BlackRock
U.S.
Government
Bond
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Commercial
Mortgage-Backed
Securities
—
2.0%
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
A,
(1-mo.
LIBOR
USD
at
0.88%
Floor
+
0.88%),
5.56%,
09/15/34
(a)(b)
....
USD
139
$
134,896
BX
Trust,
Series
2021-MFM1,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
6.14%,
01/15/34
(a)(b)
...............
33
31,040
Commercial
Mortgage
Trust,
Series
2017-
COR2,
Class
AM,
3.80%,
09/10/50
.....
22
19,658
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2021-980M,
Class
A,
2.39%,
07/15/31
(b)
.....................
100
85,996
CSMC
Trust,
Series
2021-BHAR,
Class
A,
(1-
mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
5.83%,
11/15/38
(a)(b)
...............
168
160,700
Hudson
Yards
Mortgage
Trust,
Series
2019-
30HY,
Class
D,
3.44%,
07/10/39
(a)(b)
....
101
80,499
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2020-609M,
Class
A,
(1-mo.
LIBOR
USD
at
1.37%
Floor
+
1.37%),
6.05%,
10/15/33
(a)(b)
.........
100
91,086
Morgan
Stanley
Capital
I
Trust,
Series
2018-
H3,
Class
B,
4.62%,
07/15/51
(a)
.......
39
34,391
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2021-FCMT,
Class
A,
(1-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
5.88%,
05/15/31
(a)(b)
....................
160
148,800
787,066
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.5%
(a)
Arbor
Multifamily
Mortgage
Securities
Trust,
Series
2021-MF3,
Class
XA,
0.74%,
10/15/54
(b)
.....................
128
5,315
BANK,
Series
2021-BN33,
Class
XA,
1.06%,
05/15/64
......................
1,750
101,109
Benchmark
Mortgage
Trust,
Series
2020-B20,
Class
XA,
1.62%,
10/15/53
..........
1,160
87,569
193,993
Total
Non-Agency
Mortgage-Backed
Securities
—
2.5%
(Cost:
$1,088,382)
..............................
981,059
Beneficial
Interest
(000)
Other
Interests
(c)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(d)(e)
.......
514
—
Total
Other
Interests
—
0.0%
(Cost:
$—)
....................................
—
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
(f)
Agency
Obligations
—
1.3%
Federal
Home
Loan
Bank
Bonds,
4.00%, 04/10/28
.................
500
502,350
Collateralized
Mortgage
Obligations
—
0.0%
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.72%, 07/20/39
(a)
.............
—
(g)
1
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.2%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K116,
Class
X1,
1.42%, 07/25/30
.
USD
106
$
8,430
Series
K119,
Class
X1,
0.93%, 09/25/30
.
180
9,757
Series
K120,
Class
X1,
1.04%, 10/25/30
.
127
7,590
Series
K122,
Class
X1,
0.88%, 11/25/30
.
255
13,130
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes,
Series
2020-M21,
Class
AX,
1.56%, 01/25/58
..........
255
34,778
73,685
Mortgage-Backed
Securities
—
77.3%
Government
National
Mortgage
Association
(f)
2.00%, 04/15/53
.................
1,140
968,390
2.50%, 04/15/53
.................
2,499
2,199,120
3.00%, 04/15/53
.................
1,060
965,505
4.50%, 04/15/53
.................
126
124,104
5.00%, 04/15/53
.................
93
93,116
5.50%, 04/15/53
.................
55
55,622
Uniform
Mortgage-Backed
Securities
1.50%, 04/25/38
-
04/25/53
(f)
.........
246
211,392
2.00%, 04/25/53
(f)
................
7,259
6,000,337
2.50%, 04/25/53
(f)
................
5,636
4,857,527
3.00%, 04/25/53
(f)
................
2,858
2,564,302
3.50%, 04/25/38
-
04/25/53
(f)
.........
271
252,418
4.00%, 10/01/52
.................
10,999
10,519,749
4.00%, 04/25/53
(f)
................
327
312,459
4.50%, 04/25/53
(f)
................
840
822,637
5.00%, 04/25/53
(f)
................
33
33,112
5.50%, 04/25/53
(f)
................
346
349,494
6.00%, 04/25/53
(f)
................
300
306,199
30,635,483
Total
U.S.
Government
Sponsored
Agency
Securities
—
78.8%
(Cost:
$31,317,495)
..............................
31,211,519
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
-
11/15/40
..........
212
228,440
4.50%, 08/15/39
.................
170
188,780
4.38%, 11/15/39
.................
170
185,725
4.63%, 02/15/40
.................
42
47,266
3.88%, 08/15/40
.................
42
43,070
3.13%, 02/15/43
.................
660
593,433
2.88%, 05/15/43
-
11/15/46
..........
1,290
1,107,109
3.63%, 08/15/43
.................
660
640,612
3.75%, 11/15/43
.................
660
651,905
2.50%, 02/15/45
.................
154
122,881
2.75%, 11/15/47
.................
154
128,121
3.00%, 02/15/48
.................
784
683,856
2.25%, 08/15/49
.................
815
612,810
1.63%, 11/15/50
.................
85
54,510
U.S.
Treasury
Notes
0.25%, 04/15/23
.................
214
213,691
2.75%, 05/31/23
.................
1,260
1,255,956
1.75%, 07/31/24
.................
2,430
2,346,848
2.13%, 07/31/24
-
05/15/25
..........
2,650
2,559,234
2.25%, 11/15/24
-
08/15/27
..........
1,627
1,544,072
2.00%, 02/15/25
.................
1,580
1,519,022
0.50%, 03/31/25
-
05/31/27
..........
659
598,957
0.38%, 04/30/25
.................
367
340,392
1.50%, 08/15/26
-
02/15/30
..........
1,881
1,743,249
0.63%, 03/31/27
.................
146
129,438
BlackRock
U.S.
Government
Bond
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.88%, 08/15/28
.................
USD
380
$
365,973
3.13%, 11/15/28
.................
380
370,441
2.38%, 03/31/29
.................
54
50,412
1.63%, 08/15/29
.................
266
237,259
Total
U.S.
Treasury
Obligations
—
46.8%
(Cost:
$20,260,370)
..............................
18,563,462
Total
Long-Term
Investments
—
128.1%
(Cost:
$52,666,247)
..............................
50,756,040
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
0.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.70%
(h)(i)
.................
199,276
199,276
Total
Money
Market
Funds
—
0.5%
(Cost:
$199,276)
................................
199,276
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
15.1%
Federal
Home
Loan
Bank
Discount
Notes,
4.52%, 04/21/23
(j)
...............
6,000
5,986,199
Total
U.S.
Government
Sponsored
Agency
Securities
—
15.1%
(Cost:
$5,985,000)
..............................
5,986,199
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
4.6%
U.S.
Treasury
Bills
,
4.48%, 06/01/23
(j)
.....
USD
1,841
$
1,827,310
Total
U.S.
Treasury
Obligations
—
4.6%
(Cost:
$1,827,162)
..............................
1,827,310
Total
Short-Term
Securities
—
20.2%
(Cost:
$8,011,438)
..............................
8,012,785
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
148.3%
(Cost:
$60,677,685
)
..............................
58,768,825
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(17,238))
....................
(12,138)
TBA
Sale
Commitments
(f)
Mortgage-Backed
Securities
—
(39.4)%
Government
National
Mortgage
Association
2.50%
,
04/15/53
.................
(59)
(51,920)
4.50%
,
04/15/53
.................
(126)
(124,104)
5.00%
,
04/15/53
.................
(93)
(93,116)
5.50%
,
04/15/53
.................
(55)
(55,622)
Uniform
Mortgage-Backed
Securities
1.50%
,
04/25/38
-
04/25/53
..........
(246)
(211,392)
3.50%
,
04/25/38
-
04/25/53
..........
(271)
(252,417)
2.00%
,
04/25/53
.................
(586)
(484,253)
2.50%
,
04/25/53
.................
(2,036)
(1,754,777)
3.00%
,
04/25/53
.................
(268)
(240,400)
4.00%
,
04/25/53
.................
(11,327)
(10,832,970)
4.50%
,
04/25/53
.................
(840)
(822,637)
5.00%
,
04/25/53
.................
(33)
(33,112)
5.50%
,
04/25/53
.................
(346)
(349,494)
6.00%
,
04/25/53
.................
(300)
(306,199)
Total
TBA
Sale
Commitments
—
(39.4)%
(Proceeds:
$(15,676,382))
.........................
(15,612,413)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
108.9%
(Cost:
$44,984,065
)
..............................
43,144,274
Liabilities
in
Excess
of
Other
Assets
—
(8.9)%
............
(3,526,970)
Net
Assets
—
100.0%
..............................
$
39,617,304
(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)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(d)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Represents
or
includes
a
TBA
transaction.
(g)
Rounds
to
less
than
1,000.
(h)
Annualized
7-day
yield
as
of
period
end.
(i)
Affiliate
of
the
Fund.
(j)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
BlackRock
U.S.
Government
Bond
V.I.
Fund
4
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
845,499
$
—
$
(646,223)
(a)
$
—
$
—
$
199,276
199,276
$
11,609
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
BlackRock
U.S.
Government
Bond
V.I.
Fund
5
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10
Year
Note
...................................................
13
06/21/23
$
1,496
$
2,725
U.S.
Treasury
10
Year
Ultra
Note
...............................................
8
06/21/23
970
32,973
U.S.
Treasury
Ultra
Bond
.....................................................
6
06/21/23
850
38,355
U.S.
Treasury
5
Year
Note
....................................................
35
06/30/23
3,838
74,568
148,621
Short
Contracts
U.S.
Treasury
Long
Bond
.....................................................
10
06/21/23
1,314
(54,867)
U.S.
Treasury
2
Year
Note
....................................................
8
06/30/23
1,653
(19,087)
(73,954)
$
74,667
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
CAD
24,000
USD
17,574
HSBC
Bank
plc
04/19/23
$
188
USD
17,471
CAD
24,000
HSBC
Bank
plc
04/19/23
(291)
$
(103)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
2.60%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/12/23
2.60
%
USD
200
$
(11)
10-Year
Interest
Rate
Swap
(a)
2.95%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
03/13/26
2.95
USD
17
(828)
(839)
Put
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
(10,325)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.95%
Semi-Annual
Bank
of
America
NA
03/13/26
2.95
USD
18
(974)
(11,299)
$
(12,138)
(a)
Forward
settling
swaption.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.16%
Annual
1-day
SOFR
Annual
04/01/32
USD
300
$
26,015
$
—
$
26,015
2.65%
Annual
1-day
SOFR
Annual
06/02/32
USD
100
4,778
—
4,778
1-day
SOFR
Annual
3.64%
Annual
09/28/32
USD
200
6,742
385
6,357
BlackRock
U.S.
Government
Bond
V.I.
Fund
6
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
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.
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.16%
Annual
1-day
SOFR
Annual
01/18/33
USD
350
$
2,021
$
—
$
2,021
1-day
SOFR
Annual
2.10%
Annual
03/21/33
USD
300
(28,005)
—
(28,005)
$
11,551
$
385
$
11,166
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
-
day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4.87
%
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Non-Agency
Mortgage-Backed
Securities
........................
$
—
$
981,059
$
—
$
981,059
Other
Interests
..........................................
—
—
—
—
U.S.
Government
Sponsored
Agency
Securities
....................
—
31,211,519
—
31,211,519
U.S.
Treasury
Obligations
...................................
—
18,563,462
—
18,563,462
Short-Term
Securities
Money
Market
Funds
......................................
199,276
—
—
199,276
U.S.
Government
Sponsored
Agency
Securities
....................
—
5,986,199
—
5,986,199
U.S.
Treasury
Obligations
...................................
—
1,827,310
—
1,827,310
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(15,612,413)
—
(15,612,413)
$
199,276
$
42,957,136
$
—
$
43,156,412
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
188
$
—
$
188
Interest
rate
contracts
.......................................
148,621
39,171
—
187,792
BlackRock
U.S.
Government
Bond
V.I.
Fund
7
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Level
1
Level
2
Level
3
Total
Liabilities
Foreign
currency
exchange
contracts
............................
$
—
$
(291)
$
—
$
(291)
Interest
rate
contracts
.......................................
(73,954)
(40,143)
—
(114,097)
$
74,667
$
(1,075)
$
—
$
73,592
(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.
Currency
Abbreviation
CAD
Canadian
Dollar
USD
United
States
Dollar
Portfolio
Abbreviation
CSMC
Credit
Suisse
Mortgage
Capital
LIBOR
London
Interbank
Offered
Rate
OTC
Over-the-counter
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
Fair
Value
Hierarchy
as
of
Period
End
(continued)