BlackRock Variable Series Funds II NPORT-P BlackRock U.S. Government Bond V.I. Fund (Sep 2022 report)

BlackRock

U.S.

Government

Bond

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.03%),

3.74%,

04/20/31

(a)(b)

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

USD

495

$

485,698

Total

Asset-Backed

Securities

—

1.2%

(Cost:

$494,809)

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

485,698

Foreign

Government

Obligations

Mexico

—

0.0%

United

Mexican

States,

8.50%

,

11/18/38

...

MXN

2

8,978

Total

Foreign

Government

Obligations

—

0.0%

(Cost:

$9,431)

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

8,978

Non-Agency

Mortgage-Backed

Securities

Commercial

Mortgage-Backed

Securities

—

3.8%

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

A,

(LIBOR

USD

1

Month

+

0.88%),

3.58%,

09/15/34

(a)(b)

.........

USD

139

135,330

BFLD

Trust,

Series

2020-EYP,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

3.97%,

10/15/35

(a)(b)

143

137,969

BPR

Trust,

Series

2021-TY,

Class

A,

(LIBOR

USD

1

Month

+

1.05%),

3.87%,

09/15/38

(a)(b)

152

144,426

BX

Trust

(a)(b)

Series

2021-MFM1,

Class

C,

(LIBOR

USD

1

Month

+

1.20%),

4.02%,

01/15/34

...

36

34,105

Series

2021-VIEW,

Class

A,

(LIBOR

USD

1

Month

+

1.28%),

4.10%,

06/15/36

...

60

57,441

Commercial

Mortgage

Trust,

Series

2017-

COR2,

Class

AM,

3.80%,

09/10/50

.....

22

19,647

Credit

Suisse

Mortgage

Capital

Certificates

(b)

Series

2020-NET,

Class

A,

2.26%,

08/15/37

(c)

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

98

89,808

Series

2021-980M,

Class

A,

2.39%,

07/15/31

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

100

85,529

CSAIL

Commercial

Mortgage

Trust,

Series

2018-CX11,

Class

A5,

4.03%,

04/15/51

(a)

.

51

47,353

CSMC

Trust,

Series

2021-BHAR,

Class

A,

(LIBOR

USD

1

Month

+

1.15%),

3.97%,

11/15/38

(a)(b)

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

168

160,507

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

A,

(LIBOR

USD

1

Month

+

0.80%),

3.62%,

02/15/38

(a)(b)

.........

100

96,452

Hudson

Yards

Mortgage

Trust,

Series

2019-

30HY,

Class

D,

3.56%,

07/10/39

(a)(b)

....

101

79,455

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-609M,

Class

A,

(LIBOR

USD

1

Month

+

1.37%),

4.19%,

10/15/33

(a)(b)

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

100

95,978

Morgan

Stanley

Capital

I

Trust

(a)

Series

2018-H3,

Class

B,

4.62%,

07/15/51

39

34,893

Series

2018-SUN,

Class

A,

(LIBOR

USD

1

Month

+

0.90%),

3.72%,

07/15/35

(b)

..

145

141,814

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2021-FCMT,

Class

A,

(LIBOR

USD

1

Month

+

1.20%),

4.02%,

05/15/31

(a)(b)

...

160

151,892

1,512,599

Interest

Only

Commercial

Mortgage-Backed

Securities

—

1.0%

(a)

Arbor

Multifamily

Mortgage

Securities

Trust,

Series

2021-MF3,

Class

XA,

0.85%,

10/15/54

(b)

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

128

5,474

BANK,

Series

2021-BN33,

Class

XA,

1.17%,

05/15/64

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

1,752

105,673

Benchmark

Mortgage

Trust,

Series

2020-B20,

Class

XA,

1.73%,

10/15/53

..........

1,162

92,478

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C16,

Class

XA,

1.71%,

06/15/52

..

USD

1,714

$

131,518

UBS

Commercial

Mortgage

Trust,

Series

2019-

C17,

Class

XA,

1.61%,

10/15/52

......

994

71,995

407,138

Total

Non-Agency

Mortgage-Backed

Securities

—

4.8%

(Cost:

$2,095,265)

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

1,919,737

Beneficial

Interest

(000)

Other

Interests

(d)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(c)

........

514

—

Total

Other

Interests

—

0.0%

(Cost:

$—)

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

—

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Agency

Obligations

—

1.2%

Federal

Home

Loan

Bank,

4.00%, 04/10/28

.

500

496,115

Collateralized

Mortgage

Obligations

—

0.3%

Federal

National

Mortgage

Association,

Series

2011-8,

Class

ZA,

4.00%, 02/25/41

.....

69

66,874

Government

National

Mortgage

Association

Variable

Rate

Notes,

Series

2014-107,

Class

WX,

6.76%, 07/20/39

(a)

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

66

68,711

135,585

Interest

Only

Collateralized

Mortgage

Obligations

—

0.4%

Federal

National

Mortgage

Association

Series

2020-32,

4.00%, 05/25/50

......

85

18,785

Series

2020-32,

Class

PI,

4.00%, 05/25/50

96

21,231

Government

National

Mortgage

Association

Series

2020-115,

Class

IM,

3.50%, 08/20/50

124

18,962

Series

2020-146,

Class

DI,

2.50%, 10/20/50

156

23,046

Series

2020-162,

Class

TI,

2.50%, 10/20/50

307

39,598

Series

2020-175,

Class

DI,

2.50%, 11/20/50

76

10,720

Series

2020-185,

Class

MI,

2.50%, 12/20/50

244

33,277

165,619

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.6%

(a)

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

Variable

Rate

Notes

Series

K105,

Class

X1,

1.64%, 01/25/30

.

669

57,210

Series

K116,

Class

X1,

1.53%, 07/25/30

.

107

8,788

Series

K119,

Class

X1,

1.03%, 09/25/30

.

180

10,111

Series

K120,

Class

X1,

1.13%, 10/25/30

.

773

47,872

Series

K122,

Class

X1,

0.97%, 11/25/30

.

255

13,748

Federal

National

Mortgage

Association

ACES

Variable

Rate

Notes,

Series

2020-M21,

Class

AX,

1.94%, 01/25/58

..........

255

35,937

Government

National

Mortgage

Association

Variable

Rate

Notes

Series

2002-83,

0.00%, 10/16/42

(c)

.....

413

—

Series

2003-17,

0.00%, 03/16/43

(c)

.....

422

—

Series

2003-109,

0.00%, 11/16/43

.....

614

24

Series

2016-22,

0.72%, 11/16/55

......

1,339

34,463

Series

2016-151,

0.85%, 06/16/58

.....

428

16,919

Series

2017-30,

0.58%, 08/16/58

......

249

7,192

BlackRock

U.S.

Government

Bond

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-61,

0.77%, 05/16/59

......

USD

209

$

8,608

240,872

Mortgage-Backed

Securities

—

59.7%

Federal

Home

Loan

Mortgage

Corp.

2.50%, 03/01/30

-

04/01/31

..........

98

90,755

3.00%, 09/01/27

-

12/01/46

..........

180

165,105

3.50%, 04/01/31

-

01/01/48

..........

253

237,214

4.00%, 08/01/40

-

12/01/45

..........

37

35,637

4.50%, 02/01/39

-

07/01/47

..........

94

91,574

5.00%, 10/01/41

-

11/01/41

..........

66

66,138

5.50%, 06/01/41

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

53

55,311

8.00%, 12/01/29

-

07/01/30

..........

11

11,725

Federal

National

Mortgage

Association

3.50%, 11/01/46

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

79

72,519

4.00%, 01/01/41

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

3

2,827

Government

National

Mortgage

Association

2.00%, 08/20/50

-

02/20/51

..........

768

645,098

2.00%, 10/15/52

(e)

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

221

183,917

2.50%, 04/20/51

-

07/20/52

..........

1,119

964,972

2.50%, 10/15/52

(e)

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

127

109,108

3.00%, 02/15/45

-

12/20/51

..........

603

535,844

3.00%, 10/15/52

-

11/15/52

(e)

.........

446

394,049

3.50%, 01/15/42

-

04/20/48

..........

613

564,682

3.50%, 10/15/52

-

11/15/52

(e)

.........

339

308,340

4.00%, 09/20/40

-

06/20/50

..........

1,009

946,890

4.00%, 10/15/52

-

11/15/52

(e)

.........

240

224,096

4.50%, 12/20/39

-

02/15/42

..........

464

457,957

4.50%, 10/15/52

(e)

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

48

45,943

5.00%, 12/15/38

-

07/20/42

..........

41

41,744

5.00%, 11/15/52

(e)

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

42

41,045

5.50%, 01/15/34

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

210

216,609

Uniform

Mortgage-Backed

Securities

1.50%, 10/25/37

(e)

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

227

194,626

1.50%, 11/01/41

-

11/01/51

..........

909

718,833

2.00%, 10/01/31

-

03/01/52

..........

4,905

4,007,526

2.00%, 10/25/37

-

10/25/52

(e)

.........

1,074

912,005

2.50%, 04/01/30

-

03/01/52

..........

3,789

3,242,603

2.50%, 10/25/37

-

11/25/52

(e)

.........

533

454,598

3.00%, 04/01/29

-

08/01/52

..........

2,207

1,974,951

3.00%, 10/25/37

-

10/25/52

(e)

.........

199

176,188

3.50%, 08/01/30

-

09/01/52

..........

1,212

1,106,441

3.50%, 10/25/37

-

11/25/52

(e)

.........

559

503,560

4.00%, 01/01/26

-

10/01/51

..........

1,068

1,011,098

4.00%, 10/25/52

-

11/25/52

(e)

.........

1,384

1,284,123

4.50%, 05/01/24

-

04/01/49

..........

267

259,590

4.50%, 10/25/52

-

11/25/52

(e)

.........

951

905,258

5.00%, 09/01/35

-

08/01/41

..........

108

107,730

5.00%, 10/25/52

-

11/25/52

(e)

.........

384

373,947

5.50%, 05/01/34

-

12/01/39

..........

111

114,440

6.00%, 04/01/35

-

06/01/41

..........

129

135,076

6.50%, 05/01/40

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

22

23,168

24,014,860

Total

U.S.

Government

Sponsored

Agency

Securities

—

62.2%

(Cost:

$27,408,126)

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

25,053,051

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25%, 05/15/39

-

11/15/40

..........

212

220,552

4.50%, 08/15/39

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

170

182,518

4.38%, 11/15/39

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

170

179,516

4.63%, 02/15/40

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

42

45,663

3.88%, 08/15/40

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

42

41,268

3.13%, 02/15/43

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

660

567,291

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

2.88%, 05/15/43

-

11/15/46

..........

USD

1,290

$

1,058,443

3.63%, 08/15/43

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

660

615,424

3.75%, 11/15/43

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

660

626,794

2.50%, 02/15/45

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

154

117,407

2.75%, 11/15/47

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

154

123,188

3.00%, 02/15/48

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

784

660,030

2.25%, 08/15/49

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

815

595,873

1.63%, 11/15/50

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

85

52,773

U.S.

Treasury

Notes

0.50%, 03/15/23

-

05/31/27

..........

873

793,622

0.25%, 04/15/23

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

214

209,846

2.75%, 05/31/23

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

1,260

1,249,024

2.25%, 11/15/24

-

08/15/27

..........

1,627

1,510,249

2.00%, 02/15/25

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

1,330

1,262,045

0.38%, 04/30/25

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

367

332,436

2.13%, 05/15/25

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

1,390

1,316,645

1.50%, 08/15/26

-

02/15/30

..........

1,881

1,698,431

0.63%, 03/31/27

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

146

125,246

2.88%, 08/15/28

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

380

356,502

3.13%, 11/15/28

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

380

361,074

2.38%, 03/31/29

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

54

48,895

1.63%, 08/15/29

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

266

229,394

Total

U.S.

Treasury

Obligations

—

36.2%

(Cost:

$16,735,892)

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

14,580,149

Total

Long-Term

Investments

—

104.4%

(Cost:

$46,743,523)

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

42,047,613

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

1.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

2.79%

(f)(g)

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

687,209

687,209

Total

Money

Market

Funds

—

1.7%

(Cost:

$687,209)

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

687,209

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Agency

Obligations

—

9.4%

Federal

Home

Loan

Bank

Discount

Notes,

2.96%, 10/21/22

(h)

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

3,800

3,794,251

Total

U.S.

Government

Sponsored

Agency

Securities

—

9.4%

(Cost:

$3,793,772)

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

3,794,251

Total

Short-Term

Securities

—

11.1%

(Cost:

$4,480,981)

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

4,481,460

Total

Options

Purchased

—

0.0%

(Cost:

$14,955)

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

15,306

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

115.5%

(Cost:

$51,239,459

)

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

46,544,379

Total

Options

Written

—

(0.8)%

(Premium

Received

—

$(184,967))

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

(329,569)

BlackRock

U.S.

Government

Bond

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Security

Par

(000)

Pa

r

(

000)

Value

TBA

Sale

Commitments

(e)

Mortgage-Backed

Securities

—

(10.4)%

Government

National

Mortgage

Association

2.50%

,

 10/15/52

-

11/15/52

..........

USD

(254)

$

(218,202)

3.00%

,

 10/15/52

-

11/15/52

..........

(57)

(50,262)

Uniform

Mortgage-Backed

Securities

2.50%

,

 10/25/37

-

11/25/52

..........

(620)

(527,795)

3.00%

,

 10/25/37

-

11/25/52

..........

(754)

(663,584)

3.50%

,

 10/25/37

-

10/25/52

..........

(831)

(750,585)

1.50%

,

 11/25/37

-

11/25/52

..........

(45)

(35,438)

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

2.00%

,

 11/25/37

-

11/25/52

..........

USD

(1,033)

$

(837,161)

4.00%

,

 10/25/52

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

(745)

(691,249)

4.50%

,

 10/25/52

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

(200)

(190,516)

5.00%

,

 10/25/52

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

(257)

(250,335)

Total

TBA

Sale

Commitments

—

(10.4)%

(Proceeds:

$(4,383,712))

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

(4,215,127)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

104.3%

(Cost:

$46,670,780

)

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

41,999,683

Liabilities

in

Excess

of

Other

Assets

—

(4.3)%

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

(1,734,695)

Net

Assets

—

100.0%

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

$

40,264,988

(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)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(e)

Represents

or

includes

a

TBA

transaction.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

Affiliate

of

the

Fund.

(h)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

8,097,193

$

—

$

(7,409,984)

(a)

$

—

$

—

$

687,209

687,209

$

6,461

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

BlackRock

U.S.

Government

Bond

V.I.

Fund

5

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10

Year

Ultra

Note

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

10

12/20/22

$

1,185

$

(64,004)

U.S.

Treasury

Ultra

Bond

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

4

12/20/22

547

(27,747)

U.S.

Treasury

2

Year

Note

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

11

12/30/22

2,259

4,060

U.S.

Treasury

5

Year

Note

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

24

12/30/22

2,579

(66,629)

(154,320)

Short

Contracts

U.S.

Treasury

10

Year

Note

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

7

12/20/22

784

2,337

U.S.

Treasury

Long

Bond

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

8

12/20/22

1,012

76,442

78,779

$

(75,541)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

10,000

USD

9,663

UBS

AG

10/17/22

$

146

GBP

10,000

USD

11,139

Bank

of

America

NA

10/17/22

31

USD

9,999

EUR

10,000

Bank

of

New

York

Mellon

10/17/22

190

USD

10,000

MXN

201,794

Bank

of

America

NA

10/17/22

5

USD

10,000

ZAR

178,004

HSBC

Bank

plc

10/17/22

177

USD

19,704

MXN

400,000

HSBC

Bank

plc

11/23/22

30

USD

18,181

CAD

24,000

Deutsche

Bank

AG

12/21/22

800

1,379

AUD

10,000

USD

6,734

Bank

of

New

York

Mellon

10/17/22

(337)

JPY

1,424,135

USD

10,000

Bank

of

New

York

Mellon

10/17/22

(148)

MXN

201,609

USD

10,000

Goldman

Sachs

International

10/17/22

(14)

USD

11,068

GBP

10,000

JPMorgan

Chase

Bank

NA

10/17/22

(102)

ZAR

175,399

USD

10,000

Standard

Chartered

Bank

10/17/22

(321)

(922)

$

457

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

Call

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.96%

Semi-Annual

Bank

of

America

NA

09/03/24

2.96

%

USD

62

$

2,178

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.25%

Semi-Annual

Goldman

Sachs

International

09/23/24

3.25

USD

13

582

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.28%

Semi-Annual

Goldman

Sachs

International

09/23/24

3.28

USD

49

2,308

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.14%

Semi-Annual

BNP

Paribas

SA

09/23/25

3.14

USD

22

1,094

6,162

Put

10-Year

Interest

Rate

Swap

(a)

2.96%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

09/03/24

2.96

USD

62

4,251

10-Year

Interest

Rate

Swap

(a)

3.28%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

09/23/24

3.28

USD

49

2,724

BlackRock

U.S.

Government

Bond

V.I.

Fund

6

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

OTC

Interest

Rate

Swaptions

Purchased

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

10-Year

Interest

Rate

Swap

(a)

3.25%

Semi-Annual

1

day

SOFR

Annual

Goldman

Sachs

International

09/23/24

3.25

%

USD

13

$

724

10-Year

Interest

Rate

Swap

(a)

3.14%

Semi-Annual

1

day

SOFR

Annual

BNP

Paribas

SA

09/23/25

3.14

USD

22

1,445

9,144

$

15,306

(a)

Forward

settling

swaption.

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

2-Year

Interest

Rate

Swap

(a)

.

2.37%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

10/05/22

2.37

%

USD

1,400

$

—

10-Year

Interest

Rate

Swap

(a)

1.71%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

10/28/22

1.71

USD

1,200

(1)

2-Year

Interest

Rate

Swap

(a)

.

2.43%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

10/31/22

2.43

USD

1,700

(4)

10-Year

Interest

Rate

Swap

(a)

1.82%

Annual

6

month

EURIBOR

Semi-Annual

Goldman

Sachs

International

11/11/22

1.82

EUR

6

(1)

10-Year

Interest

Rate

Swap

(a)

2.10%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

03/17/23

2.10

USD

300

(655)

10-Year

Interest

Rate

Swap

(a)

2.60%

Semi-Annual

1

day

SOFR

Annual

Bank

of

America

NA

04/12/23

2.60

USD

200

(1,348)

10-Year

Interest

Rate

Swap

(a)

3.13%

Semi-Annual

1

day

SOFR

Annual

Deutsche

Bank

AG

06/14/23

3.13

USD

300

(6,283)

(8,292)

Put

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

3.66%

Semi-Annual

Deutsche

Bank

AG

10/13/22

3.66

USD

1,300

(14,287)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

1.71%

Semi-Annual

Deutsche

Bank

AG

10/28/22

1.71

USD

1,200

(185,855)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

3.45%

Semi-Annual

Bank

of

America

NA

11/04/22

3.45

USD

1,500

(23,349)

10-Year

Interest

Rate

Swap

(a)

6

month

EURIBOR

Semi-Annual

1.82%

Annual

Goldman

Sachs

International

11/11/22

1.82

EUR

6

(646)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

3.75%

Semi-Annual

Bank

of

America

NA

11/17/22

3.75

USD

1,600

(17,419)

2-Year

Interest

Rate

Swap

(a)

.

1

day

SOFR

Annual

4.17%

Semi-Annual

Deutsche

Bank

AG

12/13/22

4.17

USD

1,700

(10,961)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.10%

Semi-Annual

Bank

of

America

NA

03/17/23

2.10

USD

300

(36,126)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

2.60%

Semi-Annual

Bank

of

America

NA

04/12/23

2.60

USD

200

(16,758)

10-Year

Interest

Rate

Swap

(a)

1

day

SOFR

Annual

3.13%

Semi-Annual

Deutsche

Bank

AG

06/14/23

3.13

USD

300

(15,876)

(321,277)

$

(329,569)

(a)

Forward

settling

swaption.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28

day

MXIBTIIE

Monthly

10.17%

Monthly

N/A

09/14/23

MXN

532

$

(82)

$

—

$

(82)

28

day

MXIBTIIE

Monthly

10.30%

Monthly

N/A

09/18/23

MXN

422

(42)

—

(42)

6.15%

Annual

3

month

WIBOR

Quarterly

04/11/23

(a)

04/11/24

PLN

76

227

—

227

3.13%

Annual

1

day

SOFR

Annual

N/A

06/14/24

USD

700

10,527

—

10,527

2.22%

Annual

6

month

EURIBOR

Semi-Annual

N/A

09/12/24

EUR

21

179

7

172

BlackRock

U.S.

Government

Bond

V.I.

Fund

7

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.58%

Annual

1

day

SOFR

Annual

N/A

09/13/24

USD

700

$

8,011

$

—

$

8,011

3.63%

Annual

1

day

SOFR

Annual

N/A

09/13/24

USD

400

4,196

—

4,196

4.16%

Annual

1

day

SOFR

Annual

N/A

09/23/24

USD

1,100

793

—

793

4.32%

Annual

1

day

SOFR

Annual

N/A

09/27/24

USD

1,000

(2,287)

—

(2,287)

6.87%

Annual

6

month

WIBOR

Semi-Annual

N/A

09/29/27

PLN

13

16

—

16

6.99%

Annual

6

month

WIBOR

Semi-Annual

N/A

09/30/27

PLN

18

9

—

9

7.15%

Annual

6

month

WIBOR

Semi-Annual

12/21/22

(a)

12/21/27

PLN

25

(26)

—

(26)

2.16%

Annual

1

day

SOFR

Annual

N/A

04/01/32

USD

300

32,815

—

32,815

2.65%

Annual

1

day

SOFR

Annual

N/A

06/02/32

USD

400

28,782

—

28,782

6

month

EURIBOR

Semi-Annual

2.44%

Annual

07/14/27

(a)

07/14/32

EUR

12

(356)

—

(356)

1

day

SOFR

Annual

3.64%

Annual

N/A

09/28/32

USD

200

1,276

405

871

$

84,038

$

412

$

83,626

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

11.65%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/25

BRL

27

$

(3)

$

—

$

(3)

1

day

BZDIOVER

At

Termination

11.69%

At

Termination

Citibank

NA

01/02/25

BRL

37

3

—

3

$

—

$

—

$

–

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1

day

BZDIOVER

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

Overnight

Brazil

CETIP

—

Interbank

Rate

0.05

%

1

day

SOFR

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

Secured

Overnight

Financing

Rate

2.59

28

day

MXIBTIIE

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

Mexico

Interbank

TIIE

28-Day

9.55

3

month

WIBOR

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

Warsaw

Interbank

Offered

Rate

7.21

6

month

EURIBOR

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

Euro

Interbank

Offered

Rate

1.90

6

month

WIBOR

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

Warsaw

Interbank

Offered

Rate

7.39

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

MXN

Mexican

Peso

PLN

Polish

Zloty

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CSMC

Credit

Suisse

Mortgage

Capital

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

WIBOR

Warsaw

Interbank

Offered

Rate

BlackRock

U.S.

Government

Bond

V.I.

Fund

8

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

•    

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs);

and

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

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

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/

or

there

are

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

485,698

$

—

$

485,698

Foreign

Government

Obligations

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

—

8,978

—

8,978

Non-Agency

Mortgage-Backed

Securities

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

—

1,829,929

89,808

1,919,737

Other

Interests

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

—

—

—

—

U.S.

Government

Sponsored

Agency

Securities

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

—

25,053,051

—

25,053,051

U.S.

Treasury

Obligations

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

—

14,580,149

—

14,580,149

Short-Term

Securities

Money

Market

Funds

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

687,209

—

—

687,209

U.S.

Government

Sponsored

Agency

Securities

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

—

3,794,251

—

3,794,251

Options

Purchased

Interest

rate

contracts

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

—

15,306

—

15,306

Liabilities

Investments

TBA

Sale

Commitments

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

—

(4,215,127)

—

(4,215,127)

$

687,209

$

41,552,235

$

89,808

$

42,329,252

Derivative

Financial

Instruments

(a)

Assets

Foreign

currency

exchange

contracts

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

$

—

$

1,379

$

—

$

1,379

Interest

rate

contracts

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

82,839

86,422

—

169,261

Liabilities

Foreign

currency

exchange

contracts

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

—

(922)

—

(922)

Interest

rate

contracts

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

(158,380)

(332,365)

—

(490,745)

$

(75,541)

$

(245,486)

$

—

$

(321,027)

(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.