# EDGAR Filing Document

**Accession Number:** 0001738072
**File Stem:** 0001727644-23-000013
**Filing Date:** 2023-2
**Character Count:** 584663
**Document Hash:** 090a73a084d368b3ea9d5d6c13558a00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001727644-23-000013.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001727644-23-000013

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Variable Series Funds II, Inc.
- **CENTRAL INDEX KEY:** 0001738072
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23346
- **FILM NUMBER:** 23665710

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### BlackRock High Yield V.I. Fund (Series ID: S000062376)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000202342 | Class I      |  |
| C000202343 | Class III    |  |

### BlackRock Total Return V.I. Fund (Series ID: S000062377)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000202344 | Class I      |  |
| C000202345 | Class III    |  |

### BlackRock U.S. Government Bond V.I. Fund (Series ID: S000062378)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000202346 | Class I      |  |
| C000202347 | Class III    |  |

# 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Variable Series Funds II, Inc., 55 East 52##SUP##nd##/SUP## Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2022

Date of reporting period: 12/31/2022

Item 1 - Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

**BlackRock**

DECEMBER 31, 2022

## 2022 Annual Report

BlackRock Variable Series Funds, Inc.

BlackRock Variable Series Funds II, Inc.

---

Net FDC Incurred - May Loss Value - No Bank Guarantee---

# The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended December 31, 2022, as investors managed changing economic conditions and smaller markets. The U.S. economy shrank in the first half of 2022 before returning to market growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which resulted in 20-year high before beginning to moderate. Moreover, while the forecast effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to prevent challenges for both investors and policymakers.

![img-0.jpeg](img-0.jpeg)

Rob Kapko

President, Shakhark Advisors, LLC

## Total Returns as of December 31, 2022

|  | Outlook | 12-Month |
| --- | --- | --- |
| U.S. large cap market (SEP 2022 Index) | 2.52% | 18.11% |
| U.S. small cap market (Russia 2022 Index) | 2.01 | 1.24 |

This Photo is not PART OF PAGE FROM REVERSE

BlackRock

DECEMBER 31, 2022

Equity is less full as interest rates now, particularly during the first half of the reporting period. Both large- and small-scale data (U.S. books) fall, although equities began to recover in the second half of the year as inflation expected and economic growth resumed. Emerging market stocks and international equities from developed equities are not yet available.
This report is not intended to be used for any other reporting period. The report is not intended to be used for any other reporting period. The report is not intended to be used for any other reporting period.

BlackRock Variable Series Funds II, Inc.

- BlackRock High Yield V.I. Fund

| International equities (IMC) | 6.20 | (14.40) |
| --- | --- | --- |
| Europe, Americas, Far East (India) |  |  |
| Emerging market equities (IMC) (Emerging Markets India) | (2.80) | (20.00) |
| 3-month Treasury Info (2.8 Bbls 3-Month U.S. Treasury) | 1.33 | 1.47 |

Net FDC Incurred - May Less Value - No Back Guarantee

Fund Summary

BlackRock High Yield V.I. Fund

as of December 30, 2022

# Investment Objective

Corporate fund market also found inflationary investments and heightened uncertainty led to higher corporate
BlackRock High Yield V.I. Fund (the 2022) investment objective is to reach its market share return, consistent with income generation and product investment
management.
The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected.
The Fund is a key investment objective. The Fund would share its fundraising programs and its
provisions to the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S. in the U.S. and the U.S.

How did the Fund perform?

| REMARKS: |  |  |
| --- | --- | --- |
| U.S. Treasury securities | (0.00) | (24.00) |
| U.S. Bank of New York |  |  |
| Treasury banks |  |  |
| U.S. investment public | (0.01) | (23.01) |
| Interim (Barrickery) U.S. |  |  |
| Aggregate (Kraft) funds |  |  |
| Tax exempt municipal bonds | 0.00 | (0.00) |

2

2022 BlackRock Annual Report to Shareholders

Fund Summary

BlackRock High Yield Y.I. Fund

![img-1.jpeg](img-1.jpeg)

Fund Summary

3

Fund Summary
as of December 30, 2022 (continued)

StockRock High Yield V.I. Fund

# **Expense Example**

In performance relative to the benchmark, the credit rating on underweight allocation to 88 rated losses and an overweight to 6 losses proved additive. Asset allocation less to the benchmark, as well as the benchmark, the benchmark is the benchmark for the benchmark, the benchmark is the benchmark for the benchmark.

The benchmark has been used to determine the benchmark for the benchmark, the benchmark is the benchmark for the benchmark.

The benchmark has been used to determine the benchmark for the benchmark, the benchmark is the benchmark for the benchmark.

The benchmark has been used to determine the benchmark for the benchmark, the benchmark is the benchmark for the benchmark.

The benchmark has been used to determine the benchmark for the benchmark, the benchmark is the benchmark for the benchmark.

The benchmark has been used to determine the benchmark for the benchmark, the benchmark is the benchmark for the benchmark.

The benchmark has been used to determine the benchmark for the benchmark, the benchmark is the benchmark for the benchmark.

Overall portfolio risk was reduced during the period when growth flows and rising interest rates. In this case, the Fund's total credit expansion, duration (and corresponding

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performance is related to cumulative purposes only. The
control funds directly in an index.

6

2022 StockRock Annual Report to Securities

## Disclosure of Expenses

Shareholders of the Fund may now the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution

Funded, not limited to the Company's shareholding, and (c) the Company's shareholding, and (d) the Company's shareholding, and (e) the Company's shareholding, and (f) the Company's shareholding, and (g) the Company's shareholding, and (h) the Company's shareholding, and (i) the Company's shareholding, and (j) the Company's shareholding, and (k) the Company's shareholding, and (l) the Company's shareholding, and (m) the Company's shareholding, and (n) the Company's shareholding, and (o) the Company's shareholding, and (p) the Company's shareholding, and (q) the Company's shareholding, and (r) the Company's shareholding, and (s) the Company's shareholding, and (t) the Company's shareholding, and (u) the Company's shareholding, and (v) the Company's shareholding, and (w) the Company's shareholding, and (x) the Company's shareholding, and (y) the Company's shareholding, and (z) the Company's shareholding, and (w) the Company's shareholding, and (x) the Company's shareholding, and (y) the Company's shareholding, and (z) the Company's shareholding, and (w) the Company's shareholding, and (x) the Company's shareholding, and (y) the Company's shareholding

The "Disclosure of Expenses" for further information on these expenses were calculated.

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

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The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

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The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

Disclosure of Expenses | Executive Financial Statements

The Company's shareholding is based on the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

Schedule of Investments

BlackRock High Yield V.I. Fund
(Percentages shown are based on last Assets)

December 31, 2022

The gross monthly total balance of the month is based on the total annualized and annualized dividends paid on the basis of the net amount of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

6

2022 BlackRock Annual Report to Incorporated

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund

(Percentages shown are based on Net Assets)

December 31, 2022

# Derivative Financial Instruments

The following items include derivative financial instruments. These instruments are used to measure the value of the property, currency, notes, and other items. The derivative instruments are used to measure the value of the property, currency, notes, and other items. The derivative instruments are used to measure the value of the property, currency, notes, and other items. The derivative instruments are used to measure the value of the property, currency, notes, and other items.

Schedule of Investments

7

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund

(Percentages shown are based on last Assets)

December 31, 2022

December 31, 2022

The Company is a member of the BlackRock High Yield Group of the BlackRock High Yield Group. The Company is a member of the BlackRock High Yield Group of the BlackRock High Yield Group. The Company is a member of the BlackRock High Yield Group of the BlackRock High Yield Group.

6

2022 BlackRock Annual Report to Investment

# Schedule of Investments

(continued)

# BlackRock High Yield V.I. Fund

(Percentages shown are based on Net Assets)

December 31, 2022

| Description | 2022 | 2021 | 2020 | 2019 |
| --- | --- | --- | --- | --- |
| Pre-annuation of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Pre-annuation of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Pre-annuation of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

Schedule of Investments

9

# Schedule of Investments

(continued)

December 31, 2022

| Description | Amount |
| --- | --- |
| Stockholders' Equity | 100,000 |
| Stockholders' Equity | 100,000 |
| Stockholders' Equity | 100,000 |
| Stockholders' Equity | 100,000 |
| Stockholders' Equity | 100,000 |
| Stockholders' Equity | 100,000 |

# Stockholders' Equity: Yr. Fund

(Percentage shares are based on last Assets)

12

2022 Stockholders' Equity Report to December 31, 2022

Schedule of Investments

(continued)

BlackRock High Yield V.L. Fund
(Percentages drawn are based on Net Assets)

December 31, 2022

| Description | 1st | 2nd | 3rd | 4th | 5th | 6th |
| --- | --- | --- | --- | --- | --- | --- |
| Stockholders' Equity | 1,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Stockholders' Equity | 1,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Stockholders' Equity | 1,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Stockholders' Equity | 1,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

Schedule of Investments

11

# Schedule of Investments

(continued)

# BlackRock High Yield V.I. Fund
(Percentages shown are based on last Assets)

December 31, 2022

| 1. 2023 | 1. 2024 | 1. 2025 | 1. 2026 | 1. 2027 | 1. 2028 | 1. 2029 | 1. 2030 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. 2024 | 2. 2025 | 2. 2026 | 2. 2027 | 2. 2028 | 2. 2029 | 2. 2030 | 2. 2031 |
| 3. 2025 | 3. 2026 | 3. 2027 | 3. 2028 | 3. 2029 | 3. 2030 | 3. 2031 | 3. 2032 |
| 4. 2026 | 4. 2027 | 4. 2028 | 4. 2029 | 4. 2030 | 4. 2031 | 4. 2032 | 4. 2033 |
| 5. 2027 | 5. 2028 | 5. 2029 | 5. 2030 | 5. 2031 | 5. 2032 | 5. 2033 | 5. 2034 |
| 6. 2028 | 6. 2029 | 6. 2030 | 6. 2031 | 6. 2032 | 6. 2033 | 6. 2034 | 6. 2035 |
| 7. 2029 | 7. 2030 | 7. 2031 | 7. 2032 | 7. 2033 | 7. 2034 | 7. 2035 | 7. 2036 |
| 8. 2030 | 8. 2031 | 8. 2032 | 8. 2033 | 8. 2034 | 8. 2035 | 8. 2036 | 8. 2037 |
| 9. 2031 | 9. 2032 | 9. 2033 | 9. 2034 | 9. 2035 | 9. 2036 | 9. 2037 | 9. 2038 |
| 10. 2032 | 10. 2033 | 10. 2034 | 10. 2035 | 10. 2036 | 10. 2037 | 10. 2038 | 10. 2039 |
| 11. 2033 | 11. 2034 | 11. 2035 | 11. 2036 | 11. 2037 | 11. 2038 | 11. 2039 | 11. 2040 |
| 12. 2034 | 12. 2035 | 12. 2036 | 12. 2037 | 12. 2038 | 12. 2039 | 12. 2040 | 12. 2041 |
| 13. 2035 | 13. 2036 | 13. 2037 | 13. 2038 | 13. 2039 | 13. 2040 | 13. 2041 | 13. 2042 |
| 14. 2036 | 14. 2037 | 14. 2038 | 14. 2039 | 14. 2040 | 14. 2041 | 14. 2042 | 14. 2043 |
| 15. 2037 | 15. 2038 | 15. 2039 | 15. 2040 | 15. 2041 | 15. 2042 | 15. 2043 | 15. 2044 |
| 16. 2038 | 16. 2039 | 16. 2040 | 16. 2041 | 16. 2042 | 16. 2043 | 16. 2044 | 16. 2045 |
| 17. 2039 | 17. 2040 | 17. 2041 | 17. 2042 | 17. 2043 | 17. 2044 | 17. 2045 | 17. 2046 |
| 18. 2040 | 18. 2041 | 18. 2042 | 18. 2043 | 18. 2044 | 18. 2045 | 18. 2046 | 18. 2047 |
| 19. 2041 | 19. 2042 | 19. 2043 | 19. 2044 | 19. 2045 | 19. 2046 | 19. 2047 | 19. 2048 |
| 20. 2042 | 20. 2043 | 20. 2044 | 20. 2045 | 20. 2046 | 20. 2047 | 20. 2048 | 20. 2049 |

12

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock High Yield V.L. Fund

(Percentages shown are based on Net Assets)

December 31, 2022

| 1. 2023 | 1. 2024 | 1. 2025 | 1. 2026 | 1. 2027 | 1. 2028 | 1. 2029 | 1. 2030 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. 2024 | 2. 2025 | 2. 2026 | 2. 2027 | 2. 2028 | 2. 2029 | 2. 2030 | 2. 2031 |
| 3. 2025 | 3. 2026 | 3. 2027 | 3. 2028 | 3. 2029 | 3. 2030 | 3. 2031 | 3. 2032 |
| 4. 2026 | 4. 2027 | 4. 2028 | 4. 2029 | 4. 2030 | 4. 2031 | 4. 2032 | 4. 2033 |
| 5. 2027 | 5. 2028 | 5. 2029 | 5. 2030 | 5. 2031 | 5. 2032 | 5. 2033 | 5. 2034 |
| 6. 2028 | 6. 2029 | 6. 2030 | 6. 2031 | 6. 2032 | 6. 2033 | 6. 2034 | 6. 2035 |
| 7. 2029 | 7. 2030 | 7. 2031 | 7. 2032 | 7. 2033 | 7. 2034 | 7. 2035 | 7. 2036 |
| 8. 2030 | 8. 2031 | 8. 2032 | 8. 2033 | 8. 2034 | 8. 2035 | 8. 2036 | 8. 2037 |
| 9. 2031 | 9. 2032 | 9. 2033 | 9. 2034 | 9. 2035 | 9. 2036 | 9. 2037 | 9. 2038 |
| 10. 2032 | 10. 2033 | 10. 2034 | 10. 2035 | 10. 2036 | 10. 2037 | 10. 2038 | 10. 2039 |
| 11. 2033 | 11. 2034 | 11. 2035 | 11. 2036 | 11. 2037 | 11. 2038 | 11. 2039 | 11. 2040 |
| 12. 2034 | 12. 2035 | 12. 2036 | 12. 2037 | 12. 2038 | 12. 2039 | 12. 2040 | 12. 2041 |
| 13. 2035 | 13. 2036 | 13. 2037 | 13. 2038 | 13. 2039 | 13. 2040 | 13. 2041 | 13. 2042 |
| 14. 2036 | 14. 2037 | 14. 2038 | 14. 2039 | 14. 2040 | 14. 2041 | 14. 2042 | 14. 2043 |
| 15. 2037 | 15. 2038 | 15. 2039 | 15. 2040 | 15. 2041 | 15. 2042 | 15. 2043 | 15. 2044 |
| 16. 2038 | 16. 2039 | 16. 2040 | 16. 2041 | 16. 2042 | 16. 2043 | 16. 2044 | 16. 2045 |
| 17. 2039 | 17. 2040 | 17. 2041 | 17. 2042 | 17. 2043 | 17. 2044 | 17. 2045 | 17. 2046 |
| 18. 2040 | 18. 2041 | 18. 2042 | 18. 2043 | 18. 2044 | 18. 2045 | 18. 2046 | 18. 2047 |
| 19. 2041 | 19. 2042 | 19. 2043 | 19. 2044 | 19. 2045 | 19. 2046 | 19. 2047 | 19. 2048 |
| 20. 2042 | 20. 2043 | 20. 2044 | 20. 2045 | 20. 2046 | 20. 2047 | 20. 2048 | 20. 2049 |
| 21. 2043 | 21. 2044 | 21. 2045 | 21. 2046 | 21. 2047 | 21. 2048 | 21. 2049 | 21. 2050 |
| 22. 2044 | 22. 2045 | 22. 2046 | 22. 2047 | 22. 2048 | 22. 2049 | 22. 2050 | 22. 2051 |
| 23. 2045 | 23. 2046 | 23. 2047 | 23. 2048 | 23. 2049 | 23. 2050 | 23. 2051 | 23. 2052 |
| 24. 2046 | 24. 2047 | 24. 2048 | 24. 2049 | 24. 2050 | 24. 2051 | 24. 2052 | 24. 2053 |
| 25. 2047 | 25. 2048 | 25. 2049 | 25. 2050 | 25. 2051 | 25. 2052 | 25. 2053 | 25. 2054 |
| 26. 2048 | 26. 2049 | 26. 2050 | 26. 2051 | 26. 2052 | 26. 2053 | 26. 2054 | 26. 2055 |
| 27. 2049 | 27. 2050 | 27. 2051 | 27. 2052 | 27. 2053 | 27. 2054 | 27. 2055 | 27. 2056 |
| 28. 2050 | 28. 2051 | 28. 2052 | 28. 2053 | 28. 2054 | 28. 2055 | 28. 2056 | 28. 2057 |
| 29. 2051 | 29. 2052 | 29. 2053 | 29. 2054 | 29. 2055 | 29. 2056 | 29. 2057 | 29. 2058 |
| 30. 2052 | 30. 2053 | 30. 2054 | 30. 2055 | 30. 2056 | 30. 2057 | 30. 2058 | 30. 2059 |
| 31. 2053 | 31. 2054 | 31. 2055 | 31. 2056 | 31. 2057 | 31. 2058 | 31. 2059 | 31. 2060 |
| 32. 2054 | 32. 2055 | 32. 2056 | 32. 2057 | 32. 2058 | 32. 2059 | 32. 2060 | 32. 2061 |
| 33. 2055 | 33. 2056 | 33. 2057 | 33. 2058 | 33. 2059 | 33. 2060 | 33. 2061 | 33. 2062 |
| 34. 2056 | 34. 2057 | 34. 2058 | 34. 2059 | 34. 2060 | 34. 2061 | 34. 2062 | 34. 2063 |
| 35. 2057 | 35. 2058 | 35. 2059 | 35. 2060 | 35. 2061 | 35. 2062 | 35. 2063 | 35. 2064 |
| 36. 2058 | 36. 2059 | 36. 2060 | 36. 2061 | 36. 2062 | 36. 2063 | 36. 2064 | 36. 2065 |
| 37. 2059 | 37. 2060 | 37. 2061 | 37. 2062 | 37. 2063 | 37. 2064 | 37. 2065 | 37. 2066 |
| 38. 2060 | 38. 2061 | 38. 2062 | 38. 2063 | 38. 2064 | 38. 2065 | 38. 2066 | 38. 2067 |
| 39. 2061 | 39. 2062 | 39. 2063 | 39. 2064 | 39. 2065 | 39. 2066 | 39. 2067 | 39. 2068 |
| 40. 2062 | 40. 2063 | 40. 2064 | 40. 2065 | 40. 2066 | 40. 2067 | 40. 2068 | 40. 2069 |
| 41. 2063 | 41. 2064 | 41. 2065 | 41. 2066 | 41. 2067 | 41. 2068 | 41. 2069 | 41. 2070 |
| 42. 2064 | 42. 2065 | 42. 2066 | 42. 2067 | 42. 2068 | 42. 2069 | 42. 2070 | 42. 2071 |
| 43. 2065 | 43. 2066 | 43. 2067 | 43. 2068 | 43. 2069 | 43. 2070 | 43. 2071 | 43. 2072 |
| 44. 2066 | 44. 2067 | 44. 2068 | 44. 2069 | 44. 2070 | 44. 2071 | 44. 2072 | 44. 2073 |
| 45. 2067 | 45. 2068 | 45. 2069 | 45. 2070 | 45. 2071 | 45. 2072 | 45. 2073 | 45. 2074 |
| 46. 2068 | 46. 2069 | 46. 2070 | 46. 2071 | 46. 2072 | 46. 2073 | 46. 2074 | 46. 2075 |
| 47. 2069 | 47. 2070 | 47. 2071 | 47. 2072 | 47. 2073 | 47. 2074 | 47. 2075 | 47. 2076 |
| 48. 2070 | 48. 2071 | 48. 2072 | 48. 2073 | 48. 2074 | 48. 2075 | 48. 2076 | 48. 2077 |
| 49. 2071 | 49. 2072 | 49. 2073 | 49. 2074 | 49. 2075 | 49. 2076 | 49. 2077 | 49. 2078 |
| 50. 2072 | 50. 2073 | 50. 2074 | 50. 2075 | 50. 2076 | 50. 2077 | 50. 2078 | 50. 2079 |

Schedule of Investments

13

Schedule of Investments

(continued)

BlackRock High Yield V.L. Fund
(Percentages shown are based on last Assets)

December 31, 2022

| 1. 2023 | 1. 2022 | 1. 2021 | 1. 2020 | 1. 2019 | 1. 2018 |
| --- | --- | --- | --- | --- | --- |
| 2. 2022 | 2. 2021 | 2. 2020 | 2. 2019 | 2. 2018 | 2. 2017 |
| 3. 2021 | 3. 2020 | 3. 2019 | 3. 2018 | 3. 2017 | 3. 2016 |
| 4. 2020 | 4. 2019 | 4. 2018 | 4. 2017 | 4. 2016 | 4. 2015 |
| 5. 2019 | 5. 2018 | 5. 2017 | 5. 2016 | 5. 2015 | 5. 2014 |
| 6. 2018 | 6. 2017 | 6. 2016 | 6. 2015 | 6. 2014 | 6. 2013 |
| 7. 2017 | 7. 2016 | 7. 2015 | 7. 2014 | 7. 2013 | 7. 2012 |
| 8. 2016 | 8. 2015 | 8. 2014 | 8. 2013 | 8. 2012 | 8. 2011 |
| 9. 2015 | 9. 2014 | 9. 2013 | 9. 2012 | 9. 2011 | 9. 2010 |
| 10. 2014 | 10. 2013 | 10. 2012 | 10. 2011 | 10. 2010 | 10. 2009 |
| 11. 2013 | 11. 2012 | 11. 2011 | 11. 2010 | 11. 2009 | 11. 2008 |
| 12. 2012 | 12. 2011 | 12. 2010 | 12. 2009 | 12. 2008 | 12. 2007 |
| 13. 2011 | 13. 2010 | 13. 2009 | 13. 2008 | 13. 2007 | 13. 2006 |
| 14. 2010 | 14. 2009 | 14. 2008 | 14. 2007 | 14. 2006 | 14. 2005 |
| 15. 2009 | 15. 2008 | 15. 2007 | 15. 2006 | 15. 2005 | 15. 2004 |
| 16. 2008 | 16. 2007 | 16. 2006 | 16. 2005 | 16. 2004 | 16. 2003 |
| 17. 2007 | 17. 2006 | 17. 2005 | 17. 2004 | 17. 2003 | 17. 2002 |
| 18. 2006 | 18. 2005 | 18. 2004 | 18. 2003 | 18. 2002 | 18. 2001 |
| 19. 2005 | 19. 2004 | 19. 2003 | 19. 2002 | 19. 2001 | 19. 1999 |
| 20. 2004 | 20. 2003 | 20. 2002 | 20. 2001 | 20. 1999 | 20. 1998 |

14

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund

(Percentages shown are based on Net Assets)

December 31, 2022

| Item | Value | Total |
| --- | --- | --- |
| 1. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 2. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 3. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 4. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 5. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 6. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 7. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 8. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 9. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 10. Stockholders' Equity | $1,000,000 | $1,000,000 |

Schedule of Investments

15

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund
(Percentages shown are based on last Assets)

December 31, 2022

| 1 | 1 | 1 | 1 | 1 | 1 |
| --- | --- | --- | --- | --- | --- |
| 2 | 2 | 2 | 2 | 2 | 2 |
| 3 | 3 | 3 | 3 | 3 | 3 |
| 4 | 4 | 4 | 4 | 4 | 4 |
| 5 | 5 | 5 | 5 | 5 | 5 |
| 6 | 6 | 6 | 6 | 6 | 6 |
| 7 | 7 | 7 | 7 | 7 | 7 |
| 8 | 8 | 8 | 8 | 8 | 8 |
| 9 | 9 | 9 | 9 | 9 | 9 |
| 10 | 10 | 10 | 10 | 10 | 10 |

18

2022 BlackRock Annual Report to Securities

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund
(Percentages shown are based on Net Assets)

December 31, 2022

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |
| Total | 1,000,000 |
| Total | 1,000,000 |
| Total | 1,000,000 |
| Total | 1,000,000 |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table></table>

| Total | 1,000,000 |
| --- | --- |

</table></table></table>

Schedule of Investments

17

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund
(Percentages shown are based on last Assets)

December 31, 2022

| 1. The following is a result of the following: | 100 | 100.00 |
| --- | --- | --- |
| 2. The following is a result of the following: | 100 | 100.00 |
| 3. The following is a result of the following: | 100 | 100.00 |
| 4. The following is a result of the following: | 100 | 100.00 |
| 5. The following is a result of the following: | 100 | 100.00 |
| 6. The following is a result of the following: | 100 | 100.00 |
| 7. The following is a result of the following: | 100 | 100.00 |
| 8. The following is a result of the following: | 100 | 100.00 |
| 9. The following is a result of the following: | 100 | 100.00 |
| 10. The following is a result of the following: | 100 | 100.00 |

18

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund
(Percentages shown are based on Net Assets)

December 31, 2022

| 1. 2023 | 1. 2024 | 1. 2025 | 1. 2026 | 1. 2027 | 1. 2028 | 1. 2029 | 1. 2030 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. 2024 | 2. 2025 | 2. 2026 | 2. 2027 | 2. 2028 | 2. 2029 | 2. 2030 | 2. 2031 |
| 3. 2025 | 3. 2026 | 3. 2027 | 3. 2028 | 3. 2029 | 3. 2030 | 3. 2031 | 3. 2032 |
| 4. 2026 | 4. 2027 | 4. 2028 | 4. 2029 | 4. 2030 | 4. 2031 | 4. 2032 | 4. 2033 |
| 5. 2027 | 5. 2028 | 5. 2029 | 5. 2030 | 5. 2031 | 5. 2032 | 5. 2033 | 5. 2034 |
| 6. 2028 | 6. 2029 | 6. 2030 | 6. 2031 | 6. 2032 | 6. 2033 | 6. 2034 | 6. 2035 |
| 7. 2029 | 7. 2030 | 7. 2031 | 7. 2032 | 7. 2033 | 7. 2034 | 7. 2035 | 7. 2036 |
| 8. 2030 | 8. 2031 | 8. 2032 | 8. 2033 | 8. 2034 | 8. 2035 | 8. 2036 | 8. 2037 |
| 9. 2031 | 9. 2032 | 9. 2033 | 9. 2034 | 9. 2035 | 9. 2036 | 9. 2037 | 9. 2038 |
| 10. 2032 | 10. 2033 | 10. 2034 | 10. 2035 | 10. 2036 | 10. 2037 | 10. 2038 | 10. 2039 |
| 11. 2033 | 11. 2034 | 11. 2035 | 11. 2036 | 11. 2037 | 11. 2038 | 11. 2039 | 11. 2040 |
| 12. 2034 | 12. 2035 | 12. 2036 | 12. 2037 | 12. 2038 | 12. 2039 | 12. 2040 | 12. 2041 |
| 13. 2035 | 13. 2036 | 13. 2037 | 13. 2038 | 13. 2039 | 13. 2040 | 13. 2041 | 13. 2042 |
| 14. 2036 | 14. 2037 | 14. 2038 | 14. 2039 | 14. 2040 | 14. 2041 | 14. 2042 | 14. 2043 |
| 15. 2037 | 15. 2038 | 15. 2039 | 15. 2040 | 15. 2041 | 15. 2042 | 15. 2043 | 15. 2044 |
| 16. 2038 | 16. 2039 | 16. 2040 | 16. 2041 | 16. 2042 | 16. 2043 | 16. 2044 | 16. 2045 |
| 17. 2039 | 17. 2040 | 17. 2041 | 17. 2042 | 17. 2043 | 17. 2044 | 17. 2045 | 17. 2046 |
| 18. 2040 | 18. 2041 | 18. 2042 | 18. 2043 | 18. 2044 | 18. 2045 | 18. 2046 | 18. 2047 |
| 19. 2041 | 19. 2042 | 19. 2043 | 19. 2044 | 19. 2045 | 19. 2046 | 19. 2047 | 19. 2048 |
| 20. 2042 | 20. 2043 | 20. 2044 | 20. 2045 | 20. 2046 | 20. 2047 | 20. 2048 | 20. 2049 |
| 21. 2043 | 21. 2044 | 21. 2045 | 21. 2046 | 21. 2047 | 21. 2048 | 21. 2049 | 21. 2050 |
| 22. 2044 | 22. 2045 | 22. 2046 | 22. 2047 | 22. 2048 | 22. 2049 | 22. 2050 | 22. 2051 |
| 23. 2045 | 23. 2046 | 23. 2047 | 23. 2048 | 23. 2049 | 23. 2050 | 23. 2051 | 23. 2052 |
| 24. 2046 | 24. 2047 | 24. 2048 | 24. 2049 | 24. 2050 | 24. 2051 | 24. 2052 | 24. 2053 |
| 25. 2047 | 25. 2048 | 25. 2049 | 25. 2050 | 25. 2051 | 25. 2052 | 25. 2053 | 25. 2054 |
| 26. 2048 | 26. 2049 | 26. 2050 | 26. 2051 | 26. 2052 | 26. 2053 | 26. 2054 | 26. 2055 |
| 27. 2049 | 27. 2050 | 27. 2051 | 27. 2052 | 27. 2053 | 27. 2054 | 27. 2055 | 27. 2056 |
| 28. 2050 | 28. 2051 | 28. 2052 | 28. 2053 | 28. 2054 | 28. 2055 | 28. 2056 | 28. 2057 |
| 29. 2051 | 29. 2052 | 29. 2053 | 29. 2054 | 29. 2055 | 29. 2056 | 29. 2057 | 29. 2058 |
| 30. 2052 | 30. 2053 | 30. 2054 | 30. 2055 | 30. 2056 | 30. 2057 | 30. 2058 | 30. 2059 |
| 31. 2053 | 31. 2054 | 31. 2055 | 31. 2056 | 31. 2057 | 31. 2058 | 31. 2059 | 31. 2060 |
| 32. 2054 | 32. 2055 | 32. 2056 | 32. 2057 | 32. 2058 | 32. 2059 | 32. 2060 | 32. 2061 |
| 33. 2055 | 33. 2056 | 33. 2057 | 33. 2058 | 33. 2059 | 33. 2060 | 33. 2061 | 33. 2062 |
| 34. 2056 | 34. 2057 | 34. 2058 | 34. 2059 | 34. 2060 | 34. 2061 | 34. 2062 | 34. 2063 |
| 35. 2057 | 35. 2058 | 35. 2059 | 35. 2060 | 35. 2061 | 35. 2062 | 35. 2063 | 35. 2064 |
| 36. 2058 | 36. 2059 | 36. 2060 | 36. 2061 | 36. 2062 | 36. 2063 | 36. 2064 | 36. 2065 |
| 37. 2059 | 37. 2060 | 37. 2061 | 37. 2062 | 37. 2063 | 37. 2064 | 37. 2065 | 37. 2066 |
| 38. 2060 | 38. 2061 | 38. 2062 | 38. 2063 | 38. 2064 | 38. 2065 | 38. 2066 | 38. 2067 |
| 39. 2061 | 39. 2062 | 39. 2063 | 39. 2064 | 39. 2065 | 39. 2066 | 39. 2067 | 39. 2068 |
| 40. 2062 | 40. 2063 | 40. 2064 | 40. 2065 | 40. 2066 | 40. 2067 | 40. 2068 | 40. 2069 |
| 41. 2063 | 41. 2064 | 41. 2065 | 41. 2066 | 41. 2067 | 41. 2068 | 41. 2069 | 41. 2070 |
| 42. 2064 | 42. 2065 | 42. 2066 | 42. 2067 | 42. 2068 | 42. 2069 | 42. 2070 | 42. 2071 |
| 43. 2065 | 43. 2066 | 43. 2067 | 43. 2068 | 43. 2069 | 43. 2070 | 43. 2071 | 43. 2072 |
| 44. 2066 | 44. 2067 | 44. 2068 | 44. 2069 | 44. 2070 | 44. 2071 | 44. 2072 | 44. 2073 |
| 45. 2067 | 45. 2068 | 45. 2069 | 45. 2070 | 45. 2071 | 45. 2072 | 45. 2073 | 45. 2074 |
| 46. 2068 | 46. 2069 | 46. 2070 | 46. 2071 | 46. 2072 | 46. 2073 | 46. 2074 | 46. 2075 |
| 47. 2069 | 47. 2070 | 47. 2071 | 47. 2072 | 47. 2073 | 47. 2074 | 47. 2075 | 47. 2076 |
| 48. 2070 | 48. 2071 | 48. 2072 | 48. 2073 | 48. 2074 | 48. 2075 | 48. 2076 | 48. 2077 |
| 49. 2071 | 49. 2072 | 49. 2073 | 49. 2074 | 49. 2075 | 49. 2076 | 49. 2077 | 49. 2078 |
| 50. 2072 | 50. 2073 | 50. 2074 | 50. 2075 | 50. 2076 | 50. 2077 | 50. 2078 | 50. 2079 |
| 51. 2073 | 51. 2074 | 51. 2075 | 51. 2076 | 51. 2077 | 51. 2078 | 51. 2079 | 51. 2080 |
| 52. 2074 | 52. 2075 | 52. 2076 | 52. 2077 | 52. 2078 | 52. 2079 | 52. 2080 | 52. 2081 |
| 53. 2075 | 53. 2076 | 53. 2077 | 53. 2078 | 53. 2079 | 53. 2080 | 53. 2081 | 53. 2082 |
| 54. 2076 | 54. 2077 | 54. 2078 | 54. 2079 | 54. 2080 | 54. 2081 | 54. 2082 | 54. 2083 |
| 55. 2077 | 55. 2078 | 55. 2079 | 55. 2080 | 55. 2081 | 55. 2082 | 55. 2083 | 55. 2084 |
| 56. 2078 | 56. 2079 | 56. 2080 | 56. 2081 | 56. 2082 | 56. 2083 | 56. 2084 | 56. 2085 |
| 57. 2079 | 57. 2080 | 57. 2081 | 57. 2082 | 57. 2083 | 57. 2084 | 57. 2085 | 57. 2086 |
| 58. 2080 | 58. 2081 | 58. 2082 | 58. 2083 | 58. 2084 | 58. 2085 | 58. 2086 | 58. 2087 |
| 59. 2081 | 59. 2082 | 59. 2083 | 59. 2084 | 59. 2085 | 59. 2086 | 59. 2087 | 59. 2088 |
| 60. 2082 | 60. 2083 | 60. 2084 | 60. 2085 | 60. 2086 | 60. 2087 | 60. 2088 | 60. 2089 |
| 61. 2083 | 61. 2084 | 61. 2085 | 61. 2086 | 61. 2087 | 61. 2088 | 61. 2089 | 61. 2090 |
| 62. 2084 | 62. 2085 | 62. 2086 | 62. 2087 | 62. 2088 | 62. 2089 | 62. 2090 | 62. 2091 |
| 63. 2085 | 63. 2086 | 63. 2087 | 63. 2088 | 63. 2089 | 63. 2090 | 63. 2091 | 63. 2092 |
| 64. 2086 | 64. 2087 | 64. 2088 | 64. 2089 | 64. 2090 | 64. 2091 | 64. 2092 | 64. 2093 |
| 65. 2087 | 65. 2088 | 65. 2089 | 65. 2090 | 65. 2091 | 65. 2092 | 65. 2093 | 65. 2094 |
| 66. 2088 | 66. 2089 | 66. 2090 | 66. 2091 | 66. 2092 | 66. 2093 | 66. 2094 | 66. 2095 |
| 67. 2089 | 67. 2090 | 67. 2091 | 67. 2092 | 67. 2093 | 67. 2094 | 67. 2095 | 67. 2096 |
| 68. 2090 | 68. 2091 | 68. 2092 | 68. 2093 | 68. 2094 | 68. 2095 | 68. 2096 | 68. 2097 |
| 69. 2091 | 69. 2092 | 69. 2093 | 69. 2094 | 69. 2095 | 69. 2096 | 69. 2097 | 69. 2098 |
| 70. 2092 | 70. 2093 | 70. 2094 | 70. 2095 | 70. 2096 | 70. 2097 | 70. 2098 | 70. 2099 |
| 71. 2093 | 71. 2094 | 71. 2095 | 71. 2096 | 71. 2097 | 71. 2098 | 71. 2099 | 71. 2100 |

Schedule of Investments

19

# Schedule of Investments

(continued)

December 31, 2022

| Description | Amount |
| --- | --- |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |

| Description | Amount |
| --- | --- |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |
| Stockholders' Equity, Equity, and Shareholders' Equity | 1,000,000 |

20

2022 Stockholders' Equity, Equity, and Shareholders' Equity

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund

(Percentages shown are based on Net Assets)

December 31, 2022

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |
| Total | 1,000,000 |
| Total | 1,000,000 |
| Total | 1,000,000 |
| Total | 1,000,000 |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |
| Total | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table>

| Total | 1,000,000 |
| --- | --- |

</table></table>

| Total | 1,000,000 |
| --- | --- |

</table></table>

| Total | 1,000,000 |
| --- | --- |

</table></table><b></td></table>

Schedule of Investments

(continued)

StockRock High Yield V.L Fund

December 31, 2022

| Description of Investments Outstanding (in € million) |  |
| --- | --- |
| StockRock High Yield V.L Fund | 100 |
| StockRock High Yield V.L Fund | 100 |
| StockRock High Yield V.L Fund | 100 |
| StockRock High Yield V.L Fund | 100 |
| StockRock High Yield V.L Fund | 100 |
| StockRock High Yield V.L Fund | 100 |

| StockRock High Yield V.L Fund | 100 |
| --- | --- |
| StockRock High Yield V.L Fund | 100 |
| StockRock High Yield V.L Fund | 100 |
| StockRock High Yield V.L Fund | 100 |
| StockRock High Yield V.L Fund | 100 |

22

2022 StockRock Annual Report to September 2022

Schedule of Investments

BlackRock High Yield V.I. Fund

December 31, 2022

| In the last year, the following is a result of the following: | In the last year, the following is a result of the following: |
| --- | --- |
| In the last year, the following is a result of the following: | In the last year, the following is a result of the following: |
| In the last year, the following is a result of the following: | In the last year, the following is a result of the following: |
| In the last year, the following is a result of the following: | In the last year, the following is a result of the following: |

Schedule of Investments

23

Schedule of Investments

(continued)

BlackRock High Yield V.I. Fund

December 31, 2022

Derivative financial instruments - Offsetting as of Period End[{"box_2d": [10, 40, 483, 93], "label": "table", "caption": "

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Description | Current | Current | Current | Current | Current |
| --- | --- | --- | --- | --- | --- |
| Debtors and other non-current liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

<table><thead><tr><th>Description</th><th>Current</th><th>Current</

Schedule of Investments

BlackRock High Yield V.I. Fund

December 31, 2022

Fair Value Ownership as of Period End (continued)

| Year | Value | Total |
| --- | --- | --- |
| 2022 | $1,000,000 | 1,000,000 |
| 2023 | $1,000,000 | 1,000,000 |
| 2024 | $1,000,000 | 1,000,000 |
| 2025 | $1,000,000 | 1,000,000 |
| 2026 | $1,000,000 | 1,000,000 |
| 2027 | $1,000,000 | 1,000,000 |
| 2028 | $1,000,000 | 1,000,000 |
| 2029 | $1,000,000 | 1,000,000 |
| 2030 | $1,000,000 | 1,000,000 |

Schedule of Investments

25

Statement of Assets and Liabilities

December 31, 2022

| Item | Description | Amount |
| --- | --- | --- |
| 1 | Liabilities | $10,000.00 |
| 2 | Liabilities | $10,000.00 |
| 3 | Liabilities | $10,000.00 |
| 4 | Liabilities | $10,000.00 |
| 5 | Liabilities | $10,000.00 |
| 6 | Liabilities | $10,000.00 |
| 7 | Liabilities | $10,000.00 |
| 8 | Liabilities | $10,000.00 |
| 9 | Liabilities | $10,000.00 |
| 10 | Liabilities | $10,000.00 |

26

2022-03-01 Asset Report to Accounting

Statement of Assets and Liabilities

December 31, 2022

| Item | Description | Amount |
| --- | --- | --- |
| 1 | Property, Buildings and Buildings | $100.00 |
| 2 | Property, Buildings and Buildings | $100.00 |
| 3 | Property, Buildings and Buildings | $100.00 |
| 4 | Property, Buildings and Buildings | $100.00 |
| 5 | Property, Buildings and Buildings | $100.00 |
| 6 | Property, Buildings and Buildings | $100.00 |
| 7 | Property, Buildings and Buildings | $100.00 |
| 8 | Property, Buildings and Buildings | $100.00 |
| 9 | Property, Buildings and Buildings | $100.00 |
| 10 | Property, Buildings and Buildings | $100.00 |

Financial Statements

27

Statement of Operations

Year Ended December 31, 2022

| Description | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter |
| --- | --- | --- | --- | --- |
| Total Assets and Liabilities | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Liabilities and Liabilities | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |

28

2022 B. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K. K.

Statements of Changes in Net Assets

| Statement of Changes in Net Assets |  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- | --- |
| 1. Statements of Changes in Net Assets | Net assets acquired in the United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2. Statements of Changes in Net Assets | Net assets acquired in the United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 3. Statements of Changes in Net Assets | Net assets acquired in the United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 4. Statements of Changes in Net Assets | Net assets acquired in the United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 5. Statements of Changes in Net Assets | Net assets acquired in the United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 6. Statements of Changes in Net Assets | Net assets acquired in the United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 7. Statements of Changes in Net Assets | Net assets acquired in the United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

Financial Statements

29

# Financial Highlights

(For a share outstanding throughout each period)

| Financial Highlights | 2023 | 2022 | 2021 | 2020 |
| --- | --- | --- | --- | --- |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |

30

2023 Financial Highlights 31 October 2023

# Financial Highlights

(For a share outstanding throughout each period)

| Financial Highlights | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |

Financial Highlights

31

Notes to Financial Statements

# 2. ORGANIZATION

| Item | 2016 | 2017 | 2018 | 2019 |
| --- | --- | --- | --- | --- |
| Financial Statements |  |  |  |  |
| Financial Statements (in € million) | 3.1% | 3.2% | 3.3% | 3.4% |
| Financial Statements (in € million) | 3.1% | 3.2% | 3.3% | 3.4% |
| Financial Statements (in € million) | 3.1% | 3.2% | 3.3% | 3.4% |
| Financial Statements (in € million) | 3.1% | 3.2% | 3.3% | 3.4% |

22

2016 Financial Statements (in € million)

Notes to Financial Statements

(continued)

# 3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

The Bank's logbook with a clear, clear, and accurate information, including the Bank's data, is included in a complete or timely statement. The Bank's data is not available for any other purpose. The Bank's data is not available for any other purpose. The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

The Bank's data is not available for any other purpose.

# Notes to Financial Statements

(continued)

as an option pricing model ('OPM'), a probability weighted expected return model ('PWDIM'), current value method or a hybrid of those techniques are used as deemed variables at the time of the financial statements and the expected amounts of estimates and estimates in our assets. Such variables during the reporting period. Actual performance under this financial statement is based on the estimates of the financial statements of the company's business and the expected results of the financial statements. The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements. The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

The financial statements are based on the estimates of the financial statements of the company's business and the expected results of the financial statements.

24

2023 Financial Assessment Report to Financial Reporting

Notes to Financial Statements

(continued)

Include fully funded loan loans or revolving trust of credit. Financing loan loan interests are typically service in the corporate capital structure of the business. Financing loan loan interests are typically service in the financial structure of the business. Financing loan loan interests are typically service in the financial structure of the business. Financing loan loan interests are typically service in the financial structure of the business. Financing loan loan interests are typically service in the financial structure of the business. Financing loan loan interests are typically service in the financial structure of the business. Financing loan loan interests are typically service in the financial structure of the business. Financing loan loan interests are typically service in the financial structure of the business.

Notes to Financial Statements

35

Notes to Financial Statements

(continued)

The contract is marked-to-marked daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When

the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, the Company is a member of the Company, and

34

2015.10.01.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10

Notes to Financial Statements

(continued)

each collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

The Company shall not be liable for any loss or damage to the property caused by the sale of the property in the event of a sale or non-sale, whether or not sold or sold, or for any loss or damage to the property caused by the sale of the property. The Company shall not be liable for any loss or damage to the property caused by the sale of the property in the event of a sale or non-sale, whether or not sold or sold, or for any loss or damage to the property caused by the sale of the property. The Company shall not be liable for any loss or damage to the property caused by the sale of the property in the event of a sale or non-sale, whether or not sold or sold, or for any loss or damage to the property caused by the sale of the property.

Notes to Financial Statements

27

Notes to Financial Statements

(continued)

The Manager has agreed not to reduce or discontinue the contractual expense (tenure) through June 30, 2023, unless approved by the Board, including a majority of

the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

---

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38

2023 Business Analysis Report to Financial Statements

Notes to Financial Statements

(continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have been made in the financial statements of U.S. GAAP. The GAAP is a comprehensive and comprehensive report of the GAAP. The GAAP is a comprehensive report of the GAAP. The GAAP is a comprehensive report of the GAAP. The GAAP is a comprehensive report of the GAAP. The GAAP is a comprehensive report of the GAAP. The GAAP is a comprehensive report of the GAAP. The GAAP is a comprehensive report of the GAAP. The GAAP is a comprehensive report of the GAAP. The GAAP is a comprehensive report of the GAAP.

Notes to Financial Statements

20

Notes to Financial Statements

(continued)

Industries. The Fund may invest in illegal investments. An illegal investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current

The Fund may invest in illegal investments. An illegal investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current

40

2020 Business Review Report to Financials

Notes to Financial Statements

(continued)

# 11. CAPITAL SHARE TRANSACTIONS

The financial statements of the financial statements are based on the results of the financial statements. The financial statements are based on the results of the financial statements. The financial statements are based on the results of the financial statements. The financial statements are based on the results of the financial statements. The financial statements are based on the results of the financial statements. The financial statements are based on the results of the financial statements. The financial statements are based on the results of the financial statements. The financial statements are based on the results of the financial statements. The financial statements are based on the results of the financial statements.

![img-0.jpeg](img-0.jpeg)

Notes to Financial Statements

41

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock High Yield vs. Fund and the Board of Directors of BlackRock Variable Series Funds &, Inc.

The following table provides the information in a specific format:

42

2020 BlackRock Annual Report to Incorporated

Glossary of Terms Used in this Report

Glossary of Terms Used in this Report

43

**BlackRock**

DECEMBER 31, 2022

The BlackRock logo, which is a registered trademark of the American Tobacco Company, is a registered trademark of the American Tobacco Company, which is a registered trademark of the American Tobacco Company, which is a registered trademark of the American Tobacco Company, which is a registered trademark of the American Tobacco Company, which is a registered trademark of the American Tobacco Company, which is a registered trademark of the American Tobacco Company, which is a registered trademark of the American Tobacco Company, which is a registered trademark of the American Tobacco Company, which is a registered trademark of the American Tobacco Company, which

BlackRock Variable Series Funds II, Inc.

- BlackRock Total Return V.I. Fund

---

Net FDC Incurred - May Less Value - No Bank Guarantee---

Fund Summary

as of December 30, 2023

BlackRock Total Return V.I. Fund

Investment Objective

The investment objective is to provide a comprehensive analysis of the financial situation and the financial situation. The financial situation is based on the financial situation's performance and the financial situation's performance. The financial situation is based on the financial situation's performance and the financial situation's performance. The financial situation is based on the financial situation's performance and the financial situation's performance. The financial situation is based on the financial situation's performance and the financial situation's performance. The financial situation is based on the financial situation's performance and the financial situation's performance. The financial situation is based on the financial situation's performance and the financial situation's performance.

2

2023 BlackRock Annual Report to Shareholders

Fund Summary

BlackRock Total Return V.I. Fund

as of December 31, 2022 (continued)

GROWTH OF $10,000 INVESTMENT

![img-1.jpeg](img-1.jpeg)

Fund Summary

3

Fund Summary
as of December 30, 2022 (continued)

BlackRock Total Return V.I. Fund

# **Expense Example**

paid funds and emerging market data, which lagged in the 'risk-off' environment, also distracted. On the other hand, the fund's underweight to duration made the largest contribution to returns on a level of rising prices (duration is a measure of interest rate sensitivity, return and public value to opposite downturn.)

The Fund fund futures, options, interest rate, return, and public value to manage duration and public risk. The use of derivatives in place of physical activities, estimated marginally from performance. The Fund fund is not to be required to pay for the following: Excluding Internal Expense, Estimated Expense Rate

|  | Beginning | Ending | Assumed | Beginning | Ending | Assumed | Ending | Ending | Assumed | Ending | Ending |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed |
|  | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed | Assumed |
| Describe recent program activities |  |  |  |  |  |  |  |  |  |  |  |

4

2022 BlackRock Annual Report to September 2022

## The Benefits and Risks of Leveraging

The Fund may utilize leverage to work to enhance returns and not asset value ('NAV'). However, there is no guarantee that those objectives can be achieved in all manner.

The Fund may also be used to reduce the risk of loss of profits and liabilities. The funding will be used to reduce the risks of loss of profits and liabilities. The funding will be used to reduce the risks of loss of profits and liabilities. The funding will be used to reduce the risks of loss of profits and liabilities.

The Fund may also be used to reduce the risks of loss of profits and liabilities. The funding will be used to reduce the risks of loss of profits and liabilities.

The Benefits and Risks of Leveraging | Government of Germany

4

## Derivative Financial Instruments

The EuroVitae invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets.

The above is a key to the most important and important factors that are important to the company's business. The company's business is a key to the most important and important factors that are important to the company's business. The company's business is a key to the most important and important factors that are important to the company's business.

6

2023/8/1/1000: 00:00:00:00

Schedule of Investments

BlackRock Total Return V.I. Fund
(Percentages drawn are based on Net Assets)

December 31, 2022

Schedule of Investments. If you are interested in those more than 10 years of financial statements, please
the following information and provide the information in the following form:
1. The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

Schedule of Investments

7

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

(Percentages shown are based on last Assets)

December 31, 2022

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The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share[{"box_2d": [10, 858, 483, 864], "label": "text", "caption": "The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)

December 31, 2022

The BlackRock Total Return V.I. Fund is a non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable, non-remittable

Schedule of Investments

9

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

(Percentages shown are based on last Assets)

December 31, 2022[{"box_2d": [10, 35, 483, 93], "label": "table", "caption": "

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

| Description | Amount | Rate | Amount |
| --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000 | $1.00 | $1,000,000 |
| Stockholders' Equity | 1,000,000 | $1.00 | $1,000,000 |

<table><thead><tr><th>Description</th><th>Amount</th><th>Rate</th><th>Amount</th></tr></thead><tr><td>Stockholders' Equity</td><td>$1,000,000</td><td>$1.00</td><td>$1,

# Schedule of Investments

(continued)

December 31, 2022

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cash and cash equivalents | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |

# BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |

Schedule of Investments

11

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund
(Percentages shown are based on last Assets)

December 31, 2022

| Total | 1,000,000 |
| --- | --- |
| Cash and cash equivalents | 1,000,000 |
| Cash and cash equivalents at beginning of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |

| Total | 1,000,000 |
| --- | --- |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |

12

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)

December 31, 2022[{"box_2d": [10, 35, 483, 93], "label": "table", "caption": "

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Shareholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

| Description | Value | Percent |
| --- | --- | --- |
| Stockholders' Equity | $1,000,000 | 100% |
| Stockholders' Equity | $1,000,000 | 100% |

<table><thead><tr><th>Description</th><th>Value</th><th>Percent</th></tr></thead><

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund
(Percentages shown are based on last Assets)

December 31, 2022

| Item | Value | Amount |
| --- | --- | --- |
| 1. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 2. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 3. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 4. Stockholders' Equity | $1,000,000 | $1,000,000 |
| 5. Stockholders' Equity | $1,000,000 | $1,000,000 |

14

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund
(Percentages shown are based on Net Assets)

December 31, 2022

| Total | 1,000,000 |
| --- | --- |
| Cash and cash equivalents | 1,000,000 |
| Cash and cash equivalents at beginning of period | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 |
| Cash and cash equivalents at end of period (continued) | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 |

Schedule of Investments

15

# Schedule of Investments[{"box_2d": [10, 17, 484, 434], "label": "table", "caption": "

| (continued) | BlackRock Total Return V.I. Fund |  |  |
| --- | --- | --- | --- |
| (Percentages shown are based on last Assets) |  |  |  |
| December 31, 2022 |  |  |  |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |
| 4 | 100 | 1,000 | 1,000 |
| 5 | 100 | 1,000 | 1,000 |
| 6 | 100 | 1,000 | 1,000 |
| 7 | 100 | 1,000 | 1,000 |
| 8 | 100 | 1,000 | 1,000 |
| 9 | 100 | 1,000 | 1,000 |
| 10 | 100 | 1,000 | 1,000 |

| 2022 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |
| 4 | 100 | 1,000 | 1,000 |
| 5 | 100 | 1,000 | 1,000 |
| 6 | 100 | 1,000 | 1,000 |

| 2021 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |
| 4 | 100 | 1,000 | 1,000 |

| 2020 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |
| 4 | 100 | 1,000 | 1,000 |

| 2019 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |
| 4 | 100 | 1,000 | 1,000 |

| 2018 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |

| 2017 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |

| 2016 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |

| 2015 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |

| 2014 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |

| 2013 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |
| 3 | 100 | 1,000 | 1,000 |

| 2012 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2011 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2010 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2009 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2008 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2007 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2006 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2005 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2004 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2003 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2002 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2001 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 2000 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1999 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1998 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1997 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1996 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1995 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1994 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1993 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1992 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1991 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1990 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1989 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1988 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1987 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1986 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1985 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1984 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1983 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1982 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1981 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1980 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1979 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1978 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1977 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1976 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1975 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1974 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1973 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1972 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1971 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1970 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1969 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1968 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1967 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1966 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1965 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1964 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1963 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1962 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1961 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1960 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1959 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1958 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1957 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1956 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1955 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1954 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1953 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1952 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1951 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1950 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1949 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1948 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1947 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1946 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1945 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1944 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1943 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1942 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1941 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1940 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1939 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1938 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1937 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1936 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1935 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1934 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1933 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1932 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1931 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1930 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1929 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1928 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1927 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1926 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1925 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1924 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1923 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1922 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1921 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1920 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |
| 2 | 100 | 1,000 | 1,000 |

| 1919 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1918 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1917 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1916 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1915 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1914 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1913 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1912 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1911 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1910 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1909 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

| 1908 BlackRock Total Return V.I. Fund | (Percentages shown are based on last Assets) |  |  |
| --- | --- | --- | --- |
| 1 | 100 | 1,000 | 1,000 |

<table>< "<table

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund
(Percentages shown are based on Net Assets)

December 31, 2022

| Balance at December 31, 2022 | 12,000,000 | 12,000,000 |
| --- | --- | --- |
| Balance at December 31, 2021 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2020 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2019 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2018 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2017 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2016 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2015 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2014 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2013 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2012 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2011 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2010 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2009 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2008 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2007 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2006 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2005 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2004 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2003 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2002 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2001 | 12,000,000 | 12,000,000 |
| Balance at December 31, 2000 | 12,000,000 | 12,000,000 |

Schedule of Investments

17

Schedule of Investments

(continued)

December 31, 2022

BlackRock Total Return V.L. Fund
(Percentages shown are based on last Assets)

| Item | Value | Percentages |
| --- | --- | --- |
| 1. Stockholders' Equity | $1,000,000 | 100% |
| 2. Stockholders' Equity | $1,000,000 | 100% |
| 3. Stockholders' Equity | $1,000,000 | 100% |
| 4. Stockholders' Equity | $1,000,000 | 100% |
| 5. Stockholders' Equity | $1,000,000 | 100% |
| 6. Stockholders' Equity | $1,000,000 | 100% |
| 7. Stockholders' Equity | $1,000,000 | 100% |
| 8. Stockholders' Equity | $1,000,000 | 100% |
| 9. Stockholders' Equity | $1,000,000 | 100% |
| 10. Stockholders' Equity | $1,000,000 | 100% |

18

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund
(Percentages shown are based on Net Assets)

December 31, 2022

| Total | 1,000,000 |
| --- | --- |
| Cash and cash equivalents | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 |

Schedule of Investments

19

# Schedule of Investments

| (continued) |  | BlackRock Total Return V.L. Fund |  |
| --- | --- | --- | --- |
| (Percentage shares are based on Net Assets) |  |  |  |
| December 31, 2022 |  |  |  |
| December 31, 2022 |  |  |  |
| December 31, 2022 |  |  |  |
| December 31, 2022 |  |  |  |
| December 31, 2022 |  |  |  |
| December 31, 2022 |  |  |  |
| December 31, 2022 |  |  |  |
| December 31, 2022 |  |  |  |

20

2022 BlackRock Annual Report to Securities

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

(Percentages shown are based on Net Assets)

December 31, 2022

| Description | Value | Percentage |
| --- | --- | --- |
| Stockholders' Equity | 1,000,000 | 100.00% |
| Stockholders' Equity | 1,000,000 | 100.00% |
| Stockholders' Shareholders' Equity | 1,000,000 | 100.00% |
| Stockholders' Equity | 1,000,000 | 100.00% |
| Stockholders' Shareholders' Shareholders' Equity | 1,000,000 | 100.00% |
| Stockholders' Equity | 1,000,000 | 100.00% |

Schedule of Investments

21

# Schedule of Investments

(continued)

December 31, 2022[{"box_2d": [10, 35, 479, 93], "label": "table", "caption": "

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cash and cash equivalents | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cash and cash equivalents at end of year | 1,000,000 | 1,000,000 |
| --- | --- | --- |

<table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Cash and cash equivalents at end of year</td><td>1,000,000</td><td>1,000

Schedule of Investments

(continued)

BlackRock Total Return V.L. Fund

December 31, 2022

| Description | Amount | Amount |
| --- | --- | --- |
| Debtors | 1,000,000 | 1,000,000 |
| Interest | 1,000,000 | 1,000,000 |
| Interest on assets | 1,000,000 | 1,000,000 |
| Interest on assets on other assets | 1,000,000 | 1,000,000 |
| Interest on assets on other assets | 1,000,000 | 1,000,000 |
| Interest on assets on other assets | 1,000,000 | 1,000,000 |
| Interest on assets on other assets | 1,000,000 | 1,000,000 |

Schedule of Investments

23

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

| Description | Value | Rate |
| --- | --- | --- |
| 1. Stockholders' Equity | $1,000 | $1.00 |
| 2. Stockholders' Equity | $1,000 | $1.00 |
| 3. Stockholders' Equity | $1,000 | $1.00 |
| 4. Stockholders' Equity | $1,000 | $1.00 |
| 5. Stockholders' Equity | $1,000 | $1.00 |

24

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

| Balance at December 31, 2022 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |
| Balance at December 31, 2022 | 1,000,000 | 1,000,000 | 1,000,000 |
| Balance at December 31, 2022 | 1,000,000 | 1,000,000 | 1,000,000 |

Schedule of Investments

25

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

| Company | Balance | Balance |
| --- | --- | --- |
| Commercial Services | $1,000 | $1,000 |
| Commercial Services (Net) | $1,000 | $1,000 |
| Commercial Services (Net) | $1,000 | $1,000 |
| Commercial Services (Net) | $1,000 | $1,000 |

26

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock Total Return V.L. Fund

December 31, 2022[{"box_2d": [10, 34, 482, 93], "label": "table", "caption": "

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

| Description | Amount | Balance | Balance |
| --- | --- | --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 | $1,000,000 | $1,000,000 |

<table><thead><tr><th>Description</th><th>Amount</th><th>Balance</th><th>Balance</th></tr></thead><tr><td>Cash and cash equivalents at end of year</td><td>$1,000,000</td><td>$1,000,000</td><td>$1,000,000</td></tr><tr><td>

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

| Description | Amount |
| --- | --- |
| Stock-based financial statements | $1,000 |
| Stock-based financial statements | $1,000 |
| Stock-based financial statements | $1,000 |
| Stock-based financial statements | $1,000 |
| Stock-based financial statements | $1,000 |
| Stock-based financial statements | $1,000 |

28

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

| Description | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Stockholders' Equity | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 |
| Stockholders' Equity | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 | $1,000,000.00 |

Schedule of Investments

29

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

Derivative financial instruments recognized by Risk Exposure

![img-0.jpeg](img-0.jpeg)

30

2022 BlackRock Annual Report to Investment

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

| 1. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 3. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 4. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 5. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 6. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 7. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 8. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 9. Stockholders' Equity | $1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

Schedule of Investments

31

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

| 1. (1) | 1. (2) | 1. (3) | 1. (4) | 1. (5) | 1. (6) | 1. (7) | 1. (8) | 1. (9) | 1. (10) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2. (1) | 2. (2) | 2. (3) | 2. (4) | 2. (5) | 2. (6) | 2. (7) | 2. (8) | 2. (9) | 2. (10) |
| 3. (1) | 3. (2) | 3. (3) | 3. (4) | 3. (5) | 3. (6) | 3. (7) | 3. (8) | 3. (9) | 3. (10) |
| 4. (1) | 4. (2) | 4. (3) | 4. (4) | 4. (5) | 4. (6) | 4. (7) | 4. (8) | 4. (9) | 4. (10) |
| 5. (1) | 5. (2) | 5. (3) | 5. (4) | 5. (5) | 5. (6) | 5. (7) | 5. (8) | 5. (9) | 5. (10) |
| 6. (1) | 6. (2) | 6. (3) | 6. (4) | 6. (5) | 6. (6) | 6. (7) | 6. (8) | 6. (9) | 6. (10) |
| 7. (1) | 7. (2) | 7. (3) | 7. (4) | 7. (5) | 7. (6) | 7. (7) | 7. (8) | 7. (9) | 7. (10) |
| 8. (1) | 8. (2) | 8. (3) | 8. (4) | 8. (5) | 8. (6) | 8. (7) | 8. (8) | 8. (9) | 8. (10) |
| 9. (1) | 9. (2) | 9. (3) | 9. (4) | 9. (5) | 9. (6) | 9. (7) | 9. (8) | 9. (9) | 9. (10) |
| 10. (1) | 10. (2) | 10. (3) | 10. (4) | 10. (5) | 10. (6) | 10. (7) | 10. (8) | 10. (9) | 10. (10) |

32

2022 BlackRock Annual Report to Investment

Schedule of Investments

BlackRock Total Return V.I. Fund

December 31, 2022

Fair Value (Vacancy) as of Period End (continued)

The following is the Statement of916, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000

Schedule of Investments

33

Schedule of Investments

(continued)

BlackRock Total Return V.I. Fund

December 31, 2022

Fair Value Hierarchy as of Period End (continued)

| Year | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 5th Quarter | 6th Quarter | 7th Quarter | 8th Quarter | 9th Quarter | 10th Quarter |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 2 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 3 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 4 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 5 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 6 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 7 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

34

2022 BlackRock Annual Report to Investment

## Statement of Assets and Liabilities

December 31, 2022

![img-0.jpeg](img-0.jpeg)

Financial Statements

35

Statement of Assets and Liabilities

December 31, 2022

| Statement | 2022 | 2021 | 2020 | 2019 |
| --- | --- | --- | --- | --- |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |

26

2022-03-01 10:00 AM to 10:00 PM

# Statement of Operations

Year Ended December 31, 2022

| Description of the Company | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | --- | --- | --- | --- | --- |
| Total Assets | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Total Liabilities | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Total Liabilities and Liabilities | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Total Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Total Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities |  |  |  |  |  |

Financial Statements

37

# Statements of Changes in Net Assets[{"box_2d": [10, 34, 480, 93], "label": "table", "caption": "

| Net Assets | 2018 | 2017 | 2016 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Description | Balance | Balance | Balance |  |  |  |  |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

| Description | Balance | Balance | Balance |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Net Assets | Net Assets | 2018 | 2017 | 2018 | 2017 | Net Assets | 2018 |

<table><thead><tr><th colspan=\"2\">Description</th><th colspan=\"2\">Balance</th><th colspan=\"

# Financial Highlights

(For a share outstanding throughout each period)[{"box_2d": [10, 35, 479, 89], "label": "table", "caption": "

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2019 | 2020 | 2021 | 2022 |
| --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

<table><thead><tr><th></th><th>2018</th><th>2019</th><th>2020</th><th>2021</th><th>2022</th></tr></thead><tr><td>Financial Highlights</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,

# Financial Highlights

(continued)
(For a share outstanding throughout each period)

|  | 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- |
| Net financial performance | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% |
| Net profit | - | - | - | - | - |
| Net income | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% |
| Net profit margin | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% |
| Net income | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% |

|  | 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- |
| Net income | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% |
| Net profit | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% |

|  | 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- |
| Net income | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% |
| Net profit | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% |

43

2021/8/1 10:00 AM - 10:00 AM

Notes to Financial Statements

# 1. ORGANIZATION

The Financial Statements is a series of financial statements that are not necessarily a list of financial instruments. The Company's financial statements are based on the Company's data and are based on the Company's data. The Company's data is based on the Company's data and are based on the Company's data. The Company's data is based on the Company's data and are based on the Company's data.

Notes to Financial Statements

41

# Notes to Financial Statements

(continued)

### 3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

The Grant equation with an equivalent registered investment company's value by BankBank Advisors, LLC (the 'Manager') or its affiliates, is included in a complex of funds available to the Bank of America. The Company's share price is $1.00 per share (plus 1.00% of the value) and is not a fund with the Bank of America's share price. The Company's share price is $1.00 per share (plus 1.00% of the value) and is not a fund with the Bank of America's share price. The Company's share price is $1.00 per share (plus 1.00% of the value) and is not a fund with the Bank of America's share price.

42

2023 Financial Report Report to Financial Data

# 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 Value investments, tabulated in the case of the financial statements and the reported amounts of severance and disrevenue in our assets have superseded during the reporting period. Actual liabilities and other financial instruments are not included in the financial statements and the information contained in this report. The financial statements and the report are not included in the financial statements and the information contained in this report. The financial statements and the report are not included in the financial statements and the information contained in this report. The financial statements and the report are not included in the financial statements and the information contained in this report.

Notes to Financial Statements

43

Notes to Financial Statements

(continued)

the timely payment of principal and interest by United States and such guarantee is backed by the full faith and credit of the United States, however, mortgage-related securities

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44

2021年,中国银行股份有限公司

## Notes to Financial Statements

(continued)

include fully-funded term loans or revolving lines of credit. Financing rate loan interests are typically senior in the corporate capital structure of the Borrower. Financing rate loan

interests are not limited to the financial statements of the Borrower. The financial statements of the Borrower are not limited to the financial statements of the Borrower. The financial statements of the Borrower are not limited to the financial statements of the Borrower. The financial statements of the Borrower are not limited to the financial statements of the Borrower. The financial statements of the Borrower are not limited to the financial statements of the Borrower. The financial statements of the Borrower are not limited to the financial statements of the Borrower.

Notes to Financial Statements

45

## Notes to Financial Statements

(continued)

an amount that varies depending on a contract's size and risk profile. The initial margin impact must then be maintained at an established level over the life of the contract.

The initial contract may be subject to change in the value of the contract, which is not to be used in the event of a change in the value of the contract. The initial contract may be subject to change in the value of the contract, which is not to be used in the event of a change in the value of the contract. The initial contract may be subject to change in the value of the contract, which is not to be used in the event of a change in the value of the contract.

46

2020, October 30, 2020, 10:00 AM

Notes to Financial Statements

(continued)

**Geogas:** Geogas contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to

the Fund and a counterparty to the Fund. The Fund is a member of the Fund and a member of the Fund. The Fund is a member of the Fund and a member of the Fund. The Fund is a member of the Fund and a member of the Fund. The Fund is a member of the Fund and a member of the Fund. The Fund is a member of the Fund and a member of the Fund. The Fund is a member of the Fund and a member of the Fund. The Fund is a member of the Fund and a member of the Fund.

Notes to Financial Statements

47

Notes to Financial Statements

(continued)

difficult or without other circumstances defined in the underlying NIDA Market Agreement, the permitted to use such collateral reserves. In such cases, interest may be paid

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48

2023.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.

Notes to Financial Statements

(continued)

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 shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

The Manager shall not be liable for any loss or damage to the Company or its parent, its parent, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any person, or any

Notes to Financial Statements

46

Notes to Financial Statements

(continued)

# 8. INCOME TAX INFORMATION

The information contained in this report is for the purpose of determining the amount of income tax paid by the Company and the amount of income tax paid by the Company. The information contained in this report is for the purpose of determining the amount of income tax paid by the Company and the amount of income tax paid by the Company.

50

2015.10.01.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.

Notes to Financial Statements

(continued)

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, could ruling downgrades, or the
representation of the financial statements of the financial statements. The financial statements of the financial statements are not intended to be construed as a material or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially臆造 or a materially

Notes to Financial Statements

11

Notes to Financial Statements

(continued)

economic conditions, including disbursements and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment losses and/or defaults from the cash and being treated, available for a loan to share additional investments, or used to redemption obligations. Paying cash and interest, may

---

62

2020/8/20 10:00 AM (Page 1 of 1)

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Total Return Vs. Fund and the Board of Directors of BlackRock Variable Series Funds &, etc.

The Shareholders of BlackRock Total Return Vs. Fund and the Board of Directors of BlackRock Variable Series Funds &, etc. are the following items: (1) The Shareholders of BlackRock Total Return Vs. Fund and the Board of Directors of BlackRock Variable Series Funds &, etc. are the following items: (1) The Shareholders of BlackRock Total Return Vs. Fund and the Board of Directors of BlackRock Variable Series Funds &, etc. are the following items: (1) The Shareholders of BlackRock Total Return Vs. Fund and the Board of Directors of BlackRock Variable Series Funds &, etc. are the following items: (1) The Shareholders of BlackRock Total Return Vs. Fund and the Board of Directors of BlackRock Variable Series Funds &

Report of Independent Registered Public Accounting Firm

63

Glossary of Terms Used in this Report

54

2022-03-01 10:00 AM Page 70

**BlackRock**

DECEMBER 31, 2022

The information contained in this document is for the use of the BlackRock logo. The text is not to be extracted or converted into a markdown table. The content of the document is not to be extracted or converted into a markdown table.

# **2022 Annual Report**

BlackRock Variable Series Funds II, Inc.

- BlackRock U.S. Government Bond VI Fund

---

Net FDIC Insured - May Less Value - No Bank Guarantee---

Fund Summary

as of December 30, 2022

BlackRock U.S. Government Bond V.I. Fund

Investment Objective

The following table provides the information in a specific format:

2

2022 BlackRock Annual Report to Sunderland

Fund Summary

BlackRock U.S. Government Bond V.I. Fund

as of December 30, 2022 (continued)

GROWTH OF $10,000 INVESTMENT

![img-0.jpeg](img-0.jpeg)

Fund Summary

3

Fund Summary

as of December 30, 2022 (continued)

StachRock U.S. Government Bond V.I. Fund

Performance

The following table provides the information in a specific format:

4

2022 Stockholders' Annual Report to StachRock

## The Benefits and Risks of Leveraging

The Fund may utilize leverage to work to enhance returns and not asset value ('NAV'). However, there is no guarantee that those objectives can be achieved in all manner.

The Fund's strategy is based on the following: a) the management strategy of the Fund's strategy is based on the following: a) the management strategy of the Fund's strategy is based on the following: a) the management strategy of the Fund's strategy is based on the following: a) the management strategy of the Fund's strategy is based on the following: a) the management strategy of the Fund's strategy is based on the following: a) the management strategy of the Fund's strategy is based on the following: a) the management strategy of the Fund's strategy is based on the following: a) the management strategy of the Fund's strategy

The Benefits and Risks of Leveraging | Unpublished, 31 October 2019

Derivative Financial Instruments

The Euro may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets. The Company's performance is based on the Company's performance in the last three years. The Company's performance is based on the Company's performance in the last three years.

6

2015.10.01.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10

Schedule of Investments

BlackRock U.S. Government Bond V.I. Fund
(Percentages drawn are based on Not Actable)

December 31, 2022

In those statements, if any are discussed in your memorandum, the following statements:
1. The information contained in this report is subject to change without notice. The information contained in this report is subject to change without notice. The information contained in this report is subject to change without notice. The information contained in this report is subject to change without notice. The information contained in this report is subject to change without notice. The information contained in this report is subject to change without notice. The information contained in this report is subject to change without notice. The information contained in this report is subject to change without notice.

Disclosure of Expences
1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

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1. 2017年1月1日

1. 2017年1月1日

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1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

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1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

1. 2017年1月1日

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1. 2017年1月1日

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1. 2017年1月1日

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1. 2017年1月1日

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1. 2017年1月1日

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1. 2017年1月1日

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1. 2017年1月1日

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1. 2017年1月1日

Schedule of Investments

7

Schedule of Investments

(continued)

StachRock U.S. Government Bond V.I. Fund
(Percentages shown are based on Net Assets)

December 31, 2022

In the event that the Fund expenses are equal to the calculated expense rate for the year, subject to the current annual value over the period included by 2022/03, the effect for the period is not to be taken from the following: (1) the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of

6

2022 Stockholders' Equity Report to Secured Stock

Schedule of Investments

(continued)

BlackRock U.S. Government Bond V.I. Fund
(Percentages shown are based on Net Assets)

December 31, 2022

| Invest by the vendor corresponding to their share class under the head of the "Expenses Paid Using the Period" |  |  |
| --- | --- | --- |
| December 31, 2022 | 1,000 | 1,000 |
| The Company's share of operations, operations, and liabilities and income taxes and the profit or expenses based on the Public actual expense paid and on the profit |  |  |
| and the Company's share of operations, operations, and liabilities and income taxes and the profit or expenses based on the Public actual expense paid and on the profit |  |  |
| and the Company's share of operations, operations, and liabilities and income taxes and the profit or expenses based on the Public actual expense paid and on the profit |  |  |
| and the Company's share of operations, operations, and liabilities and income taxes and the profit or expenses based on the Public actual expense paid and on the profit |  |  |
| and the Company's share of operations, operations, and liabilities and income taxes and the profit or expenses based on the Public actual expense paid and on the profit |  |  |

Schedule of Investments

9

Schedule of Investments

(continued)

BlackRock U.S. Government Bond V.I. Fund

December 31, 2022

Alfonso Katz, Future transactional expenses note included, charitable expenses would have been higher.

| Derivative Financial Instruments Outstanding as of Period End |  |  |  |
| --- | --- | --- | --- |
| 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Total Investment and Capital Market Securities | 300 | 41,000,000 | 1,000,000 |
| Debt and other assets | 100 | 11,000,000 | 1,000,000 |
| Commercial and industrial financial instruments | 100 | 11,000,000 | 1,000,000 |
| Total Investment and Capital Market Securities | 300 | 41,000,000 | 1,000,000 |
| Total Investment and Capital Market Securities | 300 | 41,000,000 | 1,000,000 |
| Total Investment and Capital Market Securities | 300 | 41,000,000 | 1,000,000 |

12

2022 BlackRock Annual Report to Incorporated

Schedule of Investments

(continued)

BlackRock U.S. Government Bond V.I. Fund

December 31, 2022

| Description | Amount | Amount |
| --- | --- | --- |
| Other | $10,000 | $10,000 |
| Other | $10,000 | $10,000 |
| Other | $10,000 | $10,000 |
| Other | $10,000 | $10,000 |

Schedule of Investments

11

Schedule of Investments

(continued)

BlackRock U.S. Government Bond V.I. Fund

December 31, 2022[{"box_2d": [10, 35, 482, 93], "label": "table", "caption": "

| Other Investment Funds | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

| Total Investment Funds | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |

<table><tr><td>Total Investment Funds</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,000

Schedule of Investments

(continued)

BlackRock U.S. Government Bond V.I. Fund

December 31, 2022

Derivative financial instruments recognized by Risk Exposure

| Item | Value | Description | Value | Description |
| --- | --- | --- | --- | --- |
| 1. The Company's Shareholders' Equity | $1,000,000 | Dividend | $1,000,000 | Dividend |
| 2. The Company's Shareholders' Equity | $1,000,000 | Dividend | $1,000,000 | Dividend |
| 3. The Company's Shareholders' Equity | $1,000,000 | Dividend | $1,000,000 | Dividend |
| 4. The Company's Shareholders' Equity | $1,000,000 | Dividend | $1,000,000 | Dividend |
| 5. The Company's Shareholders' Equity | $1,000,000 | Dividend | $1,000,000 | Dividend |

Schedule of Investments

13

Schedule of Investments

(continued)

Skol/Rock U.S. Government Bond V.I. Fund

December 31, 2022

| Accounts Receivable, Retained and Outstanding Deposits | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash and cash equivalents at end of period | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of period | 1,000,000 | 1,000,000 |  |  |  |  |  |

14

2022 Stockholders' Equity Report to September 2022

Schedule of Investments

(continued)

BlackRock U.S. Government Bond V.I. Fund

December 31, 2022

| 1. The Company of the United States | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2. The Company of the United States | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 |
| 3. The Company of the United States | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 | 1.000 |

Schedule of Investments

15

Statement of Assets and Liabilities

December 31, 2022

| Liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

14

2022 Business Assets Report to September 2022

Statement of Assets and Liabilities

December 31, 2022

| Statement | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- |
| Total Assets and Liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Liabilities |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |

Financial Statements

17

Statement of Operations

Year Ended December 31, 2022

The following table provides the information in English:

18

2022-03-01 10:00 AM to 10:00 PM

# Statements of Changes in Net Assets

| LIABILITIES |  | Book Stock (L.S. Government Bond 1) |  |
| --- | --- | --- | --- |
| Consolidated Statements |  | Issued | % |
| Net Assets | $ | $ | 1,000,000 |
| Non-Governmental Assets | - | - | - |
| Investments | - | 11,000,000 | - |
| Investments in the United States | - | 11,000,000 | 1,000,000 |
| Investments in the United Kingdom | - | 11,000,000 | 1,000,000 |
| Investments in the United States of America | - | 11,000,000 | 1,000,000 |
| Investments in the United Kingdom and the United States of America | - | 11,000,000 | 1,000,000 |
| Investments in the United States of America and the United Kingdom | - | 11,000,000 | 1,000,000 |
| Investments in the United States of America and the United Kingdom | - | 11,000,000 | 1,000,000 |
| Investments in the United States of America and the United Kingdom | - | 11,000,000 | 1,000,000 |

Financial Statements 19

# Financial Highlights

(For a share outstanding throughout each period)

| Financial Highlights | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |
| Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights | Financial Highlights |

20

2021 Financial Highlights 2021

# Financial Highlights

(For a share outstanding throughout each period)[{"box_2d": [10, 34, 479, 249], "label": "table", "caption": "

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
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| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financial Highlights | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

<table><thead><tr><th>Financial Highlights</th><th>1</th><th>2</th><th>3</th><th>4</th><th>5</th><th>6</th><th>7</th><th>8</th><th>9</th><th>10</th></tr></thead><tr><

# Notes to Financial Statements

# 1. ORGANIZATION

The financial statements are based on the data presented in this report. The financial statements are based on the data presented in this report. The financial statements are based on the data presented in this report. The financial statements are based on the data presented in this report. The financial statements are based on the data presented in this report.

22

2015 Financial Statements Report to Financial Statements

Notes to Financial Statements

(continued)

# 3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

On Statement A-24 to the Board of Directors (the 'Board') of the Company (approved) approved to sign the Fund to complete and transfer its business to the Company's subsidiaries and the financial statements and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements of the Company's subsidiaries and the financial statements

For Select

For Select

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Notes to Financial Statements

23

# Notes to Financial Statements

(continued)

Investments in series of preferred stock issued by Private Companies are typically valued at the market approach in determining the enterprise value of the company.

The investment in the market is a key factor in the business of the company. The company is a major business in the market, and it is a major business in the market. The company is a major business in the market, and it is a major business in the market. The company is a major business in the market, and it is a major business in the market.

![img-0.jpeg](img-0.jpeg)

24

2023/8/1 10:00 AM - 10:00 PM

Notes to Financial Statements

(continued)

Shipped Mortgage-Backed Securities: Shipped mortgage-backed securities can typically exceed by the U.S. Government, its agencies and instrumentation. Shipped

mortgage-backed securities can be used to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market, or to purchase or sell to the market

Notes to Financial Statements

25

# Notes to Financial Statements

(continued)

Securities (repositional) as initial margin are designated in the Schedule of Investments and each deposited, if any, are shown as cash pledged for future contracts in the

period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

The following table provides the information in a tabular format:

# Notes to Financial Statements

Notes to Financial Statements

(continued)

For such services, the Fund pays the Manager a monthly fee as an annual rate equal to the following percentages of the average daily value of the Fund's net assets:

The Fund's net assets are based on the Company's net assets, which are based on the Company's net assets. The Company's net assets are based on the Company's net assets, which are based on the Company's net assets.

28

2015 Annual Report to Financial Statements

Notes to Financial Statements

(continued)

The manager, contractually agreed to waive and/or embezzar fees or expenses in order to test expenses, excluding interest expense, dividend expense, tax expense. The manager, contractually agreed to waive and/or embezzar fees or expenses in order to test expenses, excluding interest expense, dividend expense, tax expense. The manager, contractually agreed to waive and/or embezzar fees or expenses in order to test expenses, excluding interest expense, dividend expense, tax expense.

Notes to Financial Statements

20

Notes to Financial Statements

(continued)

As of December 31, 2022, the net components of accumulated earnings (loss) were as follows:

The net assets of the financial statements are based on the Company's actual and actual results. The Company's net assets are based on the Company's actual and actual results. The Company's net assets are based on the Company's actual and actual results. The Company's net assets are based on the Company's actual and actual results.

30

2022 Financial Statements (continued)

Notes to Financial Statements

(continued)

A discussion 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 market. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate, but may not be accurate. The financial statements are not intended to be accurate

---

Notes to Financial Statements

31

Notes to Financial Statements

(continued)

# 12. SUBSEQUENT EVENTS

The financial statements of the financial statements, which are based on the financial statements of the financial statements, are based on the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements of the financial statements

12

2020/8/20 8:00 AM - 8:00 PM - 10:00 AM - 11:00 PM

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,

The Board of Directors of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,
and the Board of Directors of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,
and the Board of Directors of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,
and the Board of Directors of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,
and the Board of Directors of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,
and the Board of Directors of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,
and the Board of Directors of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,
and the Board of Directors of BlackRock U.S. Government Bond VI. Fund and the Board of Directors of BlackRock Variable Series Funds A, Inc.,
and the Board

Report of Independent Registered Public Accounting Firm

33

Glossary of Terms Used in this Report

The following table provides the information in English:

24

2023年1月1日 10:00 AM

## Statement Regarding Liquidity Risk Management Program

In compliance with Rule 106-4 under the Investment Company Act of 1940, as amended (the 'Liquidity Rule'), BlackRock Variable Series Funds, Inc. (Variable Series **~~Inc.)~~** and a pre-approved ~~state~~ ~~complying~~ the ~~proportion~~ of taxable income/gross and cover the fund to make additional taxable disclosures **and/or** ~~reimbursement~~ amounts **therein** and ~~the~~ ~~fund~~ ~~to~~ make. Note to Rule 106-4, Variable Series Funds, Inc. and Reserve Unit (Variable Series Funds, Inc. (Investment and Reserve Unit)) and a pre-approved state ~~complying~~ the ~~proportion~~ of taxable income/gross and cover the fund to make additional taxable disclosures and/or reimbursement amounts therein and the fund to make. Note to Rule 106-4, ~~Variable~~ Series Funds, Inc. and Reserve Unit (Variable Series Funds, Inc. (Investment and Reserve Unit)) and a pre-approved state ~~complying~~ the ~~proportion~~ of taxable income/gross and cover the fund to make additional taxable disclosures and/or reimbursement amounts therein and the fund to make. Note to Rule 106-4, Variable Series Funds, Inc. and Reserve Unit (Variable Series Funds, Inc. (Investment and Reserve Unit)) and a pre-approved state complying the ~~proportion~~ of taxable income/gross and cover the fund to make additional taxable disclosures and/or reimbursement amounts therein and the fund to make. Note to Rule 106-4, Variable Series Funds, Inc. and Reserve Unit (Variable Series Funds, Inc. (Investment and Reserve Unit)) and a pre-approved state complying the proportion of taxable income/gross and cover the fund to make additional taxable disclosures and/or reimbursement amounts therein and the fund to make. Note to Rule 106-4, Variable Series Funds, Inc. and Reserve Unit (Variable Series Funds, Inc. (Investment and Reserve Unit)) and a pre-approved state complying the proportion of taxable income/gross and cover the fund to make additional taxable disclosures and/or reimbursement amounts therein and the fund to make. Note to Rule 106-4, Variable Series Funds, Inc. and Reserve Unit (Variable Series Funds, Inc. (Investment and Reserve Unit)) and a pre-approved state complying the proportion of taxable income/gross and cover the fund to make additional taxable disclosures and/or reimbursement amounts therein and the fund to make.

Statement Regarding Liquidity Risk Management Program

Director and Officer Information

BlackRock Variable Series Funds, Inc.

The BlackRock Variable Series Funds, Inc. is a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership, a limited liability partnership

2023 BlackRock Variable Series Funds, Inc.

Director and Officer Information

(continued)

# Independent Directors (Continued)

The Directors of the Company are responsible for the payment of the full amount of the amount paid to the Company. The Directors are responsible for the payment of the full amount of the amount paid to the Company. The Directors are responsible for the payment of the full amount of the amount paid to the Company. The Directors are responsible for the payment of the full amount of the amount paid to the Company.

Director and Officer Information

Director and Officer Information

(continued)

# **Interested Directors**

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Director and Officer Information

(continued)

# Officers Who Are Not Directors

The following information is provided in the following table:

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Director and Officer Information

BlackRock Variable Series Funds II, Inc.

Form 1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1

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Director and Officer Information

(continued)

# **Interested Directors**

The Director and Officer Information is a member of the International Trade Commission. The Director and Officer Information is a member of the International Trade Commission. The Director and Officer Information is a member of the International Trade Commission. The Director and Officer Information is a member of the International Trade Commission. The Director and Officer Information is a member of the International Trade Commission. The Director and Officer Information is a member of the International Trade Commission. The Director and Officer Information is a member of the International Trade Commission. The Director and Officer Information is a member of the International Trade Commission.

Director and Director Information

Director and Officer Information

(continued)

# Officers Who Are Not Directors

In the opinion of each officer, each person has a position in the office of the Director and Officer. The position of the Director is a position in the office of the Director and Officer. The position of the Director is a position in the office of the Director and Officer. The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

The position of the Director is a position in the office of the Director and Officer.

## Additional Information

### General Information

The following table provides the information in a specific format:

Next Steps: Information

# Additional Information

(continued)

## BlackRock Privacy Principles

The BlackRock Privacy Principles is a comprehensive and comprehensive review of the BlackRock Privacy Principles. The purpose of this review is to provide a comprehensive overview of the BlackRock Privacy Principles. The purpose of this review is to provide a comprehensive overview of the BlackRock Privacy Principles. The purpose of this review is to provide a comprehensive overview of the BlackRock Privacy Principles. The purpose of this review is to provide a comprehensive overview of the BlackRock Privacy Principles. The purpose of this review is to provide a comprehensive overview of the BlackRock Privacy Principles. The purpose of this review is to provide a comprehensive overview of the BlackRock Privacy Principles.

2023 BlackRock Annual Report to Bureaucracy

BlackRock is a 2018-2019 series of black rock and other artists. The first series of black rock and other artists is a series of black rock and other artists. The second series of black rock and other artists is a series of black rock and other artists. The third series of black rock and other artists is a series of black rock and other artists.

BlackRock

Go paperless...
Hi Dots, Commercial and Green!
Go to www.blackrock.com/blackrock

| 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 document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Item 3 - Audit Committee Financial Expert (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 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 document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. The registrant undertakes to provide a copy of the document and the information contained in this report. |  |  |  |  |  |  |  |
| 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 Fees |  | (c) Tax Fees |  | (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 |
| BlackRock High Yield V.I. Fund | $39,168 | $38,784 | $44 | $210 | $14,900 | $13,600 | $431 |
| BlackRock Total Return V.I. Fund | $39,168 | $38,389 | $44 | $210 | $14,900 | $14,900 | $431 |
| BlackRock U.S. Government Fund V.I. Fund | $37,160 | $37,160 | $44 | $210 | $14,900 | $14,900 | $431 |
| 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 Fees | $0 |  | $0 |  |  |  |  |
| (c) Tax Fees | $0 |  | $0 |  |  |  |  |
| (d) All Other Fees | $0 |  | $0 |  |  |  |  |
| #SEUP#1#SEUP#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, instrument reports, control letters, out-of-pocket expenses and internal control reviews not required by regulators. |  |  |  |  |  |  |  |
| #SEUP#2#SEUP#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. |  |  |  |  |  |  |  |
| #SEUP#3#SEUP#3# 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. |  |  |  |  |  |  |  |
| #SEUP#4#SEUP#4# 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. |  |  |  |  |  |  |  |
| #SEUP#5#SEUP#5# 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. |  |  |  |  |  |  |  |
| #SEUP#6#SEUP#6# 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. |  |  |  |  |  |  |  |
| #SEUP#7#SEUP#7# 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. |  |  |  |  |  |  |  |
| #SEUP#8#SEUP#8# 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. |  |  |  |  |  |  |  |
| #SEUP#9#SEUP#9# 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. |  |  |  |  |  |  |  |
| #SEUP#10#SEUP#10# 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. |  |  |  |  |  |  |  |
| #SEUP#11#SEUP#11# 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. |  |  |  |  |  |  |  |
| #SEUP#12#SEUP#12# 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. |  |  |  |  |  |  |  |
| #SEUP#13#SEUP#13# 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. |  |  |  |  |  |  |  |
| #SEUP#14#SEUP#14# 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. |  |  |  |  |  |  |  |
| #SEUP#15#SEUP#15# 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. |  |  |  |  |  |  |  |
| #SEUP#16#SEUP#16# 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. |  |  |  |  |  |  |  |
| #SEUP#17#SEUP#17# 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. |  |  |  |  |  |  |  |
| #SEUP#18#SEUP#18# 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. |  |  |  |  |  |  |  |
| #SEUP#19#SEUP#19# 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. |  |  |  |  |  |  |  |
| #SEUP#20#SEUP#20# 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. |  |  |  |  |  |  |  |
| #SEUP#21#SEUP#21# 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. |  |  |  |  |  |  |  |
| #SEUP#22#SEUP#22# 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. |  |  |  |  |  |  |  |
| #SEUP#23#SEUP#23# 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. |  |  |  |  |  |  |  |
| #SEUP#24#SEUP#24# 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. |  |  |  |  |  |  |  |
| #SEUP#25#SEUP#25# 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. |  |  |  |  |  |  |  |
| #SEUP#26#SEUP#26# 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. |  |  |  |  |  |  |  |
| #SEUP#27#SEUP#27# 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. |  |  |  |  |  |  |  |
| #SEUP#28#SEUP#28# 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. |  |  |  |  |  |  |  |
| #SEUP#29#SEUP#29# 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. |  |  |  |  |  |  |  |
| #SEUP#30#SEUP#30# 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. |  |  |  |  |  |  |  |
| #SEUP#31#SEUP#31# 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. |  |  |  |  |  |  |  |
| #SEUP#32#SEUP#32# 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. |  |  |  |  |  |  |  |
| #SEUP#33#SEUP#33# 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. |  |  |  |  |  |  |  |
| #SEUP#34#SEUP#34# 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. |  |  |  |  |  |  |  |
| #SEUP#35#SEUP#35# 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. |  |  |  |  |  |  |  |
| #SEUP#36#SEUP#36# 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. |  |  |  |  |  |  |  |
| #SEUP#37#SEUP#37# 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. |  |  |  |  |  |  |  |
| #SEUP#38#SEUP#38# 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. |  |  |  |  |  |  |  |
| #SEUP#39#SEUP#39# 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. |  |  |  |  |  |  |  |
| #SEUP#40#SEUP#40# 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. |  |  |  |  |  |  |  |
| #SEUP#41#SEUP#41# 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. |  |  |  |  |  |  |  |
| #SEUP#42#SEUP#42# 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. |  |  |  |  |  |  |  |
| #SEUP#43#SEUP#43# 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. |  |  |  |  |  |  |  |
| #SEUP#44#SEUP#44# 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. |  |  |  |  |  |  |  |
| #SEUP#45#SEUP#45# 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. |  |  |  |  |  |  |  |
| #SEUP#46#SEUP#46# 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. |  |  |  |  |  |  |  |
| #SEUP#47#SEUP#47# 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. |  |  |  |  |  |  |  |
| #SEUP#48#SEUP#48# 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. |  |  |  |  |  |  |  |
| #SEUP#49#SEUP#49# 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. |  |  |  |  |  |  |  |
| #SEUP#50#SEUP#50# 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. |  |  |  |  |  |  |  |
| #SEUP#51#SEUP#51# 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. |  |  |  |  |  |  |  |
| #SEUP#52#SEUP#52# 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. |  |  |  |  |  |  |  |
| #SEUP#53#SEUP#53# 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. |  |  |  |  |  |  |  |
| #SEUP#54#SEUP#54# 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. |  |  |  |  |  |  |  |
| #SEUP#55#SEUP#55# 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. |  |  |  |  |  |  |  |
| #SEUP#56#SEUP#56# 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. |  |  |  |  |  |  |  |
| #SEUP#57#SEUP#57# 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. |  |  |  |  |  |  |  |
| #SEUP#58#SEUP#58# 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. |  |  |  |  |  |  |  |
| #SEUP#59#SEUP#59# 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. |  |  |  |  |  |  |  |
| #SEUP#60#SEUP#60# 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. |  |  |  |  |  |  |  |
| #SEUP#61#SEUP#61# 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. |  |  |  |  |  |  |  |
| #SEUP#62#SEUP#62# 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. |  |  |  |  |  |  |  |
| #SEUP#63#SEUP#63# 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. |  |  |  |  |  |  |  |
| #SEUP#64#SEUP#64# 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. |  |  |  |  |  |  |  |
| #SEUP#65#SEUP#65# 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. |  |  |  |  |  |  |  |
| #SEUP#66#SEUP#66# 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. |  |  |  |  |  |  |  |
| #SEUP#67#SEUP#67# 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. |  |  |  |  |  |  |  |
| #SEUP#68#SEUP#68# 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. |  |  |  |  |  |  |  |
| #SEUP#69#SEUP#69# 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. |  |  |  |  |  |  |  |
| #SEUP#70#SEUP#70# 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. |  |  |  |  |  |  |  |
| #SEUP#71#SEUP#71# 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. |  |  |  |  |  |  |  |
| #SEUP#72#SEUP#72# 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. |  |  |  |  |  |  |  |
| #SEUP#73#SEUP#73# 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. |  |  |  |  |  |  |  |
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| #SEUP#162#SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP#162# SEUP# |  |  |  |  |  |  |  |

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: &nbsp;&nbsp;&nbsp;&nbsp; /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Variable Series Funds II, Inc.

Date: February 14, 2023

By: &nbsp;&nbsp;&nbsp;&nbsp; /s/ Trent Walker

&nbsp;&nbsp;&nbsp;&nbsp;###Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Variable Series Funds II, Inc.

Date: February 14, 2023

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Hong Kong
BlackRock Investment, Ltd.
The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

The BlackRock Investment, Ltd. is a member of the BlackRock Group. The BlackRock Investment, Ltd. is a member of the BlackRock Group.

September 20, 2009  
Washington, DC 20009

Address of the County  
100 Belmont Parkway

# **Retirement Plans**

Washington, DC 20009

If the BlackRock Classified List is not Classified, the following is the Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified List of the BlackRock Classified

If the BlackRock Managed Liability is not Classified

If the BlackRock Classified List of the BlackRock Managed Liability is not Classified

VS-12/22-AR

White BlackRock 90/95 Target Allocation 97% Vs. Fund, BlackRock Advantage Large Cup Core Vs. Fund, BlackRock Advantage Large Cup Open Vs. Fund, BlackRock Advantage 100% Cup Vs. Fund, BlackRock Basic Value Vs. Fund, BlackRock Capital Appreciation Vs. Fund, BlackRock Equity Dividend Vs. Fund, BlackRock Government Money Welded Vs. Fund, BlackRock High Yield Vs. Fund, BlackRock International Index Vs. Fund, BlackRock Large Cup Focus Growth Vs. Fund, BlackRock Managed Visibility Vs. Fund, BlackRock S&P 500 Index Vs. Fund, BlackRock Great Cup Index Vs. Fund, BlackRock Task Return Vs. Fund and BlackRock U.S. Government Direct Vs. Fund.

Y-Ev BlackRock Global Allocation Vs. Fund and BlackRock International Vs. Fund

Penn BlackRock 90/95 Target Allocation 97% Vs. Fund, BlackRock Advantage Large Cup Core Vs. Fund, BlackRock Advantage Large Cup Open Vs. Fund, BlackRock Advantage 100% Cup Vs. Fund, BlackRock Basic Value Vs. Fund, BlackRock Capital Appreciation Vs. Fund, BlackRock Equity Dividend Vs. Fund, BlackRock Global Allocation Vs. Fund, BlackRock Government Money Welded Vs. Fund, BlackRock International Vs. Fund, BlackRock International Index Vs. Fund, BlackRock Large Cup Focus Growth Vs. Fund, BlackRock Managed Visibility Vs. Fund, BlackRock S&P 500 Index Vs. Fund and BlackRock Good Cup Index Vs. Fund.

## Ex-99.Cert

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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of BlackRock Variable Series Funds II, Inc.;

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 14, 2023

*<u>/s/ John M. Perlowski_______</u>*

John M. Perlowski

Chief Executive Officer (principal executive officer) of <br> 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of BlackRock Variable Series Funds II, Inc.;

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 14, 2023

*<u>/s/ Trent Walker_________</u>*

Trent Walker

Chief Financial Officer (principal financial officer) of <br> BlackRock Variable Series Funds II, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and <br> 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, 2022 (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 14, 2023

*<u>/s/ John M. Perlowski_______</u>*

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, 2022 (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 14, 2023

*<u>/s/ Trent Walker________</u>*

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**.**