A
5,963,917‌
Net
realized
and
unrealized
gain
...............................................................................................
42,068,209‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
......................................................................
$
53,952,299‌
Statements
of
Changes
in
Net
Assets

2020
BlackRock
Annual
Report
To
Shareholders
48
See
notes
to
financial
statements.
BlackRock
Total
Return
V.I.
Fund
Year
Ended
December
31,
2020
2019
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
11,884,090‌
$
16,365,241‌
Net
realized
gain
..................................................................................
36,104,292‌
17,906,579‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
5,963,917‌
18,584,009‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
53,952,299‌
52,855,829‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
(17,113,905‌)
(8,096,255‌)
  Class
III
.......................................................................................
(30,384,213‌)
(10,610,090‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(47,498,118‌)
(18,706,345‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
82,986,578‌
32,197,720‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
89,440,759‌
66,347,204‌
Beginning
of
year
....................................................................................
631,332,092‌
564,984,888‌
End
of
year
........................................................................................
$
720,772,851‌
$
631,332,092‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
49
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
received
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
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(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,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
..............................
$
12.22‌
$
11.53‌
$
11.91‌
$
11.79‌
$
11.71‌
Net
investment
income
(a)
.....................................
0.25‌
0.35‌
0.33‌
0.29‌
0.23‌
Net
realized
and
unrealized
gain
(loss)
...........................
0.82‌
0.73‌
(0.39‌)
0.13‌
0.09‌
Net
increase
(decrease)
from
investment
operations
....................
1.07‌
1.08‌
(0.06‌)
0.42‌
0.32‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.29‌)
(0.35‌)
(0.32‌)
(0.30‌)
(0.24‌)
From
net
realized
gain
.......................................
(0.60‌)
(0.04‌)
—‌
—‌
—‌
Total
distributions
...........................................
(0.89‌)
(0.39‌)
(0.32‌)
(0.30‌)
(0.24‌)
Net
asset
value,
end
of
year
...................................
$
12.40‌
$
12.22‌
$
11.53‌
$
11.91‌
$
11.79‌
Total
Return
(c)
8.88%
9.49%
(0.46)%
3.60%
—
Based
on
net
asset
value
......................................
8.88%
9.49%
(0.46)%
3.60%
(d)
2.76%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
0.69%
0.74%
0.85%
(f)
0.94%
0.82%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.51%
0.54%
0.58%
(f)
0.74%
0.62%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.51%
0.52%
0.55%
0.62%
0.59%
Net
investment
income
.......................................
1.98%
2.90%
2.84%
2.43%
1.92%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
250,444‌
$
245,548‌
$
246,390‌
$
152,138‌
$
157,445‌
Portfolio
turnover
rate
(g)
.......................................
674%
536%
488%
627%
590%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Investments
in
underlying
funds
..................................
0.01%
0.01%
0.01%
—%
0.01%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Portfolio
turnover
rate
(excluding
MDRs)
............................
399%
326%
310%
389%
396%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2020
BlackRock
Annual
Report
to
Shareholders
50
(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
received
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(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,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
..............................
$
12.07‌
$
11.40‌
$
11.76‌
$
11.65‌
$
11.57‌
Net
investment
income
(a)
.....................................
0.21‌
0.31‌
0.29‌
0.25‌
0.19‌
Net
realized
and
unrealized
gain
(loss)
...........................
0.81‌
0.71‌
(0.37‌)
0.12‌
0.10‌
Net
increase
(decrease)
from
investment
operations
....................
1.02‌
1.02‌
(0.08‌)
0.37‌
0.29‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..................................
(0.25‌)
(0.31‌)
(0.28‌)
(0.26‌)
(0.21‌)
From
net
realized
gain
.......................................
(0.60‌)
(0.04‌)
—‌
—‌
—‌
Total
distributions
...........................................
(0.85‌)
(0.35‌)
(0.28‌)
(0.26‌)
(0.21‌)
Net
asset
value,
end
of
year
...................................
$
12.24‌
$
12.07‌
$
11.40‌
$
11.76‌
$
11.65‌
Total
Return
(c)
8.54%
9.05%
(0.63)%
3.21%
—
Based
on
net
asset
value
......................................
8.54%
9.05%
(0.63)%
3.21%
(d)
2.46%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.............................................
0.92%
0.97%
1.06%
(f)
1.16%
1.01%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.82%
0.85%
0.89%
(f)
1.06%
0.93%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
0.82%
0.83%
0.86%
0.94%
0.89%
Net
investment
income
.......................................
1.67%
2.58%
2.54%
2.15%
1.61%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
470,328‌
$
385,784‌
$
318,595‌
$
267,651‌
$
175,153‌
Portfolio
turnover
rate
(g)
.......................................
674%
536%
488%
627%
590%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Investments
in
underlying
funds
..................................
0.01%
0.01%
0.01%
—%
0.01%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Portfolio
turnover
rate
(excluding
MDRs)
............................
399%
326%
310%
389%
396%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
51
Notes
to
Financial
Statements
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.
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
non-
index
fixed-income
mutual
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
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
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
date.
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,
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,
2020
,
if
any,
are
disclosed
in
the Statement
of
Assets
and
Liabilities.
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
record
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
investment
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
date
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)
2020
BlackRock
Annual
Report
to
Shareholders
52
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.  
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
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.
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.,
a
market
closure,
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)
53
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.
Valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”)
or
a
hybrid
of
those
techniques
are
used
in
allocating
enterprise
value
of
the
company,
as
deemed
appropriate
under
the
circumstances.
The
use
of
OPM
and
PWERM
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.
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)
2020
BlackRock
Annual
Report
to
Shareholders
54
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
will
be
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
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
o
f
a
fund
to
the
extent
that
it
invests
Notes
to
Financial
Statements
(continued)
55
Notes
to
Financial
Statements
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
Forward
Commitments
and
When-Issued
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
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.
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.
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
56
For
the
year
ended
December
31,
2020,
the
average
amount
of
reverse
repurchase
agreements
outstanding
and
the
daily
weighted
average
interest
rate
for
the
Fund
were
$267,354
and
1.46%,
respectively.
Short-Sale
Transactions:
In
short
sale
transactions,
a
fund
sells
a
security
it
does
not
hold
in
anticipation
of
a
decline
in
the
market
price
of
that
security.
When
a
fund
makes
a
short
sale,
it
will
borrow
the
security
sold
short
and
deliver
the
fixed-income
security
to
the
counterparty
to
which
it
sold
the
security
short.
An
amount
equal
to
the
proceeds
received
by
a
fund
is
reflected
as
an
asset
and
an
equivalent
liability.
The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
market
value
of
the
short
sale.
A
fund
is
required
to
repay
the
counterparty
interest
on
the
security
sold
short,
which,
if
applicable,
is
included
in
interest
expense
in
the
Statement
of
Operations.
A
fund
is
exposed
to
market
risk
based
on
the
amount,
if
any,
that
the
market
value
of
the
security
increases
beyond
the
market
value
at
which
the
position
was
sold.
Thus,
a
short
sale
of
a
security
involves
the
risk
that
instead
of
declining
,
the
price
of
the
security
sold
short
will
rise.
The
short
sale
of
securities
involves
the
possibility
of
an
unlimited
loss
since
there
is
an
unlimited
potential
for
the
market
price
of
the
security
sold
short
to
increase.
A
gain
is
limited
to
the
price
at
which
a
fund
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
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
purchases
and
writes
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
purchases
and
writes
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Fund’s
Notes
to
Financial
Statements
(continued)
57
Notes
to
Financial
Statements
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
purchases
and
writes
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
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
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
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).
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
58
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
enters
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
the
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
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.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
based
on
a
percentage
of
the
aggregate
average
daily
net
assets
of
the
Fund
and
Blackrock
High
Yield
V.I.
Fund,
a
series
of
the
Company,
at
the
following
annual
rates:
For
the
year
ended
December
31,
2020,
the
aggregate
average
daily
net
assets
of
the
Fund
and
BlackRock
High
Yield
V.I.
Fund
were
approximately
$1,217,480,272.
For
the year
ended
December
31,
2020,
the
Fund
reimbursed
the
Manager $8,301
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
(“BRS”)
(collectively,
the
“Sub-
Advisers'),
each
an
affiliate
of
the
Manager. The
Manager
pays
BIL
and
BRS
for
services
they
provide
for
that
portion
of
the
Fund
for
which
BIL
and
BRS,
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.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$250
Million
.......................................................................................................
0.50%
$250
Million
-
$500
Million
.................................................................................................
0.45
$500
Million
-
$750
Million
.................................................................................................
0.40
Greater
than
$750
Million
.................................................................................................
0.35
Notes
to
Financial
Statements
(continued)
59
Notes
to
Financial
Statements
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
servicing
related
services
to
shareholders.
For
the year
ended
December
31,
2020,
the
class
specific
distribution
fees
borne
directly
by Class
III
were
$1,052,243.
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,
2020
,
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,
2020,
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
April
30,
2021
.
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.
Prior
to May
1,
2020,
this
waiver
was
voluntary. This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
December
31,
2020,
the
amount
waived
was
$26,442.
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
April
30,
2021.
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,
2020,
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
April
30,
2021,
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,
2020,
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
April
30,
2021.
Class
I
..........................................................................................................
$
423,342‌
Class
III
.........................................................................................................
639,558‌
$
1,062,900‌
Class
I
................................................................................................................
0.00‌%
Class
III
...............................................................................................................
0.06‌
Transfer
Agent
Fees
Reimbursed
Class
I
..........................................................................................................
$
423,342‌
Class
III
.........................................................................................................
386,934‌
$
810,276‌
Class
I
.............................................................................................................
0.60‌%
Class
III
............................................................................................................
1.50‌
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
60
The
Manager
has
agreed
not
to
reduce
or
discontinue
this
contractual
expense
limitation
through
April
30,
2021,
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,
2020,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$3,731,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
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,
2020,
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,
2020,
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:
PURCHASES
AND
SALES 
For
the year
ended
December
31,
2020,
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,
2020,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
$1,931,820,162
and
$1,931,826,023,
respectively. 
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,
2020,
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: 
Purchases
...............................................................................................................
$
905,009‌
Sales
...................................................................................................................
844,312‌
Net
Realized
Gain
..........................................................................................................
35,189‌
U.S.
Government
Securities
Other
Securities
Purchases
Sales
Purchases
Sales
Total
Return
V.I.
Fund
.................................................
$
129,762,571‌
$
206,861,570‌
$
4,607,542,291‌
$
4,711,618,104‌
12/31/20
12/31/19
Ordinary
income
............................................................................................
$
33,371,010‌
$
17,557,301‌
Long-term
capital
gains
........................................................................................
14,127,108‌
1,149,044‌
$
47,498,118‌
$
18,706,345‌
Notes
to
Financial
Statements
(continued)
61
Notes
to
Financial
Statements
As
of
period
end,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
As
of
December
31,
2020, 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: 
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
2021
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,
2020,
the
Fund
did
not
borrow
under
the
credit
agreement.
 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
Undistributed
ordinary
income
.............................................................................................
$
2,761,138‌
Undistributed
long-term
capital
gains
.........................................................................................
2,080,744‌
Net
unrealized
gains
(losses)
(a)
............................................................................................
18,497,046‌
$
23,338,928‌
(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,
options
and
foreign
currency
contracts,
amortization
methods
for
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.
Tax
cost
...........................................................................................................
$
862,159,117‌
Gross
unrealized
appreciation
............................................................................................
$
27,440,035‌
Gross
unrealized
depreciation
............................................................................................
(6,322,857‌)
Net
unrealized
appreciation
(depreciation)
....................................................................................
$
21,117,178‌
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
62
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.
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,
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
the
LIBOR
by
the
end
of
2021,
and
it
is
expected
that
LIBOR
will
cease
to
be
published
after
that
time. 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)
63
Notes
to
Financial
Statements
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
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
12/31/20
Year
Ended
12/31/19
Shares
Amount
Shares
Amount
Class
I
Shares
sold
.............................................
1,409,606‌
$
17,882,074‌
993,847‌
$
11,950,864‌
Shares
issued
in
reinvestment
of
distributions
........................
1,381,177‌
17,237,300‌
677,136‌
8,126,680‌
Shares
redeemed
.........................................
(2,687,856‌)
(33,738,108‌)
(2,942,075‌)
(35,288,318‌)
Net
increase
(decrease)
.......................................
102,927‌
$
1,381,266‌
(1,271,092‌)
$
(15,210,774‌)
Class
III
Shares
sold
.............................................
10,034,207‌
$
125,585,927‌
6,788,622‌
$
80,399,856‌
Shares
issued
in
reinvestment
of
distributions
........................
2,475,459‌
30,474,770‌
883,225‌
10,495,162‌
Shares
redeemed
.........................................
(6,049,934‌)
(74,455,385‌)
(3,678,563‌)
(43,486,524‌)
Net
increase
...............................................
6,459,732‌
$
81,605,312‌
3,993,284‌
$
47,408,494‌
Total
Net
Increase
6,562,659‌
$
82,986,578‌
2,722,192‌
$
32,197,720‌
Report
of
Independent
Registered
Public
Accounting
Firm
2020
BlackRock
Annual
Report
to
Shareholders
64
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,
2020,
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,
2020,
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,
2020,
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
16,
2021
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Glossary
of
Terms
Used
in
this
Report
65
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
CNY
Chinese
Yuan
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
NOK
Norwegian
Krone
PEN
Peruv
ian
Sol
PLN
Polish
Zloty
RUB
New
Russian
Ruble
SEK
Swedish
Krona
TRY
Turkish
Lira
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviations
ABS
Asset-Backed
Security
BA
Canadian
Bankers
Acceptances
CLO
Collateralized
Loan
Obligation
CSMC
Credit
Suisse
Mortgage
Capital
CWABS
Countrywide
Asset-Backed
Certificates
DAC
Designated
Activity
Company
GO
General
Obligation
Bonds
LIBOR
London
Interbank
Offered
Rate
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
PCL
Public
Company
Limited
RB
Revenue
Bonds
REMIC
Real
Estate
Mortgage
Investment
Conduit
REPO_CORRA
Canadian
Overnight
Repo
Rate
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
December
31,
2020
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2020
Annual
Report
BlackRock
Variable
Series
Funds
II,
Inc.
BlackRock
U.S.
Government
Bond
V.I.
Fund
Fund
Summary
as
of
December
31,
2020
2020
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,
2020,
the
Fund’s
Class
I
Shares
outperformed
its
benchmark,
the
Bloomberg
Barclays
U.S.
Government/Mortgage
Index,
while
the
Fund’s
Class
III
Shares
underperformed
the
benchmark.
What
factors
influenced
performance?
Positive
contributors
to
the
Fund’s
performance
relative
to
the
benchmark
included
strategies
and
selection
within
30-year
agency
mortgage-backed
securities
(“MBS”).
The
Fund’s
stance
with
respect
to
U.S.
and
global
interest
rates
also
aided
returns,
specifically,
an
above-benchmark
stance
with
respect
to
duration
(and
corresponding
interest
rate
sensitivity)
as
U.S.
Treasury
yields
declined
sharply
during
the
period.
The
largest
detractors
from
the
Fund's
performance
relative
to
the
benchmark
were
interest
rate
volatility
strategies
and
active
positioning
across
global
currencies.
Describe
recent
portfolio
activity.
During
the
reporting
period,
the
Fund
shifted
from
a
modest
overweight
in
duration
relative
to
the
benchmark
to
an
underweight.
Within
agency
MBS,
the
Fund
shifted
into
current
lower
coupon
pools
that
are
being
purchased
by
the
Fed.
With
respect
to
global
interest
rates,
the
Fund
moved
to
underweight
core
European
duration.
The
Fund
had
a
modestly
elevated
cash
position
at
period
end
due
to
the
investment
adviser’s
increasing
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
performance
over
the
12
months.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund’s
positioning
reflected
the
view
that
longer-term
U.S.
Treasury
yields
were
likely
to
move
higher
with
an
improving
economy
and
the
prospect
of
additional
fiscal
stimulus.
Within
agency
MBS,
the
Fund
maintained
a
preference
for
lower
coupon
pools
benefiting
from
Fed
support.
Within
global
interest
rate
and
currency
strategies,
the
Fund
maintained
small
positions
in
select
European
peripheral
economies
and
Asian
emerging
market
sovereign
issues
in
countries
such
as
China
and
Indonesia.
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
..............
52‌
%
U.S.
Treasury
Obligations
.............................
38‌
Non-Agency
Mortgage-Backed
Securities
..................
5‌
Foreign
Government
Obligations
........................
3‌
Asset-Backed
Securities
..............................
2‌
(a)
Excludes
short-term
securities,
options
purchased
and
TBA
sale
commitments.
Fund
Summary
as
of
December
31,
2020
(continued)
3
Fund
Summary
BlackRock
U.S.
Government
Bond
V.I.
Fund
TOTAL
RETURN
BASED
ON
A
$10,000
INVESTMENT
Performance
Summary
for
the
Period
Ended
December
31,
2020
(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.
The
Fund’s
total
returns
prior
to
October
1,
2011
are
the
returns
of
the
Predecessor
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
under
the
name
“BlackRock
Government
Income
V.I.
Fund”.
(c)
An
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)
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)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(c)
........................................
0.74‌%
0.28‌%
0.46‌%
6.46‌%
3.16‌%
2.73‌%
Class
III
(c)
........................................
0.44‌
0.09‌
0.21‌
6.03‌
2.84‌
2.43‌
(d
)
Bloomberg
Barclays
U.S.
Government/Mortgage
Index
—‌
—‌
(0.22‌)
6.36‌
3.49‌
3.16‌
Bloomberg
Barclays
U.S.
Mortgage-Backed
Securities
Index
...
—‌
—‌
0.36‌
3.87‌
3.05‌
3.01‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
a
portion
of
its
fee.
Without
such
waiver,
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
and
cumulative
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.
The
Fund’s
total
returns
prior
to
October
1,
2011
are
the
returns
of
the
Predecessor
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
under
the
name
“BlackRock
Government
Income
V.I.
Fund”.
(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
S
hares,
however,
are
adjusted
to
reflect
the
distribution
(12b-1)
fees
applicable
to
Class
III
Shares.
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.
The
Benefits
and
Risks
of
Leveraging
2020
BlackRock
Annual
Report
To
Shareholders
4
The
Fund
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Fund
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
the
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
the
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments,
the
Fund’s
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to
the
Fund’s
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in
the
Fund’s
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
the
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Fund
had
not
used
leverage.
Furthermore,
the
value
of
the
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
the
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
the
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
the
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
the
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of the
Fund’s
shares
than
if
the
Fund
were
not
leveraged.
In
addition,
the
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit the
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
The
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
the
Fund’s
shareholders
and
may
reduce
income.
Disclosure
of
Expenses
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown below
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
on July
1,
2020 and
held
through
December
31,
2020)
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.
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.
Actual
Hypothetical
(a)
Including
Interest
Expense
and
Fees
Excluding
Interest
Expense
and
Fees
Including
Interest
Expense
and
Fees
Excluding
Interest
Expense
and
Fees
Beginning
Account
Value
(07/01/20)
Ending
Account
Value
(12/31/20)
Expenses
Paid
During
the
Period
(b)
Expenses
Paid
During
the
Period
(c)
Beginning
Account
Value
(07/01/20)
Ending
Account
Value
(12/31/20)
Expenses
Paid
During
the
Period
(b)
Ending
Account
Value
(12/31/20)
Expenses
Paid
During
the
Period
(c)
Class
I
..................
$
1,000.00
$
1,004.60
$
2.67
$
2.62
$
1,000.00
$
1,022.47
$
2.69
$
1,022.52
$
2.64
Class
III
.................
1,000.00
1,002.10
4.03
3.98
1,000.00
1,021.11
4.06
1,021.17
4.01
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
366.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class
(0.53%
for
Class
I
and
0.80%
for
Class
III),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
(c)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class
(0.52%
for
Class
I
and
0.79%
for
Class
III),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Derivative
Financial
Instruments
5
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation
the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
2.1%
(a)
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
A1LR,
(LIBOR
USD
3
Month
+
1.20%),
1.42%,
08/15/30
(b)
...........
USD
700
$
696,966
Progress
Residential
Trust,
Series
2017-SFR1,
Class
A,
2.77%,
08/17/34
............
99
100,556
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.03%),
1.25%,
04/20/31
(b)
......................
495
490,894
Total
Asset-Backed
Securities
—
2.1%
(Cost:
$1,294,164)
...............................
1,288,416
Foreign
Government
Obligations
—
3.8%
China
—
3.5%
People's
Republic
of
China:
1.99%
,
04/09/25
..................
CNY
7,690
1,135,849
2.68%
,
05/21/30
..................
7,150
1,053,594
2,189,443
Colombia
—
0.0%
Republic
of
Colombia,
6.25%
,
11/26/25
.....
COP
26,800
8,589
Mexico
—
0.1%
United
Mexican
States:
7.75%
,
11/23/34
..................
MXN
2
11,801
10.00%
,
11/20/36
.................
2
14,021
8.50%
,
11/18/38
..................
3
19,831
45,653
Peru
—
0.0%
Peru
Government
Bond:
2.78%
,
12/01/60
..................
USD
3
3,020
3.23%
,
07/28/21
..................
4
3,998
7,018
Russia
—
0.2%
Russian
Federation:
7.75%
,
09/16/26
..................
RUB
2,311
34,675
8.15%
,
02/03/27
..................
1,279
19,594
6.00%
,
10/06/27
..................
585
8,045
6.90%
,
05/23/29
..................
1,301
18,880
8.50%
,
09/17/31
..................
2,617
42,380
123,574
Total
Foreign
Government
Obligations
—
3.8%
(Cost:
$2,272,146)
...............................
2,374,277
Non-Agency
Mortgage-Backed
Securities
—
6.0%
Commercial
Mortgage-Backed
Securities
—
5.3%
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
A,
(LIBOR
USD
1
Month
+
0.88%),
1.04%,
09/15/34
(a)(b)
..........
USD
139
138,999
BANK
(b)
:
Series
2020-BN25,
Class
B,
3.04%,
01/15/63
.....................
13
13,867
Series
2020-BN26,
Class
B,
2.91%,
03/15/63
.....................
183
193,887
Benchmark
Mortgage
Trust,
Series
2020-B20,
Class
B,
2.53%,
10/15/53
............
42
43,515
BFLD
Trust,
Series
2020-EYP,
Class
A,
(LIBOR
USD
1
Month
+
1.15%),
1.31%,
10/15/35
(a)(b)
143
143,402
BX
Commercial
Mortgage
Trust
(a)
:
Series
2019-XL,
Class
A,
(LIBOR
USD
1
Month
+
0.92%),
1.08%,
10/15/36
(b)
...
104
104,617
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2019-XL,
Class
D,
(LIBOR
USD
1
Month
+
1.45%),
1.61%,
10/15/36
(b)
...
USD
285
$
284,700
Series
2020-FOX,
Class
B,
(LIBOR
USD
1
Month
+
1.35%),
1.51%,
11/15/32
(b)
...
153
153,338
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
198
207,815
BX
Trust,
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
(a)
......................
300
328,511
Citigroup
Commercial
Mortgage
Trust:
Series
2016-P6,
Class
B,
4.24%,
12/10/49
(b)
55
58,707
Series
2020-420K,
Class
A,
2.46%,
11/10/42
(a)
....................
150
156,002
Commercial
Mortgage
Trust:
Series
2017-COR2,
Class
AM,
3.80%,
09/10/50
.....................
22
24,508
Series
2017-PANW,
Class
A,
3.24%,
10/10/29
(a)
....................
440
461,187
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2020-NET,
Class
A,
2.26%,
08/15/37
(a)
......................
100
103,583
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
C,
3.93%,
09/15/52
....
85
92,270
GS
Mortgage
Securities
Corp.
Trust,
Series
2020-TWN3,
Class
A,
(LIBOR
USD
1
Month
+
2.00%),
2.16%,
11/15/37
(a)(b)
.........
308
308,691
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.44%,
07/10/39
(a)(b)
.....
101
108,298
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-609M,
Class
A,
(LIBOR
USD
1
Month
+
1.37%),
1.53%,
10/15/33
(a)(b)
.....................
100
99,999
KKR
Industrial
Portfolio
Trust,
Series
2020-AIP,
Class
A,
(LIBOR
USD
1
Month
+
1.04%),
1.20%,
03/15/37
(a)(b)
................
38
37,604
Morgan
Stanley
Capital
I
Trust:
Series
2018-H3,
Class
B,
4.62%,
07/15/51
(b)
39
44,625
Series
2018-SUN,
Class
A,
(LIBOR
USD
1
Month
+
0.90%),
1.06%,
07/15/35
(a)(b)
..
145
142,818
Series
2020-HR8,
Class
AS,
2.30%,
07/15/53
.....................
18
18,644
Series
2020-HR8,
Class
B,
2.70%,
07/15/53
21
21,763
3,291,350
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.7%
(b)
Benchmark
Mortgage
Trust,
Series
2020-B20,
Class
XA,
1.63%,
10/15/53
...........
1,169
133,384
CSAIL
Commercial
Mortgage
Trust,
Series
2019-C16,
Class
XA,
1.57%,
06/15/52
...
1,733
181,437
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.49%,
10/15/52
.......
1,011
101,732
416,553
Total
Non-Agency
Mortgage-Backed
Securities
—
6.0%
(Cost:
$3,651,698)
...............................
3,707,903
U.S.
Government
Sponsored
Agency
Securities
—
63.7%
Agency
Obligations
—
1.0%
Federal
Home
Loan
Bank,
4.00%, 04/10/28
..
500
619,700
Collateralized
Mortgage
Obligations
—
0.4%
Federal
National
Mortgage
Association,
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
......
142
153,946
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.79%, 07/20/39
(b)
..............
106
124,400
278,346
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
December
31,
2020
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
0.7%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(b)
:
Series
2019-SB60,
Class
A10F,
3.31%, 01/25/29
................
USD
213
$
227,818
Series
2019-SB61,
Class
A10F,
3.17%, 01/25/29
................
165
177,801
Government
National
Mortgage
Association,
Series
2019-7,
Class
V,
3.00%, 05/16/35
..
21
22,723
428,342
Interest
Only
Collateralized
Mortgage
Obligations
—
0.1%
Government
National
Mortgage
Association:
Series
2020-146,
Class
DI,
2.50%, 10/20/50
198
22,161
Series
2020-162,
Class
TI,
2.50%, 10/20/50
398
42,854
Series
2020-175,
Class
DI,
2.50%, 11/20/50
100
11,102
76,117
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.8%
Federal
Home
Loan
Mortgage
Corp.,
Series
2015-K718,
Class
X2A,
0.10%, 02/25/48
(a)
.
20,096
11,885
Government
National
Mortgage
Association
Variable
Rate
Notes
(b)
:
Series
2002-83,
0.00%, 10/16/42
.......
782
1
Series
2003-17,
0.00%, 03/16/43
.......
492
5
Series
2003-109,
0.00%, 11/16/43
......
805
31
Series
2016-22,
0.79%, 11/16/55
.......
1,871
71,777
Series
2016-45,
0.94%, 02/16/58
.......
917
50,345
Series
2016-92,
0.87%, 04/16/58
.......
286
14,937
Series
2016-113,
(LIBOR
USD
1
Month
+
0.00%),
1.15%, 02/16/58
..........
1,093
77,885
Series
2016-151,
1.06%, 06/16/58
......
846
54,476
Series
2017-30,
0.65%, 08/16/58
.......
482
20,437
Series
2017-44,
0.67%, 04/17/51
.......
480
21,116
Series
2017-53,
0.66%, 11/16/56
.......
1,695
76,401
Series
2017-61,
0.75%, 05/16/59
.......
420
24,032
Series
2017-64,
0.75%, 11/16/57
.......
283
16,074
Series
2017-72,
0.66%, 04/16/57
.......
946
47,742
Series
2020-178,
1.43%, 10/16/60
......
259
26,759
513,903
Mortgage-Backed
Securities
—
60.7%
Federal
Home
Loan
Mortgage
Corp.:
2.50%, 03/01/30
-
04/01/31
...........
159
169,205
3.00%, 09/01/27
-
12/01/46
...........
355
380,650
3.50%, 04/01/31
-
01/01/48
...........
399
438,352
4.00%, 08/01/40
-
12/01/45
...........
61
67,141
4.50%, 02/01/39
-
07/01/47
...........
171
191,337
5.00%, 10/01/41
-
11/01/41
...........
118
136,436
5.50%, 06/01/41
..................
86
100,713
8.00%, 12/01/29
-
07/01/30
...........
19
22,791
Federal
National
Mortgage
Association:
3.50%, 11/01/46
..................
138
149,243
4.00%, 01/01/41
..................
6
6,379
Government
National
Mortgage
Association:
2.00%, 01/15/51
-
02/15/51
(c)
..........
4,378
4,574,097
2.50%, 01/15/51
(c)
.................
781
826,762
3.00%, 02/15/45
-
09/20/50
...........
1,539
1,628,438
3.00%, 01/15/51
-
02/15/51
(c)
..........
354
370,242
3.50%, 01/15/42
-
10/20/46
...........
1,792
1,942,077
4.00%, 09/20/40
-
05/20/50
...........
556
602,652
4.00%, 01/15/51
(c)
.................
215
228,694
4.50%, 12/20/39
-
02/15/42
...........
802
894,937
5.00%, 12/15/38
-
07/20/42
...........
73
83,911
5.00%, 01/15/51
(c)
.................
126
137,552
5.50%, 01/15/34
..................
312
354,943
Uniform
Mortgage-Backed
Securities:
1.50%, 01/25/51
(c)
.................
244
246,526
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
2.00%, 10/01/31
-
03/01/32
...........
USD
94
$
98,850
2.00%, 01/25/36
-
02/25/51
(c)
..........
1,978
2,059,598
2.50%, 04/01/30
-
12/01/50
...........
1,677
1,785,799
2.50%, 01/25/51
-
02/25/51
(c)
..........
5,867
6,179,678
3.00%, 04/01/29
-
09/01/50
...........
3,716
3,968,241
3.00%, 01/25/36
(c)
.................
208
218,284
3.50%, 04/01/29
-
08/01/50
...........
2,191
2,394,010
3.50%, 01/25/51
-
02/25/51
(c)
..........
1,878
1,987,706
4.00%, 01/01/26
-
06/01/50
...........
1,738
1,923,224
4.00%, 01/25/51
-
02/25/51
(c)
..........
1,252
1,337,854
4.50%, 05/01/24
-
04/01/49
...........
947
1,039,855
4.50%, 01/25/51
(c)
.................
418
453,007
5.00%, 09/01/35
-
08/01/41
...........
170
195,648
5.00%, 01/25/51
(c)
.................
3
3,320
5.50%, 05/01/34
-
12/01/39
...........
176
206,035
6.00%, 04/01/35
-
06/01/41
...........
198
232,884
6.50%, 05/01/40
..................
36
43,210
37,680,281
Total
U.S.
Government
Sponsored
Agency
Securities
—
63.7%
(Cost:
$39,143,215)
...............................
39,596,689
U.S.
Treasury
Obligations
—
46.9%
U.S.
Treasury
Bonds:
4.25%, 05/15/39
-
11/15/40
...........
212
315,364
4.50%, 08/15/39
..................
170
260,100
4.38%, 11/15/39
..................
170
257,085
4.63%, 02/15/40
..................
42
65,476
3.88%, 08/15/40
..................
42
60,195
3.13%, 02/15/43
..................
660
865,657
2.88%, 05/15/43
-
11/15/46
...........
1,290
1,639,283
3.63%, 08/15/43
..................
660
932,095
3.75%, 11/15/43
..................
660
949,988
2.50%, 02/15/45
..................
154
183,651
2.75%, 11/15/47
..................
154
193,258
3.00%, 02/15/48
..................
784
1,029,184
2.25%, 08/15/49
..................
815
932,697
U.S.
Treasury
Inflation
Linked
Bonds,
0.25%, 02/15/50
..................
430
512,169
U.S.
Treasury
Notes:
1.13%, 07/31/21
(d)
.................
2,840
2,856,641
1.75%, 07/31/21
-
11/15/29
...........
4,230
4,387,058
1.50%, 01/31/22
-
02/15/30
...........
4,401
4,549,087
0.50%, 03/15/23
-
05/31/27
...........
873
877,244
0.25%, 04/15/23
..................
214
214,527
2.13%, 07/31/24
-
05/15/25
...........
2,650
2,846,307
2.25%, 11/15/24
-
08/15/27
...........
1,627
1,792,479
2.00%, 02/15/25
(d)
.................
1,580
1,691,649
0.38%, 04/30/25
..................
367
368,333
0.63%, 03/31/27
..................
146
146,873
2.88%, 08/15/28
..................
380
441,409
3.13%, 11/15/28
..................
380
449,914
1.63%, 08/15/29
..................
266
284,558
Total
U.S.
Treasury
Obligations
—
46.9%
(Cost:
$27,387,925)
...............................
29,102,281
Total
Long-Term
Investments
—
122.5%
(Cost:
$73,749,148)
...............................
76,069,566
2020
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,
2020
Security
Par
(000)
Pa
r
(
000)
Value
Short-Term
Securities
—
13.6%
Certificates
of
Deposit
—
1.9%
Yankee
—
1.9%
(e)
Credit
Suisse
AG,
New
York,
0.30%, 09/01/21
USD
1,200
$
1,200,138
Total
Certificates
of
Deposit
—
1.9%
(Cost:
$1,200,000)
...............................
1,200,138
Shares
Shares
Money
Market
Funds
—
3.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
(f)*
...................
2,156,232
2,156,232
Total
Money
Market
Funds
—
3.5%
(Cost:
$2,156,232)
...............................
2,156,232
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
—
8.2%
Federal
Home
Loan
Bank
Discount
Notes,
0.08%, 01/15/21
(g)
................
5,100
5,099,891
Total
U.S.
Government
Sponsored
Agency
Securities
—
8.2%
(Cost:
$5,099,851)
...............................
5,099,891
Total
Short-Term
Securities
—
13.6%
(Cost:
$8,456,083)
...............................
8,456,261
Total
Options
Purchased
—
0.1%
(Cost:
$80,598)
.................................
79,523
Total
Investments
Before
TBA
Sale
Commitments
—
136.2%
(Cost:
$82,285,829
)
...............................
84,605,350
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
—
(26.7)%
(c)
Mortgage-Backed
Securities
—
(26.7)%
Government
National
Mortgage
Association:
2.00%
,
 01/15/51
..................
USD
1,665
$
(1,741,161)
3.00%
,
 01/15/51
..................
159
(166,267)
3.50%
,
 01/15/51
..................
263
(278,236)
4.00%
,
 01/15/51
..................
21
(22,390)
4.50%
,
 01/15/51
..................
147
(157,405)
Uniform
Mortgage-Backed
Securities:
2.50%
,
 01/25/36
-
03/25/51
...........
9,606
(10,107,011)
3.00%
,
 01/25/36
-
01/25/51
...........
1,175
(1,230,930)
3.50%
,
 01/25/36
-
01/25/51
...........
1,223
(1,292,762)
4.00%
,
 01/25/36
-
01/25/51
...........
626
(667,702)
1.50%
,
 01/25/51
-
02/25/51
...........
596
(602,002)
2.00%
,
 01/25/51
..................
323
(335,191)
Total
TBA
Sale
Commitments
—
(26.7)%
(Proceeds:
$16,515,058)
...........................
(16,601,057)
Total
Investments
Net
of
TBA
Sale
Commitments
—
109.5%
(Cost:
$65,770,771
)
...............................
68,004,293
Liabilities
in
Excess
of
Other
Assets
—
(9.5)%
.............
(5,890,499)
Net
Assets
—
100.0%
...............................
$
62,113,794
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
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.
(c)
Represents
or
includes
a
TBA
transaction.
(d)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
reverse
repurchase
agreements.
(e)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
*
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
December
31,
2020
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/19
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/20
Shares
Held
at
12/31/20
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
1,258,784
$
897,448
$
—
$
—
$
—
$
2,156,232
2,156,232
$
7,552
$
—
(a)
Represents
net
amount
purchased
(sold).
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
9
Schedule
of
Investments
(continued)
December
31,
2020
Reverse
Repurchase
Agreements
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face
Value
Face
Value
Including
Accrued
Interest
Type
of
Non-Cash
Underlying
Collateral
Remaining
Contractual
Maturity
of
the
Agreements
Bank
of
America
Securities,
Inc.
..............
0.16
%
12/31/20
01/04/21  
$
1,702,450
$
1,702,457
U.S.
Treasury
Obligations
Overnight
Bank
of
America
Securities,
Inc.
..............
0.16
12/31/20
01/04/21  
2,868,400
2,868,413
U.S.
Treasury
Obligations
Overnight
$
4,570,850
$
4,570,870
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
10
Schedule
of
Investments
(continued)
December
31,
2020
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
2
Year
Note
....................................................
54
03/31/21
$
11,933
$
7,453
U.S.
Treasury
5
Year
Note
....................................................
39
03/31/21
4,920
12,941
20,394
Short
Contracts
Euro-Bund
..............................................................
10
03/08/21
2,170
991
U.S.
Treasury
10
Year
Note
...................................................
13
03/22/21
1,795
(4,089)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
3
03/22/21
469
1,607
U.S.
Treasury
Long
Bond
....................................................
2
03/22/21
346
(1,602)
U.S.
Treasury
Ultra
Bond
....................................................
4
03/22/21
854
5,313
2,220
$
22,614
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
GBP
131,680
USD
180,000
Bank
of
America
NA
01/05/21
$
72
MXN
1,212,600
USD
60,000
Citibank
NA
01/05/21
936
MXN
2,427,024
USD
120,000
HSBC
Bank
plc
01/05/21
1,964
USD
180,000
ZAR
2,643,975
BNP
Paribas
SA
01/05/21
77
ZAR
898,680
USD
60,000
BNP
Paribas
SA
01/05/21
1,156
ZAR
1,865,466
USD
120,000
Deutsche
Bank
AG
01/05/21
6,946
IDR
1,704,960,000
USD
120,000
Bank
of
America
NA
01/06/21
1,511
IDR
851,280,000
USD
60,000
JPMorgan
Chase
Bank
NA
01/06/21
670
INR
8,910,000
USD
120,000
Bank
of
America
NA
01/06/21
1,937
INR
4,422,300
USD
60,000
JPMorgan
Chase
Bank
NA
01/06/21
521
AUD
10,000
USD
7,571
Natwest
Markets
plc
01/08/21
139
BRL
52,070
USD
10,000
Goldman
Sachs
International
01/08/21
25
CNY
130,806
USD
20,000
Natwest
Markets
plc
01/08/21
111
IDR
283,770,000
USD
20,000
Barclays
Bank
plc
01/08/21
278
INR
739,135
USD
10,000
UBS
AG
01/08/21
115
JPY
1,033,996
USD
10,000
Standard
Chartered
Bank
01/08/21
14
JPY
1,040,267
USD
10,000
State
Street
Bank
and
Trust
Co.
01/08/21
75
KRW
21,837,000
USD
20,000
Barclays
Bank
plc
01/08/21
89
MXN
400,528
USD
20,000
JPMorgan
Chase
Bank
NA
01/08/21
120
MXN
404,946
USD
20,000
State
Street
Bank
and
Trust
Co.
01/08/21
342
USD
10,000
BRL
51,669
Deutsche
Bank
AG
01/08/21
52
USD
10,000
PLN
36,671
Citibank
NA
01/08/21
183
USD
20,000
TWD
561,762
Citibank
NA
01/08/21
1
RUB
9,216,228
USD
120,000
Citibank
NA
01/12/21
4,529
MXN
3,598,110
USD
180,000
Citibank
NA
02/02/21
225
USD
180,000
EUR
147,014
Bank
of
America
NA
02/02/21
275
USD
180,000
JPY
18,577,836
Bank
of
America
NA
02/02/21
14
USD
180,000
SEK
1,477,779
Bank
of
America
NA
02/02/21
324
COP
69,126,669
USD
19,904
JPMorgan
Chase
Bank
NA
02/24/21
320
MXN
1,103,000
USD
54,648
Citibank
NA
02/26/21
454
23,475
EUR
147,113
USD
180,000
Bank
of
America
NA
01/05/21
(280)
JPY
18,584,100
USD
180,000
Bank
of
America
NA
01/05/21
(17)
SEK
1,478,259
USD
180,000
Bank
of
America
NA
01/05/21
(329)
USD
120,000
EUR
100,201
Bank
of
America
NA
01/05/21
(2,410)
USD
60,000
EUR
49,418
JPMorgan
Chase
Bank
NA
01/05/21
(371)
USD
180,000
GBP
134,690
Deutsche
Bank
AG
01/05/21
(4,188)
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
11
Schedule
of
Investments
(continued)
December
31,
2020
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
60,000
JPY
6,232,548
Bank
of
America
NA
01/05/21
$
(361)
USD
120,000
JPY
12,502,500
Citibank
NA
01/05/21
(1,084)
USD
180,000
MXN
3,586,590
Citibank
NA
01/05/21
(235)
USD
60,000
SEK
504,018
Bank
of
America
NA
01/05/21
(1,259)
USD
120,000
SEK
1,025,033
JPMorgan
Chase
Bank
NA
01/05/21
(4,585)
USD
120,000
CLP
90,012,000
Citibank
NA
01/06/21
(6,686)
USD
60,000
CLP
46,024,800
JPMorgan
Chase
Bank
NA
01/06/21
(4,777)
BRL
51,306
USD
10,000
Goldman
Sachs
International
01/08/21
(122)
MXN
198,853
USD
10,000
Citibank
NA
01/08/21
(11)
PLN
36,557
USD
10,000
UBS
AG
01/08/21
(214)
USD
10,000
CAD
12,782
JPMorgan
Chase
Bank
NA
01/08/21
(42)
USD
10,000
CLP
7,308,093
Goldman
Sachs
International
01/08/21
(285)
USD
10,000
COP
34,363,800
Goldman
Sachs
International
01/08/21
(61)
USD
12,171
EUR
10,000
Barclays
Bank
plc
01/08/21
(47)
USD
10,000
KRW
11,059,700
JPMorgan
Chase
Bank
NA
01/08/21
(175)
USD
10,000
MXN
200,012
Bank
of
America
NA
01/08/21
(47)
USD
20,000
ZAR
303,789
Goldman
Sachs
International
01/08/21
(662)
RUB
4,433,400
USD
60,000
Bank
of
America
NA
01/12/21
(96)
RUB
1,464,916
USD
20,000
Barclays
Bank
plc
01/12/21
(206)
USD
20,000
RUB
1,510,648
UBS
AG
01/12/21
(412)
RUB
13,359,600
USD
180,000
JPMorgan
Chase
Bank
NA
02/02/21
(55)
USD
180,000
GBP
131,651
Bank
of
America
NA
02/02/21
(73)
ZAR
2,654,325
USD
180,000
BNP
Paribas
SA
02/02/21
(101)
INR
13,182,660
USD
180,000
Citibank
NA
02/03/21
(33)
USD
33,070
COP
120,388,786
Deutsche
Bank
AG
02/24/21
(2,151)
USD
131,503
RUB
10,040,930
Barclays
Bank
plc
02/24/21
(3,399)
USD
80,401
MXN
1,630,119
Barclays
Bank
plc
02/26/21
(1,036)
USD
25,560
MXN
517,000
Deutsche
Bank
AG
02/26/21
(266)
USD
1,127,764
CNY
7,411,665
Standard
Chartered
Bank
03/17/21
(6,613)
(42,689)
$
(19,214)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
90-day
Eurodollar
June
2021
Futures
..............
76
06/11/21
USD
99.25
USD
19,000
$
15,675
90-day
Eurodollar
September
2021
Futures
..........
86
09/10/21
USD
99.38
USD
21,500
13,438
90-day
Eurodollar
September
2021
Futures
..........
97
09/10/21
USD
99.63
USD
24,250
6,061
$
35,174
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)
1.10%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
01/22/21
1.10
%
USD
1,250
$
1,278
10-Year
Interest
Rate
Swap
(a)
1.15%
Semi-Annual
3
month
LIBOR
Quarterly
Bank
of
America
NA
05/28/21
1.15
USD
800
7,242
10-Year
Interest
Rate
Swap
(a)
1.05%
Semi-Annual
3
month
LIBOR
Quarterly
Barclays
Bank
plc
02/22/22
1.05
USD
1,300
35,829
$
44,349
(a)
Forward
settling
swaption.
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
12
Schedule
of
Investments
(continued)
December
31,
2020
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)
1
day
REPO_CORRA
At
Termination
0.48%
At
Termination
10/07/22
(a)
10/07/23
CAD
1,398
$
496
$
—
$
496
3
month
BA
Semi-Annual
0.76%
Semi-Annual
10/07/22
(a)
10/07/23
CAD
3,355
639
(70)
709
3
month
BA
Semi-Annual
0.75%
Semi-Annual
10/24/22
(a)
10/24/23
CAD
2,409
41
—
41
3
month
BA
Semi-Annual
0.74%
Semi-Annual
10/26/22
(a)
10/26/23
CAD
1,811
(138)
—
(138)
3
month
BA
Semi-Annual
0.83%
Semi-Annual
11/09/22
(a)
11/09/23
CAD
1,700
927
—
927
3
month
BA
Semi-Annual
0.85%
Semi-Annual
12/01/22
(a)
12/01/23
CAD
1,945
1,003
—
1,003
0.80%
Semi-Annual
3
month
BA
Semi-Annual
12/12/22
(a)
12/12/23
CAD
2,018
(61)
—
(61)
28
day
MXIBTIIE
Monthly
6.67%
Monthly
N/A
08/12/24
MXN
496
1,854
—
1,854
28
day
MXIBTIIE
Monthly
6.72%
Monthly
N/A
08/13/24
MXN
427
1,628
—
1,628
28
day
MXIBTIIE
Monthly
6.59%
Monthly
N/A
11/08/24
MXN
314
1,171
—
1,171
28
day
MXIBTIIE
Monthly
5.04%
Monthly
N/A
11/12/25
MXN
1,458
1,121
—
1,121
2.85%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
12/21/28
USD
300
(49,450)
—
(49,450)
1.61%
Semi-Annual
3
month
LIBOR
Quarterly
N/A
10/01/29
USD
400
(28,019)
—
(28,019)
$
(68,788)
$
(70)
$
(68,718)
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.72%
At
Termination
1
month
HICPXT
At
Termination
09/15/25
EUR
220
$
1,790
$
—
$
1,790
0.73%
At
Termination
1
month
HICPXT
At
Termination
09/15/25
EUR
220
1,648
—
1,648
0.67%
At
Termination
1
month
HICPXT
At
Termination
10/15/25
EUR
270
2,912
—
2,912
0.70%
At
Termination
1
month
HICPXT
At
Termination
11/15/25
EUR
230
4,126
—
4,126
1.01%
At
Termination
1
month
HICPXT
At
Termination
12/15/25
EUR
53
5
—
5
1.03%
At
Termination
1
month
HICPXT
At
Termination
12/15/25
EUR
79
(99)
—
(99)
1.03%
At
Termination
1
month
HICPXT
At
Termination
12/15/25
EUR
79
(106)
—
(106)
1
month
HICPXT
At
Termination
0.96%
At
Termination
09/15/30
EUR
220
(2,657)
—
(2,657)
1
month
HICPXT
At
Termination
0.98%
At
Termination
09/15/30
EUR
220
(2,190)
—
(2,190)
1
month
HICPXT
At
Termination
0.92%
At
Termination
10/15/30
EUR
270
(4,920)
—
(4,920)
1
month
HICPXT
At
Termination
0.90%
At
Termination
11/15/30
EUR
230
(6,916)
—
(6,916)
1
month
HICPXT
At
Termination
1.13%
At
Termination
12/15/30
EUR
53
(50)
—
(50)
1
month
HICPXT
At
Termination
1.14%
At
Termination
12/15/30
EUR
79
78
—
78
1
month
HICPXT
At
Termination
1.14%
At
Termination
12/15/30
EUR
79
15
—
15
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.33%
At
Termination
11/15/40
GBP
70
532
—
532
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.38%
At
Termination
12/15/40
GBP
70
2,271
—
2,271
$
(3,561)
$
—
$
(3,561)
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)
28
day
MXIBTIIE
Monthly
6.32%
Monthly
Goldman
Sachs
International
08/06/25
MXN
640
$
2,251
$
—
$
2,251
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
13
Schedule
of
Investments
(continued)
December
31,
2020
i
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
REPO_CORRA
...................................
Canadian
Overnight
Repo
Rate
0.20
%
1
month
HICPXT
......................................
Harmonized
Index
Of
Consumer
Prices
Excluding
Tobacco
(0.36)
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
4.48
3
month
BA
..........................................
Canadian
Bankers
Acceptances
0.48
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.24
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
.........................................................
$
—
$
(70)
$
22,327
$
(94,606)
OTC
Swaps
...................................................................
—
—
2,251
—
(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)
.....
$
—
$
—
$
—
$
—
$
28,305
$
—
$
28,305
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
23,475
—
—
23,475
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
...........
—
—
—
—
79,523
—
79,523
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
8,950
13,377
22,327
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
—
—
2,251
—
2,251
$
—
$
—
$
—
$
23,475
$
119,029
$
13,377
$
155,881
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
—
—
5,691
—
5,691
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
42,689
—
—
42,689
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
77,668
16,938
94,606
$
—
$
—
$
—
$
42,689
$
83,359
$
16,938
$
142,986
(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.
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
14
Schedule
of
Investments
(continued)
December
31,
2020
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
For
the
year
ended
December
31,
2020,
the
effec
t
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
.......................
$
—
$
—
$
—
$
—
$
542,078
$
—
$
542,078
Forward
foreign
currency
exchange
contracts
....
—
—
—
(24,920)
—
—
(24,920)
Options
purchased
(a)
....................
—
—
—
(7,833)
(98,101)
—
(105,934)
Options
written
........................
—
—
—
—
76,895
—
76,895
Swaps
..............................
—
2,087
—
—
(1,186,109)
51,360
(1,132,662)
$
—
$
2,087
$
—
$
(32,753)
$
(665,237)
$
51,360
$
(644,543)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.......................
—
—
—
—
5,953
—
5,953
Forward
foreign
currency
exchange
contracts
....
—
—
—
(32,735)
—
—
(32,735)
Options
purchased
(b)
....................
—
—
—
—
31,891
—
31,891
Options
written
........................
—
—
—
—
(10,823)
—
(10,823)
Swaps
..............................
—
1,057
—
—
503,289
(3,561)
500,785
$
—
$
1,057
$
—
$
(32,735)
$
530,310
$
(3,561)
$
495,071
(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
..................................................................................
$
17,111,567
Average
notional
value
of
contracts
—
short
.................................................................................
3,826,567
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
2,020,999
Average
amounts
sold
—
in
USD
........................................................................................
1,013,441
Options:
Average
value
of
option
contracts
purchased
................................................................................
13,933
Average
value
of
option
contracts
written
...................................................................................
29,477
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
2,177,500
Average
notional
value
of
swaption
contracts
written
...........................................................................
4,125,000
Credit
default
swaps:
Average
notional
value
—
buy
protection
...................................................................................
—
(a)
Average
notional
value
—
sell
protection
...................................................................................
—
(a)
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
9,071,080
Average
notional
value
—
receives
fixed
rate
................................................................................
11,286,979
Inflation
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
2,113,694
Average
notional
value
—
receives
fixed
rate
................................................................................
2,161,556
(a)
Derivative
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
BlackRock
U.S.
Government
Bond
V.I.
Fund
Schedule
of
Investments
15
Schedule
of
Investments
(continued)
December
31,
2020
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
....................................................................................
$
3,093
$
5,784
Forward
foreign
currency
exchange
contracts
.................................................................
23,475
42,689
Options
(a)(b)
........................................................................................
79,523
—
Swaps
—
Centrally
cleared
.............................................................................
—
799
Swaps
—
OTC
(c)
....................................................................................
2,251
—
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
108,342
$
49,272
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(38,267)
(6,583)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
70,075
$
42,689
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statement
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/received
in
the
Statement
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Bank
of
America
NA
..............................
$
12,653
$
(4,872)
$
—
$
—
$
7,781
Barclays
Bank
plc
................................
36,196
(4,688)
—
—
31,508
BNP
Paribas
SA
.................................
1,233
(101)
—
—
1,132
Citibank
NA
....................................
6,328
(6,328)
—
—
—
Deutsche
Bank
AG
...............................
6,998
(6,605)
—
—
393
Goldman
Sachs
International
........................
2,276
(1,130)
—
—
1,146
HSBC
Bank
plc
..................................
1,964
—
—
—
1,964
JPMorgan
Chase
Bank
NA
..........................
1,631
(1,631)
—
—
—
Natwest
Markets
plc
..............................
250
—
—
—
250
Standard
Chartered
Bank
...........................
14
(14)
—
—
—
State
Street
Bank
and
Trust
Co.
......................
417
—
—
—
417
UBS
AG
......................................
115
(115)
—
—
—
$
70,075
$
(25,484)
$
—
$
—
$
44,591
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)
Bank
of
America
NA
..............................
$
4,872
$
(4,872)
$
—
$
—
$
—
Barclays
Bank
plc
................................
4,688
(4,688)
—
—
—
BNP
Paribas
SA
.................................
101
(101)
—
—
—
Citibank
NA
....................................
8,049
(6,328)
—
—
1,721
Deutsche
Bank
AG
...............................
6,605
(6,605)
—
—
—
Goldman
Sachs
International
........................
1,130
(1,130)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
10,005
(1,631)
—
—
8,374
Standard
Chartered
Bank
...........................
6,613
(14)
—
—
6,599
UBS
AG
......................................
626
(115)
—
—
511
$
42,689
$
(25,484)
$
—
$
—
$
17,205
(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
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
U.S.
Government
Bond
V.I.
Fund
16
Schedule
of
Investments
(continued)
December
31,
2020
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
tables
summarize
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
disclosure
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments
......................................
$
—
$
76,069,566
$
—
$
76,069,566
Short-Term
Securities:
Certificates
of
Deposit
.....................................
—
1,200,138
—
1,200,138
Money
Market
Funds
......................................
2,156,232
—
—
2,156,232
U.S.
Government
Sponsored
Agency
Securities
....................
—
5,099,891
—
5,099,891
Options
Purchased:
Interest
rate
contracts
......................................
35,174
44,349
—
79,523
Liabilities:
Investments:
TBA
Sale
Commitments
....................................
—
(16,601,057)
—
(16,601,057)
$
2,191,406
$
65,812,887
$
—
$
68,004,293
Derivative
Financial
Instruments
(a)
Assets:
Foreign
currency
exchange
contracts
............................
$
—
$
23,475
$
—
$
23,475
Interest
rate
contracts
.......................................
28,305
11,201
—
39,506
Other
contracts
...........................................
—
13,377
—
13,377
Liabilities:
Foreign
currency
exchange
contracts
............................
—
(42,689)
—
(42,689)
Interest
rate
contracts
.......................................
(5,691)
(77,668)
—
(83,359)
Other
contracts
...........................................
—
(16,938)
—
(16,938)
$
22,614
$
(89,242)
$
—
$
(66,628)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
The
Fund
may
hold
assets
and/or
liabilities
in
which
the
fair
value
approximates
the
carrying
amount
or
face
value,
including
accrued
interest,
for
financial
statement
purposes.
As
of
period
end,
reverse
repurchase
agreements
of
$4,570,870
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
Statement
of
Assets
and
Liabilities

December
31,
2020
17
Financial
Statements
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
V.I.
Fund
ASSETS
Investments
at
value
—
unaffiliated
(cost
—
$80,129,597)
..............................................................................
$
82,449,118‌
Investments
at
value
—
affiliated
(cost
—
$2,156,232)
.................................................................................
2,156,232‌
Cash
pledged:
–‌
Futures
contracts
........................................................................................................
80,710‌
Centrally
cleared
swaps
....................................................................................................
77,943‌
Foreign
currency
at
value
(cost
—
$191,547)
.......................................................................................
201,902‌
Receivables:
–‌
Investments
sold
........................................................................................................
11,021,992‌
TBA
sale
commitments
....................................................................................................
16,515,058‌
Capital
shares
sold
.......................................................................................................
366,041‌
Dividends
—
affiliated
.....................................................................................................
56‌
Dividends
—
unaffiliated
...................................................................................................
9,910‌
Interest
—
unaffiliated
.....................................................................................................
300,287‌
Variation
margin
on
futures
contracts
...........................................................................................
3,093‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.....................................................................................
23,475‌
OTC
swaps
............................................................................................................
2,251‌
Prepaid
expenses
.........................................................................................................
1,136‌
Other
assets
.............................................................................................................
1,156‌
Total
assets
.............................................................................................................
113,210,360‌
LIABILITIES
TBA
sale
commitments
at
value
(proceeds
$16,515,058)
...............................................................................
16,601,057‌
Reverse
repurchase
agreements
at
value
.........................................................................................
4,570,870‌
Payables:
–‌
Investments
purchased
....................................................................................................
29,655,721‌
Capital
shares
redeemed
...................................................................................................
1,789‌
Distribution
fees
.........................................................................................................
1,415‌
Income
dividend
distributions
................................................................................................
61,751‌
Investment
advisory
fees
..................................................................................................
12,387‌
Directors'
and
Officer's
fees
.................................................................................................
4,467‌
Other
affiliate
fees
.......................................................................................................
607‌
Variation
margin
on
futures
contracts
...........................................................................................
5,784‌
Variation
margin
on
centrally
cleared
swaps
......................................................................................
799‌
Other
accrued
expenses
...................................................................................................
137,230‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.....................................................................................
42,689‌
Total
liabilities
............................................................................................................
51,096,566‌
NET
ASSETS
............................................................................................................
$
62,113,794‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
............................................................................................................
$
62,644,252‌
Accumulated
loss
.........................................................................................................
(530,458‌)
NET
ASSETS
............................................................................................................
$
62,113,794‌
Statement
of
Assets
and
Liabilities
(continued)
December
31,
2020
2020
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
........................................................................................................
$
55,191,189‌
Shares
outstanding
.................................................................................................
5,116,354‌
Net
asset
value
....................................................................................................
$
10.79‌
Shares
authorized
..................................................................................................
300
million
Par
value
........................................................................................................
$
0.10‌
Class
III
Net
assets
........................................................................................................
$
6,922,605‌
Shares
outstanding
.................................................................................................
642,061‌
Net
asset
value
....................................................................................................
$
10.78‌
Shares
authorized
..................................................................................................
100
million
Par
value
........................................................................................................
$
0.10‌
Statement
of
Operations

December
31,
2020
19
Financial
Statements
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.....................................................................................................
$
7,552‌
Dividends
—
unaffiliated
...................................................................................................
36‌
Interest
—
unaffiliated
....................................................................................................
1,385,212‌
Foreign
taxes
withheld
....................................................................................................
(98‌)
Total
investment
income
.....................................................................................................
1,392,702‌
EXPENSES
Investment
advisory
......................................................................................................
323,336‌
Transfer
agent
—
class
specific
..............................................................................................
125,877‌
Professional
...........................................................................................................
77,097‌
Accounting
services
......................................................................................................
68,139‌
Custodian
.............................................................................................................
28,481‌
Distribution
—
class
specific
................................................................................................
21,987‌
Printing
and
postage
.....................................................................................................
9,380‌
Transfer
agent
..........................................................................................................
5,009‌
Miscellaneous
..........................................................................................................
9,787‌
Total
expenses
excluding
interest
expense
.........................................................................................
669,093‌
Interest
expense
..........................................................................................................
52,287‌
Total
expenses
...........................................................................................................
721,380‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...................................................................................
(170,629‌)
Transfer
agent
fees
reimbursed
—
class
specific
...................................................................................
(120,599‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................................................
430,152‌
Net
investment
income
......................................................................................................
962,550‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
3,171,157‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...............................................................................................
2,373,596‌
Forward
foreign
currency
exchange
contracts
...................................................................................
(24,920‌)
Foreign
currency
transactions
.............................................................................................
(1,195‌)
Futures
contracts
......................................................................................................
542,078‌
Options
written
.......................................................................................................
76,895‌
Swaps
.............................................................................................................
(1,132,662‌)
A
1,833,792‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...............................................................................................
863,785‌
Forward
foreign
currency
exchange
contracts
...................................................................................
(32,735‌)
Foreign
currency
translations
..............................................................................................
10,400‌
Futures
contracts
......................................................................................................
5,953‌
Options
written
.......................................................................................................
(10,823‌)
Swaps
.............................................................................................................
500,785‌
A
1,337,365‌
Net
realized
and
unrealized
gain
...............................................................................................
3,171,157‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
......................................................................
$
4,133,707‌
Statements
of
Changes
in
Net
Assets

December
31,
2020
2020
BlackRock
Annual
Report
To
Shareholders
20
See
notes
to
financial
statements.
BlackRock
U.S.
Government
Bond
V.I.
Fund
Year
Ended
December
31,
2020
2019
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
962,550‌
$
1,287,039‌
Net
realized
gain
..................................................................................
1,833,792‌
760,480‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
1,337,365‌
1,570,977‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
4,133,707‌
3,618,496‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
(1,011,925‌)
(1,276,900‌)
  Class
III
.......................................................................................
(133,418‌)
(76,865‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(1,145,343‌)
(1,353,765‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
2,562,829‌
(3,827,360‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
5,551,193‌
(1,562,629‌)
Beginning
of
year
....................................................................................
56,562,601‌
58,125,230‌
End
of
year
........................................................................................
$
62,113,794‌
$
56,562,601‌
(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
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(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,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
..............................
$
10.32‌
$
9.93‌
$
10.12‌
$
10.18‌
$
10.23‌
Net
investment
income
(a)
.....................................
0.16‌
0.23‌
0.21‌
0.16‌
0.15‌
Net
realized
and
unrealized
gain
(loss)
...........................
0.50‌
0.40‌
(0.18‌)
(0.01‌)
(0.01‌)
Net
increase
from
investment
operations
............................
0.66‌
0.63‌
0.03‌
0.15‌
0.14‌
Distributions
from
net
investment
income
(b)
........................
(0.19‌)
(0.24‌)
(0.22‌)
(0.21‌)
(0.19‌)
Net
asset
value,
end
of
year
...................................
$
10.79‌
$
10.32‌
$
9.93‌
$
10.12‌
$
10.18‌
Total
Return
(c)
6.46%
6.36%
0.29%
1.52%
—
Based
on
net
asset
value
......................................
6.46%
6.36%
0.29%
1.52%
1.33%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
1.09%
(d)
1.70%
1.85%
1.31%
1.02%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.63%
(d)
1.31%
1.27%
1.01%
0.76%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expenses
...............................................
0.54%
(d)
0.74%
0.82%
0.87%
0.70%
Net
investment
income
.......................................
1.54%
(d)
2.22%
2.10%
1.58%
1.43%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
55,191‌
$
53,865‌
$
54,820‌
$
65,100‌
$
72,433‌
Portfolio
turnover
rate
(e)
.......................................
672%
699%
737%
1,052%
1,140%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Portfolio
turnover
rate
(excluding
MDRs)
............................
415%
445%
435%
681%
705%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2020
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
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(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,
2020
2019
2018
2017
2016
Net
asset
value,
beginning
of
year
..............................
$
10.32‌
$
9.92‌
$
10.11‌
$
10.18‌
$
10.22‌
Net
investment
income
(a)
.....................................
0.13‌
0.19‌
0.18‌
0.13‌
0.11‌
Net
realized
and
unrealized
gain
(loss)
...........................
0.49‌
0.42‌
(0.18‌)
(0.02‌)
—‌
Net
increase
from
investment
operations
............................
0.62‌
0.61‌
0.00‌
0.11‌
0.11‌
Distributions
from
net
investment
income
(b)
........................
(0.16‌)
(0.21‌)
(0.19‌)
(0.18‌)
(0.15‌)
Net
asset
value,
end
of
year
...................................
$
10.78‌
$
10.32‌
$
9.92‌
$
10.11‌
$
10.18‌
Total
Return
(c)
6.03%
6.14%
(0.01)%
1.10%
—
Based
on
net
asset
value
......................................
6.03%
6.14%
(0.01)%
1.10%
1.08%
Ratios
to
Average
Net
Assets
Total
expenses
.............................................
1.28%
(d)
1.89%
2.03%
1.45%
1.27%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.92%
(d)
1.61%
1.57%
1.30%
1.08%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expenses
...............................................
0.84%
(d)
1.03%
1.13%
1.17%
1.01%
Net
investment
income
.......................................
1.19%
(d)
1.86%
1.86%
1.30%
1.09%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
6,923‌
$
2,698‌
$
3,305‌
$
1,785‌
$
2,758‌
Portfolio
turnover
rate
(e)
.......................................
672%
699%
737%
1,052%
1,140%
Year
Ended
December
31,
2020
2019
2018
2017
2016
Portfolio
turnover
rate
(excluding
MDRs)
............................
415%
445%
435%
681%
705%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
23
Notes
to
Financial
Statements
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.
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
non-
index
fixed-income
mutual
funds
and
all
BlackRock-advised
closed-end
funds
referred
to
as
the
BlackRock
Fixed-Income
Complex.
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
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-
dividend
date
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
date.
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,
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,
2020
,
if
any,
are
disclosed
in
the Statement
of
Assets
and
Liabilities.
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
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
investment
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
date
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. 
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
24
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.  
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
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.
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.,
a
market
closure,
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.
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).
Notes
to
Financial
Statements
(continued)
25
Notes
to
Financial
Statements
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
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.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
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
will
be
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
paym
ents
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
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.
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
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
26
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
g
ains
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,
2020,
the
average
amount
of
reverse
repurchase
agreements
outstanding and
the
daily
weighted
average
interest
rate
for
the
Fund
were
$6,324,330
and
0.55%,
respectively.
Reverse
repurchase
transactions are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”),
which
permit
a
fund,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
under
the
MRA
with
collateral
held
and/or
posted
to
the
counterparty
and
create
one
single
net
payment
due
to
or
from
a
fund.
With
reverse
repurchase
transactions,
typically
a
fund
and
counterparty
under
an
MRA
are
permitted
to
sell,
re-
pledge,
or
use
the
collateral
associated
with
the
transaction.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
a
fund
receives
or
posts
securities
and
cash
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
paid
or
received
by
a
fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
a
fund
is
considered
an
unsecured
creditor
with
respect
to
excess
collateral
and,
as
such,
the
return
of
excess
collateral
may
be
delayed.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund’s
open
reverse
repurchase
agreements
by
counterparty
which
are
subject
to
offset
under
an
MRA on
a
net
basis: 
(a)
Collateral
with
a
value
of
$4,573,596
has
been
pledged
in
connection
with
open
reverse
repurchase
agreements.
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
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.
Counterparty
Reverse
Repurchase
Agreements
Fair
Value
of
Non-cash
Collateral
Pledged
Including
Accrued
Interest
(a)
Cash
Collateral
Pledged
Net
Amount
Bank
of
America
Securities,
Inc.
$
(4,570,87
0‌
)
$
4,570,87
0‌
$
–‌
$
–‌
Notes
to
Financial
Statements
(continued)
27
Notes
to
Financial
Statements
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
purchases
and
writes
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
purchases
and
writes
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).
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.
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
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
28
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
a
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
—
The
Fund
enters
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
the
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
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.
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.
Notes
to
Financial
Statements
(continued)
29
Notes
to
Financial
Statements
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,
2020,
the
Fund
reimbursed
the
Manager $797
for
certain
accounting
services,
which
is
included
in
accounting
services
in
the
Statement
of
Operations.
The
Manager
entered
into
a
sub-advisory
agreement,
effective
May
19,
2020,
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,
2020,
the
class
specific
distribution
fees
borne
directly
by
Class
III
were
$21,987.
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,
2020
,
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,
2020,
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
i
ts
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,
2020,
the
amount
waived
was
$
168
,
134
.
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
April
30,
2021.
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.
Prior
to May
1,
2020,
this
waiver
was
voluntary. This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
December
31,
2020,
the
amount
waived
was
$2,495.
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
April
30,
2021.
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,
2020,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$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
..........................................................................................................
$
112,312‌
Class
III
.........................................................................................................
13,565‌
$
125,877‌
Class
I
................................................................................................................
0.00‌%
Class
III
...............................................................................................................
0.06‌
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
30
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
April
30,
2021,
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,
2020,
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
these
contractual
expense
limitations
through
April
30,
2021,
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,
2020,
there
were
no
investment
advisory
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,
2020,
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.
PURCHASES
AND
SALES 
For
the
year ended
December
31,
2020,
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,
2020,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
$178,468,516
and
$178,458,337,
respectively. 
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,
2020,
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: 
Transfer
Agent
Fees
Reimbursed
Class
I
..........................................................................................................
$
112,312‌
Class
III
.........................................................................................................
8,287‌
$
120,599‌
Class
I
.............................................................................................................
1.25‌%
Class
III
............................................................................................................
1.50‌
U.S.
Government
Securities
Other
Securities
Purchases
Sales
Purchases
Sales
U.S.
Government
Bond
V.I
..............................................
$
38,109,466‌
$
42,695,109‌
$
428,927,269‌
$
438,171,649‌
12/31/20
12/31/19
Ordinary
income
............................................................................................
$
1,145,343‌
$
1,353,765‌
Notes
to
Financial
Statements
(continued)
31
Notes
to
Financial
Statements
As
of
period
end,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
(a)
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
and
straddles,
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.
During
the
year
ended
December
31,
2020,
the
Fund
utilized
$1,701,134
of
its
capital
loss
carryforward.
As
of
December
31,
2020, 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: 
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
2021
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,
2020,
the
Fund
did
not
borrow
under
the
credit
agreement.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
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.
Undistributed
ordinary
income
.............................................................................................
$
366,226‌
Non-expiring
capital
loss
carryforwards
(a)
......................................................................................
(2,937,146‌)
Net
unrealized
gains
(losses)
(b)
............................................................................................
2,040,462‌
$
(530,458‌)
Tax
cost
...........................................................................................................
$
82,332,525‌
Gross
unrealized
appreciation
............................................................................................
$
2,783,129‌
Gross
unrealized
depreciation
............................................................................................
(655,414‌)
Net
unrealized
appreciation
(depreciation)
....................................................................................
$
2,127,715‌
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
32
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
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
the
London
Interbank
Offered
Rate
(“LIBOR”)
by
the
end
of
2021,
and
it
is
expected
that
LIBOR
will
cease
to
be
published
after
that
time. 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. 
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
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
12/31/20
Year
Ended
12/31/19
Shares
Amount
Shares
Amount
Class
I
Shares
sold
.............................................
677,367‌
$
7,262,948‌
306,520‌
$
3,139,125‌
Shares
issued
in
reinvestment
of
distributions
........................
97,090‌
1,041,697‌
127,398‌
1,295,840‌
Shares
redeemed
.........................................
(875,669‌)
(9,410,157‌)
(736,860‌)
(7,515,644‌)
Net
decrease
..............................................
(101,212‌)
$
(1,105,512‌)
(302,942‌)
$
(3,080,679‌)
Class
III
Shares
sold
.............................................
2,446,165‌
$
25,979,537‌
674,859‌
$
6,868,096‌
Shares
issued
in
reinvestment
of
distributions
........................
12,220‌
131,707‌
7,647‌
77,885‌
Shares
redeemed
.........................................
(2,077,768‌)
(22,442,903‌)
(754,061‌)
(7,692,662‌)
Net
increase
(decrease)
.......................................
380,617‌
$
3,668,341‌
(71,555‌)
$
(746,681‌)
Total
Net
Increase
(Decrease)
279,405‌
$
2,562,829‌
(374,497‌)
$
(3,827,360‌)
Report
of
Independent
Registered
Public
Accounting
Firm
33
Report
of
Independent
Registered
Public
Accounting
Firm
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,
2020,
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,
2020,
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,
2020,
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
16,
2021
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Glossary
of
Terms
Used
in
this
Report
2020
BlackRock
Annual
Report
To
Shareholders
34
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
CNY
Chinese
Yuan
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
PLN
Polish
Zloty
RUB
New
Russian
Ruble
SEK
Swedish
Krona
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviations
BA
Canadian
Bankers
Acceptances
LIBOR
London
Interbank
Offered
Rate
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
REPO_CORRA
Canadian
Overnight
Repo
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
U.S.
Total
Market
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
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,
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
the
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
U.S.
Total
Market
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
10-11,
2020
and
the
Board
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,
2020
(the
“Meeting”)
to
review
the
Program.
The
Boards
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
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
operation
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,
2019
through
September
30,
2020
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
a
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
a
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
impact
of
the
coronavirus
outbreak
on
the
Funds
and
the
overall
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
a
Fund’s
liquidity
risk,
as
follows:
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
and
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.
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
net
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.
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Funds,
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.
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
2020
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.
33
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.
33
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.
33
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.
33
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.
33
RICs
consisting
of
159
Portfolios
None
Lena
G.
Goldberg
1949
Director
(Since
2016)
Senior
Lecturer,
Harvard
Business
School,
since
2008;
Director,
Charles
Stark
Draper
Laboratory,
Inc.
since
2013;
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.
33
RICs
consisting
of
159
Portfolios
None
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.
33
RICs
consisting
of
159
Portfolios
Hertz
Global
Holdings
(car
rental);
Montpelier
Re
Holdings,
Ltd.
(publicly
held
property
and
casualty
reinsurance)
from
2013
until
2015;
WABCO
(commercial
vehicle
safety
systems);
Sealed
Air
Corp.
(packaging)
Cynthia
A.
Montgomery
1952
Director
(Since
2019)
Professor,
Harvard
Business
School
since
1989.
33
RICs
consisting
of
159
Portfolios
Newell
Rubbermaid,
Inc.
(manufacturing)
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
Donald
C.
Opatrny
1952
Director
(Since
2015)
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
since
2004;
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
2018;
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.
33
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.
33
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.
33
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.
33
RICs
consisting
of
159
Portfolios
None
Independent
Directors
(a)
(continued)
Director
and
Officer
Information
(continued)
2020
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.
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.
117
RICs
consisting
of
267
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.
118
RICs
consisting
of
268
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.
Neal
J.
Andrews
1966
Chief
Financial
Officer
(Since
2007)
Chief
Financial
Officer
of
the
iShares
®
exchange
traded
funds
from
2019
to
2020;
Managing
Director
of
BlackRock,
Inc.
since
2006.
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.
Neal
J.
Andrews
retired
as
the
Chief
Financial
Officer
effective
December
31,
2020,
and
Trent
Walker
was
elected
as
the
Chief
Financial
Officer
effective
January
1,
2021.
Director
and
Officer
Information
2020
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.
84
RICs
consisting
of
108
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.
84
RICs
consisting
of
108
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.
84
RICs
consisting
of
108
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.
84
RICs
consisting
of
108
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.
85
RICs
consisting
of
109
Portfolios
None
R.
Glenn
Hubbard
1958
Director
(Since
2019)
Dean,
Columbia
Business
School
from
2004
to
2019;
Faculty
member,
Columbia
Business
School
since
1988.
84
RICs
consisting
of
108
Portfolios
ADP
(data
and
information
services);
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.
85
RICs
consisting
of
109
Portfolios
None
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.
(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
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.
85
RICs
consisting
of
109
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.
117
RICs
consisting
of
267
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.
118
RICs
consisting
of
268
Portfolios
None
Independent
Directors
(a)
(continued)
Director
and
Officer
Information
(continued)
2020
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.
Neal
J.
Andrews
1966
Chief
Financial
Officer
(Since
2007)
Chief
Financial
Officer
of
the
iShares
®
exchange
traded
funds
from
2019
to
2020;
Managing
Director
of
BlackRock,
Inc.
since
2006.
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.
Neal
J.
Andrews
retired
as
the
Chief
Financial
Officer
effective
December
31,
2020,
and
Trent
Walker
was
elected
as
the
Chief
Financial
Officer
effective
January
1,
2021.
Additional
Information
Additional
Information
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted
new
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
the
third
quarter
of
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
so
that
a
failure
to
comply
with
the
limits
would
result
in
a
statutory
violation
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
schedule
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
and
Procedures
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
upon
request
and
without
charge
(1)
by
calling
(800)
441-
7762
;
(2)
at
blackrock.com/prospectus/insurance
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
Availability
of
Proxy
Voting
Record
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
upon
request
and
without
charge
(1)
at
blackrock.com/prospectus/insurance
;
or
by
calling
(800)
441-
7762
and
(2)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Additional
Information
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
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.
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
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
U.S.
Total
Market
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
U.S.
Total
Market
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-12/20-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:

Michael Castellano
Frank J. Fabozzi
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
$39,984
$39,984
$0
$0
$13,600
$14,000
$0
$0
BlackRock Total Return V.I. Fund
$50,898
$50,898
$0
$750
$14,900
$15,400
$0
$0
BlackRock U.S. Government Bond V.I. Fund
$38,352
$38,352
$0
$0
$14,900
$15,400
$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
$1,984,000
$2,050,500
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 $1,984,000 and $2,050,500 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
$13,600
$14,000
BlackRock Total Return V.I. Fund
$14,900
$16,150
BlackRock U.S. Government Bond V.I. Fund
$14,900
$15,400
 
              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
$1,984,000
$2,050,500
 
              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 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) Not Applicable
(a)(4) 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 26, 2021
 
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 26, 2021
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Variable Series Funds II, Inc.  
 
Date: February 26, 2021

 
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Variable Series Funds II, Inc., certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Variable Series Funds II, Inc.;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 26, 2021
/s/ John M. Perlowski_________
                John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Variable Series Funds II, Inc.  

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Variable Series Funds II, Inc., certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Variable Series Funds II, Inc.;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 26, 2021
/s/ Trent Walker___________
                Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Variable Series Funds II, Inc.  

 
Exhibit 99.906CERT
 
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Variable Series Funds II, Inc. (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 2020 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: February 26, 2021
/s/ John M. Perlowski________
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Variable Series Funds II, Inc.  
 
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Variable Series Funds II, Inc. (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 2020 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: February 26, 2021
/s/ Trent Walker__________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Variable Series Funds II, Inc.  
 
 
 
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.