N-CSRS

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

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., 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 06/30/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

June

30,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Variable

Series

Funds

II,

Inc.

Dear

Shareholder,

Despite

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

June

30,

2023,

the

resilience

of

the

U.S.

economy

in

the

face

of

ever

tighter

financial

conditions

provided

an

encouraging

backdrop

for

investors.

Inflation

remained

elevated

as

labor

costs

grew

rapidly

and

unemployment

rates

reached

the

lowest

levels

in

decades.

However,

inflation

moderated

substantially

as

the

period

continued,

while

ongoing

strength

in

consumer

spending

backstopped

the

economy.

Equity

returns

were

strong,

as

continued

job

growth

eased

investors’

concerns

about

the

economy’s

durability.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

Most

major

classes

of

equities

advanced

significantly,

including

large-

and

small-capitalization

U.S.

stocks

and

international

equities

from

developed

markets.

Emerging

market

equities

also

gained,

although

at

a

substantially

slower

pace,

pressured

by

high

interest

rates

and

falling

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-

grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

seven

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

its

June

2023

meeting,

which

made

it

the

first

meeting

without

a

rate

increase

since

the

tightening

cycle

began

in

early

2022.

Supply

constraints

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

exacerbate

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

most

recently

opted

for

a

pause,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

to

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

in

the

near-term

as

growth

trends

for

emerging

markets

appear

brighter.

We

also

believe

that

stocks

with

an

A.I.

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

We

are

neutral

on

credit

overall

amid

tightening

credit

and

financial

conditions,

however

there

are

selective

opportunities

in

the

near

term.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

U.S.

mortgage-backed

securities,

and

emerging

market

bonds

denominated

in

local

currency.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

June

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

16.89%

19.59%

U.S.

small

cap

equities

(Russell

2000

®

Index)

8.09

12.31

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

11.67

18.77

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.89

1.75

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.25

3.60

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

1.70

(3.97)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

2.09

(0.94)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

2.67

3.19

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

5.38

9.07

This

Page

is

not

Part

of

Your

Fund

Report

June

30,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

High

Yield

V.I.

Fund

Fund

Summary

as

of

June

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

2

BlackRock

High

Yield

V.I.

Fund

Investment

Objective

BlackRock

High

Yield

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

total

return,

consistent

with

income

generation

and

prudent

investment

management.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

During

the

six-month

period

ended

June

30,

2023,

the

Fund

outperformed

its

benchmark,

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index.

What

factors

influenced

performance?

High-yield

corporate

bonds

experienced

strong

positive

returns

in

the

period,

as

credit

sentiment

was

supported

by

continued

declines

in

inflation

and

resilient

economic

data.

In

sector

terms,

security

selection

within

technology,

media

and

entertainment

and

cable

and

satellite

contributed

positively

to

performance

relative

to

the

benchmark.

From

an

asset

allocation

perspective,

the

Fund’s

security

selection

within

its

core

allocation

to

high

yield

corporate

bonds

and

tactical

allocation

to

bank

loans

proved

beneficial.

By

credit

quality,

the

Fund’s

overweight

allocation

to

CCC-rated

issuers

and

underweight

to

BB-rated

issuers

was

additive.

On

the

downside,

in

sector

terms

an

underweight

allocation

to

retailers

and

security

selection

within

both

leisure

and

finance

companies

detracted

from

relative

performance.

By

credit

quality,

the

Fund’s

overweight

allocation

to

C-rated

issuers

weighed

on

return.

Describe

recent

portfolio

activity.

From

an

asset

allocation

perspective,

the

Fund

increased

its

allocation

to

high

yield

corporate

bonds,

ending

the

reporting

period

with

an

approximately

83%

weight

to

the

asset

class.

The

Fund

reduced

its

allocation

to

bank

loans

and

investment

grade

corporate

bonds

to

approximately

8%

and

7%,

respectively.

By

credit

quality,

the

Fund

added

to

single

B-rated

issues

and

reduced

holdings

of

CCC-rated

securities.

Describe

portfolio

positioning

at

period

end.

The

Fund’s

core

allocation

to

high

yield

corporate

bonds

was

at

approximately

83%

at

period

end.

Within

this

allocation,

the

Fund’s

largest

sector

overweights

compared

to

the

benchmark

index

were

to

technology,

diversified

manufacturing

and

aerospace/defense,

while

the

largest

underweights

were

to

retailers,

healthcare

and

cable

and

satellite.

The

Fund

maintained

an

underweight

to

BB-rated

issuers

at

29%

vs.

47%

for

the

benchmark,

while

maintaining

overweight

allocations

to

B-rated

issuers

(48%

vs.

40%)

and

CCC-rated

issuers

(13%

vs

11%).

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yields

(b)

Unsubsidized

30-Day

Yields

(b)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(c)(d

)

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

7.64‌%

7.54‌%

5.59‌%

9.56‌%

3.65‌%

4.47‌%

Class

III

(c)

(

d

)

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

7.40‌

7.30‌

5.46‌

9.30‌

3.43‌

4.24‌

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

(e)

—‌

—‌

5.38‌

9.07‌

3.34‌

4.43‌

(a)

For

a

portion

of

the

period,

the

Fund’s

investment

adviser

waived

and/or

reimbursed

a

portion

of

its

fee.

Without

such

waiver

and/or

reimbursement,

the

Fund’s

performance

would

have

been

lower.

(b)

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

(c)

Average

annual

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend/

payable

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(d)

The

Fund

invests

primarily

in

non-investment

grade

bonds

with

maturities

of

ten

years

or

less.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

High

Yield

V.I.

Fund

(the

“Pre

decessor

Fund”),

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

a

tax-free

reorganization

(the

“Reorganization

”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(e)

An

unmanaged

index

comprised

of

issuers

that

meet

the

following

criteria:

at

least

$150

million

par

value

outstanding;

maximum

credit

rating

of

Ba1;

at

least

one

year

to

maturity;

and

no

issuer

represents

more

than

2%

of

the

index.

Fund

Summary

as

of

June

30,

2023

(continued)

3

Fund

Summary

BlackRock

High

Yield

V.I.

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(01/01/23)

Ending

Account

Value

(06/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(01/01/23)

Ending

Account

Value

(06/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00‌

$

1,055.90‌

$

2.85‌

$

1,000.00‌

$

1,022.02‌

$

2.81‌

0.56‌%

Class

III

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

1,000.00‌

1,054.60‌

4.08‌

1,000.00‌

1,020.83‌

4.01‌

0.80‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

AA/Aa

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

0.1‌

%

A

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

1.1‌

BBB/Baa

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

6.8‌

BB/Ba

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

38.0‌

B

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

44.1‌

CCC/

Caa

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

9.1‌

NR

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

0.8‌

(a)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/

Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(b)

Excludes

short-term

securities.

Disclosure

of

Expenses

2023

BlackRock

Semi-Annual

Report

to

Shareholders

4

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Schedule

of

Investments

(unaudited)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Capital

Markets

—

0.0%

Ardagh

MP

USA,

Inc.,

(Acquired

08/02/21,

cost

$552,653)

(a)(b)

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

56,202

$

211,320

Chemicals

—

0.1%

Element

Solutions,

Inc.

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

18,781

360,595

Energy

Equipment

&

Services

—

0.0%

Nine

Energy

Service,

Inc.

(b)

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

880

3,370

Financial

Services

—

0.0%

Block,

Inc.,

Class

A

(b)

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

2,003

133,340

Ground

Transportation

—

0.0%

Uber

Technologies,

Inc.

(b)

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

6,319

272,791

Hotels,

Restaurants

&

Leisure

—

0.1%

Carnival

Corp.

(b)

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

25,522

480,579

IT

Services

—

0.0%

Twilio,

Inc.,

Class

A

(b)

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

997

63,429

Metals

&

Mining

—

0.1%

Constellium

SE,

Class

A

(b)

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

58,591

1,007,765

Pharmaceuticals

—

0.0%

Catalent,

Inc.

(b)

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

7,828

339,422

Software

—

0.1%

Informatica,

Inc.,

Class

A

(b)

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

21,967

406,390

Total

Common

Stocks

—

0.4%

(Cost:

$3,562,491)

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

3,279,001

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

4.2%

Bombardier,

Inc.

(c)

7.50%,

03/15/25

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

USD

22

22,038

7.13%,

06/15/26

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

3,059

3,038,391

7.88%,

04/15/27

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

1,925

1,920,044

6.00%,

02/15/28

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

1,539

1,454,515

7.50%,

02/01/29

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

897

886,545

7.45%,

05/01/34

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

301

343,140

BWX

Technologies,

Inc.

(c)

4.13%,

06/30/28

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

457

416,944

4.13%,

04/15/29

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

458

413,345

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(c)

1,200

1,086,000

Howmet

Aerospace,

Inc.,

5.13%,

10/01/24

.

10

9,888

Huntington

Ingalls

Industries,

Inc.,

4.20%,

05/01/30

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

101

93,583

Rolls-Royce

plc,

5.75%,

10/15/27

(c)

......

2,000

1,955,508

Spirit

AeroSystems,

Inc.

(c)

7.50%,

04/15/25

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

72

71,144

9.38%,

11/30/29

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

1,610

1,723,626

TransDigm,

Inc.

6.25%,

03/15/26

(c)

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

10,189

10,139,203

6.38%,

06/15/26

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

70

69,091

7.50%,

03/15/27

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

615

615,873

6.75%,

08/15/28

(c)

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

6,354

6,378,082

Triumph

Group,

Inc.,

9.00%,

03/15/28

(c)

...

2,163

2,208,507

32,845,467

Automobile

Components

—

1.8%

Clarios

Global

LP

6.75%,

05/15/25

(c)

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

1,117

1,117,683

4.38%,

05/15/26

(d)

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

EUR

560

581,494

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

6.25%,

05/15/26

(c)

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

USD

1,409

$

1,399,926

8.50%,

05/15/27

(c)

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

5,871

5,880,605

6.75%,

05/15/28

(c)

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

2,311

2,302,917

Dealer

Tire

LLC,

8.00%,

02/01/28

(c)

......

304

276,933

Goodyear

Tire

&

Rubber

Co.

(The)

9.50%,

05/31/25

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

152

155,431

5.00%,

07/15/29

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

176

158,706

5.63%,

04/30/33

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

248

215,901

Icahn

Enterprises

LP

6.25%,

05/15/26

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

138

125,596

5.25%,

05/15/27

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

1,468

1,266,003

4.38%,

02/01/29

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

1,033

811,628

14,292,823

Automobiles

—

0.2%

Ford

Motor

Co.

4.35%,

12/08/26

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

82

79,250

3.25%,

02/12/32

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

1,362

1,071,464

6.10%,

08/19/32

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

388

376,033

1,526,747

Banks

—

0.6%

Banco

Espirito

Santo

SA

(b)(d)(e)(f)

2.63%,

05/08/17

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

EUR

100

25,098

4.75%,

01/15/18

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

100

25,098

4.00%,

01/21/23

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

100

25,097

Bank

of

America

Corp.,

(1-day

SOFR

+

1.99%),

6.20%,

11/10/28

(f)

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

USD

633

650,628

Barclays

plc

5.20%,

05/12/26

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

200

192,950

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(f)(g)

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

940

638,636

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.43%),

8.00%

(f)(g)

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

390

348,426

Citigroup,

Inc.,

(1-day

SOFR

+

2.66%),

6.17%,

05/25/34

(f)

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

950

958,277

Credit

Agricole

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

4.75%

(c)(f)(g)

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

460

365,700

HSBC

Holdings

plc

(f)

(5-Year

USD

Swap

Rate

+

3.75%),

6.00%

(g)

465

415,594

(1-day

SOFR

+

3.35%),

7.39%,

11/03/28

350

369,384

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.65%),

4.60%

(g)

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

200

152,250

Intesa

Sanpaolo

SpA

(c)(f)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

4.20%,

06/01/32

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

320

238,492

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.75%),

4.95%,

06/01/42

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

235

154,766

Lloyds

Banking

Group

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

(f)(g)

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

505

461,393

5,021,789

Broadline

Retail

—

0.3%

(c)

ANGI

Group

LLC,

3.88%,

08/15/28

......

282

230,255

Go

Daddy

Operating

Co.

LLC

5.25%,

12/01/27

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

82

77,900

3.50%,

03/01/29

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

419

359,017

Match

Group

Holdings

II

LLC

4.63%,

06/01/28

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

662

608,113

5.63%,

02/15/29

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

164

153,768

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

(continued)

4.13%,

08/01/30

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

USD

368

$

315,192

3.63%,

10/01/31

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

405

332,886

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

...

227

211,289

2,288,420

Building

Products

—

1.1%

Advanced

Drainage

Systems,

Inc.

(c)

5.00%,

09/30/27

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

1,024

969,129

6.38%,

06/15/30

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

1,131

1,118,864

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

(c)

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

430

406,348

James

Hardie

International

Finance

DAC,

5.00%,

01/15/28

(c)

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

200

187,382

JELD-WEN,

Inc.

(c)

6.25%,

05/15/25

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

245

247,144

4.63%,

12/15/25

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

375

363,281

Masonite

International

Corp.

(c)

5.38%,

02/01/28

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

74

70,538

3.50%,

02/15/30

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

454

381,357

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(c)

5.25%,

07/15/28

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

181

164,716

9.75%,

07/15/28

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

215

207,406

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/01/28

(c)

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

2,602

2,453,800

Standard

Industries,

Inc.

2.25%,

11/21/26

(d)

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

EUR

200

193,464

5.00%,

02/15/27

(c)

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

USD

294

280,197

4.75%,

01/15/28

(c)

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

108

100,573

4.38%,

07/15/30

(c)

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

1,077

932,786

3.38%,

01/15/31

(c)

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

375

301,891

Summit

Materials

LLC,

5.25%,

01/15/29

(c)

..

34

32,122

8,410,998

Capital

Markets

—

0.7%

AG

TTMT

Escrow

Issuer

LLC,

8.63%,

09/30/27

(c)

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

311

318,764

Blackstone

Holdings

Finance

Co.

LLC,

6.20%,

04/22/33

(c)

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

677

691,483

Blackstone

Private

Credit

Fund

7.05%,

09/29/25

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

167

166,567

3.25%,

03/15/27

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

155

133,939

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(c)

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

403

353,237

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

02/15/26

(c)

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

250

223,246

Macquarie

Bank

Ltd.,

6.80%,

01/18/33

(c)

...

233

233,789

Morgan

Stanley,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.43%),

5.95%,

01/19/38

(f)

..........

195

192,473

MSCI,

Inc.

(c)

3.63%,

09/01/30

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

56

48,294

3.88%,

02/15/31

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

125

108,315

3.25%,

08/15/33

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

468

376,908

Northern

Trust

Corp.,

6.13%,

11/02/32

....

485

502,820

Owl

Rock

Capital

Corp.

3.75%,

07/22/25

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

380

352,123

3.40%,

07/15/26

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

131

116,035

OWL

Rock

Core

Income

Corp.

5.50%,

03/21/25

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

386

371,439

3.13%,

09/23/26

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

90

77,553

7.75%,

09/16/27

(c)

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

644

640,741

UBS

Group

AG,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.31%),

4.38%

(c)(f)(g)

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

320

225,421

5,133,147

Security

Par

(000)

Par

(000)

Value

Chemicals

—

2.3%

Ashland,

Inc.,

3.38%,

09/01/31

(c)

........

USD

335

$

267,578

Avient

Corp.,

7.13%,

08/01/30

(c)

........

440

445,027

Axalta

Coating

Systems

Dutch

Holding

B

BV,

3.75%,

01/15/25

(d)

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

EUR

200

213,884

Axalta

Coating

Systems

LLC

(c)

4.75%,

06/15/27

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

USD

1,156

1,089,585

3.38%,

02/15/29

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

687

584,809

Chemours

Co.

(The)

(c)

5.75%,

11/15/28

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

291

267,397

4.63%,

11/15/29

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

202

170,713

Element

Solutions,

Inc.,

3.88%,

09/01/28

(c)

.

4,903

4,277,260

Gates

Global

LLC,

6.25%,

01/15/26

(c)

.....

776

763,587

HB

Fuller

Co.,

4.25%,

10/15/28

........

185

164,657

Herens

Holdco

SARL,

4.75%,

05/15/28

(c)

..

1,719

1,332,225

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

...

779

678,789

Ingevity

Corp.,

3.88%,

11/01/28

(c)

.......

132

112,697

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(c)(f)

588

388,080

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(c)

..

296

247,219

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(c)

388

353,080

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(c)

.

81

79,135

Olympus

Water

US

Holding

Corp.,

9.75%,

11/15/28

(c)

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

1,440

1,404,432

SCIL

IV

LLC,

5.38%,

11/01/26

(c)

........

537

489,551

Scotts

Miracle-Gro

Co.

(The)

4.00%,

04/01/31

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

325

254,149

4.38%,

02/01/32

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

55

43,306

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(c)

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

1,033

820,853

WR

Grace

Holdings

LLC

(c)

4.88%,

06/15/27

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

419

388,594

5.63%,

08/15/29

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

3,397

2,783,162

7.38%,

03/01/31

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

768

752,626

18,372,395

Commercial

Services

&

Supplies

—

3.3%

ADT

Security

Corp.

(The)

(c)

4.13%,

08/01/29

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

58

50,098

4.88%,

07/15/32

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

151

129,105

Allied

Universal

Holdco

LLC

(c)

6.63%,

07/15/26

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

2,415

2,291,698

9.75%,

07/15/27

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

617

545,399

4.63%,

06/01/28

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

4,499

3,800,976

6.00%,

06/01/29

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

3,841

2,834,295

APi

Group

DE,

Inc.

(c)

4.13%,

07/15/29

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

453

390,710

4.75%,

10/15/29

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

225

202,635

APX

Group,

Inc.

(c)

6.75%,

02/15/27

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

455

445,891

5.75%,

07/15/29

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

954

827,979

Aramark

Services,

Inc.

(c)

5.00%,

04/01/25

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

300

295,605

6.38%,

05/01/25

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

74

73,932

5.00%,

02/01/28

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

1,844

1,738,044

Brink's

Co.

(The),

5.50%,

07/15/25

(c)

.....

114

112,645

Clean

Harbors,

Inc.

(c)

4.88%,

07/15/27

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

233

223,104

5.13%,

07/15/29

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

108

102,179

6.38%,

02/01/31

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

228

229,427

Covanta

Holding

Corp.

4.88%,

12/01/29

(c)

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

365

315,725

5.00%,

09/01/30

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

200

169,625

Garda

World

Security

Corp.

(c)

4.63%,

02/15/27

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

617

564,555

9.50%,

11/01/27

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

148

142,982

7.75%,

02/15/28

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

1,507

1,495,880

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

GFL

Environmental,

Inc.

(c)

4.25%,

06/01/25

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

USD

176

$

169,841

3.75%,

08/01/25

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

462

439,533

5.13%,

12/15/26

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

843

813,316

4.00%,

08/01/28

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

689

616,001

3.50%,

09/01/28

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

356

316,835

4.75%,

06/15/29

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

465

424,829

4.38%,

08/15/29

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

849

755,905

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(c)

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

170

153,000

Madison

IAQ

LLC,

5.88%,

06/30/29

(c)

.....

721

583,944

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(c)

.

625

573,758

Prime

Security

Services

Borrower

LLC

(c)

5.75%,

04/15/26

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

319

313,139

6.25%,

01/15/28

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

1,721

1,612,236

Stericycle,

Inc.,

3.88%,

01/15/29

(c)

.......

229

203,329

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(c)

...

2,599

2,409,267

26,367,422

Communications

Equipment

—

0.7%

(c)

CommScope

Technologies

LLC,

6.00%,

06/15/25

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

2,110

1,966,666

CommScope,

Inc.

6.00%,

03/01/26

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

253

235,789

8.25%,

03/01/27

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

216

172,796

7.13%,

07/01/28

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

241

171,110

4.75%,

09/01/29

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

1,404

1,106,915

Viasat,

Inc.

5.63%,

09/15/25

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

897

869,184

5.63%,

04/15/27

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

147

137,248

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

....

673

571,851

5,231,559

Construction

&

Engineering

—

0.1%

(c)

Arcosa,

Inc.,

4.38%,

04/15/29

.........

676

605,698

Dycom

Industries,

Inc.,

4.50%,

04/15/29

...

279

253,388

MasTec,

Inc.,

4.50%,

08/15/28

.........

269

248,185

1,107,271

Consumer

Finance

—

1.7%

Capital

One

Financial

Corp.

(f)

(1-day

SOFR

+

2.64%),

6.31%,

06/08/29

320

317,845

(1-day

SOFR

+

2.86%),

6.38%,

06/08/34

230

228,352

Discover

Financial

Services,

6.70%,

11/29/32

175

180,291

Ford

Motor

Credit

Co.

LLC

3.81%,

01/09/24

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

200

197,150

4.69%,

06/09/25

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

200

192,653

5.13%,

06/16/25

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

548

532,946

4.13%,

08/04/25

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

350

331,941

3.38%,

11/13/25

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

200

185,975

4.39%,

01/08/26

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

475

449,541

2.70%,

08/10/26

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

607

541,914

4.95%,

05/28/27

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

559

527,297

6.80%,

05/12/28

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

1,204

1,205,104

5.11%,

05/03/29

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

297

275,441

7.35%,

03/06/30

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

1,400

1,429,739

7.20%,

06/10/30

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

1,601

1,615,745

3.63%,

06/17/31

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

345

282,771

Global

Aircraft

Leasing

Co.

Ltd.

(c)(h)

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

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

283

258,822

Series

2021,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(f)

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

403

368,978

Macquarie

Airfinance

Holdings

Ltd.,

8.38%,

05/01/28

(c)

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

228

231,178

Navient

Corp.

6.13%,

03/25/24

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

150

148,827

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

5.88%,

10/25/24

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

USD

49

$

48,155

5.50%,

03/15/29

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

249

212,290

9.38%,

07/25/30

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

351

349,122

OneMain

Finance

Corp.

6.88%,

03/15/25

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

386

382,191

7.13%,

03/15/26

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

1,238

1,216,325

3.50%,

01/15/27

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

646

554,229

6.63%,

01/15/28

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

155

146,207

5.38%,

11/15/29

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

157

133,473

4.00%,

09/15/30

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

796

612,920

SLM

Corp.,

3.13%,

11/02/26

..........

393

339,945

13,497,367

Consumer

Staples

Distribution

&

Retail

—

0.6%

(c)

Albertsons

Cos.,

Inc.

3.25%,

03/15/26

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

833

769,333

4.63%,

01/15/27

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

471

446,275

5.88%,

02/15/28

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

345

335,250

6.50%,

02/15/28

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

320

320,531

3.50%,

03/15/29

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

167

144,562

4.88%,

02/15/30

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

1,490

1,375,598

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

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

558

496,793

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

155

128,476

US

Foods,

Inc.

6.25%,

04/15/25

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

231

230,904

4.75%,

02/15/29

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

780

714,129

4.63%,

06/01/30

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

84

75,284

5,037,135

Containers

&

Packaging

—

3.4%

ARD

Finance

SA,

6.50%,

06/30/27

(c)

.....

2,617

2,119,810

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

06/15/27

(c)

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

1,161

1,140,525

3.25%,

09/01/28

(c)

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

200

171,794

3.00%,

09/01/29

(d)

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

EUR

200

162,061

4.00%,

09/01/29

(c)

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

USD

3,971

3,145,007

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(c)

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

200

195,619

2.13%,

08/15/26

(d)

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

EUR

366

354,488

4.13%,

08/15/26

(c)

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

USD

600

558,862

5.25%,

08/15/27

(c)

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

395

334,597

Ball

Corp.

6.00%,

06/15/29

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

446

442,655

3.13%,

09/15/31

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

392

322,447

Canpack

SA,

3.13%,

11/01/25

(c)

........

211

192,538

Clydesdale

Acquisition

Holdings,

Inc.

(c)

6.63%,

04/15/29

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

2,085

1,988,462

8.75%,

04/15/30

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

1,738

1,534,174

Crown

Americas

LLC,

4.25%,

09/30/26

...

275

260,422

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

78

80,634

Graphic

Packaging

International

LLC

4.75%,

07/15/27

(c)

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

128

121,698

3.50%,

03/15/28

(c)

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

8

7,154

2.63%,

02/01/29

(d)

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

EUR

200

191,228

LABL,

Inc.

(c)

5.88%,

11/01/28

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

USD

489

444,736

9.50%,

11/01/28

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

1,164

1,184,237

Mauser

Packaging

Solutions

Holding

Co.

(c)

7.88%,

08/15/26

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

6,737

6,693,266

9.25%,

04/15/27

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

388

358,125

OI

European

Group

BV,

6.25%,

05/15/28

(c)

.

EUR

270

300,822

Owens-Brockway

Glass

Container,

Inc.

(c)

6.63%,

05/13/27

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

USD

91

90,106

7.25%,

05/15/31

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

544

550,800

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Sealed

Air

Corp.

(c)

5.13%,

12/01/24

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

USD

20

$

19,764

4.00%,

12/01/27

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

143

130,523

6.13%,

02/01/28

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

311

308,707

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(c)

246

255,102

Trivium

Packaging

Finance

BV

(c)(i)

5.50%,

08/15/26

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

1,359

1,304,850

8.50%,

08/15/27

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

2,127

2,047,486

27,012,699

Distributors

—

0.1%

(c)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

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

72

61,464

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

702

652,863

Resideo

Funding,

Inc.,

4.00%,

09/01/29

...

124

102,871

Ritchie

Bros

Holdings,

Inc.,

6.75%,

03/15/28

158

159,251

976,449

Diversified

Consumer

Services

—

0.5%

Graham

Holdings

Co.,

5.75%,

06/01/26

(c)

..

105

102,900

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(c)

..

244

210,475

Service

Corp.

International

5.13%,

06/01/29

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

302

284,550

3.38%,

08/15/30

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

279

233,328

4.00%,

05/15/31

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

990

847,470

Sotheby's

(c)

7.38%,

10/15/27

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

1,591

1,430,933

5.88%,

06/01/29

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

1,375

1,069,063

4,178,719

Diversified

REITs

—

0.7%

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(c)

..

198

145,253

GLP

Capital

LP,

3.25%,

01/15/32

.......

661

533,700

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(c)

...

384

344,157

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(c)

......

510

440,245

RHP

Hotel

Properties

LP,

7.25%,

07/15/28

(c)

763

770,806

VICI

Properties

LP

5.63%,

05/01/24

(c)

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

111

110,316

3.50%,

02/15/25

(c)

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

222

212,122

4.25%,

12/01/26

(c)

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

216

202,064

4.50%,

01/15/28

(c)

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

213

195,703

3.88%,

02/15/29

(c)

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

103

90,389

4.63%,

12/01/29

(c)

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

952

864,292

4.95%,

02/15/30

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

451

423,074

4.13%,

08/15/30

(c)

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

562

494,802

5.63%,

05/15/52

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

784

698,387

5,525,310

Diversified

Telecommunication

Services

—

4.7%

Altice

France

Holding

SA,

10.50%,

05/15/27

(c)

336

203,458

Altice

France

SA

(c)

8.13%,

02/01/27

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

2,411

2,087,737

5.50%,

01/15/28

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

503

379,819

5.13%,

07/15/29

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

1,595

1,132,248

5.50%,

10/15/29

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

242

173,064

CCO

Holdings

LLC

(c)

5.00%,

02/01/28

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

390

355,325

5.38%,

06/01/29

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

162

146,464

6.38%,

09/01/29

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

1,584

1,492,379

4.75%,

03/01/30

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

1,361

1,163,769

4.50%,

08/15/30

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

334

278,119

4.25%,

02/01/31

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

908

734,544

7.38%,

03/01/31

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

4,259

4,150,102

4.75%,

02/01/32

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

866

706,206

4.25%,

01/15/34

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

1,405

1,061,854

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Frontier

Communications

Holdings

LLC

(c)

5.88%,

10/15/27

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

USD

635

$

582,778

5.00%,

05/01/28

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

1,499

1,293,353

8.75%,

05/15/30

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

2,866

2,801,153

Iliad

Holding

SASU

(c)

6.50%,

10/15/26

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

3,652

3,446,841

7.00%,

10/15/28

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

1,215

1,119,798

Level

3

Financing,

Inc.

(c)

3.40%,

03/01/27

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

2,194

1,861,609

10.50%,

05/15/30

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

1,748

1,773,578

Lumen

Technologies,

Inc.,

4.00%,

02/15/27

(c)

2,248

1,675,232

Sable

International

Finance

Ltd.,

5.75%,

09/07/27

(c)

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

200

183,856

Telecom

Italia

Capital

SA

6.38%,

11/15/33

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

368

312,178

6.00%,

09/30/34

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

720

580,647

7.20%,

07/18/36

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

159

136,667

7.72%,

06/04/38

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

505

446,525

Uniti

Group

LP,

10.50%,

02/15/28

(c)

......

1,009

1,000,992

Zayo

Group

Holdings,

Inc.

(c)

4.00%,

03/01/27

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

5,375

3,796,116

6.13%,

03/01/28

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

2,574

1,608,412

36,684,823

Electric

Utilities

—

0.5%

FirstEnergy

Transmission

LLC

(c)

5.45%,

07/15/44

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

683

631,572

4.55%,

04/01/49

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

463

386,246

NextEra

Energy

Operating

Partners

LP,

4.25%,

09/15/24

(c)

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

13

12,415

NRG

Energy,

Inc.

5.75%,

01/15/28

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

137

129,828

5.25%,

06/15/29

(c)

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

11

9,837

3.88%,

02/15/32

(c)

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

38

29,278

7.00%,

03/15/33

(c)

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

375

378,107

Pacific

Gas

&

Electric

Co.

6.10%,

01/15/29

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

565

555,911

6.40%,

06/15/33

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

825

820,484

6.75%,

01/15/53

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

400

394,758

Palomino

Funding

Trust

I,

7.23%,

05/17/28

(c)

323

323,159

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(c)

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

465

424,699

4,096,294

Electrical

Equipment

—

0.6%

(c)

Regal

Rexnord

Corp.

6.05%,

02/15/26

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

180

180,229

6.05%,

04/15/28

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

1,590

1,578,405

6.30%,

02/15/30

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

410

408,786

6.40%,

04/15/33

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

430

429,638

Sensata

Technologies

BV

5.63%,

11/01/24

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

187

185,589

4.00%,

04/15/29

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

29

25,818

5.88%,

09/01/30

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

315

306,270

Vertiv

Group

Corp.,

4.13%,

11/15/28

.....

1,918

1,728,067

4,842,802

Electronic

Equipment,

Instruments

&

Components

—

0.5%

CDW

LLC,

3.25%,

02/15/29

..........

565

484,111

Coherent

Corp.,

5.00%,

12/15/29

(c)

......

1,710

1,543,463

Sensata

Technologies,

Inc.

(c)

4.38%,

02/15/30

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

2,045

1,828,736

3.75%,

02/15/31

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

243

207,884

4,064,194

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

—

3.4%

Archrock

Partners

LP

(c)

6.88%,

04/01/27

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

USD

579

$

555,840

6.25%,

04/01/28

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

2,624

2,463,569

Enerflex

Ltd.,

9.00%,

10/15/27

(c)

........

540

525,404

Nabors

Industries

Ltd.

(c)

7.25%,

01/15/26

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

384

358,472

7.50%,

01/15/28

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

644

563,538

Nabors

Industries,

Inc.

5.75%,

02/01/25

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

1,843

1,783,508

7.38%,

05/15/27

(c)

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

1,810

1,722,269

Nine

Energy

Service,

Inc.,

13.00%,

02/01/28

176

154,568

Noble

Finance

II

LLC,

8.00%,

04/15/30

(c)

...

733

745,227

Precision

Drilling

Corp.,

6.88%,

01/15/29

(c)

.

25

22,588

Tervita

Corp.,

11.00%,

12/01/25

(c)

.......

125

132,607

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(c)

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

368

375,820

Transocean,

Inc.

(c)

7.50%,

01/15/26

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

892

847,400

11.50%,

01/30/27

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

313

324,346

8.75%,

02/15/30

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

2,530

2,567,950

USA

Compression

Partners

LP

6.88%,

04/01/26

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

2,337

2,289,312

6.88%,

09/01/27

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

824

786,833

Valaris

Ltd.,

8.38%,

04/30/30

(c)

.........

1,128

1,131,790

Venture

Global

LNG,

Inc.

(c)

8.13%,

06/01/28

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

3,043

3,090,576

8.38%,

06/01/31

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

4,659

4,697,052

Weatherford

International

Ltd.

(c)

6.50%,

09/15/28

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

354

355,522

8.63%,

04/30/30

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

1,322

1,342,150

26,836,341

Entertainment

—

0.7%

(c)

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

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

638

462,039

Live

Nation

Entertainment,

Inc.

4.88%,

11/01/24

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

59

58,084

5.63%,

03/15/26

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

35

34,188

6.50%,

05/15/27

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

2,883

2,898,346

4.75%,

10/15/27

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

1,213

1,131,123

3.75%,

01/15/28

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

728

649,740

5,233,520

Financial

Services

—

2.0%

Block,

Inc.

2.75%,

06/01/26

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

1,983

1,805,507

3.50%,

06/01/31

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

2,664

2,206,384

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(c)

...

781

767,197

GGAM

Finance

Ltd.

(c)

7.75%,

05/15/26

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

103

103,386

8.00%,

06/15/28

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

103

103,053

Global

Payments,

Inc.

3.20%,

08/15/29

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

227

197,305

5.40%,

08/15/32

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

1,125

1,096,241

5.95%,

08/15/52

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

577

552,102

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(c)

.

2,051

1,838,894

Jefferies

Finance

LLC,

5.00%,

08/15/28

(c)

..

665

545,176

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

241

227,326

Nationstar

Mortgage

Holdings,

Inc.

(c)

6.00%,

01/15/27

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

231

214,896

5.75%,

11/15/31

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

256

210,290

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(c)

..

1,987

1,758,495

Sabre

GLBL,

Inc.

(c)

9.25%,

04/15/25

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

39

36,371

7.38%,

09/01/25

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

691

613,339

Shift4

Payments

LLC,

4.63%,

11/01/26

(c)

...

1,216

1,140,328

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(c)

.

USD

2,252

$

2,258,963

15,675,253

Food

Products

—

1.1%

Chobani

LLC

(c)

7.50%,

04/15/25

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

2,759

2,745,236

4.63%,

11/15/28

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

1,988

1,809,080

Darling

Global

Finance

BV,

3.63%,

05/15/26

(d)

EUR

290

308,537

Darling

Ingredients,

Inc.

(c)

5.25%,

04/15/27

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

USD

395

383,460

6.00%,

06/15/30

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

1,104

1,078,226

Lamb

Weston

Holdings,

Inc.

(c)

4.88%,

05/15/28

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

76

72,788

4.13%,

01/31/30

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

991

885,671

4.38%,

01/31/32

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

812

725,340

Post

Holdings,

Inc.

(c)

5.75%,

03/01/27

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

2

1,952

5.50%,

12/15/29

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

51

47,061

4.63%,

04/15/30

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

335

293,580

4.50%,

09/15/31

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

135

115,295

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(c)

...

203

162,647

8,628,873

Gas

Utilities

—

0.2%

(c)

AmeriGas

Partners

LP,

9.38%,

06/01/28

...

630

639,841

Howard

Midstream

Energy

Partners

LLC,

8.88%,

07/15/28

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

629

632,145

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

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

183

153,198

1,425,184

Ground

Transportation

—

1.2%

Albion

Financing

1

SARL,

6.13%,

10/15/26

(c)

389

365,660

Hertz

Corp.

(The)

(c)

4.63%,

12/01/26

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

287

259,018

5.00%,

12/01/29

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

199

164,500

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(c)

.

441

394,695

Uber

Technologies,

Inc.

7.50%,

05/15/25

(c)

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

492

497,884

0.00%,

12/15/25

(j)(k)

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

621

566,368

8.00%,

11/01/26

(c)

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

500

509,556

7.50%,

09/15/27

(c)

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

1,934

1,978,198

6.25%,

01/15/28

(c)

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

1,317

1,310,494

4.50%,

08/15/29

(c)

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

2,542

2,339,652

Williams

Scotsman

International,

Inc.

(c)

6.13%,

06/15/25

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

421

417,877

4.63%,

08/15/28

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

513

468,917

XPO

Escrow

Sub

LLC,

7.50%,

11/15/27

(c)

..

176

179,842

XPO,

Inc.,

6.25%,

06/01/28

(c)

..........

332

326,432

9,779,093

Health

Care

Equipment

&

Supplies

—

0.8%

Avantor

Funding,

Inc.

2.63%,

11/01/25

(d)

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

EUR

200

209,087

3.88%,

07/15/28

(d)

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

100

99,779

4.63%,

07/15/28

(c)

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

USD

1,275

1,181,827

3.88%,

11/01/29

(c)

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

431

377,353

Embecta

Corp.,

6.75%,

02/15/30

(c)

......

174

155,932

Garden

Spinco

Corp.,

8.63%,

07/20/30

(c)

...

414

444,947

Medline

Borrower

LP

(c)

3.88%,

04/01/29

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

1,034

898,611

5.25%,

10/01/29

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

3,562

3,090,744

Teleflex,

Inc.

4.63%,

11/15/27

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

45

42,413

4.25%,

06/01/28

(c)

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

222

202,851

6,703,544

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

2.6%

Acadia

Healthcare

Co.,

Inc.

(c)

5.50%,

07/01/28

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

USD

189

$

180,750

5.00%,

04/15/29

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

144

132,783

AdaptHealth

LLC

(c)

6.13%,

08/01/28

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

205

177,576

5.13%,

03/01/30

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

55

44,550

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(c)

680

586,317

Cano

Health

LLC,

6.25%,

10/01/28

(c)

.....

174

108,750

Centene

Corp.

2.45%,

07/15/28

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

522

446,182

3.00%,

10/15/30

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

946

788,299

2.50%,

03/01/31

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

1,006

802,255

2.63%,

08/01/31

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

2

1,594

Community

Health

Systems,

Inc.

(c)

5.63%,

03/15/27

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

1,026

904,150

6.00%,

01/15/29

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

783

658,699

5.25%,

05/15/30

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

2,227

1,754,269

4.75%,

02/15/31

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

636

480,678

Encompass

Health

Corp.

4.50%,

02/01/28

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

40

37,214

4.75%,

02/01/30

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

1,594

1,451,340

4.63%,

04/01/31

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

502

445,003

HealthEquity,

Inc.,

4.50%,

10/01/29

(c)

.....

2,144

1,889,575

Legacy

LifePoint

Health

LLC

(c)

6.75%,

04/15/25

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

503

467,196

4.38%,

02/15/27

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

252

194,989

ModivCare,

Inc.,

5.88%,

11/15/25

(c)

......

463

428,803

Molina

Healthcare,

Inc.

(c)

4.38%,

06/15/28

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

332

306,055

3.88%,

11/15/30

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

372

319,607

3.88%,

05/15/32

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

258

216,294

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(c)

.

533

469,124

Surgery

Center

Holdings,

Inc.

(c)

6.75%,

07/01/25

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

564

561,991

10.00%,

04/15/27

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

571

583,847

Tenet

Healthcare

Corp.

4.88%,

01/01/26

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

816

794,775

6.25%,

02/01/27

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

388

384,030

5.13%,

11/01/27

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

653

623,404

4.63%,

06/15/28

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

96

89,663

6.13%,

10/01/28

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

714

687,368

6.13%,

06/15/30

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

375

369,637

6.75%,

05/15/31

(c)

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

3,175

3,182,734

20,569,501

Health

Care

REITs

—

0.3%

MPT

Operating

Partnership

LP

2.55%,

12/05/23

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

GBP

213

259,994

4.63%,

08/01/29

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

USD

1,844

1,393,990

3.50%,

03/15/31

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

1,498

1,032,149

2,686,133

Health

Care

Technology

—

0.2%

IQVIA,

Inc.

1.75%,

03/15/26

(d)

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

EUR

190

191,519

5.00%,

10/15/26

(c)

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

USD

298

287,741

5.00%,

05/15/27

(c)

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

226

217,381

6.50%,

05/15/30

(c)

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

486

490,799

1,187,440

Hotel

&

Resort

REITs

—

0.3%

RHP

Hotel

Properties

LP

4.75%,

10/15/27

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

598

556,738

4.50%,

02/15/29

(c)

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

1,040

920,400

RLJ

Lodging

Trust

LP

(c)

3.75%,

07/01/26

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

258

236,715

4.00%,

09/15/29

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

217

181,735

Security

Par

(000)

Par

(000)

Value

Hotel

&

Resort

REITs

(continued)

Service

Properties

Trust,

7.50%,

09/15/25

..

USD

230

$

225,859

2,121,447

Hotels,

Restaurants

&

Leisure

—

7.3%

1011778

BC

ULC

(c)

3.88%,

01/15/28

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

384

351,043

4.38%,

01/15/28

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

414

382,194

4.00%,

10/15/30

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

226

193,418

Allwyn

Entertainment

Financing

UK

plc,

7.88%,

04/30/29

(c)

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

300

304,617

Aramark

International

Finance

SARL,

3.13%,

04/01/25

(d)

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

EUR

752

786,815

Boyd

Gaming

Corp.

4.75%,

12/01/27

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

USD

360

341,092

4.75%,

06/15/31

(c)

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

625

558,346

Boyne

USA,

Inc.,

4.75%,

05/15/29

(c)

.....

701

631,712

Caesars

Entertainment,

Inc.

(c)

6.25%,

07/01/25

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

2,429

2,417,752

8.13%,

07/01/27

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

3,287

3,364,143

4.63%,

10/15/29

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

1,105

964,898

7.00%,

02/15/30

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

3,081

3,094,063

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(c)

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

417

421,931

Carnival

Corp.

(c)

10.50%,

02/01/26

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

648

681,186

7.63%,

03/01/26

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

494

483,823

5.75%,

03/01/27

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

2,246

2,067,645

9.88%,

08/01/27

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

544

566,649

4.00%,

08/01/28

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

1,503

1,332,439

6.00%,

05/01/29

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

1,401

1,250,861

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(c)

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

5,527

6,045,038

CCM

Merger,

Inc.,

6.38%,

05/01/26

(c)

.....

151

146,470

CDI

Escrow

Issuer,

Inc.,

5.75%,

04/01/30

(c)

.

1,805

1,680,126

Cedar

Fair

LP

5.50%,

05/01/25

(c)

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

899

892,220

6.50%,

10/01/28

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

87

84,844

Churchill

Downs,

Inc.

(c)

5.50%,

04/01/27

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

761

731,649

4.75%,

01/15/28

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

875

811,476

6.75%,

05/01/31

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

1,304

1,289,330

Fertitta

Entertainment

LLC

(c)

4.63%,

01/15/29

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

103

90,383

6.75%,

01/15/30

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

139

118,294

Hilton

Domestic

Operating

Co.,

Inc.

5.75%,

05/01/28

(c)

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

531

522,883

3.75%,

05/01/29

(c)

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

305

270,722

4.88%,

01/15/30

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

446

415,859

4.00%,

05/01/31

(c)

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

30

26,054

3.63%,

02/15/32

(c)

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

271

225,943

IRB

Holding

Corp.,

7.00%,

06/15/25

(c)

....

232

233,160

Life

Time,

Inc.

(c)

5.75%,

01/15/26

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

741

722,129

8.00%,

04/15/26

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

922

910,365

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(c)

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

525

532,680

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(c)

693

660,082

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(c)

412

327,136

Melco

Resorts

Finance

Ltd.

(c)

4.88%,

06/06/25

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

300

283,185

5.75%,

07/21/28

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

200

174,875

5.38%,

12/04/29

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

1,200

988,500

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(c)

800

770,994

MGM

China

Holdings

Ltd.

(c)

5.25%,

06/18/25

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

200

191,760

5.88%,

05/15/26

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

200

190,432

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

4.75%,

02/01/27

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

USD

200

$

180,250

MGM

Resorts

International,

5.75%,

06/15/25

41

40,633

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(c)

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

440

388,541

Motion

Bondco

DAC,

6.63%,

11/15/27

(c)

...

215

196,814

NCL

Corp.

Ltd.

(c)

5.88%,

03/15/26

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

970

907,497

8.38%,

02/01/28

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

279

291,539

7.75%,

02/15/29

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

94

89,282

NCL

Finance

Ltd.,

6.13%,

03/15/28

(c)

.....

780

702,015

Premier

Entertainment

Sub

LLC

(c)

5.63%,

09/01/29

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

214

162,095

5.88%,

09/01/31

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

239

176,322

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(c)

.

371

349,668

Royal

Caribbean

Cruises

Ltd.

(c)

11.50%,

06/01/25

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

156

165,516

4.25%,

07/01/26

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

181

166,149

5.50%,

08/31/26

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

289

274,004

5.38%,

07/15/27

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

339

316,983

11.63%,

08/15/27

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

381

414,315

5.50%,

04/01/28

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

242

225,675

8.25%,

01/15/29

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

403

423,150

9.25%,

01/15/29

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

1,435

1,528,866

7.25%,

01/15/30

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

563

570,231

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(c)

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

146

128,480

Scientific

Games

International,

Inc.

(c)

8.63%,

07/01/25

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

332

339,055

7.00%,

05/15/28

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

256

254,633

7.25%,

11/15/29

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

193

193,241

Six

Flags

Entertainment

Corp.,

7.25%,

05/15/31

(c)

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

929

904,800

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(c)

412

414,059

Station

Casinos

LLC

(c)

4.50%,

02/15/28

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

392

351,847

4.63%,

12/01/31

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

440

370,700

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(c)

.....

249

249,298

Viking

Cruises

Ltd.

(c)

5.88%,

09/15/27

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

612

562,501

9.13%,

07/15/31

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

1,451

1,465,510

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(c)

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

343

313,845

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(c)

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

227

207,296

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(c)

..

483

457,523

Wynn

Macau

Ltd.,

5.63%,

08/26/28

(c)

.....

1,701

1,467,113

Wynn

Resorts

Finance

LLC

(c)

5.13%,

10/01/29

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

2,045

1,832,715

7.13%,

02/15/31

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

1,084

1,077,433

57,690,810

Household

Durables

—

0.6%

Ashton

Woods

USA

LLC

(c)

6.63%,

01/15/28

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

116

110,875

4.63%,

08/01/29

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

208

177,264

4.63%,

04/01/30

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

325

277,420

Brookfield

Residential

Properties,

Inc.

(c)

5.00%,

06/15/29

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

418

334,704

4.88%,

02/15/30

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

307

240,838

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(c)

615

569,298

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(c)

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

205

193,076

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(c)

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

221

216,580

KB

Home,

7.25%,

07/15/30

...........

145

146,827

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Mattamy

Group

Corp.

(c)

5.25%,

12/15/27

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

USD

246

$

229,247

4.63%,

03/01/30

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

262

226,497

Meritage

Homes

Corp.,

5.13%,

06/06/27

...

240

230,593

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(c)

745

447,021

Taylor

Morrison

Communities,

Inc.

(c)

5.88%,

06/15/27

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

182

178,758

5.13%,

08/01/30

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

49

45,242

Tempur

Sealy

International,

Inc.

(c)

4.00%,

04/15/29

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

398

344,547

3.88%,

10/15/31

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

229

186,556

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

...

123

122,078

Tri

Pointe

Homes,

Inc.

5.25%,

06/01/27

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

385

364,193

5.70%,

06/15/28

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

91

87,906

4,729,520

Household

Products

—

0.1%

Central

Garden

&

Pet

Co.

5.13%,

02/01/28

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

105

98,641

4.13%,

10/15/30

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

325

272,251

4.13%,

04/30/31

(c)

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

345

284,437

Spectrum

Brands,

Inc.,

5.00%,

10/01/29

(c)

..

264

235,640

890,969

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Calpine

Corp.

(c)

5.25%,

06/01/26

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

44

42,491

5.13%,

03/15/28

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

1,249

1,114,610

4.63%,

02/01/29

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

184

155,238

5.00%,

02/01/31

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

86

71,128

Clearway

Energy

Operating

LLC

(c)

4.75%,

03/15/28

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

382

352,441

3.75%,

01/15/32

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

588

478,577

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(c)

287

297,045

TransAlta

Corp.,

7.75%,

11/15/29

.......

228

234,726

2,746,256

Industrial

Conglomerates

—

0.8%

Emerald

Debt

Merger

Sub

LLC

(c)

6.38%,

12/15/30

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

EUR

370

402,230

6.63%,

12/15/30

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

USD

6,016

5,963,360

6,365,590

Insurance

—

3.3%

(c)

Acrisure

LLC,

6.00%,

08/01/29

.........

262

226,844

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/27

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

2,930

2,629,361

6.75%,

10/15/27

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

5,185

4,873,900

6.75%,

04/15/28

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

1,557

1,544,137

5.88%,

11/01/29

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

2,421

2,106,076

AmWINS

Group,

Inc.,

4.88%,

06/30/29

....

585

528,245

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

..

468

458,753

HUB

International

Ltd.

7.00%,

05/01/26

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

1,746

1,741,382

7.25%,

06/15/30

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

3,430

3,541,818

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

03/15/30

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

1,742

1,777,206

10.50%,

12/15/30

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

546

547,681

NFP

Corp.

4.88%,

08/15/28

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

1,571

1,403,195

6.88%,

08/15/28

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

4,880

4,235,939

7.50%,

10/01/30

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

227

219,783

Ryan

Specialty

LLC,

4.38%,

02/01/30

....

376

332,835

26,167,155

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

IT

Services

—

1.1%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(c)

.

USD

1,010

$

781,726

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(c)

.

296

240,728

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(c)

....

188

163,596

Booz

Allen

Hamilton,

Inc.

(c)

3.88%,

09/01/28

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

313

283,096

4.00%,

07/01/29

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

1,131

1,013,090

CA

Magnum

Holdings,

5.38%,

10/31/26

(c)

..

1,259

1,124,488

Cablevision

Lightpath

LLC

(c)

3.88%,

09/15/27

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

276

231,150

5.63%,

09/15/28

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

855

633,386

Gartner,

Inc.,

4.50%,

07/01/28

(c)

........

219

204,592

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(c)

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

585

504,978

Northwest

Fiber

LLC,

4.75%,

04/30/27

(c)

...

1,183

1,044,826

Presidio

Holdings,

Inc.,

4.88%,

02/01/27

(c)

..

99

92,873

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(c)

.

144

143,844

Twilio,

Inc.

3.63%,

03/15/29

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

334

284,151

3.88%,

03/15/31

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

2,083

1,734,336

8,480,860

Leisure

Products

—

0.1%

Mattel,

Inc.

6.20%,

10/01/40

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

464

414,841

5.45%,

11/01/41

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

721

597,729

1,012,570

Life

Sciences

Tools

&

Services

—

0.2%

(c)

Charles

River

Laboratories

International,

Inc.

4.25%,

05/01/28

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

336

307,633

4.00%,

03/15/31

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

81

70,353

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

...

456

466,931

PRA

Health

Sciences,

Inc.,

2.88%,

07/15/26

817

739,739

1,584,656

Machinery

—

1.7%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(c)

.

230

222,454

ATS

Corp.,

4.13%,

12/15/28

(c)

.........

188

168,267

Chart

Industries,

Inc.

(c)

7.50%,

01/01/30

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

1,987

2,027,247

9.50%,

01/01/31

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

196

207,958

EnPro

Industries,

Inc.,

5.75%,

10/15/26

...

568

550,960

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(c)

..

225

182,818

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28

(c)

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

672

666,960

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(c)(h)

........

478

434,980

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(c)

145

128,657

OT

Merger

Corp.,

7.88%,

10/15/29

(c)

.....

258

161,254

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(c)

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

272

243,687

Terex

Corp.,

5.00%,

05/15/29

(c)

........

823

765,126

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(c)

...

1,563

1,418,422

Titan

International,

Inc.,

7.00%,

04/30/28

..

115

107,519

TK

Elevator

Holdco

GmbH,

7.63%,

07/15/28

(c)

1,797

1,630,031

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

(d)

EUR

220

214,264

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(c)

USD

3,853

3,559,681

Wabash

National

Corp.,

4.50%,

10/15/28

(c)

.

442

383,266

13,073,551

Media

—

4.3%

Altice

Financing

SA,

5.75%,

08/15/29

(c)

....

3,825

2,963,078

AMC

Networks,

Inc.

4.75%,

08/01/25

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

61

53,355

4.25%,

02/15/29

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

242

130,091

Block

Communications,

Inc.,

4.88%,

03/01/28

(c)

155

128,263

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Cable

One,

Inc.

0.00%,

03/15/26

(j)(k)

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

USD

185

$

151,238

1.13%,

03/15/28

(j)

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

419

315,297

4.00%,

11/15/30

(c)

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

463

361,719

Clear

Channel

International

BV,

6.63%,

08/01/25

(c)

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

1,185

1,179,061

Clear

Channel

Outdoor

Holdings,

Inc.

(c)

5.13%,

08/15/27

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

3,235

2,937,034

7.75%,

04/15/28

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

650

510,250

7.50%,

06/01/29

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

1,390

1,028,567

CMG

Media

Corp.,

8.88%,

12/15/27

(c)

....

655

459,054

CSC

Holdings

LLC

5.25%,

06/01/24

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

88

81,844

5.50%,

04/15/27

(c)

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

900

748,790

11.25%,

05/15/28

(c)

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

3,075

2,981,920

4.13%,

12/01/30

(c)

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

866

605,789

4.50%,

11/15/31

(c)

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

1,796

1,252,200

DirecTV

Financing

LLC,

5.88%,

08/15/27

(c)

.

596

539,759

DISH

DBS

Corp.

5.25%,

12/01/26

(c)

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

1,386

1,111,811

5.75%,

12/01/28

(c)

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

375

278,919

5.13%,

06/01/29

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

961

446,237

DISH

Network

Corp.,

11.75%,

11/15/27

(c)

..

1,358

1,325,287

GCI

LLC,

4.75%,

10/15/28

(c)

..........

217

185,014

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(c)

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

1,006

942,876

Midcontinent

Communications,

5.38%,

08/15/27

(c)

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

307

287,570

Outfront

Media

Capital

LLC

(c)

5.00%,

08/15/27

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

1,411

1,280,765

4.25%,

01/15/29

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

903

758,845

4.63%,

03/15/30

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

395

329,076

Radiate

Holdco

LLC

(c)

4.50%,

09/15/26

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

641

511,047

6.50%,

09/15/28

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

2,032

1,185,804

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(c)

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

1,720

1,126,600

Sirius

XM

Radio,

Inc.

(c)

3.13%,

09/01/26

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

270

241,717

5.00%,

08/01/27

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

1,946

1,805,479

Stagwell

Global

LLC,

5.63%,

08/15/29

(c)

...

209

178,848

TEGNA,

Inc.,

4.75%,

03/15/26

(c)

........

93

88,797

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(c)

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

400

366,800

Univision

Communications,

Inc.

(c)

5.13%,

02/15/25

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

150

146,813

6.63%,

06/01/27

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

315

304,463

7.38%,

06/30/30

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

386

367,517

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(c)

482

396,729

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(c)

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

893

781,136

Warnermedia

Holdings,

Inc.

5.14%,

03/15/52

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

1,892

1,540,557

5.39%,

03/15/62

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

1,034

842,680

Ziggo

Bond

Co.

BV

(c)

6.00%,

01/15/27

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

296

271,675

5.13%,

02/28/30

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

275

208,238

Ziggo

BV,

4.88%,

01/15/30

(c)

..........

565

468,910

34,207,519

Metals

&

Mining

—

2.8%

Arconic

Corp.

(c)

6.00%,

05/15/25

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

371

373,950

6.13%,

02/15/28

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

1,054

1,067,074

ATI,

Inc.

5.88%,

12/01/27

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

352

340,654

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

4.88%,

10/01/29

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

USD

225

$

202,542

5.13%,

10/01/31

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

1,378

1,227,675

Big

River

Steel

LLC,

6.63%,

01/31/29

(c)

...

4,707

4,649,640

Carpenter

Technology

Corp.

6.38%,

07/15/28

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

174

170,520

7.63%,

03/15/30

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

495

500,594

Constellium

SE

4.25%,

02/15/26

(d)

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

EUR

223

237,274

5.63%,

06/15/28

(c)

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

USD

662

622,894

3.75%,

04/15/29

(c)

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

3,306

2,812,603

ERO

Copper

Corp.,

6.50%,

02/15/30

(c)

....

439

377,645

First

Quantum

Minerals

Ltd.,

8.63%,

06/01/31

(c)

771

786,420

Kaiser

Aluminum

Corp.

(c)

4.63%,

03/01/28

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

704

615,690

4.50%,

06/01/31

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

1,438

1,146,345

New

Gold,

Inc.,

7.50%,

07/15/27

(c)

......

1,093

1,020,622

Novelis

Corp.

(c)

3.25%,

11/15/26

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

1,372

1,241,890

4.75%,

01/30/30

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

2,294

2,038,694

3.88%,

08/15/31

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

2,081

1,711,855

Novelis

Sheet

Ingot

GmbH,

3.38%,

04/15/29

(d)

EUR

500

477,711

Vedanta

Resources

Finance

II

plc,

8.95%,

03/11/25

(c)

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

USD

220

166,032

21,788,324

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

(c)

Ladder

Capital

Finance

Holdings

LLLP

5.25%,

10/01/25

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

92

86,875

4.25%,

02/01/27

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

369

320,628

4.75%,

06/15/29

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

139

113,123

Starwood

Property

Trust,

Inc.

5.50%,

11/01/23

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

50

49,568

4.38%,

01/15/27

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

148

127,465

697,659

Oil,

Gas

&

Consumable

Fuels

—

9.0%

Aethon

United

BR

LP,

8.25%,

02/15/26

(c)

...

1,253

1,231,073

Antero

Midstream

Partners

LP

(c)

5.75%,

03/01/27

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

309

298,011

5.38%,

06/15/29

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

422

392,114

Antero

Resources

Corp.,

7.63%,

02/01/29

(c)

.

127

128,856

Apache

Corp.

4.25%,

01/15/30

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

158

140,731

5.10%,

09/01/40

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

636

516,750

5.35%,

07/01/49

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

251

195,152

Ascent

Resources

Utica

Holdings

LLC

(c)

9.00%,

11/01/27

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

1,406

1,747,967

8.25%,

12/31/28

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

2,000

1,966,809

Baytex

Energy

Corp.,

8.50%,

04/30/30

(c)

...

297

290,041

Buckeye

Partners

LP

4.13%,

03/01/25

(c)

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

28

26,600

5.85%,

11/15/43

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

237

175,380

5.60%,

10/15/44

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

158

113,760

Callon

Petroleum

Co.

8.25%,

07/15/25

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

94

93,295

6.38%,

07/01/26

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

342

332,900

8.00%,

08/01/28

(c)

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

1,867

1,846,294

7.50%,

06/15/30

(c)

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

1,666

1,572,491

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

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

788

723,192

3.25%,

01/31/32

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

1,454

1,196,133

Chesapeake

Energy

Corp.

(c)

5.88%,

02/01/29

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

32

30,396

6.75%,

04/15/29

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

797

790,812

CITGO

Petroleum

Corp.

(c)

7.00%,

06/15/25

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

453

444,506

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.38%,

06/15/26

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

USD

856

$

823,900

Civitas

Resources,

Inc.

(c)

5.00%,

10/15/26

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

81

76,373

8.38%,

07/01/28

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

1,846

1,866,860

8.75%,

07/01/31

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

1,528

1,549,086

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(c)

232

196,779

CNX

Resources

Corp.,

7.38%,

01/15/31

(c)

..

205

199,453

Comstock

Resources,

Inc.

(c)

6.75%,

03/01/29

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

926

847,241

5.88%,

01/15/30

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

974

845,598

CQP

Holdco

LP,

5.50%,

06/15/31

(c)

......

3,717

3,315,239

Crescent

Energy

Finance

LLC

(c)

7.25%,

05/01/26

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

1,875

1,759,706

9.25%,

02/15/28

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

544

527,811

Crestwood

Midstream

Partners

LP

(c)

5.63%,

05/01/27

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

122

115,656

6.00%,

02/01/29

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

669

624,679

8.00%,

04/01/29

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

97

98,204

7.38%,

02/01/31

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

201

198,116

CrownRock

LP

(c)

5.63%,

10/15/25

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

1,419

1,397,999

5.00%,

05/01/29

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

548

513,065

DCP

Midstream

Operating

LP

(c)

6.45%,

11/03/36

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

193

198,182

6.75%,

09/15/37

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

540

573,091

Diamondback

Energy,

Inc.,

6.25%,

03/15/33

815

843,091

DT

Midstream,

Inc.

(c)

4.13%,

06/15/29

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

666

584,465

4.38%,

06/15/31

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

1,509

1,299,630

Earthstone

Energy

Holdings

LLC

(c)

8.00%,

04/15/27

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

604

583,349

9.88%,

07/15/31

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

788

778,899

Energy

Transfer

LP,

5.30%,

04/15/47

.....

240

208,745

EnLink

Midstream

LLC

5.63%,

01/15/28

(c)

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

690

667,701

5.38%,

06/01/29

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

533

507,795

6.50%,

09/01/30

(c)

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

505

504,385

EnLink

Midstream

Partners

LP

4.15%,

06/01/25

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

11

10,671

4.85%,

07/15/26

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

28

27,020

5.60%,

04/01/44

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

376

314,796

5.45%,

06/01/47

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

139

114,259

EnQuest

plc,

11.63%,

11/01/27

(c)

.......

200

181,000

EQM

Midstream

Partners

LP

6.00%,

07/01/25

(c)

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

224

221,527

4.13%,

12/01/26

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

53

49,292

6.50%,

07/01/27

(c)

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

788

777,181

4.50%,

01/15/29

(c)

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

40

35,676

7.50%,

06/01/30

(c)

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

181

183,162

4.75%,

01/15/31

(c)

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

605

529,970

FTAI

Infra

Escrow

Holdings

LLC,

10.50%,

06/01/27

(c)

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

244

239,633

Genesis

Energy

LP

6.50%,

10/01/25

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

200

196,959

7.75%,

02/01/28

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

266

253,000

8.88%,

04/15/30

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

322

314,592

Gulfport

Energy

Corp.,

8.00%,

05/17/26

(c)

..

84

84,395

Harbour

Energy

plc,

5.50%,

10/15/26

(c)

....

200

183,263

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(c)

.

98

97,161

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(c)

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

491

428,397

Hilcorp

Energy

I

LP

(c)

6.25%,

11/01/28

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

309

290,863

5.75%,

02/01/29

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

496

449,122

6.00%,

04/15/30

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

49

44,618

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

ITT

Holdings

LLC,

6.50%,

08/01/29

(c)

.....

USD

719

$

605,743

Kinetik

Holdings

LP,

5.88%,

06/15/30

(c)

....

1,006

956,193

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

08/01/26

(c)

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

67

64,800

Matador

Resources

Co.

5.88%,

09/15/26

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

569

551,386

6.88%,

04/15/28

(c)

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

630

623,570

Murphy

Oil

Corp.

5.75%,

08/15/25

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

15

14,803

5.88%,

12/01/27

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

124

120,464

5.87%,

12/01/42

(f)(i)

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

46

38,227

New

Fortress

Energy,

Inc.

(c)

6.75%,

09/15/25

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

2,744

2,573,968

6.50%,

09/30/26

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

3,567

3,191,382

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(c)

494

486,527

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(c)

....

307

327,270

Northern

Oil

&

Gas,

Inc.

(c)

8.13%,

03/01/28

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

2,275

2,229,500

8.75%,

06/15/31

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

754

740,805

NuStar

Logistics

LP

5.75%,

10/01/25

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

232

226,189

6.00%,

06/01/26

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

311

302,948

6.38%,

10/01/30

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

35

33,391

Occidental

Petroleum

Corp.

6.45%,

09/15/36

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

400

410,520

6.20%,

03/15/40

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

695

684,985

4.63%,

06/15/45

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

61

47,196

ONEOK,

Inc.,

4.95%,

07/13/47

.........

238

196,124

PDC

Energy,

Inc.

6.13%,

09/15/24

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

58

57,970

5.75%,

05/15/26

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

67

66,732

Permian

Resources

Operating

LLC

(c)

5.38%,

01/15/26

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

463

440,186

7.75%,

02/15/26

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

925

928,935

6.88%,

04/01/27

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

322

317,170

5.88%,

07/01/29

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

831

782,811

Plains

All

American

Pipeline

LP,

5.15%,

06/01/42

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

225

186,675

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(c)

.

270

249,063

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(c)

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

109

99,735

SM

Energy

Co.

5.63%,

06/01/25

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

351

342,994

6.75%,

09/15/26

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

315

307,033

6.63%,

01/15/27

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

146

141,803

6.50%,

07/15/28

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

319

306,240

Southwestern

Energy

Co.

5.38%,

02/01/29

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

485

456,707

4.75%,

02/01/32

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

8

7,051

Sunoco

LP

6.00%,

04/15/27

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

42

41,380

5.88%,

03/15/28

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

185

177,901

Tallgrass

Energy

Partners

LP

(c)

7.50%,

10/01/25

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

28

27,946

6.00%,

03/01/27

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

96

90,087

5.50%,

01/15/28

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

134

122,474

6.00%,

12/31/30

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

66

58,146

6.00%,

09/01/31

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

288

247,805

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(c)

2,462

2,535,860

Targa

Resources

Corp.,

6.25%,

07/01/52

..

185

180,835

Targa

Resources

Partners

LP,

4.00%,

01/15/32

367

317,246

TerraForm

Power

Operating

LLC

(c)

5.00%,

01/31/28

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

14

12,889

4.75%,

01/15/30

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

254

224,155

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Venture

Global

Calcasieu

Pass

LLC

(c)

3.88%,

08/15/29

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

USD

1,304

$

1,139,162

4.13%,

08/15/31

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

1,145

984,662

3.88%,

11/01/33

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

2,415

1,977,609

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(c)

..

345

317,983

Western

Midstream

Operating

LP

6.15%,

04/01/33

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

135

136,065

5.45%,

04/01/44

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

367

310,033

5.30%,

03/01/48

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

609

508,348

5.50%,

08/15/48

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

184

153,872

5.50%,

02/01/50

(f)(i)

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

1,391

1,139,326

70,805,798

Passenger

Airlines

—

1.9%

Air

Canada,

3.88%,

08/15/26

(c)

.........

1,420

1,316,131

Allegiant

Travel

Co.,

7.25%,

08/15/27

(c)

....

244

243,100

American

Airlines,

Inc.

(c)

11.75%,

07/15/25

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

3,117

3,417,878

5.50%,

04/20/26

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

403

399,082

7.25%,

02/15/28

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

127

126,244

5.75%,

04/20/29

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

1,923

1,867,398

Delta

Air

Lines,

Inc.,

4.75%,

10/20/28

(c)

....

56

54,736

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(c)

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

394

372,936

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(c)

1,387

1,390,148

Spirit

Loyalty

Cayman

Ltd.

8.00%,

09/20/25

(c)

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

438

440,875

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

69

65,380

Series

2020-1,

Class

A,

5.88%,

10/15/27

1,095

1,085,155

United

Airlines,

Inc.

(c)

4.38%,

04/15/26

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

2,107

2,001,873

4.63%,

04/15/29

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

1,516

1,381,330

VistaJet

Malta

Finance

plc

(c)

7.88%,

05/01/27

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

273

245,277

6.38%,

02/01/30

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

381

306,793

14,714,336

Personal

Care

Products

—

0.0%

(c)

Coty,

Inc.,

4.75%,

01/15/29

...........

36

33,192

Prestige

Brands,

Inc.,

3.75%,

04/01/31

....

177

146,537

179,729

Pharmaceuticals

—

0.9%

Catalent

Pharma

Solutions,

Inc.

(c)

5.00%,

07/15/27

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

5

4,587

3.13%,

02/15/29

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

317

257,743

3.50%,

04/01/30

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

652

528,120

Cheplapharm

Arzneimittel

GmbH,

5.50%,

01/15/28

(c)

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

280

253,400

Jazz

Securities

DAC,

4.38%,

01/15/29

(c)

...

577

514,794

Organon

&

Co.

(c)

4.13%,

04/30/28

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

1,014

899,956

5.13%,

04/30/31

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

1,519

1,253,212

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7.13%,

01/31/25

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

287

288,805

3.15%,

10/01/26

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

1,160

1,033,125

4.75%,

05/09/27

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

400

367,554

7.88%,

09/15/29

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

1,026

1,052,768

8.13%,

09/15/31

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

525

546,919

7,000,983

Professional

Services

—

0.6%

(c)

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

...

153

133,425

CoreLogic,

Inc.,

4.50%,

05/01/28

.......

2,566

2,068,838

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

2,266

1,998,000

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

KBR,

Inc.,

4.75%,

09/30/28

...........

USD

343

$

311,281

Science

Applications

International

Corp.,

4.88%,

04/01/28

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

314

292,031

4,803,575

Real

Estate

Management

&

Development

—

0.2%

(c)

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

05/15/28

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

669

605,445

Howard

Hughes

Corp.

(The)

4.13%,

02/01/29

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

469

387,975

4.38%,

02/01/31

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

192

153,224

Realogy

Group

LLC

5.75%,

01/15/29

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

520

389,070

5.25%,

04/15/30

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

315

223,866

1,759,580

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(c)

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

358

301,489

Semiconductors

&

Semiconductor

Equipment

—

0.6%

(c)

Entegris

Escrow

Corp.,

4.75%,

04/15/29

...

4,493

4,170,969

Entegris,

Inc.,

4.38%,

04/15/28

........

244

220,815

Synaptics,

Inc.,

4.00%,

06/15/29

........

335

280,853

4,672,637

Software

—

4.7%

Alteryx,

Inc.,

8.75%,

03/15/28

(c)

........

506

497,036

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(c)

4,714

3,967,492

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(c)

602

538,790

Boxer

Parent

Co.,

Inc.

(c)

7.13%,

10/02/25

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

864

864,765

9.13%,

03/01/26

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

2,014

2,003,930

Camelot

Finance

SA,

4.50%,

11/01/26

(c)

...

672

633,051

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(c)

.

726

716,932

Central

Parent,

Inc.,

7.25%,

06/15/29

(c)

....

1,491

1,474,287

Clarivate

Science

Holdings

Corp.

(c)

3.88%,

07/01/28

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

2,766

2,451,909

4.88%,

07/01/29

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

2,029

1,799,937

Cloud

Software

Group,

Inc.

(c)

6.50%,

03/31/29

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

8,192

7,294,000

9.00%,

09/30/29

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

3,501

3,057,894

Consensus

Cloud

Solutions,

Inc.

(c)

6.00%,

10/15/26

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

159

144,292

6.50%,

10/15/28

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

146

124,830

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

84

72,436

Elastic

NV,

4.13%,

07/15/29

(c)

.........

794

684,964

Fair

Isaac

Corp.,

4.00%,

06/15/28

(c)

......

552

506,408

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

(c)

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

200

170,000

McAfee

Corp.,

7.38%,

02/15/30

(c)

.......

2,029

1,764,261

MicroStrategy,

Inc.,

6.13%,

06/15/28

(c)

....

946

848,179

NCR

Corp.

(c)

5.75%,

09/01/27

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

250

249,934

5.00%,

10/01/28

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

172

153,498

5.13%,

04/15/29

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

294

260,266

6.13%,

09/01/29

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

39

39,033

Open

Text

Corp.,

6.90%,

12/01/27

(c)

......

1,762

1,793,769

PTC,

Inc.

(c)

3.63%,

02/15/25

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

16

15,450

4.00%,

02/15/28

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

61

56,157

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(c)

2,325

2,225,787

Veritas

US,

Inc.,

7.50%,

09/01/25

(c)

......

448

363,514

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(c)

2,434

2,093,462

36,866,263

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

—

0.6%

Iron

Mountain,

Inc.

(c)

7.00%,

02/15/29

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

USD

1,223

$

1,225,057

5.63%,

07/15/32

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

143

127,925

SBA

Communications

Corp.

3.88%,

02/15/27

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

1,352

1,245,471

3.13%,

02/01/29

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

2,094

1,774,990

4,373,443

Specialty

Retail

—

1.9%

Arko

Corp.,

5.13%,

11/15/29

(c)

.........

406

329,944

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

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

208

190,696

4.75%,

03/01/30

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

186

165,279

5.00%,

02/15/32

(c)

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

297

258,596

eG

Global

Finance

plc

(c)

6.75%,

02/07/25

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

622

604,118

8.50%,

10/30/25

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

399

387,136

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(c)

..

747

657,360

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(c)

220

193,495

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(c)

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

571

488,628

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(c)

.....

267

231,984

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

440

403,951

Penske

Automotive

Group,

Inc.,

3.50%,

09/01/25

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

286

271,842

PetSmart,

Inc.

(c)

4.75%,

02/15/28

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

390

360,404

7.75%,

02/15/29

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

1,873

1,860,972

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(c)

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

186

175,734

SRS

Distribution,

Inc.

(c)

4.63%,

07/01/28

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

2,204

1,967,676

6.13%,

07/01/29

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

1,934

1,670,264

6.00%,

12/01/29

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

731

630,890

Staples,

Inc.,

7.50%,

04/15/26

(c)

........

349

288,244

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(c)

..

3,518

3,188,188

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(c)(h)

...........

484

463,638

14,789,039

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Seagate

HDD

Cayman

(c)

8.25%,

12/15/29

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

830

866,910

8.50%,

07/15/31

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

1,053

1,104,271

1,971,181

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

(c)

Crocs,

Inc.,

4.13%,

08/15/31

..........

534

431,205

Hanesbrands,

Inc.

4.88%,

05/15/26

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

205

191,375

9.00%,

02/15/31

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

596

600,688

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

....

224

187,049

Levi

Strauss

&

Co.,

3.50%,

03/01/31

.....

580

479,950

1,890,267

Trading

Companies

&

Distributors

—

1.4%

(c)

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

251

222,135

Fortress

Transportation

&

Infrastructure

Investors

LLC

6.50%,

10/01/25

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

1,500

1,477,745

9.75%,

08/01/27

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

573

591,778

5.50%,

05/01/28

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

1,457

1,333,160

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

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

153

127,755

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

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

75

64,933

Herc

Holdings,

Inc.,

5.50%,

07/15/27

.....

935

895,868

Imola

Merger

Corp.,

4.75%,

05/15/29

.....

866

753,165

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

United

Rentals

North

America,

Inc.,

6.00%,

12/15/29

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

USD

4,288

$

4,277,454

WESCO

Distribution,

Inc.

7.13%,

06/15/25

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

205

207,160

7.25%,

06/15/28

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

874

891,529

10,842,682

Wireless

Telecommunication

Services

—

0.7%

(c)

Connect

Finco

SARL,

6.75%,

10/01/26

....

4,213

4,092,156

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%,

01/15/31

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

244

241,043

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

or

15.50%

PIK),

11/01/23

(f)(h)

.........

563

213,809

Vmed

O2

UK

Financing

I

plc

4.25%,

01/31/31

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

413

333,934

4.75%,

07/15/31

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

617

513,035

5,393,977

Total

Corporate

Bonds

—

87.1%

(Cost:

$729,551,845)

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

687,160,577

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.3%

(f)

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.95%

,

 02/01/28

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

1,058

1,037,306

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

12.98%

,

 02/01/29

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

1,195

1,155,689

2,192,995

Beverages

—

0.0%

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.34%

,

 01/24/30

(f)

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

69

54,337

Broadline

Retail

—

0.0%

Pug

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.72%

,

 02/12/27

(f)

.....

285

252,368

Capital

Markets

—

0.1%

(f)

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

(1-mo.

LIBOR

USD

+

4.50%),

9.69%

,

 07/31/26

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

130

130,241

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

12.03%

,

 08/02/29

...........

378

336,339

466,580

Chemicals

—

0.3%

(f)

ARC

Falcon

I,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.95%

,

 09/30/28

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

415

386,491

Aruba

Investments

Holdings,

LLC,

2nd

Lien

Term

Loan,

(1-mo.

LIBOR

USD

at

0.75%

Floor

+

7.75%),

12.94%

,

 11/24/28

.....

190

167,464

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

9.71%

,

 08/27/26

.

68

66,775

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.38%),

9.62%

,

 10/04/29

......

1,102

1,052,507

Momentive

Performance

Materials,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.50%),

9.60%

,

 03/29/28

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

454

441,758

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Nouryon

Finance

B.V.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.32%

,

 04/03/28

..

USD

547

$

541,016

2,656,011

Commercial

Services

&

Supplies

—

0.1%

(f)

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.22%

,

 01/29/27

(l)

.....

111

108,645

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.52%

,

 12/15/28

......

554

451,849

TruGreen

Ltd.

Partnership,

2nd

Lien

Term

Loan,

(3-mo.

LIBOR

USD

at

0.75%

Floor

+

8.50%),

13.77%

,

 11/02/28

(l)

..........

275

156,750

717,244

Construction

&

Engineering

—

0.7%

Brand

Industrial

Services,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.25%),

9.40%

-

9.79%

,

 06/21/24

(f)

.....

5,426

5,350,183

Containers

&

Packaging

—

0.1%

(f)

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.11%

,

 08/14/26

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

283

281,860

Trident

TPI

Holdings,

Inc.,

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.74%

,

 09/15/28

...........

543

534,768

816,628

Diversified

Consumer

Services

—

0.1%

(f)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.70%

,

 12/11/28

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

227

213,286

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.75%),

10.95%

,

 12/10/29

...........

284

240,216

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.00%),

9.22%

,

 01/08/27

...........

309

303,241

756,743

Diversified

Telecommunication

Services

—

0.2%

(f)

Radiate

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.48%

,

 09/25/26

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

96

79,462

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.22%

,

 03/09/27

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

1,347

1,054,002

1,133,464

Energy

Equipment

&

Services

—

0.0%

Lealand

Finance

Co.

BV,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.22%

,

 06/28/24

(f)(l)

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

25

18,399

Entertainment

—

0.0%

EP

Purchaser

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.00%

,

 11/06/28

(f)

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

339

330,503

Financial

Services

—

0.2%

(f)

Altice

France

SA,

Term

Loan

B14,

(3-mo.

CME

Term

SOFR

+

5.50%),

10.49%

,

 08/15/28

.

236

209,432

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.75%),

8.99%

,

 04/09/27

......

336

325,567

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(3-mo.

LIBOR

USD

at

0.75%

Floor

+

6.75%),

12.29%

,

 04/07/28

...........

USD

426

$

394,583

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.85%

,

 10/19/27

...........

871

861,863

1,791,445

Food

Products

—

0.0%

Chobani

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.50%),

8.72%

,

 10/25/27

(f)

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

102

101,117

Health

Care

Equipment

&

Supplies

—

0.1%

(f)

Bausch

+

Lomb

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 05/10/27

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

560

542,023

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.45%

,

 11/03/28

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

399

389,188

931,211

Health

Care

Providers

&

Services

—

0.2%

(f)

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.46%

,

 11/08/27

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

246

245,143

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

3.75%),

9.02%

,

 11/16/25

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

488

450,552

Quorum

Health

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

8.25%),

13.63%

,

 04/29/25

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

457

310,767

Surgery

Center

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.90%

,

 08/31/26

...........

343

341,891

1,348,353

Health

Care

Technology

—

0.9%

(f)

Athenahealth

Group,

Inc.,

Delayed

Draw

Term

Loan,

02/15/29

(m)

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

500

481,008

Athenahealth

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.59%

,

 02/15/29

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

4,072

3,913,790

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.54%

,

 06/02/28

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

588

540,399

Verscend

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.22%

,

 08/27/25

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

2,404

2,400,279

7,335,476

Hotels,

Restaurants

&

Leisure

—

0.2%

(f)

Fertitta

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.10%

,

 01/27/29

...........

905

891,647

IRB

Holding

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

8.20%

,

 12/15/27

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

324

321,824

1,213,471

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.2%

(f)

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.67%

,

 02/26/29

...........

USD

472

$

446,701

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.22%

,

 10/06/28

...........

941

758,987

1,205,688

Insurance

—

0.0%

Ryan

Specialty

Group

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

8.20%

,

 09/01/27

(f)

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

308

307,607

Interactive

Media

&

Services

—

0.0%

Acuris

Finance

US,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.39%

,

 02/16/28

(f)

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

194

190,948

IT

Services

—

0.2%

(f)

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.75%),

12.95%

,

 07/31/28

...........

156

155,643

Epicor

Software

Corp.,

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.47%

,

 07/30/27

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

211

208,126

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.34%

,

 10/01/27

...........

516

507,595

Quartz

AcquireCo

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.59%

,

 06/28/30

(l)

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

315

314,606

TierPoint

LLC,

1st

Lien

Term

Loan,

(3-mo.

LIBOR

USD

at

0.75%

Floor

and

0.75%

Cap

+

3.75%),

9.23%

,

 05/05/26

..........

188

185,979

1,371,949

Leisure

Products

—

0.0%

Peloton

Interactive,

Inc.,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

7.00%),

12.26%

,

 05/25/27

(f)

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

219

217,696

Life

Sciences

Tools

&

Services

—

0.0%

Fortrea

Holdings

Inc.,

Term

Loan

B,

06/12/30

(f)

(m)

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

244

243,878

Machinery

—

0.5%

(f)

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.00%),

8.73%

,

 03/28/25

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

1,963

1,912,712

Indicor

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.74%

,

 11/22/29

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

599

595,507

Madison

IAQ

LLC,

Term

Loan,

(3-mo.

LIBOR

USD

at

0.50%

Floor

+

3.25%),

8.30%

,

 06/21/28

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

439

429,335

SPX

Flow,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.70%

,

 04/05/29

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

607

598,164

3,535,718

Media

—

0.7%

(f)

AVSC

Holding

Corp.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.25%),

12.53%

,

 09/01/25

...........

252

224,429

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

3.50%),

8.81%

,

 08/21/26

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

2,900

2,764,784

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

DirecTV

Financing

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.22%

,

 08/02/27

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

USD

1,307

$

1,275,850

Intelsat

Jackson

Holdings

SA,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.44%

,

 02/01/29

...........

1,058

1,052,659

5,317,722

Metals

&

Mining

—

0.0%

Grinding

Media,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.53%

,

 10/12/28

(f)

...........

208

202,172

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Freeport

LNG

investments

LLLP,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.75%

,

 12/21/28

(f)

...........

582

569,085

Passenger

Airlines

—

0.4%

(f)

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.00%

,

 04/20/28

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

1,767

1,802,329

Air

Canada,

Term

Loan,

(3-mo.

LIBOR

USD

at

0.75%

Floor

+

3.50%),

8.84%

,

 08/11/28

..

140

139,500

SkyMiles

IP

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.75%),

8.80%

,

 10/20/27

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

442

458,306

United

AirLines,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.29%

,

 04/21/28

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

1,043

1,040,613

3,440,748

Pharmaceuticals

—

0.0%

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.72%

,

 05/04/25

(f)

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

149

143,178

Professional

Services

—

0.1%

(f)

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.75%

,

 06/02/28

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

273

246,384

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.33%

,

 01/18/29

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

418

416,146

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

9.85%

,

 04/29/29

(l)

...........

274

256,809

919,339

Software

—

1.7%

(f)

Banff

Guarantor,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.50%),

10.72%

,

 02/27/26

...........

1,325

1,286,350

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

8.97%

,

 10/02/25

..

427

422,864

Central

Parent,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.49%

,

 07/06/29

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

207

206,244

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%

,

 03/30/29

...........

1,693

1,580,612

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.95%

,

 10/08/28

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

420

408,746

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.25%

,

 10/08/29

(l)

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

USD

712

$

640,731

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.07%

,

 12/01/27

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

499

481,855

Helios

Software

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.75%),

9.14%

,

 03/11/28

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

239

236,164

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(3-

mo.

LIBOR

USD

at

0.75%

Floor

+

4.75%),

10.03%

,

 07/27/28

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

1,286

964,120

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

8.25%),

13.53%

,

 07/27/29

...........

830

535,350

McAfee

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.96%

,

 03/01/29

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

1,149

1,096,947

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.25%),

9.35%

,

 05/03/28

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

1,762

1,687,996

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

6.25%),

11.35%

,

 02/23/29

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

103

89,289

Planview

Parent,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.25%),

12.59%

,

 12/18/28

...........

288

253,440

Proofpoint,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

11.47%

,

 08/31/29

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

738

713,931

Sabre

GLBL,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.77%

,

 12/17/27

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

115

89,271

Sabre

GLBL,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.77%

,

 12/17/27

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

179

139,321

Sophia

LP,

1st

Lien

Term

Loan

B,

(3-mo.

LIBOR

USD

at

0.50%

Floor

+

3.50%),

9.04%

,

 10/07/27

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

1,369

1,352,549

Sovos

Compliance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.72%

,

 08/11/28

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

355

342,269

UKG,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.75%),

8.90%

,

 05/04/26

..

164

161,426

UKG,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.62%

,

 05/03/27

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

958

926,588

13,616,063

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.85%

,

 03/08/30

(f)(l)

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

219

219,999

Trading

Companies

&

Distributors

—

0.1%

SRS

Distribution,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.70%

,

 06/02/28

(f)

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

486

473,693

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

—

0.1%

(f)

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.10%

,

 09/22/28

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

USD

395

$

392,539

Brown

Group

Holdings

LLC,

Facility

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.80%

-

9.01%

,

 07/02/29

....

257

256,662

649,201

Wireless

Telecommunication

Services

—

0.2%

(f)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

(3-mo.

LIBOR

USD

+

3.25%),

8.98%

,

 05/27/24

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

1,201

1,099,141

Digicel

International

Work

Fee,

1st

Lien

Term

Loan,

8.41%

,

 05/27/24

.............

52

47,511

1,146,652

Total

Floating

Rate

Loan

Interests

—

7.8%

(Cost:

$63,253,590)

..............................

61,237,864

Foreign

Agency

Obligations

France

—

0.1%

Electricite

de

France

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.41%),

9.13%

(c)(f)(g)

...............

478

490,180

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$478,000)

................................

490,180

Preferred

Securities

Capital

Trusts

—

0.9%

Banks

—

0.2%

(b)(f)(g)

Citigroup,

Inc.

Series

P,

(3-mo.

CME

Term

SOFR

+

4.17%),

5.95%

......................

220

210,986

Series

Y,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15%

......................

5

4,023

JPMorgan

Chase

&

Co.,

Series

Q,

(3-mo.

LIBOR

USD

+

3.25%),

8.55%

........

190

190,712

PNC

Financial

Services

Group,

Inc.

(The)

Series

V,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

6.20%

......................

629

586,322

Series

W,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25%

......................

606

544,037

1,536,080

Capital

Markets

—

0.1%

Goldman

Sachs

Group,

Inc.

(The),

Series

R,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.22%),

4.95%

(b)(f)(g)

..

921

868,254

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

—

0.2%

(f)(g)

American

Express

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.55%

..................

USD

1,505

$

1,249,150

General

Motors

Financial

Co.,

Inc.,

Series

C,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.00%),

5.70%

(b)

210

184,347

1,433,497

Electric

Utilities

—

0.2%

(f)(g)

Edison

International

Series

A,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

5.38%

(b)

.....................

900

786,510

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.90%),

5.00%

......................

385

332,602

NRG

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25%

(c)

................

928

875,076

1,994,188

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00%

(b)(c)(f)(g)

....................

516

450,210

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

H,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50%

(f)(g)

.........

950

862,904

Total

Preferred

Securities

—

0.9%

(Cost:

$7,950,766)

..............................

7,145,133

Total

Long-Term

Investments

—

96.3%

(Cost:

$804,796,692)

.............................

759,312,755

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

2.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.98%

(n)(o)

.................

21,524,492

21,524,492

Total

Short-Term

Securities

—

2.7%

(Cost:

$21,524,492)

..............................

21,524,492

Total

Investments

—

99.0%

(Cost:

$826,321,184

)

.............................

780,837,247

Other

Assets

Less

Liabilities

—

1.0%

...................

8,056,156

Net

Assets

—

100.0%

..............................

$

788,893,403

(a)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$211,320,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$552,653.

(b)

Non-income

producing

security.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(f)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(g)

Perpetual

security

with

no

stated

maturity

date.

(h)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(i)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(j)

Convertible

security.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

20

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

June

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(k)

Zero-coupon

bond.

(l)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(m)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(n)

Affiliate

of

the

Fund.

(o)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/23

Shares

Held

at

06/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

18,647,211

$

2,877,281

(a)

$

—

$

—

$

—

$

21,524,492

21,524,492

$

425,311

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

21

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

10-Year

Note

...................................................

58

09/20/23

$

6,513

$

(66,239)

Short

Contracts

S&P

500

E-Mini

Index

.......................................................

27

09/15/23

6,059

(97,454)

$

(163,693)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

3,092,919

EUR

2,818,463

BNP

Paribas

SA

09/20/23

$

5,338

USD

1,755,521

EUR

1,599,537

Toronto

Dominion

Bank

09/20/23

3,254

USD

275,693

GBP

215,000

BNP

Paribas

SA

09/20/23

2,586

$

11,178

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

$

—

$

—

$

—

$

11,178

$

—

$

—

$

11,178

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

97,454

$

—

$

66,239

$

—

$

163,693

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

June

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(490,142)

$

—

$

(381,844)

$

—

$

(871,986)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(35,925)

—

—

(35,925)

Swaps

..............................

—

289,905

—

—

—

—

289,905

$

—

$

289,905

$

(490,142)

$

(35,925)

$

(381,844)

$

—

$

(618,006)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(319,062)

$

—

$

(182,460)

$

—

$

(501,522)

Forward

foreign

currency

exchange

contracts

....

—

—

—

23,425

—

—

23,425

Swaps

..............................

—

(74,717)

—

—

—

—

(74,717)

$

—

$

(74,717)

$

(319,062)

$

23,425

$

(182,460)

$

—

$

(552,814)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

22

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

3,256,609

Average

notional

value

of

contracts

—

short

.................................................................................

$

14,372,659

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

4,445,442

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

$

4,693,009

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

8,157

$

69,086

Forward

foreign

currency

exchange

contracts

.................................................................

11,178

—

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

19,335

$

69,086

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(8,157)

(69,086)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

11,178

$

—

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(a)(b)

BNP

Paribas

SA

.................................

$

7,924

$

—

$

—

$

—

$

7,924

Toronto

Dominion

Bank

............................

3,254

—

—

—

3,254

$

11,178

$

—

$

—

$

—

$

11,178

(a)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Capital

Markets

........................................

$

—

$

211,320

$

—

$

211,320

Chemicals

............................................

360,595

—

—

360,595

Energy

Equipment

&

Services

..............................

3,370

—

—

3,370

Financial

Services

......................................

133,340

—

—

133,340

Ground

Transportation

...................................

272,791

—

—

272,791

Hotels,

Restaurants

&

Leisure

..............................

480,579

—

—

480,579

IT

Services

...........................................

63,429

—

—

63,429

Metals

&

Mining

........................................

1,007,765

—

—

1,007,765

Pharmaceuticals

.......................................

339,422

—

—

339,422

Software

.............................................

406,390

—

—

406,390

Corporate

Bonds

........................................

—

687,160,577

—

687,160,577

Floating

Rate

Loan

Interests

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

23

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Aerospace

&

Defense

....................................

$

—

$

2,192,995

$

—

$

2,192,995

Beverages

...........................................

—

54,337

—

54,337

Broadline

Retail

........................................

—

252,368

—

252,368

Capital

Markets

........................................

—

466,580

—

466,580

Chemicals

............................................

—

2,656,011

—

2,656,011

Commercial

Services

&

Supplies

.............................

—

451,849

265,395

717,244

Construction

&

Engineering

................................

—

5,350,183

—

5,350,183

Containers

&

Packaging

..................................

—

816,628

—

816,628

Diversified

Consumer

Services

..............................

—

756,743

—

756,743

Diversified

Telecommunication

Services

........................

—

1,133,464

—

1,133,464

Energy

Equipment

&

Services

..............................

—

—

18,399

18,399

Entertainment

.........................................

—

330,503

—

330,503

Financial

Services

......................................

—

1,791,445

—

1,791,445

Food

Products

.........................................

—

101,117

—

101,117

Health

Care

Equipment

&

Supplies

...........................

—

931,211

—

931,211

Health

Care

Providers

&

Services

............................

—

1,348,353

—

1,348,353

Health

Care

Technology

..................................

—

7,335,476

—

7,335,476

Hotels,

Restaurants

&

Leisure

..............................

—

1,213,471

—

1,213,471

Household

Durables

.....................................

—

1,205,688

—

1,205,688

Insurance

............................................

—

307,607

—

307,607

Interactive

Media

&

Services

...............................

—

190,948

—

190,948

IT

Services

...........................................

—

1,057,343

314,606

1,371,949

Leisure

Products

.......................................

—

217,696

—

217,696

Life

Sciences

Tools

&

Services

..............................

—

243,878

—

243,878

Machinery

............................................

—

3,535,718

—

3,535,718

Media

...............................................

—

5,317,722

—

5,317,722

Metals

&

Mining

........................................

—

202,172

—

202,172

Oil,

Gas

&

Consumable

Fuels

...............................

—

569,085

—

569,085

Passenger

Airlines

......................................

—

3,440,748

—

3,440,748

Pharmaceuticals

.......................................

—

143,178

—

143,178

Professional

Services

....................................

—

662,530

256,809

919,339

Software

.............................................

—

12,975,332

640,731

13,616,063

Textiles,

Apparel

&

Luxury

Goods

............................

—

—

219,999

219,999

Trading

Companies

&

Distributors

............................

—

473,693

—

473,693

Transportation

Infrastructure

...............................

—

649,201

—

649,201

Wireless

Telecommunication

Services

.........................

—

1,146,652

—

1,146,652

Foreign

Agency

Obligations

.................................

—

490,180

—

490,180

Preferred

Securities

.......................................

—

7,145,133

—

7,145,133

Short-Term

Securities

Money

Market

Funds

......................................

21,524,492

—

—

21,524,492

$

24,592,173

$

754,529,135

$

1,715,939

$

780,837,247

Derivative

Financial

Instruments

(a)

Assets

Foreign

currency

exchange

contracts

............................

$

—

$

11,178

$

—

$

11,178

Liabilities

Equity

contracts

...........................................

(97,454)

—

—

(97,454)

Interest

rate

contracts

.......................................

(66,239)

—

—

(66,239)

$

(163,693)

$

11,178

$

—

$

(152,515)

(a)

Derivative

financial

instruments

are

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statement

of

Assets

and

Liabilities

(unaudited)

June

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

24

BlackRock

High

Yield

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

759,312,755‌

Investments,

at

value

—

affiliated

(b)

..........................................................................................

21,524,492‌

Cash

.............................................................................................................

559,677‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

429,000‌

Foreign

currency,

at

value

(c)

...............................................................................................

19,856‌

Receivables:

–‌

Investments

sold

....................................................................................................

1,655,646‌

Capital

shares

sold

...................................................................................................

2,481,583‌

Dividends

—

affiliated

.................................................................................................

93,746‌

Interest

—

unaffiliated

.................................................................................................

12,032,833‌

Variation

margin

on

futures

contracts

.......................................................................................

8,157‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

11,178‌

Prepaid

expenses

.....................................................................................................

9,614‌

Total

assets

.........................................................................................................

798,138,537‌

LIABILITIES

Payables:

–‌

Investments

purchased

................................................................................................

4,163,524‌

Capital

shares

redeemed

...............................................................................................

95,692‌

Distribution

fees

.....................................................................................................

102,410‌

Income

dividend

distributions

............................................................................................

4,083,663‌

Investment

advisory

fees

..............................................................................................

283,056‌

Professional

fees

....................................................................................................

42,002‌

Variation

margin

on

futures

contracts

.......................................................................................

69,086‌

Other

accrued

expenses

...............................................................................................

405,701‌

Total

liabilities

........................................................................................................

9,245,134‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

........................................................................................................

$

788,893,403‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

880,016,091‌

Accumulated

loss

.....................................................................................................

(91,122,688‌)

NET

ASSETS

........................................................................................................

$

788,893,403‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

804,796,692‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

21,524,492‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

19,589‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2023

25

Financial

Statements

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

.........................................................................................................

$

249,485,159‌

Shares

outstanding

..................................................................................................

37,810,669‌

Net

asset

value

.....................................................................................................

$

6.60‌

Shares

authorized

...................................................................................................

300

million

Par

value

.........................................................................................................

$

0.10‌

Class

III

Net

assets

.........................................................................................................

$

539,408,244‌

Shares

outstanding

..................................................................................................

81,788,586‌

Net

asset

value

.....................................................................................................

$

6.60‌

Shares

authorized

...................................................................................................

200

million

Par

value

.........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

26

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

...............................................................................................

$

178‌

Dividends

—

affiliated

.................................................................................................

425,311‌

Interest

—

unaffiliated

.................................................................................................

23,579,166‌

Total

investment

income

.................................................................................................

24,004,655‌

EXPENSES

Investment

advisory

..................................................................................................

1,579,780‌

Distribution

—

class

specific

............................................................................................

631,836‌

Transfer

agent

—

class

specific

..........................................................................................

511,942‌

Accounting

services

..................................................................................................

83,492‌

Professional

.......................................................................................................

45,043‌

Custodian

.........................................................................................................

14,486‌

Printing

and

postage

.................................................................................................

13,724‌

Registration

.......................................................................................................

13,009‌

Directors

and

Officer

.................................................................................................

5,283‌

Transfer

agent

......................................................................................................

2,861‌

Miscellaneous

......................................................................................................

8,172‌

Total

expenses

.......................................................................................................

2,909,628‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(6,777‌)

Transfer

agent

fees

reimbursed

by

the

Manager

—

class

specific

....................................................................

(326,479‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

2,576,372‌

Net

investment

income

..................................................................................................

21,428,283‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

15,456,882‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

(13,817,047‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

(35,925‌)

Foreign

currency

transactions

.........................................................................................

(5,623‌)

Futures

contracts

..................................................................................................

(871,986‌)

Swaps

.........................................................................................................

289,905‌

A

(14,440,676‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

30,418,898‌

Forward

foreign

currency

exchange

contracts

...............................................................................

23,425‌

Foreign

currency

translations

..........................................................................................

(558‌)

Futures

contracts

..................................................................................................

(501,522‌)

Swaps

.........................................................................................................

(74,717‌)

Unfunded

floating

rate

loan

interests

.....................................................................................

32,033‌

A

29,897,559‌

Net

realized

and

unrealized

gain

...........................................................................................

15,456,883‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

36,885,166‌

Statements

of

Changes

in

Net

Assets

27

Financial

Statements

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

21,428,283

‌

$

35,545,985

‌

Net

realized

loss

..................................................................................

(14,440,676

)

(29,228,628

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

29,897,559

‌

(92,780,449

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

36,885,166

‌

(86,463,092

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(6,298,607

)

(10,135,624

)

  Class

III

.......................................................................................

(15,473,707

)

(26,358,661

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(21,772,314

)

(36,494,285

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

106,487,136

‌

(47,378,409

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

121,599,988

‌

(170,335,786

)

Beginning

of

period

..................................................................................

667,293,415

‌

837,629,201

‌

End

of

period

......................................................................................

$

788,893,403

‌

$

667,293,415

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

28

BlackRock

High

Yield

V.I.

Fund

Class

I

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Net

asset

value,

beginning

of

period

................

$

6.45

‌

$

7.59

‌

$

7.56

‌

$

7.43

‌

$

6.80

‌

$

7.39

‌

Net

investment

income

(a)

........................

0.21

‌

0.35

‌

0.33

‌

0.37

‌

0.38

‌

0.38

‌

Net

realized

and

unrealized

gain

(loss)

...............

0.15

‌

(1.13

)

0.06

‌

0.14

‌

0.64

‌

(0.57

)

Net

increase

(decrease)

from

investment

operations

.......

0.36

‌

(0.78

)

0.39

‌

0.51

‌

1.02

‌

(0.19

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.21

)

(0.35

)

(0.34

)

(0.38

)

(0.39

)

(0.40

)

From

net

realized

gain

..........................

—

‌

(0.01

)

(0.02

)

—

‌

—

‌

—

‌

Total

distributions

..............................

(0.21

)

(0.36

)

(0.36

)

(0.38

)

(0.39

)

(0.40

)

Net

asset

value,

end

of

period

.....................

$

6.60

‌

$

6.45

‌

$

7.59

‌

$

7.56

‌

$

7.43

‌

$

6.80

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

5.59

%

(d)

(10.35

)%

5.34

%

7.27

%

15.29

%

(2.79

)%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................

0.65

%

(f)

0.65

%

0.67

%

0.69

%

0.70

%

0.77

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

0.56

%

(f)

0.56

%

0.57

%

0.58

%

0.59

%

0.63

%

Net

investment

income

..........................

6.28

%

(f)

5.15

%

4.38

%

5.13

%

5.28

%

5.30

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

249,485

‌

$

175,009

‌

$

224,592

‌

$

182,845

‌

$

178,147

‌

$

185,736

‌

Portfolio

turnover

rate

............................

23

%

46

%

57

%

103

%

83

%

79

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

29

Financial

Highlights

BlackRock

High

Yield

V.I.

Fund

Class

III

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Net

asset

value,

beginning

of

period

................

$

6.45

‌

$

7.59

‌

$

7.55

‌

$

7.42

‌

$

6.80

‌

$

7.38

‌

Net

investment

income

(a)

........................

0.20

‌

0.34

‌

0.31

‌

0.35

‌

0.37

‌

0.36

‌

Net

realized

and

unrealized

gain

(loss)

...............

0.15

‌

(1.14

)

0.08

‌

0.14

‌

0.62

‌

(0.56

)

Net

increase

(decrease)

from

investment

operations

.......

0.35

‌

(0.80

)

0.39

‌

0.49

‌

0.99

‌

(0.20

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.20

)

(0.33

)

(0.33

)

(0.36

)

(0.37

)

(0.38

)

From

net

realized

gain

..........................

—

‌

(0.01

)

(0.02

)

—

‌

—

‌

—

‌

Total

distributions

..............................

(0.20

)

(0.34

)

(0.35

)

(0.36

)

(0.37

)

(0.38

)

Net

asset

value,

end

of

period

.....................

$

6.60

‌

$

6.45

‌

$

7.59

‌

$

7.55

‌

$

7.42

‌

$

6.80

‌

Total

Return

(c)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

5.46

%

(d)

(10.56

)%

5.23

%

7.01

%

14.86

%

(2.89

)%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................................

0.90

%

(f)

0.90

%

0.91

%

0.92

%

0.94

%

1.02

%

Total

expenses

after

fees

waived

and/or

reimbursed

.......

0.80

%

(f)

0.80

%

0.81

%

0.82

%

0.83

%

0.87

%

Net

investment

income

..........................

6.03

%

(f)

4.93

%

4.13

%

4.86

%

5.06

%

5.05

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

539,408

‌

$

492,285

‌

$

613,037

‌

$

487,109

‌

$

397,249

‌

$

243,871

‌

Portfolio

turnover

rate

............................

23

%

46

%

57

%

103

%

83

%

79

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

30

1.

ORGANIZATION 

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company. The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of 2 separate

funds.

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

High

Yield

V.I.

Fund (the

“Fund”). The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”), the directors

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Directors”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Directors.

This

has

the

same

economic

effect

for

the

Independent Directors

as

if

the

Independent Directors

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Directors’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed

Income

Complex

and

reflected

as Directors

and

Officer

expense

on

the

Statement(s)

of

Operations.

The Directors

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

Notes

to

Financial

Statements

(unaudited)

(continued)

31

Notes

to

Financial

Statements

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Fund’s

Manager

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with the

Manager's policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

32

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

Notes

to

Financial

Statements

(unaudited)

(continued)

33

Notes

to

Financial

Statements

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

over-the-counter

(“OTC”).

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

34

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

Notes

to

Financial

Statements

(unaudited)

(continued)

35

Notes

to

Financial

Statements

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

based

on

a

percentage

of

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

Total

Return

V.I.

Fund,

a

series

of

the

Company,

at

the

following

annual

rates:

For

the six

months

ended

June

30,

2023,

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

Total

Return

V.I.

Fund

were

approximately

$1,505,459,117.

The

Manager

entered

into

a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”)

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it

provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act, the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

an

annual rate

of 

0.25

%

based

upon

the

average

daily

net

assets

attributable

to

Class

III.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services

to

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution

related

services

to

shareholders.

For

the six

months

ended

June

30,

2023,

the

class

specific

distribution

fees

borne

directly

by Class III were

$631,836.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific

in

the

Statement

of

Operations

.

For

the

six

months

ended

June

30,

2023

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

six

months ended

June

30,

2023,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2024.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

Independent

Directors

,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2023,

the

amount

waived

was

$6,777.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

six

months

ended

June

30,

2023,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

by

the

Manager

–

class

specific

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2023,

class

specific

expense

reimbursements

were

as

follows: 

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$250

million

.......................................................................................................

0.55%

$250

million-

$500

million

.................................................................................................

0.50

$500

million-

$750

million

.................................................................................................

0.45

Greater

than

$750

million

.................................................................................................

0.40

Class

I

Class

III

Total

Transfer

agent

fees

-

class

specific

....................................................................

$

148,137‌

$

363,805‌

$

511,942‌

Class

I

................................................................................................................

0.06‌%

Class

III

...............................................................................................................

0.05‌

Share

Class

Transfer

Agent

Fees

Reimbursed

by

the

Manager

-

Class

Specific

Class

I

.......................................................................................................

$

89,041‌

Class

III

......................................................................................................

237,438‌

$

326,479‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

36

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the six

months

ended

June

30,

2023,

there

were

no fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

June

30,

2023,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2023,

purchases

and

sales

of

investments,

including

paydowns

and

excluding

short-term

securities,

were

$251,416,071

and

$158,172,558,

respectively.

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

June

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

As

of

December

31,

2022

, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$27,597,328. 

As

of

June

30,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

SOFR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

in

April

2024

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

June

30,

2023,

the

Fund

did

not

borrow

under

the

credit

agreement.

Class

I

Class

III

Expense

Limitations

..................................................................................

1.25‌%

1.50‌%

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

High

Yield

V.I.

Fund

........................................

$

830,053,762‌

$

1,871,355‌

$

(51,240,385‌)

$

(49,369,030‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

37

Notes

to

Financial

Statements

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund(s) may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Fund’s

performance.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

38

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

invests.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Fund

may

be

exposed

to

financial

instruments

that

are

tied

to

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

announced

that

a

majority

of

USD

LIBOR

settings

will

no

longer

be

published

after

June

30,

2023.

All

other

LIBOR

settings

and

certain

other

interbank

offered

rates

ceased

to

be

published

after

December

31,

2021.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

The

Federal

Reserve

Board

adopted

regulations

that

provide

a

fallback

mechanism

by

identifying

benchmark

rates

based

on

SOFR

that

will

replace

LIBOR

in

certain

financial

contracts

after

June

30,

2023.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

06/30/23

Year

Ended

12/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

High

Yield

V.I.

Fund

Class

I

Shares

sold

.............................................

12,543,270‌

$

82,640,961‌

6,833,246‌

$

46,120,099‌

Shares

issued

in

reinvestment

of

distributions

........................

888,096‌

5,845,858‌

1,476,363‌

10,079,082‌

Shares

redeemed

.........................................

(2,750,023‌)

(18,151,145‌)

(10,756,938‌)

(72,420,658‌)

10,681,343‌

$

70,335,674‌

(2,447,329‌)

$

(16,221,477‌)

Class

III

Shares

sold

.............................................

11,171,669‌

$

73,753,828‌

23,237,509‌

$

159,830,330‌

Shares

issued

in

reinvestment

of

distributions

........................

2,299,912‌

15,137,337‌

3,804,505‌

25,915,617‌

Shares

redeemed

.........................................

(8,035,133‌)

(52,739,703‌)

(31,468,266‌)

(216,902,879‌)

5,436,448‌

$

36,151,462‌

(4,426,252‌)

$

(31,156,932‌)

16,117,791‌

$

106,487,136‌

(6,873,581‌)

$

(47,378,409‌)

Glossary

of

Terms

Used

in

this

Report

39

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Portfolio

Abbreviation

CDI

Crest

Depository

Interests

DAC

Designated

Activity

Company

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

June

30,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Semi-Annual

Report

(Unaudited)

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

Total

Return

V.I.

Fund

Fund

Summary

as

of

June

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

2

BlackRock

Total

Return

V.I.

Fund

Investment

Objective

BlackRock

Total

Return

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

maximize

total

return,

consistent

with

income

generation

and

prudent

investment

management.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2023,

the

Fund

outperformed

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index.

What

factors

influenced

performance?

The

Fund’s

tactical

duration

positioning

in

the

United

States

was

the

most

notable

contributor

to

relative

performance.

(Duration

is

a

measure

of

interest

rate

sensitivity.)

The

Fund

came

into

the

reporting

period

with

a

neutral

duration

posture,

but

the

investment

adviser

subsequently

began

to

trim

duration

given

the

sharp

moves

in

the

front

end

of

the

yield

curve.

The

investment

adviser

later

moved

overweight

to

duration,

particularly

with

respect

to

the

short

end

of

the

curve,

on

the

view

that

the

Fed

would

stop

raising

interest

rates

before

year-end.

The

Fund’s

positions

in

structured

products,

agency

mortgage-backed

securities

(“MBS”),

and

U.S.

investment-grade

corporates

contributed,

as

well.

The

Fund’s

short

position

in

Japanese

bonds

was

the

only

notable

detractor

from

performance.

The

Bank

of

Japan

maintained

an

accommodative

monetary

policy

even

as

other

developed

market

central

banks

continued

to

raise

interest

rates,

supporting

the

nation’s

bond

market.

The

Fund

held

futures,

options,

interest-rate

swaps

and

currency

forward

contracts

to

manage

duration

and

portfolio

risk.

The

use

of

derivatives

in

place

of

physical

securities

marginally

contributed

to

performance.

The

Fund’s

cash

position

had

no

material

impact

on

performance.

Describe

recent

portfolio

activity.

The

investment

adviser

added

to

the

Fund’s

overweight

position

in

agency

MBS

based

on

their

attractive

valuations.

In

addition,

it

continued

to

manage

the

portfolio’s

interest

rate

positioning

in

anticipation

of

a

continued

tightening

of

monetary

policy.

The

investment

adviser

opportunistically

added

to

high

yield

bonds,

favoring

the

category

over

bank

loans

based

on

the

weaker

fundamentals

in

the

latter

asset

class.

The

investment

adviser

remained

focused

on

seniority

within

structured

products.

It

also

increased

the

Fund’s

allocation

to

emerging

markets

debt

through

additions

of

hard-

currency

bonds

and

local-currency

issues,

particularly

in

Mexico

and

Brazil.

Describe

portfolio

positioning

at

period

end.

The

Fund’s

yield

was

higher

than

that

of

the

benchmark

at

the

close

of

the

period,

largely

as

a

result

of

positions

in

higher-quality

sectors

such

as

short-term

corporate

bonds

and

securitized

assets.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yields

(b)

Unsubsidized

30-Day

Yields

(b)

6-Month

Total

Returns

(a)

1

Year

5

Years

10

Years

Class

I

(c)(d

)

........................................

4.32‌%

4.17‌%

2.86‌%

(0.31‌)%

0.97‌%

1.77‌%

Class

III

(c)(d

)

.......................................

4.01‌

3.94‌

2.71‌

(0.56‌)

0.68‌

1.46‌

Bloomberg

U.S.

Aggregate

Bond

Index

(e)

.................

—‌

—‌

2.09‌

(0.94‌)

0.77‌

1.52‌

(a)

For

a

portion

of

the

period,

the

Fund's

investment

adviser

waived

and/or

reimbursed

a

portion

of

its

fee.

Without

such

waiver

and/or

reimbursement,

the

Fund’s

performance

would

have

been

lower.

(b)

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

(c)

Average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend/payable

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

(d)

Under

normal

circumstances,

the

Fund

invests

at

least

80%,

and

typically

invests

90%

or

more,

of

its

assets

in

fixed

income

securities,

such

as

corporate

bonds

and

notes,

mortgage-backed

securities,

asset-backed

securities,

convertible

securities,

preferred

securities,

government

obligations

and

money

market

securities.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Total

Return

V.I.

Fund

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(e)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

Fund

Summary

as

of

June

30,

2023

(continued)

3

Fund

Summary

BlackRock

Total

Return

V.I.

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

5%

Return

Expenses

Paid

During

the

Period

Including

Interest

Expense

Excluding

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(01/01/23)

Ending

Account

Value

(06/30/23)

Including

Interest

Expense

(a)

Excluding

Interest

Expense

(a)

Beginning

Account

Value

(01/01/23)

Ending

Account

Value

(06/30/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(06/30/23)

Expenses

Paid

During

the

Period

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Class

I

.......

$

1,000.00‌

$

1,028.60‌

$

2.31‌

$

2.26‌

$

1,000.00‌

$

1,022.51‌

$

2.31‌

$

1,022.56‌

$

2.26‌

0.46‌%

0.45‌%

Class

III

......

1,000.00‌

1,027.10‌

3.87‌

3.82‌

1,000.00‌

1,020.98‌

3.86‌

1,021.03‌

3.81‌

0.77‌

0.76‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

U.S.

Government

Sponsored

Agency

Securities

..............

39.7‌

%

Corporate

Bonds

...................................

20.2‌

U.S.

Treasury

Obligations

.............................

18.6‌

Investment

Companies

...............................

14.7‌

Asset-Backed

Securities

..............................

3.6‌

Foreign

Government

Obligations

........................

1.1‌

Non-Agency

Mortgage-Backed

Securities

..................

1.1‌

Municipal

Bonds

...................................

0.6‌

Floating

Rate

Loan

Interests

...........................

0.3‌

Foreign

Agency

Obligations

............................

0.1‌

Preferred

Securities

.................................

0.0‌

(b)

Other

Interests

....................................

0.0‌

(b)

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(a)

AAA/

Aaa

(d)

......................................

77.2‌

%

AA/Aa

.........................................

0.7‌

A

.............................................

8.9‌

BBB/Baa

.......................................

12.2‌

BB/Ba

.........................................

0.4‌

B

............................................

0.1‌

CCC/

Caa

.......................................

0.1‌

CC/Ca

.........................................

0.1‌

C

............................................

0.1‌

NR

...........................................

0.2‌ 

(a)

Excludes

short-term

securities,

options

purchased,

options

written

and

TBA

sale

commitments.

(b)

Represents

less

than

0.1%

of

the

Fund's

total

investments.

(c)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(d)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

The

Benefits

and

Risks

of

Leveraging

2023

BlackRock

Semi-Annual

Report

to

Shareholders

4

The

Fund

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Fund

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

the

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to

the

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in

the

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

the

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Fund

had

not

used

leverage.

Furthermore,

the

value

of

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

the

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

the

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

the

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of the

Fund’s

shares

than

if

the

Fund

were

not

leveraged.

In

addition,

the

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit the

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

The

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

the

Fund’s

shareholders

and

may

reduce

income.

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

5

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(a)

Series

2003-OP1,

Class

A2,

(1-mo.

LIBOR

USD

at

0.72%

Floor

+

0.72%),

5.87%,

12/25/33

....................

USD

114

$

105,023

Series

2007-HE4,

Class

A2A,

(1-mo.

LIBOR

USD

at

0.26%

Floor

+

0.26%),

5.41%,

05/25/37

....................

85

14,416

Ajax

Mortgage

Loan

Trust

(b)

Series

2018-A,

Class

B,

0.00%,

04/25/58

2

1,968

Series

2018-B,

Class

B,

0.00%,

02/26/57

4

3,127

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)

—

(c)

126

Series

2018-F,

Class

C,

0.00%,

11/25/58

.

10

6,543

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(3-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.34%,

10/21/28

(a)(b)

.........

305

302,695

Allegro

CLO

VII

Ltd.,

Series

2018-1A,

Class

A,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

06/13/31

(a)(b)

.........

250

247,508

American

Homes

4

Rent

Trust,

Series

2014-

SFR3,

Class

A,

3.68%,

12/17/36

(b)

.....

168

162,185

Anchorage

Capital

CLO

4-R

Ltd.,

Series

2014-

4RA,

Class

A,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.32%,

01/28/31

(a)(b)

....

237

235,010

Anchorage

Capital

CLO

5-R

Ltd.

(a)(b)

Series

2014-5RA,

Class

B,

(3-mo.

LIBOR

USD

at

1.45%

Floor

+

1.45%),

6.71%,

01/15/30

....................

500

496,723

Series

2014-5RA,

Class

C,

(3-mo.

LIBOR

USD

at

1.85%

Floor

+

1.85%),

7.11%,

01/15/30

....................

250

243,718

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.25%),

6.49%,

10/13/30

....

242

240,989

Series

2018-1RA,

Class

A1,

(3-mo.

LIBOR

USD

at

0.99%

Floor

+

0.99%),

6.23%,

04/13/31

....................

310

307,509

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.08%

Floor

+

1.08%),

6.34%,

04/15/31

(a)(b)

.........

2,500

2,487,282

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

1.01%

Floor

+

1.01%),

6.26%,

04/20/31

(a)(b)

.........

500

496,157

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.20%,

10/20/30

(a)(b)

.........

350

346,046

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.17%),

6.43%,

10/15/30

(a)(b)

....................

241

239,884

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

LIBOR

USD

at

0.48%

Floor

+

0.48%),

5.63%,

05/25/35

(a)

.....

33

28,650

BankAmerica

Manufactured

Housing

Contract

Trust,

Series

1998-2,

Class

B1,

7.33%,

12/10/25

(a)

.....................

300

57,005

Barings

CLO

Ltd.

(a)(b)

Series

2015-2A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.19%

Floor

+

1.19%),

6.44%,

10/20/30

....................

248

246,193

Series

2016-2A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.07%

Floor

+

1.07%),

6.32%,

01/20/32

....................

260

257,584

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.18%,

05/28/39

....................

67

53,437

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2005-A,

Class

A1,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.18%,

02/28/40

....................

USD

85

$

74,476

Series

2005-E,

Class

A1,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.18%,

12/28/40

....................

24

23,778

BCMSC

Trust

(a)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

40

4,913

Series

2000-A,

Class

A3,

7.83%,

06/15/30

37

4,716

Series

2000-A,

Class

A4,

8.29%,

06/15/30

27

3,613

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2007-FS1,

Class

1A3,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

05/25/35

....................

8

7,455

Series

2007-HE2,

Class

23A,

(1-mo.

LIBOR

USD

at

0.14%

Floor

+

0.14%),

5.29%,

03/25/37

....................

17

14,819

Series

2007-HE3,

Class

1A4,

(1-mo.

LIBOR

USD

at

0.35%

Floor

+

0.35%),

5.50%,

04/25/37

....................

195

193,709

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.09%

Floor

+

1.09%),

6.34%,

04/20/31

(a)

(b)

...........................

366

363,316

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.18%),

6.45%,

10/22/30

(a)(b)

....................

437

435,309

Carbone

CLO

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.14%),

6.39%,

01/20/31

(a)(b)

....................

706

702,018

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

Series

2013-4A,

Class

A1RR,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

1.00%),

6.26%,

01/15/31

....................

243

242,169

Series

2014-1A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.23%,

04/17/31

....................

748

741,189

Series

2014-3RA,

Class

A1A,

(3-mo.

LIBOR

USD

+

1.05%),

6.34%,

07/27/31

....

744

736,045

Carrington

Mortgage

Loan

Trust,

Series

2006-NC4,

Class

A3,

(1-mo.

LIBOR

USD

at

0.16%

Floor

and

12.50%

Cap

+

0.16%),

5.31%,

10/25/36

(a)

................

30

28,334

CBAM

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.25%),

6.50%,

07/20/30

(a)(b)

233

232,247

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(1-

mo.

LIBOR

USD

at

0.32%

Floor

+

0.32%),

5.47%,

10/25/36

(a)

................

36

23,916

CIFC

Funding

Ltd.

(a)(b)

Series

2013-3RA,

Class

A1,

(3-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.25%,

04/24/31

....................

400

396,451

Series

2014-2RA,

Class

A1,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.32%,

04/24/30

....................

229

227,092

Series

2014-5A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

1.20%

Floor

+

1.20%),

6.46%,

10/17/31

....................

250

247,030

Series

2015-3A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.14%,

04/19/29

....................

652

647,000

Series

2017-3A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.22%

Floor

+

1.22%),

6.47%,

07/20/30

....................

697

694,558

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2017-5A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.18%),

6.44%,

11/16/30

.....

USD

707

$

701,864

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

LIBOR

USD

at

0.20%

Floor

+

0.20%),

5.35%,

05/25/37

...............

161

104,862

Series

2007-AHL2,

Class

A3C,

(1-mo.

LIBOR

USD

at

0.27%

Floor

+

0.27%),

5.42%,

05/25/37

...............

73

47,646

Conseco

Finance

Corp.

(a)

Series

1997-3,

Class

M1,

7.53%,

03/15/28

20

19,340

Series

1997-6,

Class

M1,

7.21%,

01/15/29

12

11,590

Series

1998-8,

Class

M1,

6.98%,

09/01/30

90

80,943

Series

1999-5,

Class

A5,

7.86%,

03/01/30

24

9,667

Series

1999-5,

Class

A6,

7.50%,

03/01/30

26

9,841

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

56

11,470

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

151

29,881

Series

2000-5,

Class

A7,

8.20%,

05/01/31

134

40,415

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(1-mo.

LIBOR

USD

at

0.22%

Floor

+

0.22%),

5.37%,

12/25/25

(a)

—

(c)

450

Credit-Based

Asset

Servicing

&

Securitization

LLC

(a)

Series

2006-CB2,

Class

AF4,

3.04%,

12/25/36

(d)

...................

11

8,598

Series

2006-MH1,

Class

B1,

6.75%,

10/25/36

(b)(d)

..................

74

69,545

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(b)(d)

..................

76

4,248

Series

2007-CB6,

Class

A4,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

07/25/37

(b)

...................

36

23,553

CWABS

Asset-Backed

Certificates

Trust

(a)

Series

2005-16,

Class

1AF,

4.47%,

04/25/36

77

66,255

Series

2006-11,

Class

3AV2,

(1-mo.

LIBOR

USD

at

0.16%

Floor

+

0.16%),

5.47%,

09/25/46

....................

1

515

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(1-mo.

LIBOR

USD

at

0.27%

Floor

and

16.00%

Cap

+

0.27%),

5.46%,

03/15/34

(a)

..........

7

6,271

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-5,

Class

A,

(1-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.05%,

10/25/34

(a)

68

65,733

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

........

1

1,408

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

Series

2006-RES,

Class

4Q1B,

(1-mo.

LIBOR

USD

at

0.30%

Floor

and

16.00%

Cap

+

0.30%),

5.49%,

12/15/33

.....

2

2,239

Series

2006-RES,

Class

5B1B,

(1-mo.

LIBOR

USD

at

0.19%

Floor

and

16.00%

Cap

+

0.19%),

5.38%,

05/15/35

.....

2

1,578

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

LIBOR

USD

at

0.18%

Floor

and

16.00%

Cap

+

0.18%),

5.37%,

05/15/35

.........

3

3,250

Series

2006-C,

Class

2A,

(1-mo.

LIBOR

USD

at

0.18%

Floor

and

16.00%

Cap

+

0.18%),

5.37%,

05/15/36

.........

24

22,786

Series

2006-H,

Class

1A,

(1-mo.

LIBOR

USD

at

0.15%

Floor

and

16.00%

Cap

+

0.15%),

5.34%,

11/15/36

..........

14

13,998

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.90%

Floor

+

0.92%),

6.18%,

10/15/30

(a)(b)

.........

USD

250

$

247,859

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.82%

Floor

+

0.82%),

6.14%,

11/15/28

(a)(b)

....

178

176,503

Dryden

45

Senior

Loan

Fund,

Series

2016-45A,

Class

BR,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

6.96%,

10/15/30

(a)(b)

....

250

245,011

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(3-mo.

LIBOR

USD

+

1.12%),

6.38%,

01/15/31

(a)(b)

....................

781

777,161

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-26A,

Class

AR,

(3-mo.

LIBOR

USD

+

0.90%),

6.16%,

04/15/29

(a)(b)

.........

541

536,334

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2004-FFH3,

Class

M3,

(1-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.20%,

10/25/34

....................

33

29,484

Series

2006-FF16,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.28%

Floor

+

0.28%),

5.43%,

12/25/36

...............

548

228,209

Series

2006-FF17,

Class

A5,

(1-mo.

LIBOR

USD

at

0.15%

Floor

+

0.15%),

5.30%,

12/25/36

....................

320

289,341

Series

2006-FFH1,

Class

M2,

(1-mo.

LIBOR

USD

at

0.60%

Floor

+

0.60%),

5.75%,

01/25/36

....................

96

82,695

Fremont

Home

Loan

Trust,

Series

2006-3,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.28%

Floor

+

0.28%),

5.43%,

02/25/37

(a)

.....

71

54,010

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

A,

(3-mo.

LIBOR

USD

+

1.12%),

6.38%,

01/15/31

(a)(b)

....................

287

283,232

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(3-

mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.42%,

01/22/31

(a)(b)

...............

993

982,619

GSAA

Home

Equity

Trust,

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

(a)

............

25

4,989

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

LIBOR

USD

at

0.40%

Floor

+

0.40%),

5.55%,

01/25/47

....................

21

10,886

Series

2007-HS1,

Class

M6,

(1-mo.

LIBOR

USD

at

3.38%

Floor

+

3.38%),

8.53%,

02/25/47

....................

40

37,543

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.30%

Floor

+

0.30%),

5.45%,

05/25/37

(a)

..........

67

50,063

Home

Equity

Mortgage

Loan

Asset-Backed

Trust,

Series

2004-A,

Class

M2,

(1-mo.

LIBOR

USD

at

2.03%

Floor

+

2.03%),

3.65%,

07/25/34

(a)

................

13

12,115

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(a)(d)

.......

50

5,745

HPS

Loan

Management

Ltd.

(a)(b)

Series

11A-17,

Class

AR,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.34%,

05/06/30

....................

392

389,977

Series

6A-2015,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.00%),

6.33%,

02/05/31

....

233

231,103

ICG

US

CLO

Ltd.,

Series

2015-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.14%

Floor

+

1.14%),

6.41%,

10/19/28

(a)(b)

.........

117

116,254

Irwin

Home

Equity

Loan

Trust,

Series

2006-3,

Class

2A3,

6.53%,

09/25/37

(a)(b)(d)

......

11

9,900

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CW1,

Class

M1,

(1-mo.

LIBOR

USD

at

0.41%

Floor

+

0.41%),

5.56%,

05/25/36

(a)

USD

67

$

65,190

LCM

26

Ltd.,

Series

26A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.07%

Floor

+

1.07%),

6.32%,

01/20/31

(a)(b)

...............

263

261,053

LCM

XX

LP,

Series

20A,

Class

AR,

(3-mo.

LIBOR

USD

+

1.04%),

6.29%,

10/20/27

(a)(b)

31

31,340

Lehman

ABS

Manufactured

Housing

Contract

Trust,

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

.....................

30

29,465

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

LIBOR

USD

at

1.15%

Floor

+

2.30%),

7.45%,

12/25/37

(a)

..........

14

14,590

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(1-

mo.

LIBOR

USD

at

3.25%

Floor

+

3.25%),

8.40%,

03/25/32

(a)

................

5

5,409

Madison

Park

Funding

XIII

Ltd.,

Series

2014-

13A,

Class

AR2,

(3-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.22%,

04/19/30

(a)(b)

462

460,332

Madison

Park

Funding

XLII

Ltd.,

Series

13A,

Class

A1,

(3-mo.

LIBOR

USD

+

1.18%),

6.45%,

11/21/30

(a)(b)

...............

287

285,483

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

ARR,

(3-mo.

LIBOR

USD

at

0.94%

Floor

+

0.94%),

6.20%,

10/21/30

(a)(b)

1,487

1,473,028

Madison

Park

Funding

XXIII

Ltd.,

Series

2017-

23A,

Class

AR,

(3-mo.

LIBOR

USD

at

0.97%

Floor

+

0.97%),

6.26%,

07/27/31

(a)(b)

....

737

731,155

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

LIBOR

USD

+

1.20%),

6.50%,

07/29/30

(a)(b)

.........

267

265,821

Madison

Park

Funding

XXX

Ltd.,

Series

2018-

30A,

Class

A,

(3-mo.

LIBOR

USD

at

0.75%

Floor

+

0.75%),

6.01%,

04/15/29

(a)(b)

....

969

959,493

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

A,

(3-mo.

LIBOR

USD

at

1.18%

Floor

+

1.18%),

6.44%,

12/18/30

(a)(b)

........

243

240,928

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(1-mo.

LIBOR

USD

at

0.52%

Floor

+

0.26%),

5.67%,

06/25/46

(a)(b)

........

8

7,453

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2006-OPT1,

Class

M1,

(1-mo.

LIBOR

USD

at

0.39%

Floor

+

0.26%),

5.54%,

08/25/37

....................

35

28,388

Series

2006-RM3,

Class

A2B,

(1-mo.

LIBOR

USD

at

0.18%

Floor

+

0.18%),

5.33%,

06/25/37

....................

25

5,186

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(a)

Series

2005-HE1,

Class

A2MZ,

(1-mo.

LIBOR

USD

at

0.60%

Floor

+

0.60%),

5.75%,

12/25/34

...............

155

134,941

Series

2005-HE5,

Class

M4,

(1-mo.

LIBOR

USD

at

0.87%

Floor

+

0.87%),

6.02%,

09/25/35

....................

93

75,563

MP

CLO

III

Ltd.,

Series

2013-1A,

Class

AR,

(3-mo.

LIBOR

USD

+

1.25%),

6.50%,

10/20/30

(a)(b)

....................

221

219,617

Oakwood

Mortgage

Investors,

Inc.

(a)

Series

2001-D,

Class

A2,

5.26%,

01/15/19

15

6,518

Series

2001-D,

Class

A4,

6.93%,

09/15/31

8

4,495

Series

2002-B,

Class

M1,

7.62%,

06/15/32

81

77,709

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OCP

CLO

Ltd.

(a)(b)

Series

2017-14A,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.15%

Floor

+

1.15%),

6.53%,

11/20/30

....................

USD

553

$

548,773

Series

2017-14A,

Class

B,

(3-mo.

LIBOR

USD

at

1.95%

Floor

+

1.95%),

7.33%,

11/20/30

....................

250

243,679

Octagon

Investment

Partners

31

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.05%

Floor

+

1.05%),

6.30%,

07/20/30

(a)(b)

698

693,603

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.28%,

07/17/30

(a)(b)

250

247,276

Octagon

Investment

Partners

XVII

Ltd.,

Series

2013-1A,

Class

A1R2,

(3-mo.

LIBOR

USD

+

1.00%),

6.26%,

01/25/31

(a)(b)

.........

248

246,304

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(3-mo.

LIBOR

USD

+

1.04%),

6.43%,

05/23/31

(a)(b)

....................

225

223,816

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.21%

Floor

+

0.21%),

5.36%,

03/25/37

(a)

...................

90

70,931

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(d)

...................

66

53,395

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(d)

...................

162

134,532

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(d)

...................

82

71,327

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.39%,

10/15/37

(a)(b)

.........

21

20,342

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(a)(d)

.......

59

50,923

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.52%,

10/22/30

(a)(b)

.........

315

312,396

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

1.13%

Floor

+

1.13%),

6.39%,

01/17/31

....................

224

223,253

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.03%

Floor

+

1.03%),

6.29%,

04/18/31

....................

250

248,168

Series

2018-2A,

Class

A1A,

(3-mo.

LIBOR

USD

at

1.10%

Floor

+

1.10%),

6.36%,

07/16/31

....................

420

417,205

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)(e)

..

76

70,077

Race

Point

X

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

(3-mo.

LIBOR

USD

+

1.10%),

6.36%,

07/25/31

(a)(b)

....................

246

244,914

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

(3-mo.

LIBOR

USD

at

1.19%

Floor

+

1.19%),

6.44%,

10/20/30

(a)(b)

........

238

237,126

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.03%

Floor

+

1.03%),

6.28%,

04/20/31

(a)(b)

.........

247

244,414

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(3-mo.

LIBOR

USD

at

1.09%

Floor

+

1.09%),

6.35%,

01/15/30

(a)(b)

...............

1,378

1,366,516

SG

Mortgage

Securities

Trust,

Series

2006-

OPT2,

Class

A3D,

(1-mo.

LIBOR

USD

at

0.21%

Floor

+

0.21%),

5.36%,

10/25/36

(a)

100

68,564

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Signal

Peak

CLO

5

Ltd.,

Series

2018-5A,

Class

A,

(3-mo.

LIBOR

USD

at

1.11%

Floor

+

1.11%),

6.37%,

04/25/31

(a)(b)

.........

USD

250

$

247,709

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.24%

Floor

+

1.24%),

6.49%,

07/20/30

(a)(b)

.........

157

155,747

SLM

Private

Credit

Student

Loan

Trust,

Series

2004-B,

Class

A3,

(3-mo.

LIBOR

USD

at

0.33%

Floor

+

0.33%),

5.88%,

03/15/24

(a)

1

1,333

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

B,

3.50%,

12/17/40

(b)

....

100

95,308

Soundview

Home

Loan

Trust,

Series

2004-

WMC1,

Class

M2,

(1-mo.

LIBOR

USD

at

0.80%

Floor

+

0.80%),

5.95%,

01/25/35

(a)

1

1,126

TCI-Symphony

CLO

Ltd.,

Series

2016-1A,

Class

AR2,

(3-mo.

LIBOR

USD

at

1.02%

Floor

+

1.02%),

6.26%,

10/13/32

(a)(b)

....

750

742,809

Tricon

American

Homes

Trust,

Series

2018-

SFR1,

Class

E,

4.56%,

05/17/37

(b)

.....

100

95,841

Venture

XVIII

CLO

Ltd.,

Series

2014-18A,

Class

AR,

(3-mo.

LIBOR

USD

at

1.22%

Floor

+

1.22%),

6.48%,

10/15/29

(a)(b)

....

248

246,762

Voya

CLO

Ltd.

(a)(b)

Series

2015-1A,

Class

A1R,

(3-mo.

LIBOR

USD

at

0.90%

Floor

+

0.90%),

6.16%,

01/18/29

....................

120

119,088

Series

2017-4A,

Class

A1,

(3-mo.

LIBOR

USD

at

1.13%

Floor

+

1.13%),

6.39%,

10/15/30

....................

227

225,833

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

Series

2006-HE4,

Class

2A2,

(1-mo.

LIBOR

USD

at

0.36%

Floor

+

0.36%),

5.51%,

09/25/36

....................

122

34,622

Series

2006-HE5,

Class

1A,

(1-mo.

LIBOR

USD

at

0.31%

Floor

+

0.16%),

4.03%,

10/25/36

....................

105

78,612

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

A,

(1-mo.

LIBOR

USD

at

0.40%

Floor

+

0.40%),

5.55%,

06/25/37

(a)(b)

........

78

25,309

Total

Asset-Backed

Securities

—

4.0%

(Cost:

$33,191,453)

..............................

32,273,700

Corporate

Bonds

Aerospace

&

Defense

—

1.3%

BAE

Systems

plc,

3.40%,

04/15/30

(b)

.....

1,007

910,603

Boeing

Co.

(The)

3.95%,

08/01/59

.................

349

257,746

5.93%,

05/01/60

.................

192

190,154

Huntington

Ingalls

Industries,

Inc.

3.48%,

12/01/27

.................

943

864,344

2.04%,

08/16/28

.................

730

612,943

4.20%,

05/01/30

.................

82

75,979

L3Harris

Technologies,

Inc.

3.85%,

12/15/26

.................

264

251,550

1.80%,

01/15/31

.................

101

79,937

Lockheed

Martin

Corp.

4.75%,

02/15/34

.................

99

98,761

3.60%,

03/01/35

.................

670

598,882

Northrop

Grumman

Corp.

4.70%,

03/15/33

.................

330

323,866

4.03%,

10/15/47

.................

547

469,932

4.95%,

03/15/53

.................

1,513

1,473,963

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Raytheon

Technologies

Corp.

7.00%,

11/01/28

.................

USD

445

$

474,925

4.13%,

11/16/28

.................

1,164

1,121,089

2.25%,

07/01/30

.................

169

142,549

3.75%,

11/01/46

.................

130

104,744

2.82%,

09/01/51

.................

776

521,164

3.03%,

03/15/52

.................

1,316

925,110

5.38%,

02/27/53

.................

126

130,838

Textron,

Inc.

3.90%,

09/17/29

.................

566

518,776

2.45%,

03/15/31

.................

348

286,994

10,434,849

Banks

—

1.7%

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)(b)(f)

........

200

169,125

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

1.63%),

5.20%,

04/25/29

2,924

2,892,044

(1-day

SOFR

+

1.06%),

2.09%,

06/14/29

881

751,633

(1-day

SOFR

+

1.53%),

1.90%,

07/23/31

100

79,635

(1-day

SOFR

+

1.32%),

2.69%,

04/22/32

1,259

1,043,392

(1-day

SOFR

+

1.33%),

2.97%,

02/04/33

1,513

1,261,277

(1-day

SOFR

+

1.83%),

4.57%,

04/27/33

2,282

2,145,636

(1-day

SOFR

+

1.91%),

5.29%,

04/25/34

234

231,825

Barclays

plc,

(1-day

SOFR

+

2.98%),

6.22%,

05/09/34

(a)

....................

745

742,046

Citigroup,

Inc.,

(1-day

SOFR

+

1.94%),

3.79%,

03/17/33

(a)

....................

154

136,060

Discover

Bank,

2.70%,

02/06/30

........

250

201,696

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

1.75%),

4.57%,

06/14/30

665

638,927

(1-day

SOFR

+

1.26%),

2.96%,

01/25/33

1,362

1,147,367

Morgan

Stanley

Bank

NA,

4.75%,

04/21/26

.

770

758,660

Washington

Mutual

Escrow

Bonds

(e)(g)(h)

0.00%,

11/06/09

.................

300

750

0.00%,

09/19/17

(i)

................

250

—

0.00%,

09/29/17

.................

500

—

Wells

Fargo

&

Co.,

(1-day

SOFR

+

2.02%),

5.39%,

04/24/34

(a)

...............

1,109

1,101,918

13,301,991

Biotechnology

—

0.7%

AbbVie,

Inc.

4.55%,

03/15/35

.................

677

644,689

4.50%,

05/14/35

.................

490

465,547

4.88%,

11/14/48

.................

198

187,114

Amgen,

Inc.

4.05%,

08/18/29

.................

188

178,250

5.25%,

03/02/30

.................

1,588

1,591,169

2.30%,

02/25/31

.................

226

187,811

4.40%,

02/22/62

.................

932

764,919

5.75%,

03/02/63

.................

244

247,523

Gilead

Sciences,

Inc.

2.60%,

10/01/40

.................

504

365,024

4.80%,

04/01/44

.................

488

465,829

4.15%,

03/01/47

.................

229

198,687

5,296,562

Building

Products

—

0.0%

Owens

Corning,

3.88%,

06/01/30

.......

101

92,274

Capital

Markets

—

3.6%

Credit

Suisse

AG

0.50%,

02/02/24

.................

280

269,352

4.75%,

08/09/24

.................

260

254,100

3.63%,

09/09/24

.................

534

514,249

7.95%,

01/09/25

.................

500

510,121

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

3.70%,

02/21/25

.................

USD

1,302

$

1,244,197

2.95%,

04/09/25

.................

540

507,450

5.00%,

07/09/27

.................

771

744,317

7.50%,

02/15/28

.................

375

398,329

Deutsche

Bank

AG

5.37%,

09/09/27

.................

703

691,257

(1-day

SOFR

+

3.18%),

6.72%,

01/18/29

(a)

335

335,477

FactSet

Research

Systems,

Inc.,

3.45%,

03/01/32

.....................

654

556,313

Gaci

First

Investment

Co.,

4.75%,

02/14/30

(j)

200

196,140

Goldman

Sachs

Group,

Inc.

(The)

(1-day

SOFR

+

0.51%),

0.66%,

09/10/24

(a)

1,973

1,950,814

3.50%,

04/01/25

.................

517

496,625

(1-day

SOFR

+

1.28%),

2.62%,

04/22/32

(a)

1,006

825,040

(1-day

SOFR

+

1.25%),

2.38%,

07/21/32

(a)

105

84,105

(1-day

SOFR

+

1.26%),

2.65%,

10/21/32

(a)

1,212

987,933

(1-day

SOFR

+

1.41%),

3.10%,

02/24/33

(a)

321

271,166

Moody's

Corp.

2.55%,

08/18/60

.................

147

80,992

3.10%,

11/29/61

.................

316

207,272

Morgan

Stanley

(a)

(1-day

SOFR

+

1.59%),

5.16%,

04/20/29

5,965

5,892,142

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

1,330

1,131,156

(1-day

SOFR

+

1.18%),

2.24%,

07/21/32

1,150

914,004

(1-day

SOFR

+

1.20%),

2.51%,

10/20/32

1,361

1,099,303

(1-day

SOFR

+

2.56%),

6.34%,

10/18/33

708

753,173

(1-day

SOFR

+

1.87%),

5.25%,

04/21/34

2,195

2,167,449

MSCI,

Inc.

(b)

4.00%,

11/15/29

.................

254

229,875

3.63%,

09/01/30

.................

130

112,111

3.25%,

08/15/33

.................

400

322,143

Nasdaq,

Inc.

5.55%,

02/15/34

.................

612

614,407

6.10%,

06/28/63

.................

180

184,059

UBS

Group

AG

3.75%,

03/26/25

.................

773

739,683

(1-day

SOFR

+

1.56%),

2.59%,

09/11/25

(a)(b)

266

253,543

4.55%,

04/17/26

.................

1,318

1,266,817

4.28%,

01/09/28

(b)

................

250

231,051

(3-mo.

LIBOR

USD

+

1.41%),

3.87%,

01/12/29

(a)(b)

..................

837

756,646

(1-day

SOFR

+

3.92%),

6.54%,

08/12/33

(a)(b)

718

735,528

28,528,339

Chemicals

—

0.0%

Eastman

Chemical

Co.,

5.75%,

03/08/33

..

110

109,867

Commercial

Services

&

Supplies

—

0.0%

Atento

Luxco

1

SA

8.00%,

02/10/26

(b)

................

36

5,668

8.00%,

02/10/26

(j)

................

14

2,205

Republic

Services,

Inc.,

5.00%,

04/01/34

..

108

107,757

Waste

Management,

Inc.,

2.95%,

06/01/41

.

118

87,418

203,048

Communications

Equipment

—

0.1%

Motorola

Solutions,

Inc.

2.75%,

05/24/31

.................

240

196,622

5.50%,

09/01/44

.................

470

446,137

642,759

Construction

&

Engineering

—

0.0%

Mexico

City

Airport

Trust,

4.25%,

10/31/26

(j)

.

200

192,136

Consumer

Finance

—

0.1%

Capital

One

Financial

Corp.

(a)

(1-day

SOFR

+

2.60%),

5.82%,

02/01/34

583

556,226

(1-day

SOFR

+

2.86%),

6.38%,

06/08/34

265

263,101

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

General

Motors

Financial

Co.,

Inc.,

5.80%,

06/23/28

.....................

USD

410

$

408,436

1,227,763

Diversified

REITs

—

0.9%

Digital

Dutch

Finco

BV

(j)

1.50%,

03/15/30

.................

EUR

315

269,254

1.00%,

01/15/32

.................

180

138,434

Extra

Space

Storage

LP,

5.50%,

07/01/30

..

USD

180

178,510

GLP

Capital

LP

4.00%,

01/15/30

.................

1,459

1,264,454

3.25%,

01/15/32

.................

439

354,454

Prologis

LP,

5.13%,

01/15/34

..........

427

423,952

VICI

Properties

LP

4.25%,

12/01/26

(b)

................

633

592,160

3.75%,

02/15/27

(b)

................

929

852,205

4.75%,

02/15/28

.................

332

314,349

3.88%,

02/15/29

(b)

................

118

103,552

4.63%,

12/01/29

(b)

................

2,199

1,996,406

4.13%,

08/15/30

(b)

................

589

518,573

WP

Carey,

Inc.,

2.40%,

02/01/31

.......

283

227,485

7,233,788

Diversified

Telecommunication

Services

—

0.9%

AT&T,

Inc.

5.40%,

02/15/34

.................

375

375,644

4.50%,

05/15/35

.................

854

785,084

3.50%,

06/01/41

.................

151

115,920

3.50%,

09/15/53

.................

350

247,771

3.55%,

09/15/55

.................

1,063

744,170

3.65%,

09/15/59

.................

913

635,648

Verizon

Communications,

Inc.

7.75%,

12/01/30

.................

181

210,143

1.75%,

01/20/31

.................

662

522,275

2.55%,

03/21/31

.................

295

246,305

2.36%,

03/15/32

.................

1,165

936,991

5.05%,

05/09/33

.................

209

206,674

4.40%,

11/01/34

.................

1,544

1,425,070

2.65%,

11/20/40

.................

308

214,244

2.99%,

10/30/56

.................

311

197,535

6,863,474

Electric

Utilities

—

2.8%

AEP

Texas,

Inc.

3.95%,

06/01/28

.................

401

376,408

5.40%,

06/01/33

.................

509

506,380

3.80%,

10/01/47

.................

530

400,400

3.45%,

05/15/51

.................

305

216,915

AEP

Transmission

Co.

LLC

3.80%,

06/15/49

.................

155

123,817

3.15%,

09/15/49

.................

134

95,317

Series

O,

4.50%,

06/15/52

..........

822

735,119

Alabama

Power

Co.

3.75%,

03/01/45

.................

302

237,354

3.45%,

10/01/49

.................

123

89,942

3.00%,

03/15/52

.................

269

181,541

American

Transmission

Systems,

Inc.,

2.65%,

01/15/32

(b)

....................

521

430,831

Atlantic

City

Electric

Co.,

4.00%,

10/15/28

..

128

121,861

Baltimore

Gas

&

Electric

Co.

3.75%,

08/15/47

.................

586

457,542

4.25%,

09/15/48

.................

105

89,189

CenterPoint

Energy

Houston

Electric

LLC

3.95%,

03/01/48

.................

85

70,119

Series

AD,

2.90%,

07/01/50

.........

414

281,182

Series

AF,

3.35%,

04/01/51

.........

144

107,429

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Commonwealth

Edison

Co.

4.00%,

03/01/49

.................

USD

135

$

111,723

Series

127,

3.20%,

11/15/49

.........

320

228,907

Series

130,

3.13%,

03/15/51

.........

338

236,874

Series

131,

2.75%,

09/01/51

.........

145

93,698

Connecticut

Light

&

Power

Co.

(The),

4.90%,

07/01/33

.....................

333

331,190

DTE

Electric

Co.

3.95%,

03/01/49

.................

533

437,944

Series

B,

3.25%,

04/01/51

..........

280

202,524

5.40%,

04/01/53

.................

126

130,039

Duke

Energy

Carolinas

LLC

4.95%,

01/15/33

.................

273

270,978

3.70%,

12/01/47

.................

343

268,811

3.95%,

03/15/48

.................

155

126,297

3.45%,

04/15/51

.................

114

83,302

5.35%,

01/15/53

.................

440

445,699

Duke

Energy

Florida

LLC

2.50%,

12/01/29

.................

550

474,842

1.75%,

06/15/30

.................

163

132,591

5.95%,

11/15/52

.................

642

699,300

Duke

Energy

Progress

LLC

3.45%,

03/15/29

.................

794

727,975

2.50%,

08/15/50

.................

461

286,086

4.00%,

04/01/52

.................

338

273,642

Edison

International

5.25%,

11/15/28

.................

761

740,521

6.95%,

11/15/29

.................

453

476,500

Entergy

Louisiana

LLC

4.20%,

09/01/48

.................

325

271,821

2.90%,

03/15/51

.................

115

75,823

Evergy

Kansas

Central,

Inc.,

5.70%,

03/15/53

200

205,937

Eversource

Energy,

5.45%,

03/01/28

.....

520

523,487

Exelon

Corp.

5.10%,

06/15/45

.................

35

32,419

4.45%,

04/15/46

.................

231

196,167

4.70%,

04/15/50

.................

376

332,289

FirstEnergy

Corp.

2.05%,

03/01/25

.................

52

48,663

Series

B,

4.15%,

07/15/27

(a)(d)

........

349

331,491

Series

C,

5.10%,

07/15/47

(a)(d)

........

43

38,572

Series

C,

3.40%,

03/01/50

..........

192

132,319

FirstEnergy

Transmission

LLC,

4.55%,

04/01/49

(b)

....................

635

529,733

Florida

Power

&

Light

Co.

3.99%,

03/01/49

.................

111

93,562

3.15%,

10/01/49

.................

204

148,716

2.88%,

12/04/51

.................

120

82,947

Generacion

Mediterranea

SA,

9.88%,

12/01/27

(a)(b)

...................

92

71,899

MidAmerican

Energy

Co.,

3.15%,

04/15/50

.

728

509,476

Northern

States

Power

Co.

2.90%,

03/01/50

.................

221

152,229

2.60%,

06/01/51

.................

367

235,320

3.20%,

04/01/52

.................

165

118,164

NRG

Energy,

Inc.,

2.45%,

12/02/27

(b)

.....

94

79,215

Ohio

Power

Co.

Series

Q,

1.63%,

01/15/31

..........

321

253,116

5.00%,

06/01/33

.................

747

732,837

4.00%,

06/01/49

.................

146

118,193

Series

R,

2.90%,

10/01/51

..........

320

212,376

Oncor

Electric

Delivery

Co.

LLC

3.80%,

09/30/47

.................

101

82,169

3.10%,

09/15/49

.................

357

252,100

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Pacific

Gas

&

Electric

Co.

3.95%,

12/01/47

(a)

................

USD

270

$

183,876

3.50%,

08/01/50

.................

479

304,695

6.70%,

04/01/53

.................

60

58,904

PECO

Energy

Co.

2.80%,

06/15/50

.................

134

88,334

3.05%,

03/15/51

.................

374

258,347

2.85%,

09/15/51

.................

137

90,264

Public

Service

Co.

of

New

Hampshire

3.60%,

07/01/49

.................

116

90,616

5.15%,

01/15/53

.................

205

205,445

Public

Service

Electric

&

Gas

Co.

3.65%,

09/01/28

.................

210

196,719

2.45%,

01/15/30

.................

803

691,993

4.90%,

12/15/32

.................

169

168,766

2.05%,

08/01/50

.................

336

197,736

Southern

California

Edison

Co.

2.25%,

06/01/30

.................

943

788,217

Series

G,

2.50%,

06/01/31

..........

95

78,936

5.95%,

11/01/32

.................

776

812,238

Southwestern

Electric

Power

Co.,

5.30%,

04/01/33

.....................

133

131,271

Southwestern

Public

Service

Co.

Series

6,

4.40%,

11/15/48

..........

125

106,659

Series

8,

3.15%,

05/01/50

..........

596

414,777

Union

Electric

Co.,

2.63%,

03/15/51

.....

234

149,776

22,179,398

Financial

Services

—

0.3%

Global

Payments,

Inc.

4.95%,

08/15/27

.................

1,054

1,026,952

4.45%,

06/01/28

.................

105

98,517

3.20%,

08/15/29

.................

1,421

1,235,111

2.90%,

05/15/30

.................

94

79,672

2,440,252

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.,

4.13%,

03/15/49

....

188

158,040

CenterPoint

Energy

Resources

Corp.,

5.25%,

03/01/28

.....................

230

229,907

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%,

03/15/31

.....................

175

142,882

Promigas

SA

ESP,

3.75%,

10/16/29

(b)

.....

200

167,000

Southwest

Gas

Corp.,

5.45%,

03/23/28

...

260

259,208

957,037

Ground

Transportation

—

0.6%

Burlington

Northern

Santa

Fe

LLC

4.45%,

03/15/43

.................

242

219,850

3.05%,

02/15/51

.................

127

89,967

3.30%,

09/15/51

.................

293

218,655

2.88%,

06/15/52

.................

340

232,436

CSX

Corp.

4.30%,

03/01/48

.................

296

257,552

3.35%,

09/15/49

.................

208

153,444

Norfolk

Southern

Corp.

3.40%,

11/01/49

.................

195

143,664

3.05%,

05/15/50

.................

413

285,538

2.90%,

08/25/51

.................

226

149,572

4.05%,

08/15/52

.................

148

121,749

4.55%,

06/01/53

.................

135

121,911

3.16%,

05/15/55

.................

122

83,400

Penske

Truck

Leasing

Co.

LP

(b)

5.88%,

11/15/27

.................

806

799,059

5.70%,

02/01/28

.................

58

57,235

Ryder

System,

Inc.

5.65%,

03/01/28

.................

517

517,216

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

5.25%,

06/01/28

.................

USD

439

$

433,451

Union

Pacific

Corp.

3.95%,

08/15/59

.................

205

165,794

3.84%,

03/20/60

.................

229

182,160

3.55%,

05/20/61

.................

150

109,985

3.75%,

02/05/70

.................

127

96,057

3.80%,

04/06/71

.................

137

104,504

Union

Pacific

Railroad

Co.

Pass-Through

Trust,

Series

2014-1,

3.23%,

05/14/26

......

79

73,961

4,617,160

Health

Care

Providers

&

Services

—

0.5%

Aetna,

Inc.,

4.75%,

03/15/44

..........

98

86,847

CVS

Health

Corp.,

3.75%,

04/01/30

......

231

211,891

Elevance

Health,

Inc.

3.13%,

05/15/50

.................

383

267,047

6.10%,

10/15/52

.................

171

187,326

HCA,

Inc.

5.38%,

02/01/25

.................

81

80,290

5.88%,

02/15/26

.................

1,079

1,079,683

3.50%,

09/01/30

.................

1,383

1,212,268

UnitedHealth

Group,

Inc.

4.20%,

01/15/47

.................

241

212,155

2.90%,

05/15/50

.................

258

179,822

3.25%,

05/15/51

.................

549

409,502

4.95%,

05/15/62

.................

325

312,445

4,239,276

Hotels,

Restaurants

&

Leisure

—

0.0%

Grupo

Posadas

SAB

de

CV,

5.00%,

12/30/27

(a)

(d)(j)

........................

55

47,046

Insurance

—

0.2%

Ambac

Assurance

Corp.,

5.10%

(b)(f)

......

15

21,600

Aon

Corp.

4.50%,

12/15/28

.................

81

77,935

3.75%,

05/02/29

.................

176

162,916

2.80%,

05/15/30

.................

93

80,493

5.00%,

09/12/32

.................

122

120,359

5.35%,

02/28/33

.................

815

820,937

Marsh

&

McLennan

Cos.,

Inc.,

5.45%,

03/15/53

265

269,704

1,553,944

Interactive

Media

&

Services

—

0.1%

Meta

Platforms,

Inc.

4.45%,

08/15/52

.................

94

81,736

5.60%,

05/15/53

.................

124

127,350

5.75%,

05/15/63

.................

619

640,616

849,702

Life

Sciences

Tools

&

Services

—

0.0%

Thermo

Fisher

Scientific,

Inc.,

4.95%,

11/21/32

174

177,137

Media

—

0.4%

Charter

Communications

Operating

LLC

5.38%,

05/01/47

.................

229

189,281

3.70%,

04/01/51

.................

261

164,920

3.90%,

06/01/52

.................

1,292

845,439

6.83%,

10/23/55

.................

179

168,748

3.85%,

04/01/61

.................

522

315,721

Comcast

Corp.

2.65%,

02/01/30

.................

450

393,620

4.65%,

07/15/42

.................

107

98,672

2.45%,

08/15/52

.................

559

341,842

2.94%,

11/01/56

.................

156

101,591

Cox

Communications,

Inc.

(b)

3.15%,

08/15/24

.................

268

258,934

Security

Par

(000)

Par

(000)

Value

Media

(continued)

2.95%,

10/01/50

.................

USD

138

$

86,737

2,965,505

Metals

&

Mining

—

0.3%

Anglo

American

Capital

plc

(b)

4.50%,

03/15/28

.................

221

210,746

5.63%,

04/01/30

.................

603

599,201

5.50%,

05/02/33

.................

702

683,425

Glencore

Funding

LLC,

5.70%,

05/08/33

(b)

..

585

580,422

Newmont

Corp.,

2.25%,

10/01/30

.......

250

204,823

2,278,617

Multi-Utilities

—

0.3%

Ameren

Illinois

Co.,

3.25%,

03/15/50

.....

220

160,782

Consolidated

Edison

Co.

of

New

York,

Inc.

3.20%,

12/01/51

.................

186

128,925

6.15%,

11/15/52

.................

298

327,598

Consumers

Energy

Co.

3.75%,

02/15/50

.................

975

776,389

4.20%,

09/01/52

.................

220

188,235

NiSource,

Inc.

3.49%,

05/15/27

.................

79

74,327

5.25%,

03/30/28

.................

391

390,691

5.40%,

06/30/33

.................

126

126,084

San

Diego

Gas

&

Electric

Co.

3.32%,

04/15/50

.................

114

81,574

3.70%,

03/15/52

.................

127

98,318

5.35%,

04/01/53

.................

204

202,336

2,555,259

Oil,

Gas

&

Consumable

Fuels

—

4.0%

BP

Capital

Markets

America,

Inc.,

4.81%,

02/13/33

.....................

943

929,295

Cameron

LNG

LLC

(b)

3.30%,

01/15/35

.................

249

207,567

3.40%,

01/15/38

.................

707

587,977

Cenovus

Energy,

Inc.

5.25%,

06/15/37

.................

168

154,628

6.75%,

11/15/39

.................

484

507,382

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

.................

1,161

1,155,427

5.13%,

06/30/27

.................

1,967

1,933,680

3.70%,

11/15/29

.................

204

184,704

2.74%,

12/31/39

.................

99

78,030

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

.................

872

800,284

4.00%,

03/01/31

.................

1,517

1,335,702

3.25%,

01/31/32

.................

1,232

1,013,505

5.95%,

06/30/33

(b)

................

247

247,719

Devon

Energy

Corp.

8.25%,

08/01/23

.................

114

114,059

5.25%,

10/15/27

.................

114

112,279

4.75%,

05/15/42

.................

92

77,548

Diamondback

Energy,

Inc.

3.25%,

12/01/26

.................

2,540

2,386,452

3.50%,

12/01/29

.................

3,090

2,781,376

3.13%,

03/24/31

.................

850

728,091

Enbridge,

Inc.

5.70%,

03/08/33

.................

323

327,435

2.50%,

08/01/33

.................

103

80,438

Energean

Israel

Finance

Ltd.,

8.50%,

09/30/33

(b)(j)

...................

12

11,969

Energy

Transfer

LP

5.75%,

02/15/33

.................

452

454,959

4.90%,

03/15/35

.................

267

244,722

6.50%,

02/01/42

.................

197

199,509

5.15%,

02/01/43

.................

169

143,578

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.30%,

04/01/44

.................

USD

56

$

48,498

5.30%,

04/15/47

.................

343

298,331

5.00%,

05/15/50

.................

1,562

1,319,207

Enterprise

Products

Operating

LLC

5.10%,

02/15/45

.................

124

118,382

3.70%,

01/31/51

.................

113

86,449

3.30%,

02/15/53

.................

160

114,169

4.95%,

10/15/54

.................

138

125,251

EQT

Corp.

3.13%,

05/15/26

(b)

................

375

344,779

3.90%,

10/01/27

.................

125

115,565

5.70%,

04/01/28

.................

137

135,215

7.00%,

02/01/30

(a)(d)

...............

105

109,938

3.63%,

05/15/31

(b)

................

211

181,479

Hess

Corp.,

5.60%,

02/15/41

..........

200

191,355

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/42

.................

814

676,417

5.40%,

09/01/44

.................

364

322,711

Leviathan

Bond

Ltd.,

6.75%,

06/30/30

(b)(j)

..

4

3,711

NGPL

PipeCo

LLC

(b)

4.88%,

08/15/27

.................

230

217,950

3.25%,

07/15/31

.................

1,111

914,978

Northwest

Pipeline

LLC,

4.00%,

04/01/27

..

918

872,298

Occidental

Petroleum

Corp.

7.88%,

09/15/31

.................

245

273,127

6.45%,

09/15/36

.................

140

143,682

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

.....................

116

94,959

Sabine

Pass

Liquefaction

LLC

5.75%,

05/15/24

.................

500

499,140

5.63%,

03/01/25

.................

2,259

2,250,095

5.88%,

06/30/26

.................

1,532

1,544,541

SCC

Power

plc,

4.00%,

(4.00%

Cash

or

4.00%

PIK),

05/17/32

(b)(k)

...............

46

4,302

Targa

Resources

Corp.

4.95%,

04/15/52

.................

102

84,275

6.50%,

02/15/53

.................

92

93,953

Targa

Resources

Partners

LP

5.00%,

01/15/28

.................

953

909,484

4.88%,

02/01/31

.................

1,093

1,010,085

Texas

Eastern

Transmission

LP,

3.50%,

01/15/28

(b)

....................

710

656,591

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.00%,

03/15/28

.................

895

842,377

4.60%,

03/15/48

.................

270

229,496

Viper

Energy

Partners

LP,

5.38%,

11/01/27

(b)

350

335,901

Williams

Cos.,

Inc.

(The),

3.50%,

10/15/51

.

248

171,039

32,138,045

Passenger

Airlines

—

0.3%

Air

Canada

Pass-Through

Trust

(b)

Series

2017-1,

Class

B,

3.70%,

01/15/26

1

519

Series

2017-1,

Class

AA,

3.30%,

01/15/30

74

65,364

American

Airlines

Pass-Through

Trust

Series

2015-2,

Class

B,

4.40%,

09/22/23

181

179,356

Series

2015-2,

Class

AA,

3.60%,

09/22/27

34

31,684

Series

2016-1,

Class

AA,

3.58%,

01/15/28

82

76,106

Series

2016-2,

Class

AA,

3.20%,

06/15/28

61

54,919

Series

2017-1,

Class

AA,

3.65%,

02/15/29

22

20,255

Series

2019-1,

Class

AA,

3.15%,

02/15/32

180

156,707

Avianca

Midco

2

plc,

9.00%,

12/01/28

(b)

...

81

68,043

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

....

420

411,549

United

Airlines

Pass-Through

Trust

Series

2016-2,

Class

B,

3.65%,

10/07/25

8

7,356

Series

2020-1,

Class

B,

4.88%,

01/15/26

92

88,263

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

Series

2014-1,

Class

A,

4.00%,

04/11/26

USD

112

$

105,658

Series

2020-1,

Class

A,

5.88%,

10/15/27

543

538,659

Series

2015-1,

Class

AA,

3.45%,

12/01/27

30

27,874

Series

2019-2,

Class

B,

3.50%,

05/01/28

103

92,998

Series

2016-1,

Class

AA,

3.10%,

07/07/28

10

8,981

Series

2016-2,

Class

AA,

2.88%,

10/07/28

63

55,596

Series

2018-1,

Class

AA,

3.50%,

03/01/30

31

28,277

Series

2019-2,

Class

AA,

2.70%,

05/01/32

112

93,527

2,111,691

Pharmaceuticals

—

0.2%

Pfizer

Investment

Enterprises

Pte.

Ltd.

5.30%,

05/19/53

.................

405

421,071

5.34%,

05/19/63

.................

1,171

1,184,991

1,606,062

Real

Estate

Management

&

Development

—

0.0%

(j)

Agile

Group

Holdings

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

11.25%),

8.38%

(a)(f)

..............

200

27,392

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%,

04/17/22

(a)(g)(h)

..................

200

12,000

Modern

Land

China

Co.

Ltd.,

9.00%,

(9.00%

Cash

or

11.00%

PIK),

12/30/26

(a)(g)(h)(k)

...

225

11,216

Redsun

Properties

Group

Ltd.,

7.30%,

01/13/25

(a)(g)(h)

..................

200

16,398

RKPF

Overseas

2020

A

Ltd.,

5.20%,

01/12/26

200

104,250

Yango

Justice

International

Ltd.,

8.25%,

11/25/23

(a)(g)(h)

..................

200

2,000

173,256

Retail

REITs

—

0.0%

NNN

REIT,

Inc.

3.50%,

04/15/51

.................

122

82,027

3.00%,

04/15/52

.................

135

82,055

164,082

Semiconductors

&

Semiconductor

Equipment

—

0.5%

Broadcom,

Inc.

(b)

3.42%,

04/15/33

.................

750

627,194

3.47%,

04/15/34

.................

1,290

1,058,198

Intel

Corp.

4.88%,

02/10/28

.................

253

252,044

5.70%,

02/10/53

.................

167

169,888

3.20%,

08/12/61

.................

402

261,113

KLA

Corp.

3.30%,

03/01/50

.................

445

333,724

5.25%,

07/15/62

.................

138

139,670

NXP

BV,

4.30%,

06/18/29

............

1,008

944,839

QUALCOMM,

Inc.,

4.50%,

05/20/52

.....

373

339,312

4,125,982

Software

—

0.4%

Oracle

Corp.

3.85%,

07/15/36

.................

260

216,993

3.60%,

04/01/40

.................

764

591,036

3.65%,

03/25/41

.................

179

137,907

4.13%,

05/15/45

.................

706

553,245

4.00%,

07/15/46

.................

108

83,010

4.00%,

11/15/47

.................

531

408,809

3.95%,

03/25/51

.................

672

508,114

4.38%,

05/15/55

.................

262

209,493

VMware,

Inc.,

2.20%,

08/15/31

........

715

561,847

3,270,454

Specialized

REITs

—

1.1%

American

Tower

Corp.

3.95%,

03/15/29

.................

790

727,964

2.90%,

01/15/30

.................

100

86,250

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

2.10%,

06/15/30

.................

USD

159

$

128,396

1.88%,

10/15/30

.................

305

240,658

2.70%,

04/15/31

.................

800

663,382

5.65%,

03/15/33

.................

679

688,517

5.55%,

07/15/33

.................

1,031

1,038,071

Crown

Castle,

Inc.

3.10%,

11/15/29

.................

1,081

941,219

3.30%,

07/01/30

.................

915

808,198

2.10%,

04/01/31

.................

1,321

1,056,551

5.10%,

05/01/33

.................

1,290

1,267,663

Equinix,

Inc.

3.20%,

11/18/29

.................

373

327,465

2.15%,

07/15/30

.................

941

760,470

8,734,804

Specialty

Retail

—

0.1%

Lowe's

Cos.,

Inc.

4.50%,

04/15/30

.................

691

671,744

5.00%,

04/15/40

.................

212

199,376

2.80%,

09/15/41

.................

205

144,986

1,016,106

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Dell

International

LLC

4.90%,

10/01/26

.................

646

641,409

5.25%,

02/01/28

.................

167

166,654

Hewlett

Packard

Enterprise

Co.,

5.25%,

07/01/28

.....................

658

651,671

1,459,734

Tobacco

—

0.3%

Altria

Group,

Inc.

3.13%,

06/15/31

.................

EUR

460

431,665

5.80%,

02/14/39

.................

USD

308

301,478

4.50%,

05/02/43

.................

265

210,741

BAT

Capital

Corp.

4.76%,

09/06/49

.................

64

48,314

3.98%,

09/25/50

.................

671

452,156

Philip

Morris

International,

Inc.,

5.13%,

11/17/27

.....................

313

313,958

Reynolds

American,

Inc.,

5.85%,

08/15/45

..

429

381,512

2,139,824

Wireless

Telecommunication

Services

—

0.7%

Millicom

International

Cellular

SA,

6.63%,

10/15/26

(b)

....................

180

171,671

Sprint

LLC

7.88%,

09/15/23

.................

229

229,553

7.13%,

06/15/24

.................

4,084

4,120,524

7.63%,

02/15/25

.................

288

294,182

T-Mobile

USA,

Inc.

3.88%,

04/15/30

.................

533

491,036

2.55%,

02/15/31

.................

388

322,510

5,629,476

Total

Corporate

Bonds

—

22.7%

(Cost:

$188,138,684)

.............................

181,556,699

Floating

Rate

Loan

Interests

Broadline

Retail

—

0.0%

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.61%

,

 11/24/28

(a)

61

60,867

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.0%

(a)

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.95%

,

 10/02/28

...........

USD

32

$

29,432

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

10/02/28

(l)

..............

5

5,095

34,527

Chemicals

—

0.1%

Bakelite

US

Holdco,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.39%

,

 05/29/29

(a)

................

285

279,654

Commercial

Services

&

Supplies

—

0.0%

Allied

Universal

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.95%

,

 05/12/28

(a)

................

140

136,361

Consumer

Finance

—

0.0%

Credito

Real

SAB

de

CV

SOFOM

ER,

Term

Loan

A,

(3-mo.

LIBOR

USD

+

3.75%),

0.00%

,

 02/21/24

(a)(e)(g)(h)

.............

21

2,730

Diversified

Telecommunication

Services

—

0.1%

Connect

Finco

SARL,

Term

Loan,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

3.50%),

8.70%

,

 12/11/26

(a)

................

263

262,793

Financial

Services

—

0.1%

Caliber

Home

Loans,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

8.43%

,

 07/15/26

(a)(e)

....

610

606,950

Food

Products

—

0.0%

BCPE

North

Star

US

Holdco

2,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.54%

,

 06/09/28

(a)

189

173,039

Health

Care

Providers

&

Services

—

0.0%

(a)

AEA

International

Holdings

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.31%

,

 09/07/28

(e)

................

147

146,313

Select

Medical

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.70%

,

 03/06/25

.................

45

44,571

190,884

Hotels,

Restaurants

&

Leisure

—

0.1%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

8.94%

,

 02/02/26

.................

151

145,740

Bally's

Corp.,

Facility

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.40%

,

 10/02/28

.................

318

310,526

Fertitta

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.10%

,

 01/27/29

...........

206

203,020

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.97%

,

 08/27/28

...........

75

74,732

734,018

Household

Durables

—

0.0%

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.22%

,

 10/06/28

(a)

..........

78

62,917

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

IT

Services

—

0.0%

ConnectWise

LLC,

Term

Loan,

(1-mo.

LIBOR

USD

at

0.50%

Floor

+

3.50%),

8.69%

,

 09/29/28

(a)

................

USD

155

$

150,296

Media

—

0.0%

Gray

Television,

Inc.,

Term

Loan

D,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.23%

,

 12/01/28

(a)

229

222,844

Specialty

Retail

—

0.0%

Tory

Burch

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.72%

,

 04/16/28

(a)

................

136

130,353

Total

Floating

Rate

Loan

Interests

—

0.4%

(Cost:

$3,136,152)

..............................

3,048,233

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA

6.95%,

07/21/27

(j)

................

22

17,820

8.50%,

06/27/29

(j)

................

10

8,436

7.00%,

09/30/33

(a)(d)(j)

..............

29

21,731

7.00%,

12/15/47

(b)

................

33

22,459

70,446

Colombia

—

0.1%

Ecopetrol

SA

5.88%,

09/18/23

.................

18

17,937

8.63%,

01/19/29

.................

155

155,078

6.88%,

04/29/30

.................

225

204,221

8.88%,

01/13/33

.................

106

104,492

481,728

Mexico

—

0.1%

Petroleos

Mexicanos

4.88%,

01/18/24

.................

46

45,017

Series

13-2,

7.19%,

09/12/24

........

MXN

11

59,855

6.88%,

08/04/26

.................

USD

258

239,617

8.75%,

06/02/29

.................

90

80,699

6.70%,

02/16/32

.................

37

28,081

6.35%,

02/12/48

.................

67

40,378

493,647

Poland

—

0.0%

Bank

Gospodarstwa

Krajowego,

5.38%

,

05/22/33

(b)

.....................

200

198,000

Total

Foreign

Agency

Obligations

—

0.2%

(Cost:

$1,269,319)

..............................

1,243,821

Foreign

Government

Obligations

Colombia

—

0.1%

Republic

of

Colombia

7.50%,

08/26/26

.................

COP

1,052,000

236,286

5.75%,

11/03/27

.................

641,000

132,123

8.00%,

04/20/33

.................

USD

200

203,350

7.25%,

10/18/34

.................

COP

334,000

64,335

636,094

Czech

Republic

—

0.0%

Czech

Republic

0.95%,

05/15/30

(j)

................

CZK

900

32,899

5.00%,

09/30/30

.................

2,590

122,889

4.20%,

12/04/36

(j)

................

860

38,540

194,328

Egypt

—

0.0%

Arab

Republic

of

Egypt,

7.63%

,

05/29/32

(j)

..

USD

200

115,888

Security

Par

(000)

Par

(000)

Value

Guatemala

—

0.0%

Republic

of

Guatemala,

6.60%

,

06/13/36

(b)

..

USD

200

$

201,300

Indonesia

—

0.1%

Republic

of

Indonesia

4.10%,

04/24/28

.................

200

192,656

6.38%,

08/15/28

.................

IDR

1,314,000

89,265

9.00%,

03/15/29

.................

621,000

47,178

8.25%,

05/15/29

.................

951,000

69,807

7.50%,

05/15/38

.................

1,591,000

114,556

3.05%,

03/12/51

.................

USD

641

467,001

980,463

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire,

4.88%

,

01/30/32

(j)

.

EUR

100

84,825

Mexico

—

0.5%

United

Mexican

States

11.97%,

11/28/24

(m)

...............

MXN

1,282

648,546

12.03%,

01/23/25

(m)

...............

438

218,121

7.50%,

06/03/27

.................

36

199,744

8.50%,

05/31/29

.................

141

814,425

2.66%,

05/24/31

.................

USD

1,158

960,851

4.88%,

05/19/33

.................

200

190,828

8.50%,

11/18/38

.................

MXN

50

285,008

4.50%,

01/31/50

.................

USD

1,011

825,097

4,142,620

Morocco

—

0.0%

Kingdom

of

Morocco,

6.50%

,

09/08/33

(b)

...

200

205,628

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

.................

347

328,228

4.50%,

04/01/56

.................

488

363,511

691,739

Peru

—

0.1%

Republic

of

Peru,

3.55%

,

03/10/51

.......

576

428,463

Philippines

—

0.1%

Republic

of

Philippines

3.00%,

02/01/28

.................

516

478,879

3.20%,

07/06/46

.................

629

463,711

942,590

Romania

—

0.0%

Romania

Government

Bond,

2.13%

,

03/07/28

(j)

EUR

54

51,038

Russia

—

0.0%

Russian

Federation,

6.10%

,

07/18/35

(a)(g)(h)

..

RUB

13,759

51,500

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia,

3.45%

,

02/02/61

(j)

.

USD

200

140,344

South

Africa

—

0.0%

Republic

of

South

Africa,

8.00%

,

01/31/30

..

ZAR

5,370

252,053

Spain

—

0.1%

Bonos

y

Obligaciones

del

Estado,

0.80%

,

07/30/29

(b)(j)

.....................

EUR

360

340,254

Ukraine

—

0.0%

Ukraine

Government

Bond

(a)(g)(h)(j)

7.75%,

09/01/29

.................

USD

100

23,746

7.75%,

08/01/41

.................

72

28,692

52,438

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay

4.38%,

10/27/27

.................

179

177,219

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Uruguay

(continued)

5.10%,

06/18/50

.................

USD

234

$

233,338

410,557

Total

Foreign

Government

Obligations

—

1.2%

(Cost:

$10,888,896)

..............................

9,922,122

Shares

Shares

Investment

Companies

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

(n)

......................

14,408,518

132,558,363

Total

Investment

Companies

—

16.6%

(Cost:

$144,284,000)

.............................

132,558,363

Par

(000)

Par

(000)

Municipal

Bonds

California

—

0.4%

Bay

Area

Toll

Authority

,

Series

2010S-1,

RB,

7.04%, 04/01/50

.................

290

372,687

Los

Angeles

Community

College

District

,

Series

2010E,

GO,

6.60%, 08/01/42

.........

110

133,594

Los

Angeles

Unified

School

District

,

Series

2010RY,

GO,

6.76%, 07/01/34

........

500

564,689

State

of

California

Series

2018,

GO,

4.60%, 04/01/38

.....

1,215

1,163,849

Series

2009,

GO,

7.55%, 04/01/39

.....

65

81,589

University

of

California

,

Series

2012AD,

RB,

4.86%, 05/15/12

.................

75

67,149

2,383,557

Georgia

—

0.0%

Municipal

Electric

Authority

of

Georgia

,

Series

2010-A,

RB,

6.64%, 04/01/57

........

53

60,534

Illinois

—

0.1%

State

of

Illinois

,

Series

2003,

GO,

5.10%, 06/01/33

.................

775

759,811

Louisiana

—

0.1%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Series

2022A,

RB,

4.15%, 02/01/33

.................

500

481,286

Massachusetts

—

0.0%

Massachusetts

Housing

Finance

Agency

,

Series

2015A,

RB,

AMT,

4.50%, 12/01/48

30

28,533

New

Jersey

—

0.0%

New

Jersey

Turnpike

Authority

,

Series

2009F,

RB,

7.41%, 01/01/40

..............

167

209,324

New

York

—

0.0%

Metropolitan

Transportation

Authority

,

Series

2010A,

RB,

6.67%, 11/15/39

.........

75

79,706

New

York

City

Municipal

Water

Finance

Authority

Series

2010EE,

RB,

6.01%, 06/15/42

...

35

39,566

Series

2011CC,

RB,

5.88%, 06/15/44

...

155

174,160

New

York

State

Dormitory

Authority

,

Series

2010H,

RB,

5.39%, 03/15/40

.........

60

62,687

Port

Authority

of

New

York

&

New

Jersey

Series

2010-165,

RB,

5.65%, 11/01/40

..

120

129,020

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Series

2014-181,

RB,

4.96%, 08/01/46

..

USD

195

$

191,000

676,139

Ohio

—

0.0%

American

Municipal

Power,

Inc.

,

Series

2010A,

RB,

8.08%, 02/15/50

..............

135

182,971

Texas

—

0.1%

City

of

San

Antonio

Electric

&

Gas

Systems

,

Series

2010A,

RB,

5.81%, 02/01/41

....

215

233,281

State

of

Texas

,

Series

2009A,

GO,

5.52%, 04/01/39

.................

215

231,206

464,487

Total

Municipal

Bonds

—

0.7%

(Cost:

$5,825,228)

..............................

5,246,642

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.4%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

LIBOR

USD

at

0.35%

Floor

and

5.42%

Cap

+

0.35%),

5.42%,

06/25/35

(a)

........

99

80,435

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.00%

Floor

+

1.00%),

4.98%,

02/25/36

(a)

........

14

12,431

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

....................

48

25,151

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

....................

8

3,875

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

and

2.00%

Cap

+

1.73%),

5.71%,

11/25/46

(a)

51

39,885

Series

2006-OA16,

Class

A4C,

(1-mo.

LIBOR

USD

at

0.68%

Floor

+

0.68%),

5.83%,

10/25/46

(a)

..............

133

97,411

Series

2006-OA8,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.38%

Floor

+

0.38%),

5.53%,

07/25/46

(a)

...................

7

5,969

Series

2006-OC10,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.46%

Floor

+

0.46%),

5.61%,

11/25/36

(a)

..............

55

47,768

Series

2006-OC7,

Class

2A3,

(1-mo.

LIBOR

USD

at

0.50%

Floor

+

0.50%),

5.65%,

07/25/46

(a)

...................

60

52,918

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

....................

9

4,441

Series

2007-OA3,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.28%

Floor

+

0.28%),

5.43%,

04/25/47

(a)

...................

13

11,474

American

Home

Mortgage

Assets

Trust

(a)

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

4.92%,

10/25/46

.........

44

30,483

Series

2006-4,

Class

1A12,

(1-mo.

LIBOR

USD

at

0.21%

Floor

+

0.21%),

5.36%,

10/25/46

....................

50

27,395

Series

2007-1,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.70%

Floor

+

0.70%),

4.68%,

02/25/47

....................

50

20,340

APS

Resecuritization

Trust

(a)(b)

Series

2016-1,

Class

1MZ,

2.99%,

07/31/57

280

112,999

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2016-3,

Class

3A,

(1-mo.

LIBOR

USD

at

2.85%

Floor

+

2.85%),

8.00%,

09/27/46

....................

USD

27

$

27,446

Banc

of

America

Funding

Trust

(a)(b)

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

123

34,273

Series

2016-R2,

Class

1A1,

4.70%,

05/01/33

....................

57

55,362

Bayview

Commercial

Asset

Trust,

Series

2007-

4A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.45%

Floor

+

0.45%),

5.83%,

09/25/37

(a)(b)

....

76

69,342

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2006-SL1,

Class

A1,

(1-mo.

LIBOR

USD

at

0.28%

Floor

and

11.00%

Cap

+

0.28%),

5.43%,

08/25/36

.........

13

12,478

Series

2007-AR2,

Class

A1,

(1-mo.

LIBOR

USD

at

0.17%

Floor

and

10.50%

Cap

+

0.17%),

5.32%,

03/25/37

.........

69

63,879

Series

2007-AR3,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.14%

Floor

and

10.50%

Cap

+

0.14%),

5.29%,

03/25/37

.........

9

7,640

Series

2007-AR4,

Class

1A1,

(1-mo.

LIBOR

USD

at

0.40%

Floor

and

10.50%

Cap

+

0.40%),

5.55%,

09/25/47

.........

31

28,002

Series

2007-AR4,

Class

2A1,

(1-mo.

LIBOR

USD

at

0.21%

Floor

and

10.50%

Cap

+

0.21%),

5.36%,

06/25/37

.........

10

9,072

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

.......

653

293,041

CHL

Mortgage

Pass-Through

Trust

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

4.94%,

04/25/46

(a)

........

128

40,243

Series

2006-OA5,

Class

3A1,

(1-mo.

LIBOR

USD

at

0.40%

Floor

+

0.40%),

5.55%,

04/25/46

(a)

...................

14

12,945

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

174

74,498

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

38

31,611

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

54

41,876

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

.....................

281

117,968

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-

mo.

LIBOR

USD

at

1.35%

Floor

and

6.25%

Cap

+

1.35%),

6.25%,

11/25/35

(a)

......

41

9,632

CSMC

Trust,

Series

2009-5R,

Class

4A4,

2.97%,

06/25/36

(a)(b)(e)

..............

—

(c)

1

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

LIBOR

USD

at

0.34%

Floor

+

0.34%),

5.49%,

08/25/47

(a)

.....................

91

80,702

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust,

Series

2006-AB3,

Class

A8,

6.36%,

07/25/36

(a)

.....................

7

5,812

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

5.98%,

03/25/36

(a)

................

13

12,064

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(1-mo.

LIBOR

USD

at

0.35%

Floor

+

0.35%),

5.50%,

01/25/35

....................

31

27,626

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2005-RP2,

Class

1AF,

(1-mo.

LIBOR

USD

at

0.35%

Floor

+

0.35%),

5.50%,

03/25/35

....................

USD

35

$

30,601

Series

2006-RP1,

Class

1AF1,

(1-mo.

LIBOR

USD

at

0.35%

Floor

and

9.15%

Cap

+

0.35%),

5.50%,

01/25/36

.....

29

23,410

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

.........

2

2,896

HarborView

Mortgage

Loan

Trust,

Series

2007-

4,

Class

2A2,

(1-mo.

LIBOR

USD

at

0.25%

Floor

and

10.00%

Cap

+

0.50%),

5.41%,

07/19/47

(a)

.....................

86

78,317

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR19,

Class

3A1,

3.38%,

09/25/37

....................

66

42,826

Series

2007-FLX5,

Class

2A2,

(1-mo.

LIBOR

USD

at

0.24%

Floor

+

0.24%),

5.39%,

08/25/37

...............

77

63,696

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

4.62%,

08/25/37

(a)(b)

........

14

8,811

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(1-mo.

LIBOR

USD

at

0.42%

Floor

+

0.42%),

5.57%,

04/25/37

(a)

.....................

96

81,204

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(1-mo.

LIBOR

USD

at

0.34%

Floor

and

9.00%

Cap

+

0.34%),

5.51%,

04/16/36

(a)(b)

...............

209

197,810

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

.

36

33,995

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

LIBOR

USD

at

0.42%

Floor

+

0.42%),

5.57%,

06/25/37

(a)

................

10

9,049

PRPM

LLC

(a)(b)

Series

2022-1,

Class

A1,

3.72%,

02/25/27

(d)

794

752,240

Series

2023-1,

Class

A1,

6.88%,

02/25/28

366

363,268

RALI

Trust,

Series

2007-QH9,

Class

A1,

5.09%,

11/25/37

(a)

.....................

21

17,740

Reperforming

Loan

REMIC

Trust,

Series

2005-

R3,

Class

AF,

(1-mo.

LIBOR

USD

at

0.40%

Floor

and

9.50%

Cap

+

0.40%),

5.55%,

09/25/35

(a)(b)

....................

3

2,350

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

3.56%,

05/25/57

(a)

...

19

6,301

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.85%,

04/25/36

(a)

.....................

37

22,554

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR4,

Class

3A1,

(1-mo.

LIBOR

USD

at

0.38%

Floor

and

10.50%

Cap

+

0.38%),

5.53%,

06/25/36

.........

56

47,540

Series

2006-AR5,

Class

2A1,

(1-mo.

LIBOR

USD

at

0.42%

Floor

and

10.50%

Cap

+

0.42%),

5.57%,

05/25/46

.........

32

21,348

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

36

31,999

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(a)(d)

..................

24

20,258

3,486,701

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

0.7%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.78%,

06/05/37

(a)(b)

.........

USD

200

$

138,198

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

D,

(1-mo.

LIBOR

USD

at

1.54%

Floor

+

1.54%),

6.64%,

09/15/34

....................

100

88,379

Series

2017-280P,

Class

E,

(1-mo.

LIBOR

USD

at

2.12%

Floor

+

2.12%),

7.22%,

09/15/34

....................

137

117,216

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

LIBOR

USD

at

2.23%

Floor

+

2.10%),

7.42%,

04/15/35

(a)(b)

........

19

18,240

BAMLL

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2015-200P,

Class

F,

3.72%,

04/14/33

300

253,315

Series

2017-SCH,

Class

CL,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.69%,

11/15/32

....................

100

91,868

Series

2017-SCH,

Class

DL,

(1-mo.

LIBOR

USD

at

2.00%

Floor

+

2.00%),

7.19%,

11/15/32

....................

100

88,579

Series

2018-DSNY,

Class

D,

(1-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

6.89%,

09/15/34

....................

650

642,178

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-4A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.30%

Floor

+

0.45%),

5.60%,

01/25/36

....................

26

23,339

Series

2005-4A,

Class

M1,

(1-mo.

LIBOR

USD

at

0.45%

Floor

+

0.68%),

5.83%,

01/25/36

....................

19

17,030

Series

2006-1A,

Class

A2,

(1-mo.

LIBOR

USD

at

0.54%

Floor

+

0.54%),

5.69%,

04/25/36

....................

6

5,527

Series

2006-3A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.25%

Floor

+

0.38%),

5.53%,

10/25/36

....................

9

8,310

Series

2006-3A,

Class

A2,

(1-mo.

LIBOR

USD

at

0.30%

Floor

+

0.45%),

5.60%,

10/25/36

....................

8

6,941

Series

2007-2A,

Class

A1,

(1-mo.

LIBOR

USD

at

0.27%

Floor

+

0.27%),

5.42%,

07/25/37

....................

17

15,481

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(1-mo.

LIBOR

USD

at

0.87%

Floor

+

0.72%),

6.07%,

03/15/37

(a)(b)

........

35

31,519

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

................

64

58,125

BHMS,

Series

2018-ATLS,

Class

A,

(1-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.44%,

07/15/35

(a)(b)

...............

140

136,488

BWAY

Mortgage

Trust

(b)

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

....................

150

138,886

Series

2013-1515,

Class

C,

3.45%,

03/10/33

105

95,534

BX

Commercial

Mortgage

Trust,

Series

2020-

VKNG,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.04%),

6.19%,

10/15/37

(a)(b)

60

58,884

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.67%,

08/13/37

60

43,494

Series

2017-CC,

Class

E,

3.67%,

08/13/37

110

73,142

Series

2017-GM,

Class

D,

3.54%,

06/13/39

200

164,022

Series

2017-GM,

Class

E,

3.54%,

06/13/39

50

37,782

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(1-mo.

LIBOR

USD

at

1.75%

Floor

+

1.75%),

6.94%,

12/15/37

(a)(b)

100

98,238

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Cassia

SRL,

Series

2022-1A,

Class

A,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

5.88%,

05/22/34

(a)(b)

....................

EUR

364

$

377,667

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

..............

USD

30

27,296

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

....

10

9,442

CFK

Trust,

Series

2019-FAX,

Class

D,

4.79%,

01/15/39

(a)(b)

....................

126

108,226

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

C,

5.08%,

04/10/49

(a)

.

20

17,524

Commercial

Mortgage

Trust,

Series

2016-

667M,

Class

D,

3.28%,

10/10/36

(a)(b)

....

100

76,873

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2019-ICE4,

Class

A,

(1-mo.

LIBOR

USD

at

0.98%

Floor

+

0.98%),

6.17%,

05/15/36

(a)(b)

....................

696

692,792

CSMC

Trust

(b)

Series

2017-PFHP,

Class

A,

(1-mo.

LIBOR

USD

at

0.95%

Floor

+

0.95%),

6.14%,

12/15/30

(a)

...................

60

57,301

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

100

84,340

Series

2022-NWPT,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.29%,

09/09/24

(a)

..............

224

223,765

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

E,

3.65%,

10/10/34

....................

210

160,521

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

....................

80

58,751

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

A,

5.37%,

05/03/32

(b)

.....

100

96,809

GS

Mortgage

Securities

Corp.

Trust,

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(b)

.

100

76,000

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

.....................

110

102,300

IMT

Trust

(b)

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

....................

100

96,589

Series

2017-APTS,

Class

EFX,

3.61%,

06/15/34

(a)

...................

100

94,062

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.29%,

12/15/48

(a)(b)

....................

100

75,994

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP7,

Class

B,

4.05%,

09/15/50

10

8,202

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-NXSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.18%

Floor

+

2.18%),

7.33%,

09/15/39

(a)(b)

.........

300

300,091

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust,

Series

2007-1A,

Class

1A,

(1-mo.

LIBOR

USD

at

0.25%

Floor

+

0.25%),

5.40%,

03/25/37

(a)(b)

.........

2

1,721

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.31%,

04/20/48

(a)(b)

..

8

8,043

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

4.08%,

05/10/39

(a)(b)

......

190

110,113

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.38%,

08/19/35

(a)(b)

...............

270

269,325

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2017-2,

Class

M3,

4.24%,

11/25/47

52

41,749

Series

2017-2,

Class

M4,

5.00%,

11/25/47

26

20,197

5,646,408

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.70%,

12/15/35

(b)

.....................

USD

15,000

$

168,106

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.73%,

02/15/50

..............

1,000

19,148

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

1.06%,

08/10/35

(b)

................

947

26,570

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.73%,

11/05/36

(b)

................

3,475

24,368

Benchmark

Mortgage

Trust

Series

2018-B8,

Class

XA,

0.78%,

01/15/52

4,504

111,085

Series

2019-B9,

Class

XA,

1.19%,

03/15/52

1,009

43,889

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.85%,

05/10/58

...

170

3,006

Commercial

Mortgage

Trust

Series

2015-3BP,

Class

XA,

0.17%,

02/10/35

(b)

...................

1,916

2,661

Series

2015-CR25,

Class

XA,

0.95%,

08/10/48

....................

173

2,348

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX10,

Class

XB,

0.26%,

11/15/50

..

1,430

14,396

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.95%,

09/15/47

....................

996

5,365

Series

2014-C23,

Class

XA,

0.74%,

09/15/47

....................

962

4,915

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

.....................

1,800

36,603

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

.............

900

17,556

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

Series

2014-C19,

Class

XF,

1.33%,

12/15/47

....................

130

2,163

Series

2015-C26,

Class

XD,

1.45%,

10/15/48

....................

120

3,154

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

XD,

1.75%,

03/15/49

(b)

...................

1,000

37,365

Series

2017-H1,

Class

XD,

2.31%,

06/15/50

(b)

...................

110

7,473

Series

2019-L2,

Class

XA,

1.17%,

03/15/52

375

16,116

One

Market

Plaza

Trust

(b)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

....................

1,880

54

Series

2017-1MKT,

Class

XNCP,

0.22%,

02/10/32

....................

376

979

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-BNK1,

Class

XD,

1.39%,

08/15/49

(b)

.....................

1,000

31,672

578,992

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(i)

....

112

11,877

Total

Non-Agency

Mortgage-Backed

Securities

—

1.2%

(Cost:

$10,913,803)

..............................

9,723,978

Security

Beneficial

Interest

(000)

Value

Other

Interests

(o)

Capital

Markets

—

0.0%

(e)(g)(h)

Lehman

Brothers

Holdings,

Capital

Trust

VII

.

USD

185

$

—

Lehman

Brothers

Holdings,

Inc.

.........

1,025

—

Total

Other

Interests

—

0.0%

(Cost:

$12)

...................................

—

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

0.1%

Capital

Markets

—

0.1%

State

Street

Corp.

(a)(f)

Series

F,

(3-mo.

LIBOR

USD

+

3.60%),

9.15%

......................

68

67,832

Series

H,

(3-mo.

LIBOR

USD

+

2.54%),

5.63%

......................

349

324,299

392,131

Total

Preferred

Securities

—

0.1%

(Cost:

$418,986)

................................

392,131

U.S.

Government

Sponsored

Agency

Securities

Interest

Only

Collateralized

Mortgage

Obligations

—

0.2%

Federal

Home

Loan

Mortgage

Corp.

Series

389,

Class

C45,

3.00%, 10/15/52

.

4,519

737,040

Series

5052,

Class

KI,

4.00%, 12/25/50

..

198

37,833

Series

5081,

Class

AI,

3.50%, 03/25/51

..

322

56,135

Series

5161,

Class

LI,

3.00%, 11/25/51

..

1,072

139,379

Series

5196,

Class

DI,

3.00%, 02/25/52

..

492

75,643

Federal

National

Mortgage

Association

Series

2021-3,

Class

MI,

3.50%, 02/25/51

534

93,822

Series

2021-31,

Class

IB,

4.00%, 06/25/51

609

118,913

Series

427,

Class

C85,

3.50%, 08/25/49

.

563

98,167

Series

428,

Class

C16,

3.00%, 03/25/50

.

1,855

289,797

Government

National

Mortgage

Association

Series

2021-83,

Class

PI,

3.00%, 05/20/51

2,279

329,929

Series

2022-78,

Class

D,

3.00%, 08/20/51

1,166

165,620

2,142,278

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2015-48,

0.91%, 02/16/50

......

15

343

Series

2015-173,

0.60%, 09/16/55

.....

113

2,477

2,820

Mortgage-Backed

Securities

—

44.4%

Federal

Home

Loan

Mortgage

Corp.

2.50%, 01/01/29

-

04/01/31

..........

236

220,249

3.00%, 09/01/27

-

12/01/46

..........

822

748,303

3.50%, 02/01/31

-

01/01/48

..........

1,596

1,504,744

4.00%, 08/01/40

-

12/01/45

..........

128

123,357

4.50%, 02/01/39

-

04/01/49

..........

2,263

2,224,316

5.00%, 10/01/41

-

11/01/48

..........

97

97,395

5.50%, 02/01/35

-

06/01/41

..........

85

87,660

Federal

National

Mortgage

Association

4.00%, 01/01/41

.................

7

7,100

6.00%, 07/01/39

.................

71

72,296

Government

National

Mortgage

Association

2.00%, 07/20/23

(p)

................

6,994

5,877,713

2.00%, 08/20/50

-

02/20/51

..........

4,838

4,081,025

2.50%, 07/20/23

(p)

................

3,188

2,760,632

2.50%, 04/20/51

-

01/20/53

..........

8,977

7,780,964

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

3.00%, 07/20/23

(p)

................

USD

3,797

$

3,392,125

3.00%, 02/15/45

-

01/20/52

..........

5,113

4,590,383

3.50%, 07/20/23

(p)

................

3,349

3,091,262

3.50%, 01/15/42

-

11/20/46

..........

3,449

3,232,909

4.00%, 07/20/23

(p)

................

3,680

3,481,583

4.00%, 04/20/39

-

12/20/47

..........

857

825,507

4.50%, 07/20/23

(p)

................

11,682

11,274,955

4.50%, 12/20/39

-

07/20/49

..........

680

665,447

5.00%, 07/20/23

(p)

................

2,488

2,444,849

5.00%, 12/15/38

-

07/20/44

..........

64

64,943

5.50%, 07/20/23

(p)

................

1,592

1,584,537

6.00%, 07/20/23

(p)

................

855

860,678

6.50%, 07/20/23

(p)

................

416

423,312

Uniform

Mortgage-Backed

Securities

1.50%, 07/13/23

-

07/18/23

(p)

.........

1,012

803,841

1.50%, 12/01/35

-

03/01/51

..........

12,445

10,161,614

2.00%, 07/13/23

-

07/18/23

(p)

.........

13,526

11,238,111

2.00%, 10/01/31

-

03/01/52

..........

47,387

39,420,853

2.50%, 07/13/23

-

08/14/23

(p)

.........

7,786

6,705,979

2.50%, 09/01/27

-

04/01/52

..........

42,576

36,660,429

2.50%, 01/01/52

(q)

................

6,015

5,149,892

3.00%, 07/13/23

-

07/18/23

(p)

.........

16,957

14,951,108

3.00%, 04/01/28

-

08/01/52

..........

17,781

15,962,728

3.50%, 07/13/23

-

07/18/23

(p)

.........

19,020

17,338,297

3.50%, 03/01/29

-

01/01/51

..........

10,903

10,089,842

4.00%, 07/13/23

-

07/18/23

(p)

.........

9,212

8,653,906

4.00%, 08/01/31

-

06/01/52

..........

18,835

17,939,246

4.50%, 07/13/23

-

07/18/23

(p)

.........

26,263

25,256,675

4.50%, 02/01/25

-

08/01/52

..........

7,199

7,063,848

5.00%, 07/13/23

(p)

................

23,727

23,248,311

5.00%, 02/01/35

-

04/01/53

..........

3,722

3,667,303

5.50%, 07/13/23

(p)

................

21,058

20,955,823

5.50%, 02/01/35

-

06/01/53

..........

5,241

5,231,957

6.00%, 07/13/23

(p)

................

340

343,002

6.00%, 04/01/35

-

06/01/53

..........

11,157

11,363,887

6.50%, 07/13/23

(p)

................

826

843,359

6.50%, 05/01/40

.................

56

57,893

354,626,148

Total

U.S.

Government

Sponsored

Agency

Securities

—

44.6%

(Cost:

$373,604,450)

.............................

356,771,246

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25%, 05/15/39

-

11/15/40

..........

529

550,664

4.50%, 08/15/39

.................

4,057

4,360,851

4.38%, 11/15/39

-

05/15/40

..........

2,101

2,220,023

4.63%, 02/15/40

.................

432

471,083

1.13%, 05/15/40

-

08/15/40

..........

3,866

2,495,910

3.88%, 08/15/40

-

02/15/43

..........

2,355

2,303,080

1.38%, 11/15/40

-

08/15/50

..........

4,675

2,886,550

3.13%, 02/15/43

-

08/15/44

..........

2,483

2,152,561

2.88%, 05/15/43

-

05/15/49

..........

1,138

944,639

3.63%, 08/15/43

-

02/15/53

..........

2,898

2,770,057

3.75%, 11/15/43

.................

528

504,611

2.50%, 02/15/45

.................

4,920

3,809,156

3.00%, 05/15/47

-

08/15/52

..........

6,537

5,541,519

2.75%, 11/15/47

.................

4,920

3,957,333

3.00%, 02/15/48

(r)

................

5,129

4,324,589

3.38%, 11/15/48

(q)

................

7,080

6,398,273

2.25%, 08/15/49

-

02/15/52

..........

1,946

1,413,196

2.38%, 11/15/49

-

05/15/51

..........

3,625

2,696,901

1.63%, 11/15/50

.................

1,951

1,211,291

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

U.S.

Treasury

Inflation

Linked

Bonds

,

1.50%, 02/15/53

.................

USD

84

$

81,823

U.S.

Treasury

Notes

1.75%, 07/31/24

-

01/31/29

..........

9,430

8,982,793

2.13%, 07/31/24

-

05/15/25

..........

2,153

2,061,157

1.50%, 10/31/24

-

02/15/30

..........

10,676

9,994,589

2.00%, 02/15/25

-

11/15/26

..........

2,610

2,448,679

2.63%, 04/15/25

-

02/15/29

..........

4,384

4,189,466

0.38%, 04/30/25

-

09/30/27

..........

17,532

15,996,692

2.75%, 05/15/25

-

08/15/32

..........

13,102

12,241,092

4.00%, 12/15/25

.................

4,500

4,429,512

0.75%, 05/31/26

.................

4,768

4,282,819

2.38%, 05/15/27

-

05/15/29

..........

2,443

2,255,093

0.50%, 05/31/27

-

08/31/27

..........

8,029

6,906,409

2.25%, 08/15/27

.................

3,746

3,462,855

1.25%, 09/30/28

-

08/15/31

..........

8,019

6,592,708

3.13%, 11/15/28

.................

1,164

1,108,846

1.88%, 02/28/29

-

02/15/32

..........

191

166,023

1.63%, 08/15/29

.................

1,320

1,151,030

3.88%, 09/30/29

.................

5,234

5,182,478

4.00%, 10/31/29

(r)

................

7,851

7,830,452

3.88%, 12/31/29

(r)

................

12,101

11,995,589

1.63%, 05/15/31

(r)

................

4,730

4,019,576

2.88%, 05/15/32

.................

764

707,908

Total

U.S.

Treasury

Obligations

—

20.9%

(Cost:

$181,998,180)

.............................

167,099,876

Total

Long-Term

Investments

—

112.6%

(Cost:

$953,669,163)

.............................

899,836,811

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

6.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

4.98%

(n)(s)

.................

52,512,005

52,512,005

Total

Short-Term

Securities

—

6.6%

(Cost:

$52,512,005)

..............................

52,512,005

Total

Options

Purchased

—

0.4%

(

Cost:

$1,769,595

)

..............................

3,973,163

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

119.6%

(Cost:

$1,007,950,763

)

...........................

956,321,979

Total

Options

Written

—

(0.6)%

(Premium

Received

—

$(2,419,966))

..................

(5,154,436)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

(p)

Mortgage-Backed

Securities

—

(11.8)%

Government

National

Mortgage

Association

2.00%

,

 07/20/23

.................

(110)

(92,447)

2.50%

,

 07/20/23

.................

(92)

(79,659)

3.00%

,

 07/20/23

.................

(76)

(67,904)

3.50%

,

 07/20/23

.................

(52)

(47,993)

Uniform

Mortgage-Backed

Securities

1.50%

,

 07/13/23

-

07/18/23

..........

(70)

(57,415)

2.50%

,

 07/13/23

-

08/14/23

..........

(14,279)

(12,120,537)

3.00%

,

 07/13/23

-

07/18/23

..........

(1,114)

(983,888)

3.50%

,

 07/13/23

-

07/18/23

..........

(245)

(224,207)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

June

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

4.00%

,

 07/13/23

-

08/14/23

..........

USD

(16,619)

$

(15,601,288)

4.50%

,

 07/13/23

-

08/14/23

..........

(56,285)

(54,124,945)

5.50%

,

 07/13/23

.................

(8,368)

(8,327,169)

6.00%

,

 07/13/23

.................

(2,441)

(2,462,448)

2.00%

,

 07/18/23

.................

(84)

(74,432)

Total

TBA

Sale

Commitments

—

(11.8)%

(Proceeds:

$(94,620,448))

.........................

(94,264,332)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

107.2%

(Cost:

$910,910,349

)

.............................

856,903,211

Liabilities

in

Excess

of

Other

Assets

—

(7.2)%

............

(57,842,763)

Net

Assets

—

100.0%

..............................

$

799,060,448

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Rounds

to

less

than

1,000.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Perpetual

security

with

no

stated

maturity

date.

(g)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(h)

Non-income

producing

security.

(i)

Zero-coupon

bond.

(j)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(k)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(l)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(m)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(n)

Affiliate

of

the

Fund.

(o)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(p)

Represents

or

includes

a

TBA

transaction.

(q)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

TBA

commitments.

(r)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(s)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/23

Shares

Held

at

06/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

...

$

122,525,407

$

—

$

(70,013,402)

(a)

$

—

$

—

$

52,512,005

52,512,005

$

1,214,549

$

—

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

....

131,261,596

—

—

—

1,296,767

132,558,363

14,408,518

3,730,206

—

$

—

$

1,296,767

$

185,070,368

$

4,944,755

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

22

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

30-day

Federal

Funds

.......................................................

4

08/31/23

$

1,579

$

(174)

Euro-Bobl

...............................................................

2

09/07/23

253

6

U.S.

Treasury

Long

Bond

.....................................................

171

09/20/23

21,733

(54,150)

U.S.

Treasury

Ultra

Bond

.....................................................

35

09/20/23

4,779

2,285

U.S.

Treasury

2-Year

Note

....................................................

168

09/29/23

34,167

(49,663)

U.S.

Treasury

5-Year

Note

....................................................

778

09/29/23

83,343

(769,148)

3-mo.

EURIBOR

..........................................................

6

06/17/24

1,574

(9,872)

3-mo.

SOFR

.............................................................

558

06/18/24

132,379

(423,236)

3-mo.

SOFR

.............................................................

197

09/17/24

46,911

(134,039)

3-mo.

SONIA

Index

.........................................................

56

09/17/24

16,695

(30,652)

3-mo.

Canadian

Bankers

Acceptance

............................................

2

09/18/24

359

(1,857)

(1,470,500)

Short

Contracts

Euro-Bund

..............................................................

2

09/07/23

292

86

Euro-Buxl

...............................................................

2

09/07/23

305

(2,854)

Japan

10-Year

Bond

........................................................

23

09/12/23

23,678

(107,849)

3-mo.

SONIA

Index

.........................................................

4

09/19/23

1,204

5,213

U.S.

Treasury

10-Year

Note

...................................................

62

09/20/23

6,962

38,695

3-mo.

SOFR

.............................................................

1

12/19/23

237

286

3-mo.

SOFR

.............................................................

1

12/17/24

239

2,279

3-mo.

SOFR

.............................................................

3

03/18/25

720

3,484

(60,660)

$

(1,531,160)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

386,560

USD

80,000

Bank

of

America

NA

07/05/23

$

732

BRL

1,380,569

USD

281,000

BNP

Paribas

SA

07/05/23

7,326

BRL

802,198

USD

161,000

Citibank

NA

07/05/23

6,537

BRL

386,600

USD

80,000

Goldman

Sachs

International

07/05/23

740

COP

2,038,770,876

USD

486,812

Bank

of

America

NA

07/05/23

1,892

USD

198,000

BRL

945,094

Barclays

Bank

plc

07/05/23

620

USD

234,000

TWD

7,133,656

Citibank

NA

07/13/23

5,052

AUD

122,000

USD

80,778

JPMorgan

Chase

Bank

NA

07/18/23

524

CLP

64,312,000

USD

80,000

Deutsche

Bank

AG

07/18/23

76

CZK

5,923,374

USD

268,000

Goldman

Sachs

International

07/18/23

3,722

EUR

74,000

NOK

850,920

Deutsche

Bank

AG

07/18/23

1,488

EUR

29,000

USD

31,288

Standard

Chartered

Bank

07/18/23

378

GBP

28,000

USD

35,207

BNP

Paribas

SA

07/18/23

357

GBP

28,000

USD

35,203

Deutsche

Bank

AG

07/18/23

360

GBP

96,000

USD

121,042

JPMorgan

Chase

Bank

NA

07/18/23

890

HUF

55,941,840

USD

162,000

JPMorgan

Chase

Bank

NA

07/18/23

1,248

INR

10,079,090

USD

122,000

Citibank

NA

07/18/23

728

MXN

2,055,370

GBP

94,000

Goldman

Sachs

International

07/18/23

370

NOK

216,307

USD

20,000

Barclays

Bank

plc

07/18/23

162

PLN

339,096

USD

82,000

Goldman

Sachs

International

07/18/23

1,340

USD

42,220

AUD

62,000

Bank

of

America

NA

07/18/23

902

USD

27,756

AUD

41,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

433

USD

438,000

CLP

348,845,100

Morgan

Stanley

&

Co.

International

plc

07/18/23

3,646

USD

20,427

GBP

16,000

HSBC

Bank

plc

07/18/23

105

USD

81,578

GBP

64,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

292

USD

40,000

HUF

13,636,779

JPMorgan

Chase

Bank

NA

07/18/23

206

USD

122,000

INR

10,014,370

Citibank

NA

07/18/23

60

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

23

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

61,000

JPY

8,443,998

Barclays

Bank

plc

07/18/23

$

2,360

USD

82,000

KRW

104,540,980

Deutsche

Bank

AG

07/18/23

2,618

USD

80,000

SEK

856,670

Deutsche

Bank

AG

07/18/23

522

USD

71,500

THB

2,504,752

Citibank

NA

07/18/23

760

USD

60,000

ZAR

1,101,834

Citibank

NA

07/18/23

1,536

USD

20,000

ZAR

365,607

JPMorgan

Chase

Bank

NA

07/18/23

601

USD

80,000

ZAR

1,482,968

UBS

AG

07/18/23

1,314

USD

52,542

EUR

47,470

HSBC

Bank

plc

08/08/23

649

USD

268,317

ZAR

4,970,868

Morgan

Stanley

&

Co.

International

plc

08/08/23

5,172

MXN

3,238,665

USD

178,144

JPMorgan

Chase

Bank

NA

08/31/23

8,954

EUR

450,000

GBP

387,073

Bank

of

America

NA

09/20/23

1,282

EUR

770,000

GBP

661,080

UBS

AG

09/20/23

3,777

EUR

150,000

USD

163,740

Deutsche

Bank

AG

09/20/23

583

EUR

310,000

USD

337,617

HSBC

Bank

plc

09/20/23

1,983

GBP

267,374

EUR

310,000

Deutsche

Bank

AG

09/20/23

35

USD

336,454

AUD

490,000

Bank

of

America

NA

09/20/23

9,319

USD

109,266

CAD

144,000

Bank

of

New

York

Mellon

09/20/23

433

USD

788,982

EUR

718,970

BNP

Paribas

SA

09/20/23

1,362

USD

436,700

EUR

398,000

Deutsche

Bank

AG

09/20/23

697

USD

669,041

EUR

610,000

HSBC

Bank

plc

09/20/23

795

USD

537,494

EUR

490,000

JPMorgan

Chase

Bank

NA

09/20/23

707

USD

447,820

EUR

408,030

Toronto

Dominion

Bank

09/20/23

830

USD

333,828

GBP

260,000

JPMorgan

Chase

Bank

NA

09/20/23

3,560

USD

469,916

JPY

65,540,000

Bank

of

New

York

Mellon

09/20/23

10,112

USD

87,767

EUR

79,897

Deutsche

Bank

AG

09/22/23

233

USD

321,093

IDR

4,808,366,311

Citibank

NA

09/26/23

1,832

102,212

USD

82,000

BRL

404,956

Citibank

NA

07/05/23

(2,574)

USD

81,000

BRL

413,056

Goldman

Sachs

International

07/05/23

(5,265)

USD

80,000

BRL

389,641

JPMorgan

Chase

Bank

NA

07/05/23

(1,375)

USD

81,000

BRL

404,757

Morgan

Stanley

&

Co.

International

plc

07/05/23

(3,532)

USD

80,000

BRL

384,000

Toronto

Dominion

Bank

07/05/23

(198)

USD

438,420

COP

2,038,770,876

JPMorgan

Chase

Bank

NA

07/05/23

(50,281)

TWD

3,589,560

USD

117,000

Standard

Chartered

Bank

07/13/23

(1,796)

AUD

86,000

CAD

77,587

BNP

Paribas

SA

07/18/23

(1,268)

AUD

19,000

USD

12,861

BNP

Paribas

SA

07/18/23

(199)

AUD

180,000

USD

120,516

JPMorgan

Chase

Bank

NA

07/18/23

(560)

CAD

155,264

EUR

108,000

Deutsche

Bank

AG

07/18/23

(702)

CNY

284,512

USD

40,000

HSBC

Bank

plc

07/18/23

(822)

COP

339,776,000

GBP

64,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

(198)

EUR

4,000

PLN

17,810

HSBC

Bank

plc

07/18/23

(10)

EUR

152,000

USD

166,784

Citibank

NA

07/18/23

(810)

EUR

146,000

USD

160,032

Deutsche

Bank

AG

07/18/23

(612)

HUF

40,784,400

USD

120,000

Bank

of

America

NA

07/18/23

(984)

IDR

3,338,714,000

USD

224,000

Citibank

NA

07/18/23

(2,072)

JPY

8,673,162

EUR

58,000

Bank

of

America

NA

07/18/23

(3,100)

JPY

6,229,440

USD

45,000

State

Street

Bank

and

Trust

Co.

07/18/23

(1,739)

KRW

103,872,000

USD

80,000

Citibank

NA

07/18/23

(1,126)

KRW

106,358,100

USD

82,000

JPMorgan

Chase

Bank

NA

07/18/23

(1,238)

MYR

368,160

USD

80,000

Barclays

Bank

plc

07/18/23

(654)

NOK

442,306

EUR

38,000

HSBC

Bank

plc

07/18/23

(266)

NOK

442,332

EUR

38,000

Natwest

Markets

plc

07/18/23

(263)

NOK

850,416

EUR

74,000

UBS

AG

07/18/23

(1,536)

THB

4,934,216

USD

143,000

Citibank

NA

07/18/23

(3,646)

USD

156,234

AUD

236,000

UBS

AG

07/18/23

(1,040)

USD

96,000

CAD

127,927

Goldman

Sachs

International

07/18/23

(587)

USD

22,000

COP

93,134,140

BNP

Paribas

SA

07/18/23

(226)

USD

80,000

COP

337,880,000

Citibank

NA

07/18/23

(636)

USD

121,148

EUR

112,000

Goldman

Sachs

International

07/18/23

(1,148)

USD

80,000

HUF

27,945,688

JPMorgan

Chase

Bank

NA

07/18/23

(1,550)

USD

44,000

MXN

764,782

State

Street

Bank

and

Trust

Co.

07/18/23

(562)

ZAR

1,445,726

EUR

72,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

(1,908)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

24

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

ZAR

1,460,200

USD

80,000

Bank

of

America

NA

07/18/23

$

(2,522)

ZAR

375,714

USD

20,000

Deutsche

Bank

AG

07/18/23

(65)

ZAR

316,070

USD

17,000

Morgan

Stanley

&

Co.

International

plc

07/18/23

(229)

BRL

949,974

USD

198,000

Barclays

Bank

plc

08/02/23

(670)

USD

80,000

BRL

391,760

Citibank

NA

08/02/23

(1,378)

USD

898,654

MXN

16,443,926

Barclays

Bank

plc

08/31/23

(51,331)

USD

1,027,420

MXN

18,887,729

JPMorgan

Chase

Bank

NA

08/31/23

(63,745)

USD

122,360

MXN

2,281,087

Morgan

Stanley

&

Co.

International

plc

08/31/23

(9,421)

USD

224,618

MXN

4,166,430

State

Street

Bank

and

Trust

Co.

08/31/23

(16,081)

USD

191,046

CZK

4,214,710

Barclays

Bank

plc

09/06/23

(1,872)

AUD

490,000

USD

337,515

Morgan

Stanley

&

Co.

International

plc

09/20/23

(10,381)

EUR

1,050,000

USD

1,153,916

JPMorgan

Chase

Bank

NA

09/20/23

(3,658)

GBP

783,134

EUR

910,000

HSBC

Bank

plc

09/20/23

(2,103)

GBP

260,000

USD

333,572

Deutsche

Bank

AG

09/20/23

(3,303)

USD

189,373

EUR

175,000

Deutsche

Bank

AG

09/20/23

(2,337)

USD

831,305

EUR

760,000

HSBC

Bank

plc

09/20/23

(1,263)

USD

273,420

EUR

250,000

Societe

Generale

SA

09/20/23

(451)

COP

165,362,112

USD

38,349

Barclays

Bank

plc

12/20/23

(295)

USD

468,602

COP

2,038,770,876

Bank

of

America

NA

12/20/23

(580)

(266,168)

$

(163,956)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EUR

Currency

...............

One-Touch

Bank

of

America

NA

09/12/23

USD

1.02

USD

1.02

EUR

30

$

756

EUR

Currency

...............

One-Touch

HSBC

Bank

plc

11/16/23

USD

1.05

USD

1.05

EUR

15

2,173

$

2,929

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

U.S.

Treasury

2-Year

Note

.....................

11

07/21/23

USD

102.25

USD

2,200

$

1,547

Put

U.S.

Treasury

2-Year

Note

.....................

11

07/21/23

USD

101.25

USD

2,200

2,063

3-mo.

SOFR

Interest

Futures

....................

327

10/13/23

USD

94.38

USD

81,750

67,444

3-mo.

SOFR

Interest

Futures

....................

327

10/13/23

USD

96.00

USD

81,750

320,869

3-mo.

SOFR

Interest

Futures

....................

343

10/13/23

USD

94.88

USD

85,750

334,425

3-mo.

SOFR

Interest

Futures

....................

514

10/13/23

USD

95.00

USD

128,500

626,438

3-mo.

SOFR

Interest

Futures

....................

857

10/13/23

USD

95.63

USD

214,250

2,228,200

3,579,439

$

3,580,986

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

07/11/23

USD

1.10

EUR

146

$

270

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

25

OTC

Currency

Options

Purchased

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........................

Goldman

Sachs

International

07/17/23

ZAR

19.75

USD

122

$

214

USD

Currency

...........................

Goldman

Sachs

International

07/18/23

ZAR

18.60

USD

120

2,332

EUR

Currency

...........................

Deutsche

Bank

AG

07/19/23

USD

1.13

EUR

1,250

212

USD

Currency

...........................

Barclays

Bank

plc

07/20/23

CLP

810.00

USD

80

791

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

07/25/23

COP

4,200.00

USD

80

1,241

5,060

Put

USD

Currency

...........................

HSBC

Bank

plc

07/10/23

MXN

17.70

USD

122

4,030

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

07/17/23

ZAR

19.00

USD

61

1,017

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

07/20/23

NOK

11.60

EUR

74

460

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

07/20/23

USD

1.08

EUR

148

366

GBP

Currency

...........................

Bank

of

America

NA

07/24/23

USD

1.25

GBP

62

219

USD

Currency

...........................

Barclays

Bank

plc

08/04/23

MXN

17.50

USD

162

3,534

USD

Currency

...........................

Citibank

NA

08/10/23

BRL

4.90

USD

162

4,437

AUD

Currency

...........................

Citibank

NA

08/18/23

USD

0.66

AUD

178

1,426

15,489

$

20,549

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.11%

Semi-Annual

Goldman

Sachs

International

04/20/26

3.11

%

USD

2,079

$

92,123

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.24%

Semi-Annual

Barclays

Bank

plc

06/15/26

3.24

USD

939

46,890

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.15%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

06/23/26

3.15

USD

792

37,009

176,022

Put

10-Year

Interest

Rate

Swap

(a)

3.11%

Semi-Annual

1-day

SOFR

Annual

Goldman

Sachs

International

04/20/26

3.11

USD

2,079

107,223

10-Year

Interest

Rate

Swap

(a)

3.24%

Semi-Annual

1-day

SOFR

Annual

Barclays

Bank

plc

06/15/26

3.24

USD

939

45,127

10-Year

Interest

Rate

Swap

(a)

3.15%

Semi-Annual

1-day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

06/23/26

3.15

USD

792

40,327

192,677

$

368,699

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

U.S.

Treasury

2-Year

Note

......................

11

07/21/23

USD

102.00

USD

2,200

$

(2,750)

Put

3-mo.

SOFR

Interest

Futures

.....................

327

10/13/23

USD

94.63

USD

81,750

(171,675)

3-mo.

SOFR

Interest

Futures

.....................

327

10/13/23

USD

95.75

USD

81,750

(222,769)

3-mo.

SOFR

Interest

Futures

.....................

343

10/13/23

USD

95.13

USD

85,750

(508,069)

3-mo.

SOFR

Interest

Futures

.....................

514

10/13/23

USD

95.25

USD

128,500

(899,500)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

26

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

3-mo.

SOFR

Interest

Futures

.....................

857

10/13/23

USD

95.38

USD

214,250

$

(1,740,781)

(3,542,794)

$

(3,545,544)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

.............................

Deutsche

Bank

AG

07/19/23

USD

1.15

EUR

1,250

$

(6)

EUR

Currency

.............................

JPMorgan

Chase

Bank

NA

07/20/23

NOK

11.95

EUR

74

(283)

USD

Currency

.............................

HSBC

Bank

plc

07/25/23

COP

4,400.00

USD

80

(293)

–

(582)

–

Put

USD

Currency

.............................

Goldman

Sachs

International

07/17/23

ZAR

19.00

USD

122

(2,035)

USD

Currency

.............................

Goldman

Sachs

International

07/18/23

ZAR

17.75

USD

120

(40)

USD

Currency

.............................

Barclays

Bank

plc

07/20/23

CLP

790.00

USD

80

(431)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

07/25/23

COP

4,100.00

USD

80

(459)

USD

Currency

.............................

Barclays

Bank

plc

08/04/23

MXN

17.10

USD

242

(1,805)

USD

Currency

.............................

Citibank

NA

08/10/23

BRL

4.75

USD

202

(2,041)

AUD

Currency

.............................

Citibank

NA

08/18/23

USD

0.65

AUD

178

(638)

–

(7,449)

–

$

(8,031)

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

5-Year

Interest

Rate

Swap

(a)

.

3.31%

Semi-Annual

1-day

SOFR

Annual

Barclays

Bank

plc

06/14/24

3.31

%

USD

11,326

$

(199,242)

10-Year

Interest

Rate

Swap

(a)

3.02%

Semi-Annual

1-day

SOFR

Annual

Goldman

Sachs

International

03/16/26

3.02

USD

2,023

(81,693)

10-Year

Interest

Rate

Swap

(a)

3.12%

Semi-Annual

1-day

SOFR

Annual

Goldman

Sachs

International

03/16/26

3.12

USD

1,767

(77,635)

10-Year

Interest

Rate

Swap

(a)

3.05%

Semi-Annual

1-day

SOFR

Annual

UBS

AG

05/04/26

3.05

USD

1,038

(43,677)

(402,247)

Put

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.05%

Semi-Annual

Barclays

Bank

plc

08/14/23

4.05

USD

8,635

(114,724)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.11%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/22/23

4.11

USD

4,151

(50,402)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.15%

Semi-Annual

UBS

AG

08/22/23

4.15

USD

4,318

(49,699)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.10%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/23/23

4.10

USD

4,151

(51,053)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.13%

Semi-Annual

UBS

AG

08/23/23

4.13

USD

4,317

(51,043)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.18%

Semi-Annual

BNP

Paribas

SA

08/24/23

4.18

USD

8,303

(92,403)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.30%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/31/23

4.30

USD

8,303

(76,507)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.43%

Semi-Annual

JPMorgan

Chase

Bank

NA

08/31/23

4.43

USD

8,303

(61,925)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.39%

Semi-Annual

JPMorgan

Chase

Bank

NA

09/05/23

4.39

USD

8,303

(67,251)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.61%

Semi-Annual

Barclays

Bank

plc

09/05/23

4.61

USD

8,303

(45,678)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.31%

Semi-Annual

Barclays

Bank

plc

06/14/24

3.31

USD

11,326

(281,296)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

27

OTC

Interest

Rate

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.02%

Semi-Annual

Goldman

Sachs

International

03/16/26

3.02

%

USD

2,023

$

(110,298)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.12%

Semi-Annual

Goldman

Sachs

International

03/16/26

3.12

USD

1,767

(90,228)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.05%

Semi-Annual

UBS

AG

05/04/26

3.05

USD

1,038

(56,107)

(1,198,614)

$

(1,600,861)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

Index

Series

39.V1

.

5.00

%

Quarterly

06/20/28

EUR

380

$

(17,057)

$

(7,984)

$

(9,073)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

40.V1

...........

5.00

%

Quarterly

06/20/28

B+

USD

6,103

$

179,795

$

104,080

$

75,715

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

EFFR

At

Termination

5.28%

At

Termination

07/26/23

(a)

09/20/23

USD

141,575

$

(6,818)

$

—

$

(6,818)

1-day

EFFR

At

Termination

5.28%

At

Termination

07/26/23

(a)

09/20/23

USD

142,810

(6,219)

—

(6,219)

0.20%

Annual

1-day

TONAR

Annual

N/A

02/03/25

JPY

130,448

(3,150)

—

(3,150)

0.21%

Annual

1-day

TONAR

Annual

N/A

02/03/25

JPY

130,448

(3,241)

—

(3,241)

3-mo.

JIBAR

Quarterly

7.20%

Quarterly

03/20/24

(a)

03/20/25

ZAR

11,002

(6,306)

—

(6,306)

9.84%

Monthly

28-day

MXIBTIIE

Monthly

N/A

05/16/25

MXN

8,333

568

—

568

4.62%

Annual

3-mo.

PRIBOR

Quarterly

06/19/24

(a)

06/19/25

CZK

26,155

(445)

—

(445)

1-day

ESTR

At

Termination

3.30%

At

Termination

07/02/24

(a)

07/02/25

EUR

3,260

(3,216)

(287)

(2,929)

1-day

ESTR

At

Termination

3.40%

At

Termination

07/02/24

(a)

07/02/25

EUR

3,210

126

126

—

3-mo.

CD_KSDA

Quarterly

3.19%

Quarterly

09/20/23

(a)

09/20/26

KRW

414,399

(3,561)

—

(3,561)

3-mo.

CD_KSDA

Quarterly

3.19%

Quarterly

09/20/23

(a)

09/20/26

KRW

560,658

(4,848)

—

(4,848)

3-mo.

CD_KSDA

Quarterly

3.33%

Quarterly

09/20/23

(a)

09/20/26

KRW

220,445

(1,229)

—

(1,229)

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

09/20/23

(a)

09/20/26

KRW

220,478

(979)

—

(979)

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

09/20/23

(a)

09/20/26

KRW

220,478

(991)

—

(991)

28-day

MXIBTIIE

Monthly

8.42%

Monthly

N/A

01/20/28

MXN

4,623

(304)

—

(304)

28-day

MXIBTIIE

Monthly

8.35%

Monthly

N/A

04/28/28

MXN

2,733

(75)

—

(75)

6-mo.

PRIBOR

Semi-Annual

4.32%

Annual

09/20/23

(a)

09/20/28

CZK

6,142

177

—

177

6-mo.

PRIBOR

Semi-Annual

4.54%

Annual

09/20/23

(a)

09/20/28

CZK

5,189

2,501

—

2,501

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

28

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

5.70%

Annual

6-mo.

WIBOR

Semi-Annual

09/20/23

(a)

09/20/28

PLN

727

$

(6,253)

$

—

$

(6,253)

6-mo.

EURIBOR

Semi-Annual

2.44%

Annual

07/14/27

(a)

07/14/32

EUR

383

(4,447)

—

(4,447)

0.90%

Annual

1-day

TONAR

Annual

N/A

02/15/33

JPY

153,382

(36,171)

—

(36,171)

0.90%

Annual

1-day

TONAR

Annual

N/A

02/15/33

JPY

76,691

(17,955)

—

(17,955)

0.92%

Annual

1-day

TONAR

Annual

N/A

02/15/33

JPY

222,140

(55,033)

—

(55,033)

0.89%

Annual

1-day

TONAR

Annual

N/A

02/15/33

JPY

76,691

(17,302)

—

(17,302)

3-mo.

BA

Semi-Annual

3.30%

Semi-Annual

N/A

03/27/33

CAD

60

(2,028)

5

(2,033)

3-mo.

BA

Semi-Annual

3.35%

Semi-Annual

N/A

03/30/33

CAD

61

(1,864)

(124)

(1,740)

3-mo.

BA

Semi-Annual

3.28%

Semi-Annual

N/A

04/25/33

CAD

181

(6,128)

(588)

(5,540)

3-mo.

BA

Semi-Annual

3.44%

Semi-Annual

N/A

05/09/33

CAD

61

(1,417)

—

(1,417)

3-mo.

BA

Semi-Annual

3.36%

Semi-Annual

N/A

05/12/33

CAD

62

(1,741)

(4)

(1,737)

3-mo.

BA

Semi-Annual

3.43%

Semi-Annual

N/A

05/15/33

CAD

186

(4,403)

(896)

(3,507)

3-mo.

BA

Semi-Annual

3.77%

Semi-Annual

N/A

05/30/33

CAD

63

(109)

(30)

(79)

3-mo.

BA

Semi-Annual

3.68%

Semi-Annual

N/A

05/31/33

CAD

64

(471)

—

(471)

3-mo.

BA

Semi-Annual

3.68%

Semi-Annual

N/A

06/01/33

CAD

64

(483)

—

(483)

3-mo.

BA

Semi-Annual

3.92%

Semi-Annual

N/A

06/13/33

CAD

12

94

—

94

1-day

REPO_CORRA

Semi-Annual

3.54%

Semi-Annual

N/A

06/15/33

CAD

6,559

34,683

—

34,683

1-day

REPO_CORRA

Semi-Annual

3.54%

Semi-Annual

N/A

06/22/33

CAD

1,335

7,337

—

7,337

1-day

SONIA

Annual

4.28%

Annual

N/A

06/27/33

GBP

1,936

(18,188)

—

(18,188)

3-mo.

BA

Semi-Annual

3.85%

Semi-Annual

N/A

06/29/33

CAD

62

243

—

243

3.24%

Annual

1-day

SOFR

Annual

07/01/25

(a)

07/01/35

USD

210

(468)

108

(576)

3.37%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

03/27/53

CAD

26

734

(5)

739

3.40%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

03/30/53

CAD

26

631

68

563

3.32%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

04/25/53

CAD

78

2,657

479

2,178

3.48%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/09/53

CAD

27

264

—

264

3.38%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/12/53

CAD

27

680

(22)

702

3.44%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/15/53

CAD

81

1,279

357

922

3.66%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/30/53

CAD

27

(441)

82

(523)

3.58%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

05/31/53

CAD

28

(129)

—

(129)

3.56%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

06/01/53

CAD

28

(67)

—

(67)

3.77%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

06/13/53

CAD

5

(162)

—

(162)

3.40%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

N/A

06/15/53

CAD

2,915

(78,987)

—

(78,987)

2.49%

Annual

1-day

SOFR

Annual

06/15/43

(a)

06/15/53

USD

90

(291)

—

(291)

3.36%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

N/A

06/22/53

CAD

584

(12,541)

—

(12,541)

3.75%

Annual

1-day

SONIA

Annual

N/A

06/27/53

GBP

848

16,669

—

16,669

3.64%

Semi-Annual

3-mo.

BA

Semi-Annual

N/A

06/29/53

CAD

27

(370)

—

(370)

$

(240,188)

$

(731)

$

(239,457)

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

2.53%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/28/33

USD

42

$

60

$

—

$

60

2.45%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/09/53

USD

421

900

—

900

2.46%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/09/53

USD

421

(124)

—

(124)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

29

Centrally

Cleared

Inflation

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.73%

At

Termination

06/15/53

EUR

555

$

5,071

$

—

$

5,071

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.77%

At

Termination

06/15/53

EUR

303

7,015

—

7,015

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.77%

At

Termination

06/15/53

EUR

303

7,764

—

7,764

2.43%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/30/53

USD

820

5,454

—

5,454

$

26,140

$

—

$

26,140

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Federative

Republic

of

Brazil

..

1.00

%

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

$

(1,062)

$

895

$

(1,957)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

122

(1,080)

910

(1,990)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

(1,062)

895

(1,957)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

78

(691)

571

(1,262)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

170

(1,505)

1,244

(2,749)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

123

(1,089)

899

(1,988)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

141

4,619

9,743

(5,124)

Republic

of

Colombia

.......

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

316

18,124

30,326

(12,202)

Republic

of

Colombia

.......

1.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/28

USD

121

6,929

7,078

(149)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

06/20/28

USD

154

150

2,804

(2,654)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

99

190

1,049

(859)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

3

6

34

(28)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8

1,907

407

1,500

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

—

—

(129)

129

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

—

—

(11)

11

$

–

$

–

$

–

$

25,436

$

56,715

$

(31,279)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CMBX.NA.9.BBB-

.....

3.00

%

Monthly

Deutsche

Bank

AG

09/17/58

BBB-

USD

8

$

(1,907)

$

(848)

$

(1,059)

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

A

USD

120

(11,617)

(4,574)

(7,043)

CMBX.NA.10.A

.......

2.00

Monthly

Deutsche

Bank

AG

11/17/59

A

USD

60

(5,807)

(2,325)

(3,482)

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

BBB-

USD

10

(3,033)

(759)

(2,274)

CMBX.NA.14.BBB-

....

3.00

Monthly

Goldman

Sachs

International

12/16/72

BBB-

USD

90

(26,034)

(15,052)

(10,982)

$

(48,398)

$

(23,558)

$

(24,840)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

30

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

12.37%

At

Termination

1-day

IBR

At

Termination

Citibank

NA

04/18/24

COP

2,014,959

$

(529)

$

—

$

(529)

1-day

BZDIOVER

At

Termination

12.60%

At

Termination

Bank

of

America

NA

07/01/24

BRL

1,928

2,472

—

2,472

1-day

BZDIOVER

At

Termination

12.97%

At

Termination

Citibank

NA

07/01/24

BRL

1,112

2,343

—

2,343

1-day

BZDIOVER

At

Termination

12.97%

At

Termination

Goldman

Sachs

International

07/01/24

BRL

672

1,408

—

1,408

11.90%

At

Termination

1-day

IBR

At

Termination

Bank

of

America

NA

10/19/24

COP

1,044,911

(1,743)

—

(1,743)

1-day

BZDIOVER

At

Termination

11.87%

At

Termination

Bank

of

America

NA

01/02/25

BRL

2,232

6,107

—

6,107

1-day

BZDIOVER

At

Termination

11.38%

At

Termination

Bank

of

America

NA

01/02/26

BRL

1,265

7,460

—

7,460

1-day

BZDIOVER

At

Termination

11.75%

At

Termination

Citibank

NA

01/02/26

BRL

1,446

11,066

—

11,066

1-day

BZDIOVER

At

Termination

11.80%

At

Termination

Citibank

NA

01/02/26

BRL

1,373

10,944

—

10,944

1-day

BZDIOVER

At

Termination

11.92%

At

Termination

Citibank

NA

01/02/26

BRL

2,095

17,977

—

17,977

$

57,505

$

—

$

57,505

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0.05

%

1-day

EFFR

.........................................

Effective

Federal

Funds

Rate

5.08

1-day

ESTR

.........................................

Euro

Short-Term

Rate

3.40

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

12.27

1-day

REPO_CORRA

...................................

Canadian

Overnight

Repo

Rate

4.75

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.07

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

4.93

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

(0.08)

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11.50

3-mo.

BA

...........................................

Canadian

Bankers

Acceptances

5.40

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3.75

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8.50

3-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

7.13

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3.90

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

7.15

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

6.85

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

105,305

$

(9,940)

$

169,619

$

(316,294)

$

—

OTC

Swaps

.....................................................

56,855

(23,698)

61,417

(60,031)

—

Options

Written

...................................................

N/A

N/A

121,605

(2,856,075)

(5,154,436)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

31

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

52,334

$

—

$

52,334

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

102,212

—

—

102,212

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

............

—

—

—

23,478

3,949,685

—

3,973,163

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

75,715

—

—

67,640

26,264

169,619

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

58,495

—

—

59,777

—

118,272

$

—

$

134,210

$

—

$

125,690

$

4,129,436

$

26,264

$

4,415,600

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

1,583,494

$

—

$

1,583,494

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

266,168

—

—

266,168

Options

written

(b)

Options

written

at

value

.....................

—

—

—

8,031

5,146,405

—

5,154,436

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

9,073

—

—

307,097

124

316,294

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

81,457

—

—

2,272

—

83,729

$

—

$

90,530

$

—

$

274,199

$

7,039,268

$

124

$

7,404,121

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

June

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(168,300)

$

—

$

4,128,623

$

—

$

3,960,323

Forward

foreign

currency

exchange

contracts

....

—

—

—

(109,455)

—

—

(109,455)

Options

purchased

(a)

.....................

—

—

—

(402,259)

705,729

—

303,470

Options

written

........................

—

—

—

94,798

(1,328,461)

—

(1,233,663)

Swaps

..............................

—

18,133

—

—

598,302

12,860

629,295

$

—

$

18,133

$

(168,300)

$

(416,916)

$

4,104,193

$

12,860

$

3,549,970

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

—

$

—

$

(1,151,989)

$

—

$

(1,151,989)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(193,637)

—

—

(193,637)

Options

purchased

(b)

.....................

—

—

—

(12,545)

1,423,808

—

1,411,263

Options

written

........................

—

—

—

(2,208)

(1,266,570)

—

(1,268,778)

Swaps

..............................

—

85

—

—

(942,254)

26,140

(916,029)

$

—

$

85

$

—

$

(208,390)

$

(1,937,005)

$

26,140

$

(2,119,170)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

32

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

216,305,067

Average

notional

value

of

contracts

—

short

.................................................................................

$

50,394,379

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

15,810,551

Average

amounts

sold

—

in

USD

........................................................................................

$

10,601,727

Options

Average

value

of

option

contracts

purchased

................................................................................

$

1,879,903

Average

value

of

option

contracts

written

...................................................................................

$

1,793,303

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

34,857,744

Average

notional

value

of

swaption

contracts

written

...........................................................................

$

91,795,661

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

2,093,075

Average

notional

value

—

sell

protection

...................................................................................

$

3,339,700

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

17,369,100

Average

notional

value

—

receives

fixed

rate

................................................................................

$

163,401,984

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

852,161

Average

notional

value

—

receives

fixed

rate

................................................................................

$

632,896

Total

return

swaps

Average

notional

value

...............................................................................................

$

5,949,500

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

234,399

$

—

Forward

foreign

currency

exchange

contracts

.................................................................

102,212

266,168

Options

(a)(b)

........................................................................................

3,973,163

5,154,436

Swaps

—

centrally

cleared

..............................................................................

18,223

—

Swaps

—

OTC

(c)

.....................................................................................

118,272

83,729

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

4,446,269

$

5,504,333

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(3,833,608)

(3,545,544)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

612,661

$

1,958,789

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statement

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statement

of

Assets

and

Liabilities.

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

33

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

(b)

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

31,141

$

(8,929)

$

(22,212)

$

—

$

—

Bank

of

New

York

................................

10,545

—

—

—

10,545

Barclays

Bank

plc

................................

147,771

(147,771)

—

—

—

BNP

Paribas

SA

.................................

9,045

(9,045)

—

—

—

Citibank

NA

....................................

64,698

(15,450)

—

—

49,248

Deutsche

Bank

AG

...............................

6,964

(6,964)

—

—

—

Goldman

Sachs

International

........................

209,472

(209,472)

—

—

—

HSBC

Bank

plc

..................................

9,735

(4,757)

—

—

4,978

JPMorgan

Chase

Bank

NA

..........................

18,803

(18,803)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

98,188

(27,164)

—

—

71,024

Standard

Chartered

Bank

...........................

378

(378)

—

—

—

Toronto

Dominion

Bank

............................

830

(198)

—

—

632

UBS

AG

......................................

5,091

(5,091)

—

—

—

$

612,661

$

(454,022)

$

(22,212)

$

—

$

136,427

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

..............................

$

8,929

$

(8,929)

$

—

$

—

$

—

Barclays

Bank

plc

................................

729,881

(147,771)

(465,909)

—

116,201

BNP

Paribas

SA

.................................

94,096

(9,045)

—

—

85,051

Citibank

NA

....................................

15,450

(15,450)

—

—

—

Deutsche

Bank

AG

...............................

26,496

(6,964)

(18,285)

—

1,247

Goldman

Sachs

International

........................

394,963

(209,472)

—

—

185,491

HSBC

Bank

plc

..................................

4,757

(4,757)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

429,828

(18,803)

(75,453)

—

335,572

JPMorgan

Securities

LLC

...........................

3,033

—

—

—

3,033

Morgan

Stanley

&

Co.

International

plc

..................

27,164

(27,164)

—

—

—

Natwest

Markets

plc

..............................

263

—

—

—

263

Societe

Generale

SA

..............................

451

—

—

—

451

Standard

Chartered

Bank

...........................

1,796

(378)

—

—

1,418

State

Street

Bank

and

Trust

Co.

......................

18,382

—

—

—

18,382

Toronto

Dominion

Bank

............................

198

(198)

—

—

—

UBS

AG

......................................

203,102

(5,091)

—

—

198,011

$

1,958,789

$

(454,022)

$

(559,647)

$

—

$

945,120

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Net

amount

may

be

offset

further

by

the

options

written

receivable/payable

on

the

Statement

of

Assets

and

Liabilities.

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

34

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

....................................

$

—

$

32,203,623

$

70,077

$

32,273,700

Corporate

Bonds

Aerospace

&

Defense

....................................

—

10,434,849

—

10,434,849

Banks

...............................................

—

13,301,241

750

13,301,991

Biotechnology

.........................................

—

5,296,562

—

5,296,562

Building

Products

.......................................

—

92,274

—

92,274

Capital

Markets

........................................

—

28,528,339

—

28,528,339

Chemicals

............................................

—

109,867

—

109,867

Commercial

Services

&

Supplies

.............................

—

203,048

—

203,048

Communications

Equipment

................................

—

642,759

—

642,759

Construction

&

Engineering

................................

—

192,136

—

192,136

Consumer

Finance

......................................

—

1,227,763

—

1,227,763

Diversified

REITs

.......................................

—

7,233,788

—

7,233,788

Diversified

Telecommunication

Services

........................

—

6,863,474

—

6,863,474

Electric

Utilities

........................................

—

22,179,398

—

22,179,398

Financial

Services

......................................

—

2,440,252

—

2,440,252

Gas

Utilities

...........................................

—

957,037

—

957,037

Ground

Transportation

...................................

—

4,617,160

—

4,617,160

Health

Care

Providers

&

Services

............................

—

4,239,276

—

4,239,276

Hotels,

Restaurants

&

Leisure

..............................

—

47,046

—

47,046

Insurance

............................................

—

1,553,944

—

1,553,944

Interactive

Media

&

Services

...............................

—

849,702

—

849,702

Life

Sciences

Tools

&

Services

..............................

—

177,137

—

177,137

Media

...............................................

—

2,965,505

—

2,965,505

Metals

&

Mining

........................................

—

2,278,617

—

2,278,617

Multi-Utilities

..........................................

—

2,555,259

—

2,555,259

Oil,

Gas

&

Consumable

Fuels

...............................

—

32,138,045

—

32,138,045

Passenger

Airlines

......................................

—

2,111,691

—

2,111,691

Pharmaceuticals

.......................................

—

1,606,062

—

1,606,062

Real

Estate

Management

&

Development

.......................

—

173,256

—

173,256

Retail

REITs

..........................................

—

164,082

—

164,082

Semiconductors

&

Semiconductor

Equipment

....................

—

4,125,982

—

4,125,982

Software

.............................................

—

3,270,454

—

3,270,454

Specialized

REITs

......................................

—

8,734,804

—

8,734,804

Specialty

Retail

........................................

—

1,016,106

—

1,016,106

Technology

Hardware,

Storage

&

Peripherals

....................

—

1,459,734

—

1,459,734

Tobacco

.............................................

—

2,139,824

—

2,139,824

Wireless

Telecommunication

Services

.........................

—

5,629,476

—

5,629,476

Floating

Rate

Loan

Interests

Broadline

Retail

........................................

—

60,867

—

60,867

Building

Products

.......................................

—

34,527

—

34,527

Chemicals

............................................

—

279,654

—

279,654

Commercial

Services

&

Supplies

.............................

—

136,361

—

136,361

Consumer

Finance

......................................

—

—

2,730

2,730

Diversified

Telecommunication

Services

........................

—

262,793

—

262,793

Financial

Services

......................................

—

—

606,950

606,950

Food

Products

.........................................

—

173,039

—

173,039

Health

Care

Providers

&

Services

............................

—

44,571

146,313

190,884

Hotels,

Restaurants

&

Leisure

..............................

—

734,018

—

734,018

Household

Durables

.....................................

—

62,917

—

62,917

IT

Services

...........................................

—

150,296

—

150,296

Media

...............................................

—

222,844

—

222,844

Specialty

Retail

........................................

—

130,353

—

130,353

Foreign

Agency

Obligations

.................................

—

1,243,821

—

1,243,821

Foreign

Government

Obligations

..............................

—

9,922,122

—

9,922,122

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

35

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Municipal

Bonds

.........................................

$

—

$

5,246,642

$

—

$

5,246,642

Non-Agency

Mortgage-Backed

Securities

........................

—

9,723,977

1

9,723,978

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

.......................................

—

392,131

—

392,131

U.S.

Government

Sponsored

Agency

Securities

....................

—

356,771,246

—

356,771,246

U.S.

Treasury

Obligations

...................................

—

167,099,876

—

167,099,876

Short-Term

Securities

Money

Market

Funds

......................................

52,512,005

—

—

52,512,005

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

23,478

—

23,478

Interest

rate

contracts

......................................

3,580,986

368,699

—

3,949,685

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(94,264,332)

—

(94,264,332)

$

56,092,991

$

672,579,472

$

826,821

$

729,499,284

Investments

valued

at

NAV

(a)

......................................

132,558,363

$

—

$

862,057,647

$

—

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

77,355

$

—

$

77,355

Foreign

currency

exchange

contracts

............................

—

102,212

—

102,212

Interest

rate

contracts

.......................................

52,334

127,417

—

179,751

Other

contracts

...........................................

—

26,264

—

26,264

Liabilities

Credit

contracts

...........................................

—

(66,832)

—

(66,832)

Foreign

currency

exchange

contracts

............................

—

(274,199)

—

(274,199)

Interest

rate

contracts

.......................................

(5,129,038)

(1,910,230)

—

(7,039,268)

Other

contracts

...........................................

—

(124)

—

(124)

$

(5,076,704)

$

(1,918,137)

$

—

$

(6,994,841)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statement

of

Assets

and

Liabilities

(unaudited)

June

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

36

BlackRock

Total

Return

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

771,251,611‌

Investments,

at

value

—

affiliated

(b)

..........................................................................................

185,070,368‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

3,317,050‌

Centrally

cleared

swaps

................................................................................................

957,090‌

Foreign

currency,

at

value

(c)

...............................................................................................

3,191,683‌

Receivables:

–‌

Investments

sold

....................................................................................................

8,245,481‌

Swaps  

..........................................................................................................

3,160‌

TBA

sale

commitments

................................................................................................

94,620,448‌

Capital

shares

sold

...................................................................................................

1,672,498‌

Dividends

—

affiliated

.................................................................................................

775,779‌

Interest

—

unaffiliated

.................................................................................................

4,173,912‌

Variation

margin

on

futures

contracts

.......................................................................................

234,399‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

18,223‌

Swap

premiums

paid

...................................................................................................

56,855‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

102,212‌

OTC

swaps

........................................................................................................

61,417‌

Prepaid

expenses

.....................................................................................................

8,663‌

Total

assets

.........................................................................................................

1,073,760,849‌

LIABILITIES

Bank

overdraft

........................................................................................................

176,698‌

Options

written,

at

value

(d)

................................................................................................

5,154,436‌

TBA

sale

commitments,

at

value

(e)

..........................................................................................

94,264,332‌

Payables:

–‌

Investments

purchased

................................................................................................

171,367,059‌

Swaps  

..........................................................................................................

7,204‌

Capital

shares

redeemed

...............................................................................................

13,080‌

Deferred

foreign

capital

gain

tax

..........................................................................................

622‌

Distribution

fees

.....................................................................................................

119,921‌

Income

dividend

distributions

............................................................................................

2,384,613‌

Investment

advisory

fees

..............................................................................................

260,299‌

Professional

fees

....................................................................................................

45,555‌

Other

accrued

expenses

...............................................................................................

556,685‌

Swap

premiums

received

................................................................................................

23,698‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

266,168‌

OTC

swaps

........................................................................................................

60,031‌

Total

liabilities

........................................................................................................

274,700,401‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

........................................................................................................

$

799,060,448‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

936,038,053‌

Accumulated

loss

.....................................................................................................

(136,977,605‌)

NET

ASSETS

........................................................................................................

$

799,060,448‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

811,154,758‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

196,796,005‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

3,228,102‌

(d)

  Premiums

received

..................................................................................................

$

2,419,966‌

(e)

  Proceeds

received

from

TBA

sale

commitments

...............................................................................

$

94,620,448‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2023

37

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

.........................................................................................................

$

186,945,358‌

Shares

outstanding

..................................................................................................

18,414,241‌

Net

asset

value

.....................................................................................................

$

10.15‌

Shares

authorized

...................................................................................................

600

million

Par

value

.........................................................................................................

$

0.10‌

Class

III

Net

assets

.........................................................................................................

$

612,115,090‌

Shares

outstanding

..................................................................................................

61,056,111‌

Net

asset

value

.....................................................................................................

$

10.03‌

Shares

authorized

...................................................................................................

100

million

Par

value

.........................................................................................................

$

0.10‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2023

2023

BlackRock

Semi-Annual

Report

to

Shareholders

38

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

4,944,755‌

Interest

—

unaffiliated

.................................................................................................

11,716,818‌

Foreign

taxes

withheld

................................................................................................

(1,866‌)

Total

investment

income

.................................................................................................

16,659,707‌

EXPENSES

Investment

advisory

..................................................................................................

1,580,651‌

Distribution

—

class

specific

............................................................................................

753,955‌

Transfer

agent

—

class

specific

..........................................................................................

550,735‌

Accounting

services

..................................................................................................

77,746‌

Professional

.......................................................................................................

49,717‌

Printing

and

postage

.................................................................................................

29,786‌

Custodian

.........................................................................................................

29,784‌

Registration

.......................................................................................................

10,535‌

Directors

and

Officer

.................................................................................................

3,771‌

Transfer

agent

......................................................................................................

1,081‌

Miscellaneous

......................................................................................................

27,515‌

Total

expenses

excluding

interest

expense

.....................................................................................

3,115,276‌

Interest

expense

....................................................................................................

10,215‌

Total

expenses

.......................................................................................................

3,125,491‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(20,143‌)

Transfer

agent

fees

reimbursed

by

the

Manager

—

class

specific

....................................................................

(369,786‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

2,735,562‌

Net

investment

income

..................................................................................................

13,924,145‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

6,481,881‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

(12,254,423‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

(109,455‌)

Foreign

currency

transactions

.........................................................................................

76,693‌

Futures

contracts

..................................................................................................

3,960,323‌

Options

written

...................................................................................................

(1,233,663‌)

Swaps

.........................................................................................................

629,295‌

A

(8,931,230‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(a)

..........................................................................................

17,651,724‌

Investments

—

affiliated

.............................................................................................

1,296,767‌

Forward

foreign

currency

exchange

contracts

...............................................................................

(193,637‌)

Foreign

currency

translations

..........................................................................................

(4,947‌)

Futures

contracts

..................................................................................................

(1,151,989‌)

Options

written

...................................................................................................

(1,268,778‌)

Swaps

.........................................................................................................

(916,029‌)

A

15,413,111‌

Net

realized

and

unrealized

gain

...........................................................................................

6,481,881‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

20,406,026‌

(a)

  Net

of

increase

in

deferred

foreign

capital

gain

tax

of

............................................................................

$

(622

)

Statements

of

Changes

in

Net

Assets

39

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

13,924,145

‌

$

16,770,507

‌

Net

realized

loss

..................................................................................

(8,931,230

)

(70,914,186

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

15,413,111

‌

(69,721,009

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

20,406,026

‌

(123,864,688

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(3,455,610

)

(4,788,015

)

  Class

III

.......................................................................................

(10,199,041

)

(12,018,905

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(13,654,651

)

(16,806,920

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

40,801,789

‌

44,918,168

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

47,553,164

‌

(95,753,440

)

Beginning

of

period

..................................................................................

751,507,284

‌

847,260,724

‌

End

of

period

......................................................................................

$

799,060,448

‌

$

751,507,284

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

40

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

0.82%

and

0.57%,

respectively.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

Class

I

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Net

asset

value,

beginning

of

period

................

$

10.05

‌

$

11.98

‌

$

12.40

‌

$

12.22

‌

$

11.53

‌

$

11.91

‌

Net

investment

income

(a)

........................

0.19

‌

0.25

‌

0.17

‌

0.25

‌

0.35

‌

0.33

‌

Net

realized

and

unrealized

gain

(loss)

...............

0.10

‌

(1.93

)

(0.35

)

0.82

‌

0.73

‌

(0.39

)

Net

increase

(decrease)

from

investment

operations

.......

0.29

‌

(1.68

)

(0.18

)

1.07

‌

1.08

‌

(0.06

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.19

)

(0.25

)

(0.17

)

(0.29

)

(0.35

)

(0.32

)

From

net

realized

gain

..........................

—

‌

(0.00

)

(c)

(0.07

)

(0.60

)

(0.04

)

—

‌

Total

distributions

..............................

(0.19

)

(0.25

)

(0.24

)

(0.89

)

(0.39

)

(0.32

)

Net

asset

value,

end

of

period

.....................

$

10.15

‌

$

10.05

‌

$

11.98

‌

$

12.40

‌

$

12.22

‌

$

11.53

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

2.86

%

(e)

(14.06

)%

(1.42

)%

8.88

%

9.49

%

(0.46

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.64

%

(g)

0.65

%

0.65

%

0.69

%

0.74

%

0.85

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.......

0.46

%

(g)

0.46

%

0.47

%

0.51

%

0.54

%

0.58

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.......................

0.45

%

(g)

0.46

%

0.47

%

0.51

%

0.52

%

0.55

%

Net

investment

income

..........................

3.75

%

(g)

2.36

%

1.44

%

1.98

%

2.90

%

2.84

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

186,945

‌

$

187,263

‌

$

232,294

‌

$

250,444

‌

$

245,548

‌

$

246,390

‌

Portfolio

turnover

rate

(i)

...........................

299

%

488

%

647

%

674

%

536

%

488

%

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Portfolio

turnover

rate

(excluding

MDRs)

...............................

199%

283%

334%

399%

326%

310%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

41

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

reorganization

costs

associated

with

the

Fund's

reorganization.  Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

1.03%

and

0.88%,

respectively.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Total

Return

V.I.

Fund

Class

III

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Net

asset

value,

beginning

of

period

................

$

9.93

‌

$

11.83

‌

$

12.24

‌

$

12.07

‌

$

11.40

‌

$

11.76

‌

Net

investment

income

(a)

........................

0.17

‌

0.22

‌

0.13

‌

0.21

‌

0.31

‌

0.29

‌

Net

realized

and

unrealized

gain

(loss)

...............

0.10

‌

(1.90

)

(0.34

)

0.81

‌

0.71

‌

(0.37

)

Net

increase

(decrease)

from

investment

operations

.......

0.27

‌

(1.68

)

(0.21

)

1.02

‌

1.02

‌

(0.08

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.17

)

(0.22

)

(0.13

)

(0.25

)

(0.31

)

(0.28

)

From

net

realized

gain

..........................

—

‌

(0.00

)

(c)

(0.07

)

(0.60

)

(0.04

)

—

‌

Total

distributions

..............................

(0.17

)

(0.22

)

(0.20

)

(0.85

)

(0.35

)

(0.28

)

Net

asset

value,

end

of

period

.....................

$

10.03

‌

$

9.93

‌

$

11.83

‌

$

12.24

‌

$

12.07

‌

$

11.40

‌

Total

Return

(d)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

2.71

%

(e)

(14.28

)%

(1.69

)%

8.54

%

9.05

%

(0.63

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.84

%

(g)

0.86

%

0.87

%

0.92

%

0.97

%

1.06

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

.......

0.77

%

(g)

0.77

%

0.78

%

0.82

%

0.85

%

0.89

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.......................

0.76

%

(g)

0.77

%

0.78

%

0.82

%

0.83

%

0.86

%

Net

investment

income

..........................

3.45

%

(g)

2.07

%

1.12

%

1.67

%

2.58

%

2.54

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

612,115

‌

$

564,245

‌

$

614,967

‌

$

470,328

‌

$

385,784

‌

$

318,595

‌

Portfolio

turnover

rate

(i)

...........................

299

%

488

%

647

%

674

%

536

%

488

%

Six

Months

Ended

06/30/23

(unaudited)

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Year

Ended

12/31/18

Portfolio

turnover

rate

(excluding

MDRs)

...............................

199%

283%

334%

399%

326%

310%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

42

1.

ORGANIZATION 

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company. The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of 2 separate

funds.

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Total

Return

V.I.

Fund (the

“Fund”). The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

June

30,

2023

,

if

any,

are

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.  

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions: 

Distributions

from

net

investment

income

are

declared daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”), the directors

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Directors”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Directors.

This

has

the

same

economic

effect

for

the

Independent Directors

as

if

the

Independent Directors

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Directors’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

Notes

to

Financial

Statements

(unaudited)

(continued)

43

Notes

to

Financial

Statements

BlackRock

Fixed

Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the

Statement(s)

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Fund’s

Manager

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with the

Manager's policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

44

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

June

30,

2023,

certain

investments

of

the

Fund

were fair valued

using

NAV

as

a

practical

expedient as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

45

Notes

to

Financial

Statements

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Statement

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-

indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

of

the

interest

(IOs)

and

principal

(POs)

distributions

on

a

pool

of

Mortgage

Assets.

Stripped

mortgage-backed

securities

may

be

privately

issued.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

46

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Forward

Commitments, When-Issued

and

Delayed

Delivery

Securities

:

The

Fund

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made.

The

Fund

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement,

the

Fund

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

the

fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty,

the

Fund’s

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

a

fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date,

if

there

are

expenses

or

delays

in

connection

with

the

TBA

transactions,

or

if

the

counterparty

fails

to

complete

the

transaction.

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

a

fund

mitigate its

counterparty

risk,

TBA

commitments

may

be

entered

into

by

a

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

an

“MSFTA”).

An

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

default

and/or

termination

event. The

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

the

collateral

currently

pledged

by

a

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

for

TBA

commitments

or

cash

received

as

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

by

a

fund,

if

any,

is

noted

in

the

Schedule

of

Investments. Typically,

a

fund

is

permitted

to

sell,

re-pledge

or

use

the

collateral

it

receives;

however,

the

counterparty

is

not

permitted

to

do

so.

To

the

extent

amounts

due

to

a

fund

are

not

fully

collateralized,

contractually

or

otherwise,

a

fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

:

The

Fund

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

to

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

a

fund

is

not

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

as

purchases

and

sales

and

a

fund realizes

gains

and

losses

on

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

that

a

fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

Notes

to

Financial

Statements

(unaudited)

(continued)

47

Notes

to

Financial

Statements

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Fund

may purchase

and

write

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statement

of

Assets

and

Liabilities.

Swaptions

–

The

Fund

may purchase

and

write

options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Fund’s

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

Foreign

currency

options

–

The

Fund

may purchase

and

write

foreign

currency

options,

foreign

currency

futures

and

options

on

foreign

currency

futures

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Foreign

currency

options

give

the

purchaser

the

right

to

buy

from

or

sell

to

the

writer

a

foreign

currency

at

any

time

before

the

expiration

of

the

option.

Barrier

options

–

The

Fund

may

purchase

and

write

a

variety

of

options

with

non-standard

payout

structures

or

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Fund

may

invest

in

various

types

of

barrier

options,

including

down-and-out

options,

down-and-in

options,

double

no-touch

options,

one-touch

options,

instant

one-touch

options,

up-and-out

options

and

up-and-in

options.

Down-and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Down-and-in

options

expire

worthless

to

the

purchaser

unless

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Double

no-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

does

not

reach

or

surpass

predetermined

barrier

price

levels

prior

to

the

option’s

expiration

date.

One-touch

options

and

instant

one-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

reaches

or

surpasses

predetermined

barrier

price

levels

prior

to

the

expiration

date.

Up-

and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level

prior

to

the

expiration

date.

Up-and-in

options

can

only

be

exercised

when

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level.

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

48

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

—

The

Fund

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

the

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

to

gain

or

reduce

exposure

to

inflation

(inflation

risk).

In

an

inflation

swap,

one

party

makes

fixed

interest

payments

on

a

notional

principal

amount

in

exchange

for

another

party’s

variable

payments

based

on

an

inflation

index,

such

as

the

Consumer

Price

Index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Notes

to

Financial

Statements

(unaudited)

(continued)

49

Notes

to

Financial

Statements

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

based

on

a

percentage

of

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

High

Yield

V.I.

Fund,

a

series

of

the

Company,

at

the

following

annual

rates:

For

the six

months

ended

June

30,

2023,

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

High

Yield

V.I.

Fund

were

approximately

$1,505,459,117.

The

Manager

entered

into

separate

sub-advisory

agreements

with

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-

Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL

and

BSL

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act, the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

an

annual rate

of 

0.25

%

based

upon

the

average

daily

net

assets

attributable

to

Class

III.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services

to

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution

related

services

to

shareholders.

For

the six

months

ended

June

30,

2023,

the

class

specific

distribution

fees

borne

directly

by Class III were

$753,955.

Transfer

Agent:

On

behalf

of

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

of

which

may

be

affiliates.

Pursuant

to

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

to

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets

of

Fund

shareholders

serviced

by

the

Service

Organizations

which

is

shown

as

transfer

agent

–

class

specific

in

the

Statement

of

Operations

.

For

the

six

months

ended

June

30,

2023

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

In

addition,

the

Fund

pays

the

transfer

agent,

which

is

not

an

affiliate,

a

fee

for

the

issuance,

transfer

and

redemption

of

shares

and

the

opening

and

maintenance

of

shareholder

accounts,

which

is

included

in

transfer

agent

in

the

Statement

of

Operations.

For

the

six

months ended

June

30,

2023,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

 ended

June

30,

2023

,

the

amount

waived

was

$20,143.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$250

million

.......................................................................................................

0.50%

$250

million-

$500

million

.................................................................................................

0.45

$500

million-

$750

million

.................................................................................................

0.40

Greater

than

$750

million

.................................................................................................

0.35

Class

I

Class

III

Total

Transfer

agent

fees

-

class

specific

....................................................................

$

170,531‌

$

380,204‌

$

550,735‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

50

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

For

the

six

months

ended

June

30,

2023,

there

were

no

fees

waived

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

has

contractually

agreed

to

reimburse

certain

transfer

agent

fees

in

order

to

limit

such

expenses

to

a

percentage

of

average

daily

net

assets

as

follows:  

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

These

amounts

are

included

in

transfer

agent

fees

reimbursed

by

the

Manager

–

class

specific

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2023,

class

specific

expense

reimbursements

were

as

follows: 

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

In

addition,

with

respect

to

Class

I

shares,

the

Manager

has

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses

including

interest

expense,

and

excluding

dividend

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund's

business

to

0.60%

of

average

daily

net

assets

through

June

30,

2024.

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

June

30,

2023,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

("SEC"),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

June

30,

2023,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the

six

months ended

June

30,

2023,

purchases

and

sales

of

investments,

including

paydowns/payups

and

mortgage

dollar

rolls

and

excluding

short-term

securities,

were

as

follows:

For

the

six

months ended

June

30,

2023,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

$786,142,054

and

$785,876,701,

respectively. 

Class

I

................................................................................................................

0.00‌%

Class

III

...............................................................................................................

0.06‌

Share

Class

Transfer

Agent

Fees

Reimbursed

by

the

Manager

-

Class

Specific

Class

I

.......................................................................................................

$

170,531‌

Class

III

......................................................................................................

199,255‌

$

369,786‌

Class

I

Class

III

Expense

Limitations

..................................................................................

0.60‌%

1.50‌%

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

BlackRock

Total

Return

V.I.

Fund

...........................................

$

205,993,172‌

$

145,845,785‌

$

2,272,945,524‌

$

2,203,068,163‌

Notes

to

Financial

Statements

(unaudited)

(continued)

51

Notes

to

Financial

Statements

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

June

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

As

of

December

31,

2022, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$69,238,439. 

As

of

June

30,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Company,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

SOFR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

in

April

2024

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

June

30,

2023,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Total

Return

V.I.

Fund

.......................................

$

1,010,536,103‌

$

2,338,633‌

$

(60,771,516‌)

$

(58,432,883‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

52

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased,

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund(s) may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

invests.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

backed

by

commercial

or

residential

mortgage

loans

or

in

issuers

that

hold

mortgage

and

other

asset-backed

securities.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

a

greater

risk

of

prepayment

or

payment

extension

by

securities

issuers. Changes

in

economic

conditions,

including

delinquencies

and/or

defaults

on

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

of

such

positions.

Investment

percentages

in

these

securities

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Fund

may

be

exposed

to

financial

instruments

that

are

tied

to

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

announced

that

a

majority

of

USD

LIBOR

settings

will

no

longer

be

published

after

June

30,

2023.

All

other

LIBOR

settings

and

certain

other

interbank

offered

rates

ceased

to

be

published

after

December

31,

2021.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

The

Federal

Reserve

Board

adopted

regulations

that

provide

a

fallback

Notes

to

Financial

Statements

(unaudited)

(continued)

53

Notes

to

Financial

Statements

mechanism

by

identifying

benchmark

rates

based

on

SOFR

that

will

replace

LIBOR

in

certain

financial

contracts

after

June

30,

2023.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

06/30/23

Year

Ended

12/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Total

Return

V.I.

Fund

Class

I

Shares

sold

.............................................

599,842‌

$

6,137,326‌

1,269,585‌

$

13,566,880‌

Shares

issued

in

reinvestment

of

distributions

........................

334,589‌

3,427,436‌

422,553‌

4,498,977‌

Shares

redeemed

.........................................

(1,146,414‌)

(11,764,095‌)

(2,457,355‌)

(26,337,879‌)

(211,983‌)

$

(2,199,333‌)

(765,217‌)

$

(8,272,022‌)

Class

III

Shares

sold

.............................................

5,877,392‌

$

59,708,163‌

9,133,898‌

$

97,878,389‌

Shares

issued

in

reinvestment

of

distributions

........................

983,727‌

9,953,116‌

1,055,485‌

11,052,742‌

Shares

redeemed

.........................................

(2,638,438‌)

(26,660,157‌)

(5,341,159‌)

(55,740,941‌)

4,222,681‌

$

43,001,122‌

4,848,224‌

$

53,190,190‌

4,010,698‌

$

40,801,789‌

4,083,007‌

$

44,918,168‌

Glossary

of

Terms

Used

in

this

Report

2023

BlackRock

Semi-Annual

Report

to

Shareholders

54

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

PLN

Polish

Zloty

RUB

New

Russian

Ruble

SEK

Swedish

Krona

THB

Thai

Baht

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

BA

Canadian

Bankers

Acceptances

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

EFFR

Effective

Federal

Funds

Rate

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

LOC

Letter

of

Credit

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

PIK

Payment-In-Kind

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

REPO_CORRA

Canadian

Overnight

Repo

Rate

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

TONAR

Tokyo

Overnight

Average

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Variable

Series

Funds,

Inc.

(the

“Corporation”)

met

on

April

18,

2023

(the

“April

Meeting”)

and

May

23-24,

2023

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Corporation,

on

behalf

of

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund

(“Large

Cap

Core

V.I.

Fund”),

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund

(“Large

Cap

Value

V.I.

Fund”),

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(“SMID

Cap

V.I.

Fund”),

BlackRock

Basic

Value

V.I.

Fund

(“Basic

Value

V.I.

Fund”),

BlackRock

Capital

Appreciation

V.I.

Fund

(“Capital

Appreciation

V.I.

Fund”),

BlackRock

Equity

Dividend

V.I.

Fund

(“Equity

Dividend

V.I.

Fund”),

BlackRock

Global

Allocation

V.I.

Fund

(“Global

Allocation

V.I.

Fund”),

BlackRock

Government

Money

Market

V.I.

Fund

(“Government

Money

Market

V.I.

Fund”),

BlackRock

International

V.I.

Fund

(“International

V.I.

Fund”),

BlackRock

International

Index

V.I.

Fund

(“International

Index

V.I.

Fund”),

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund

(“60/40

Target

Allocation

ETF

V.I.

Fund”),

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund

(“Large

Cap

Focus

Growth

V.I.

Fund”),

BlackRock

Managed

Volatility

V.I.

Fund

(“Managed

Volatility

V.I.

Fund”),

BlackRock

Small

Cap

Index

V.I.

Fund

(“Small

Cap

Index

V.I.

Fund”)

and

BlackRock

S&P

500

Index

V.I.

Fund

(“S&P

500

Index

V.I.

Fund”)

(each,

a

“Fund,”

and

collectively

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreement

between

the

Manager

and

(a)

BlackRock

International

Limited

(“BIL”)

with

respect

to

International

V.I.

Fund

and

Managed

Volatility

V.I.

Fund

(the

“BIL

Sub-Advisory

Agreements”);

(b)

BlackRock

Asset

Management

North

Asia

Limited

(“BNA”)

with

respect

to

Managed

Volatility

V.I.

Fund

(the

“BNA

Sub-Advisory

Agreement”);

and

(c)

BlackRock

(Singapore)

Limited

(“BSL”

and

together

with

BIL

and

BNA,

the

“Sub-Advisors”)

with

respect

to

Managed

Volatility

V.I.

Fund

and

Global

Allocation

V.I.

Fund

(the

“BSL

Sub-Advisory

Agreements”

and

together

with

the

BIL

Sub-Advisory

Agreements

and

the

BNA

Sub-Advisory

Agreement,

the

“Sub-Advisory

Agreements”).

The

Manager

and

the

Sub-

Advisor

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Corporation,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

of

which

extended

over

a

two-day

period,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

regarding

the

renewal

of

the

Agreement[s].

In

considering

the

renewal

of

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

each

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

each

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

each

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

each

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

each

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

each

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

each

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

each

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

each

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

are

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

each

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

each

Fund’s

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

each

Fund;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

each

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

each

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

each

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

of,

with

respect

to

International

V.I.

Fund

and

Managed

Volatility

V.I.

Fund,

BIL,

with

respect

to

Managed

Volatility

V.I.

Fund

and

Global

Allocation

V.I.

Fund,

BSL

and,

with

respect

to

Managed

Volatility

V.I.

Fund,

BNA,

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

each

Fund

and

its

shareholders.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

each

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2022,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and,

with

respect

to

Large

Cap

Focus

Growth

V.I.

Fund,

Capital

Appreciation

V.I.

Fund,

Equity

Dividend

V.I.

Fund,

Basic

Value

V.I.

Fund,

Large

Cap

Value

V.I.

Fund,

Large

Cap

Core

V.I.

Fund,

SMID

Cap

V.I.

Fund,

Global

Allocation

V.I.

Fund,

60/40

Target

Allocation

ETF

V.I.

Fund

and

International

V.I.

Fund,

the

respective

Morningstar

open-end

fund

category

(“Morningstar

Open-End

Category”)

and,

with

respect

to

Managed

Volatility

V.I.

Fund,

in

light

of

each

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”)

and,

with

respect

to

International

Index

V.I.

Fund,

Small

Cap

Index

V.I.

Fund

and

S&P

500

Index

V.I.

Fund,

the

performance

of

each

Fund

as

compared

with

its

benchmark

and,

with

respect

to

Government

Money

Market

V.I.

Fund,

a

weighted

average

benchmark

of

similar

funds,

as

defined

by

BlackRock

(“Benchmark

Weighted

Average”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

60/40

Target

Allocation

ETF

V.I.

Fund

ranked

in

the

second

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Equity

Dividend

V.I.

Fund

ranked

in

the

second,

third

and

second

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

period.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Basic

Value

V.I.

Fund

ranked

in

the

second,

third

and

third

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Open-

End

Category

during

the

applicable

periods.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

Large

Cap

Value

V.I.

Fund

ranked

in

the

third

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

periods.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Global

Allocation

V.I.

Fund

ranked

in

the

third,

second

and

first

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

period.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

SMID

Cap

V.I.

Fund

ranked

in

the

third,

fourth

and

second

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Open-

End

Category

during

the

applicable

periods.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Large

Cap

Core

V.I.

Fund

ranked

in

the

fourth,

second

and

third

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

periods.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

International

V.I.

Fund

ranked

in

the

fourth,

third

and

third

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

periods.

The

Board

was

informed

that,

among

other

things,

underperformance

was

driven

by

a

uniquely

factor-heavy

market

environment,

creating

headwinds

for

a

more

balanced,

stock

specific

portfolio.

The

Board

and

BlackRock

discussed

BlackRock’s

strategy

for

improving

the

Fund’s

investment

performance.

Discussions

covered

topics

such

as

performance

attribution,

the

Fund’s

investment

personnel,

and

the

resources

appropriate

to

support

the

Fund’s

investment

processes.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

each

of

Large

Cap

Focus

Growth

V.I.

Fund

and

Capital

Appreciation

V.I.

Fund

ranked

in

the

fourth,

fourth

and

third

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

pertinent

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

each

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

periods.

The

Board

was

informed

that,

among

other

things,

underperformance

for

each

fund

was

driven

by

significant

style

factor

rotation

in

2021

and

early

2022

out

of

growth

and

momentum

and

into

value.

The

Board

and

BlackRock

discussed

BlackRock’s

strategy

for

improving

the

pertinent

Fund’s

investment

performance.

Discussions

covered

topics

such

as

performance

attribution,

the

Fund’s

investment

personnel,

and

the

resources

appropriate

to

support

the

Fund’s

investment

processes.

The

Board

reviewed

and

considered

Managed

Volatility

V.I.

Fund’s

performance

relative

to

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

a

total

return

target.

The

Board

noted

that

for

each

of

the

one-,

three-

and

five-year

periods

reported,

the

Fund

underperformed

its

total

return

target.

The

Board

noted

that

BlackRock

believes

that

the

Outcome-Oriented

Performance

Metrics

are

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

total

return

target

during

the

applicable

periods.

The

Board

noted

that

for

the

one-year

period

reported,

S&P

500

Index

V.I.

Fund’s

net

performance

was

within

the

tolerance

range

of

its

benchmark.

The

Board

noted

that

BlackRock

believes

that

net

performance

relative

to

the

benchmark

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-year

period

reported,

International

Index

V.I.

Fund’s

net

performance

was

above

the

tolerance

range

of

its

benchmark.

The

Board

noted

that

BlackRock

believes

that

net

performance

relative

to

the

benchmark

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

above

tolerance

performance

relative

to

its

benchmark

over

the

period.

The

Board

noted

that

for

the

one-year

period

reported,

Small

Cap

Index

V.I.

Fund’s

net

performance

was

above

the

tolerance

range

of

its

benchmark.

The

Board

noted

that

BlackRock

believes

that

net

performance

relative

to

the

benchmark

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

above

tolerance

performance

relative

to

its

benchmark

over

the

period.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

The

Board

reviewed

the

Government

Money

Market

V.I.

Fund’s

performance

within

the

context

of

the

low

yield

environment

that

existed

for

a

portion

of

the

relative

periods.

In

addition

to

reviewing

the

Fund’s

performance

and

current

yield,

it

also

reviews

the

liquidity,

duration,

credit

quality

and

other

risk

factors

of

the

Fund’s

portfolio.

The

Board

noted

that

for

each

of

the

one-and

three-year

periods

reported,

the

Fund

outperformed

its

Benchmark

Weighted

Average.

The

Board

noted

that

BlackRock

believes

that

the

Benchmark

Weighted

Average

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

that

the

fee

and

expense

information

in

the

Broadridge

report

for

the

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

period

of

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2022

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time

and

resources,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

Large

Cap

Focus

Growth

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

first

and

fourth

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Capital

Appreciation

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

fourth

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Equity

Dividend

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

first

and

second

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Basic

Value

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

first

and

third

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

International

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

second

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

noted

that

Large

Cap

Core

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

second

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Large

Cap

Value

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

had

voluntarily

agreed

to

waive

a

portion

of

the

advisory

fee

payable

by

the

Fund.

Finally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

SMID

Cap

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Global

Allocation

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

third

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

BlackRock

has

reviewed

with

the

Board

that

the

varying

fee

structure

for

fund

of

funds

can

limit

the

value

of

management

fee

comparisons. The

Board

noted

that

60/40

Target

Allocation

ETF

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

second

and

first

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers. The

Board

further

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

The

Board

noted

that

Managed

Volatility

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartiles

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

Finally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

S&P

500

Index

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

International

Index

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartiles

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

noted

that

Small

Cap

Index

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Fund

on

a

class-by-class

basis.

The

Board

reviewed

the

expenses

within

the

context

of

the

low

yield

environment

that

existed

for

a

portion

of

the

relative

periods,

and

any

consequent

expense

waivers

and

reimbursements

necessary

to

maintain

minimum

levels

of

daily

net

investment

income,

as

applicable.

The

Board

noted

that

Government

Money

Market

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

in

the

third

and

fourth

quartiles,

respectively,

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Fund

decreases

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

each

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Funds

benefit

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

At

the

May

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

(i)

the

Advisory

Agreement

between

the

Manager

and

the

Corporation,

on

behalf

of

each

Fund,

(ii)

the

BIL

Sub-Advisory

Agreements

between

the

Manager

and

BIL

with

respect

to

International

V.I.

Fund

and

Managed

Volatility

V.I.

Fund,

(iii)

the

BNA

Sub-Advisory

Agreement

between

the

Manager

and

BNA

with

respect

to

Managed

Volatility

V.I.

Fund

and

(iv)

BSL

Sub-Advisory

Agreements

between

the

Manager

and

BSL

with

respect

to

Managed

Volatility

V.I.

Fund

and

Global

Allocation

V.I.

Fund,

each

for

a

one-year

term

ending

June

30,

2024.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and,

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Directors

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

met

on

May

4,

2023

(the

“May

Meeting”)

and

June

1-2,

2023

(the

“June

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Company,

on

behalf

of

BlackRock

High

Yield

V.I.

Fund

(the

“High

Yield

V.I.

Fund”)

and

BlackRock

Total

Return

V.I.

Fund

(the

“Total

Return

V.I.

Fund”

and

together

with

the

High

Yield

V.I.

Fund,

the

“Funds”

and

each,

a

“Fund,”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

(1)

the

Manager

and

BlackRock

International

Limited

(“BIL”),

with

respect

to

each

Fund

and

(2)

BlackRock

(Singapore)

Limited

(“BRS”

and

together

with

BIL,

the

“Sub-Advisors”),

with

respect

to

the

Total

Return

V.I.

Fund.

The

Manager

and

the

Sub-Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Company,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

of

which

extended

over

a

two-day

period,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

regarding

the

renewal

of

the

Agreements.

In

considering

the

renewal

of

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

each

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

each

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

each

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

each

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

each

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

each

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

each

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

each

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

each

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

May

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

are

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

May

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

each

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

each

Fund’s

operations.

At

the

May

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

June

Meeting.

At

the

June

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a) the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b) the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c) the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

each

Fund;

(d) each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

each

Fund;

and

(g) other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

each

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

each

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

each

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

each

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

each

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

each

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

of

the

Sub-Advisers

with

respect

to

each

Fund,

as

applicable,

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

each

Fund

and

its

shareholders.

B.

The

Investment

Performance

of

each

Fund

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

each

Fund

throughout

the

year

and

at

the

May

Meeting.

In

preparation

for

the

May

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2022,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

the

respective

Morningstar

open-end

fund

category

(“Morningstar

Open-End

Category”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

High

Yield

V.I.

Fund

ranked

in

the

second,

second

and

first

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

High

Yield

V.I.

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

Total

Return

V.I.

Fund

ranked

in

the

third,

third

and

second

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

is

an

appropriate

performance

metric

for

the

Total

Return

V.I.

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Total

Return

V.I.

Fund’s

underperformance

relative

to

its

Morningstar

Open-End

Category

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

each

Fund

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

that

the

fee

and

expense

information

in

the

Broadridge

report

for

each

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

period

of

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2022

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time

and

resources,

assumption

of

risk,

and

liability

profile

in

servicing

each

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

High

Yield

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

High

Yield

V.I.

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

High

Yield

V.I.

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

aggregate

assets

of

the

High

Yield

V.I.

Fund,

combined

with

the

assets

of

the

Total

Return

V.I.

Fund,

increase

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

High

Yield

V.I.

Fund

or

the

Total

Return

V.I

Fund,

decrease

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

High

Yield

V.I.

Fund’s

total

expenses

as

a

percentage

of

the

High

Yield

V.I.

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

High

Yield

V.I.

Fund

on

a

class-by-class

basis.

The

Board

noted

that

the

Total

Return

V.I.

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Total

Return

V.I.

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Total

Return

V.I.

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

aggregate

assets

of

the

Total

Return

V.I.

Fund,

combined

with

the

assets

of

the

High

Yield

V.I.

Fund,

increase

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

Total

Return

V.I.

Fund

or

the

High

Yield

V.I

Fund,

decrease

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Total

Return

V.I.

Fund’s

total

expenses

as

a

percentage

of

the

Total

Return

V.I.

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

certain

operational

and

recordkeeping

fees

for

the

Total

Return

V.I.

Fund

on

a

class-by-class

basis.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

each

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

each

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

each

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

each

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

each

Fund,

including

for

administrative,

distribution,

securities

lending,

and

cash

management

services.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

each

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

each

Fund.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

Conclusion

At

the

June

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

May

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Company,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2024,

and

the

Sub-Advisory

Agreements

between

(1)

the

Manager

and

BIL,

with

respect

to

each

Fund,

and

(2)

the

Manager

and

BRS,

with

respect

to

the

Total

Return

V.I.

Fund,

for

a

one-year

term

ending

June

30,

2024.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Additional

Information

Additional

Information

Tailored

Shareholder

Reports

for

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

(except

BlackRock

Government

Money

Market

V.I.

Fund)

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

The 

BlackRock

Government

Money

Market

V.I.

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

each

month

on

Form

N-MFP.

The

Fund’s

reports

on

Form

N-MFP

are

available

on

the

SEC’s

website

at

sec.gov

.

The

Fund

makes

portfolio

holdings

available

to

shareholders

on

its

website

at

blackrock.com

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com/prospectus/insurance

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2023

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

International

Limited

(a)

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

Asset

Management

North

Asia

Limited

(b)

Hong

Kong

BlackRock

(Singapore)

Limited

(c)

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Sidley

Austin

LLP

(d)

New

York,

NY

10019

Willkie

Farr

&

Gallagher

LLP

(e)

New

York,

NY

10019

Address

of

the

Funds

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

High

Yield

V.I.

Fund,

BlackRock

International

V.I.

Fund,

BlackRock

Managed

Volatility

V.I.

Fund

and

BlackRock

Total

Return

V.I.

Fund.

(b)

For

BlackRock

Managed

Volatility

V.I.

Fund.

(c)

For

BlackRock

Global

Allocation

V.I.

Fund,

BlackRock

Managed

Volatility

V.I.

Fund

and

BlackRock

Total

Return

V.I.

Fund.

(d)

For

BlackRock

60/40

Target

Allocation

ETF

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Core

V.I.

Fund,

BlackRock

Advantage

Large

Cap

Value

V.I.

Fund,

BlackRock

Advantage

SMID

Cap

V.I.

Fund,

BlackRock

Basic

Value

V.I.

Fund,

BlackRock

Capital

Appreciation

V.I.

Fund,

BlackRock

Equity

Dividend

V.I.

Fund,

BlackRock

Global

Allocation

V.I.

Fund,

BlackRock

Government

Money

Market

V.I.

Fund,

BlackRock

International

V.I.

Fund,

BlackRock

International

Index

V.I.

Fund,

BlackRock

Large

Cap

Focus

Growth

V.I.

Fund,

BlackRock

Managed

Volatility

V.I.

Fund,

BlackRock

S&P

500

Index

V.I.

Fund

and

BlackRock

Small

Cap

Index

V.I.

Fund.

(e)

For

BlackRock

High

Yield

V.I.

Fund

and

BlackRock

Total

Return

V.I.

Fund.

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

only

for

distribution

to

shareholders

of

the

Funds

of

BlackRock

Variable

Series

Funds,

Inc.

and

BlackRock

Variable

Series

Funds

II,

Inc.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

return

and

principal

value

of

non-money

market

fund

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

You

could

lose

money

by

investing

in

the

Funds.

Although

BlackRock

Government

Money

Market

V.I.

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

An

investment

in

BlackRock

Government

Money

Market

V.I.

Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

BlackRock

Government

Money

Market

V.I.

Fund’s

sponsor

has

no

legal

obligation

to

provide

financial

support

to

the

Fund

at

any

time.

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Total

return

information

assumes

reinvestment

of

all

distributions.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

For

current

month-end

performance

information,

call

(800)

626-1960.

BlackRock

Government

Money

Market

V.I.

Fund’s

current

7-day

yield

more

closely

reflects

the

current

earnings

of

the

Fund

than

the

total

returns

quoted.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

VS-6/23-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable                  

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

section302

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Variable Series Funds II, Inc.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Variable Series Funds II, Inc.

Date: August 14, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Variable Series Funds II, Inc.

Date: August 14, 2023

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Variable Series Funds II, Inc.

Date: August 14, 2023

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.

I have reviewed this report on Form N-CSR of BlackRock Variable Series Funds II, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2023

/s/ John M. Perlowski_______

John M. Perlowski

Chief Executive Officer (principal executive officer) of
BlackRock Variable Series Funds II, Inc.

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Variable Series Funds II, Inc., certify that:

1.

I have reviewed this report on Form N-CSR of BlackRock Variable Series Funds II, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2023

/s/ Trent Walker______________________

Trent Walker

Chief Financial Officer (principal financial officer) of
BlackRock Variable Series Funds II, Inc.

EX-99.906 CERT

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Variable Series Funds II, Inc. (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 2023 (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: August 14, 2023

/s/ John M. Perlowski______

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Variable Series Funds II, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Variable Series Funds II, Inc. (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 2023 (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: August 14, 2023

/s/ Trent Walker________

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Variable Series Funds II, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.