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: 12/31/2024

Date of reporting period: 06/30/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

BlackRock High Yield V.I. Fund

Class I Shares | HICUI

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock High Yield V.I. Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I Shares	$28	0.55%

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Class I Shares ................................................................................................................................................................	3.24%	10.70%	4.42%	4.25%
Bloomberg U.S. Universal Index................................................................................................................................................................	(0.28)	3.47	0.11	1.63
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index................................................................................................................................................................	2.58	10.43	3.90	4.30

Net Assets................................................................................................................................................................	$931,958,572
Number of Portfolio Holdings................................................................................................................................................................	1,206
Portfolio Turnover Rate................................................................................................................................................................	34%

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock High Yield V.I. Fund (the “Predecessor Fund”), a series of BlackRock Variable Series Funds, Inc., through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

Assuming transaction costs, if any, and other operating expenses, including investment advisory fees. Average annual total returns do not reflect insurance-related fees and expenses.

The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.

What did the Fund invest in?

(as of June 30, 2024)

Credit quality allocation

Credit Rating^{Footnote Reference(a)}	Percent of Total Investments^{Footnote Reference(b)}
A................................................................................................................................................................	0.3%
BBB/Baa................................................................................................................................................................	5.2
BB/Ba................................................................................................................................................................	38.2
B................................................................................................................................................................	46.9
CCC/Caa................................................................................................................................................................	8.5
CC/Ca................................................................................................................................................................	0.1
NR................................................................................................................................................................	0.8

Footnote	Description
Footnote^(a)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote^(b)	Excludes short-term securities.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

BlackRock High Yield V.I. Fund

Class I Shares | HICUI

Semi-Annual Shareholder Report — June 30, 2024

HICUI-06/24-SAR

BlackRock High Yield V.I. Fund

Class III Shares | HCIII

Semi-Annual Shareholder Report — June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class III Shares	$40	0.79%

Fund performance

Average annual total returns

Key Fund statistics

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Class III Shares ................................................................................................................................................................	3.12%	10.61%	4.17%	4.00%
Bloomberg U.S. Universal Index................................................................................................................................................................	(0.28)	3.47	0.11	1.63
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index................................................................................................................................................................	2.58	10.43	3.90	4.30

Net Assets................................................................................................................................................................	$931,958,572
Number of Portfolio Holdings................................................................................................................................................................	1,206
Portfolio Turnover Rate................................................................................................................................................................	34%

Assuming transaction costs, if any, and other operating expenses, including investment advisory fees. Average annual total returns do not reflect insurance-related fees and expenses.

The Fund has added the Bloomberg U.S. Universal Index in response to new regulatory requirements.

What did the Fund invest in?

(as of June 30, 2024)

Credit quality allocation

Credit Rating^{Footnote Reference(a)}	Percent of Total Investments^{Footnote Reference(b)}
A................................................................................................................................................................	0.3%
BBB/Baa................................................................................................................................................................	5.2
BB/Ba................................................................................................................................................................	38.2
B................................................................................................................................................................	46.9
CCC/Caa................................................................................................................................................................	8.5
CC/Ca................................................................................................................................................................	0.1
NR................................................................................................................................................................	0.8

Footnote	Description
Footnote^(a)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote^(b)	Excludes short-term securities.

Additional information

BlackRock High Yield V.I. Fund

Class III Shares | HCIII

Semi-Annual Shareholder Report — June 30, 2024

HCIII-06/24-SAR

BlackRock Total Return V.I. Fund

Class I Shares | CRBDI

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Total Return V.I. Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I Shares	$24	0.48%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Class I Shares ................................................................................................................................................................	(0.26)%	2.63%	(0.02)%	1.40%
Bloomberg U.S. Aggregate Bond Index................................................................................................................................................................	(0.71)	2.63	(0.23)	1.35

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.

Assuming transaction costs, if any, and other operating expenses, including investment advisory fees. Average annual total returns do not reflect insurance-related fees and expenses.

Key Fund statistics

Net Assets................................................................................................................................................................	$866,624,701
Number of Portfolio Holdings................................................................................................................................................................	2,032
Portfolio Turnover Rate................................................................................................................................................................	364%

What did the Fund invest in?

(as of June 30, 2024)

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total Investments^{Footnote Reference(a)}
U.S. Government Sponsored Agency Securities................................................................................................................................................................	30.9%
Corporate Bonds................................................................................................................................................................	23.2
U.S. Treasury Obligations................................................................................................................................................................	22.7
Investment Companies................................................................................................................................................................	14.7
Foreign Government Obligations................................................................................................................................................................	3.9
Asset-Backed Securities................................................................................................................................................................	2.2
Non-Agency Mortgage-Backed Securities................................................................................................................................................................	1.0
Foreign Agency Obligations................................................................................................................................................................	0.7
Municipal Bonds................................................................................................................................................................	0.6
Common Stocks................................................................................................................................................................	0.1
Other^{Footnote Reference(b)}................................................................................................................................................................	0.0^{Footnote Reference(c)}

Credit Rating^{Footnote Reference(d)}	Percent of Total Investments^{Footnote Reference(a)}
AAA/Aaa^{Footnote Reference(e)}................................................................................................................................................................	56.0%
AA/Aa................................................................................................................................................................	2.4
A................................................................................................................................................................	22.6
BBB/Baa................................................................................................................................................................	16.3
BB/Ba................................................................................................................................................................	1.3
B................................................................................................................................................................	0.2
CCC/Caa................................................................................................................................................................	0.1
CC/Ca................................................................................................................................................................	0.2
C................................................................................................................................................................	0.1
D................................................................................................................................................................	0.0^{Footnote Reference(c)}
NR................................................................................................................................................................	0.8

Footnote	Description
Footnote^(a)	Excludes short-term securities, short investments and options, if any.
Footnote^(b)	Ten largest investment types are presented. Additional investment types are found in Other.
Footnote^(c)	Rounds to less than 0.1%.
Footnote^(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote^(e)	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.

Additional information

BlackRock Total Return V.I. Fund

Class I Shares | CRBDI

Semi-Annual Shareholder Report — June 30, 2024

CRBDI-06/24-SAR

BlackRock Total Return V.I. Fund

Class III Shares | CBIII

Semi-Annual Shareholder Report — June 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class III Shares	$39	0.79%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Class III Shares ................................................................................................................................................................	(0.44)%	2.29%	(0.33)%	1.09%
Bloomberg U.S. Aggregate Bond Index................................................................................................................................................................	(0.71)	2.63	(0.23)	1.35

Assuming transaction costs, if any, and other operating expenses, including investment advisory fees. Average annual total returns do not reflect insurance-related fees and expenses.

Key Fund statistics

Net Assets................................................................................................................................................................	$866,624,701
Number of Portfolio Holdings................................................................................................................................................................	2,032
Portfolio Turnover Rate................................................................................................................................................................	364%

What did the Fund invest in?

(as of June 30, 2024)

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total Investments^{Footnote Reference(a)}
U.S. Government Sponsored Agency Securities................................................................................................................................................................	30.9%
Corporate Bonds................................................................................................................................................................	23.2
U.S. Treasury Obligations................................................................................................................................................................	22.7
Investment Companies................................................................................................................................................................	14.7
Foreign Government Obligations................................................................................................................................................................	3.9
Asset-Backed Securities................................................................................................................................................................	2.2
Non-Agency Mortgage-Backed Securities................................................................................................................................................................	1.0
Foreign Agency Obligations................................................................................................................................................................	0.7
Municipal Bonds................................................................................................................................................................	0.6
Common Stocks................................................................................................................................................................	0.1
Other^{Footnote Reference(b)}................................................................................................................................................................	0.0^{Footnote Reference(c)}

Credit Rating^{Footnote Reference(d)}	Percent of Total Investments^{Footnote Reference(a)}
AAA/Aaa^{Footnote Reference(e)}................................................................................................................................................................	56.0%
AA/Aa................................................................................................................................................................	2.4
A................................................................................................................................................................	22.6
BBB/Baa................................................................................................................................................................	16.3
BB/Ba................................................................................................................................................................	1.3
B................................................................................................................................................................	0.2
CCC/Caa................................................................................................................................................................	0.1
CC/Ca................................................................................................................................................................	0.2
C................................................................................................................................................................	0.1
D................................................................................................................................................................	0.0^{Footnote Reference(c)}
NR................................................................................................................................................................	0.8

Footnote	Description
Footnote^(a)	Excludes short-term securities, short investments and options, if any.
Footnote^(b)	Ten largest investment types are presented. Additional investment types are found in Other.
Footnote^(c)	Rounds to less than 0.1%.
Footnote^(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote^(e)	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.

Additional information

BlackRock Total Return V.I. Fund

Class III Shares | CBIII

Semi-Annual Shareholder Report — June 30, 2024

CBIII-06/24-SAR

(b) Not Applicable.

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 Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

JUNE

30,

2024

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2024

Semi-Annual

Financial

Statements

(Unaudited)

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Variable

Series

Funds

II,

Inc.

June

30,

2024

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2024

Semi-Annual

Financial

Statements

(Unaudited)

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

High

Yield

V.I.

Fund

Derivative

Financial

Instruments

2024

BlackRock

Semi-Annual

Financial

Statements

The

Fund

may

invest

various

derivative

financial

instruments.

These

instruments

are

used

obtain

exposure

security,

commodity,

index,

market,

and/or

other

assets

without

owning

taking

physical

custody

securities,

commodities

and/or

other

referenced

assets

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

form

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

derivative

financial

instrument

and

the

underlying

asset,

possible

default

the

counterparty

the

transaction

illiquidity

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

limited

manner

comply

with

outer

limit

fund

leverage

risk

based

value-at-risk.

The

Fund’s

successful

use

derivative

financial

instrument

depends

the

investment

adviser’s

ability

predict

pertinent

market

movements

accurately,

which

cannot

assured.

The

use

these

instruments

may

result

losses

greater

than

they

had

not

been

used,

may

limit

the

amount

appreciation the

Fund

can

realize

investment

and/or

may

result

lower

distributions

paid

shareholders.

The

Fund’s

investments

these

instruments,

any,

are

discussed

detail

the

Notes

Financial

Statements.

Schedule

Investments

(unaudited)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(a)

(b)

AIMCO

CLO

Ltd.,

Series

2022-18A,

Class

D1R,

(3-mo.

CME

Term

SOFR

2.85%

Floor

2.85%),

0.00%,

07/20/37

.......

USD

1,500

1,500,000

Golub

Capital

Partners

CLO

75B

Ltd.,

Series

2024-75A,

Class

D1,

(3-mo.

CME

Term

SOFR

2.95%

Floor

2.95%),

0.00%,

07/25/37

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

1,500

1,494,593

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

C1R3,

(3-mo.

CME

Term

SOFR

3.20%

Floor

3.20%),

0.00%,

08/15/37

.......

2,500

2,500,000

Total

Asset-Backed

Securities

—

(Cost:

5,500,000

)

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

5,494,593

Common

Stocks

Building

Products

—

0.1%

JELD-WEN

Holding,

Inc.

(c)

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

35,112

472,959

Capital

Markets

—

0.0%

Ardagh

USA,

Inc.

(Acquired

08/02/21

cost

315,123

)

(c)

(d)

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

32,449

110,327

Energy

Equipment

Services

—

0.0%

Nine

Energy

Service,

Inc.

(c)

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

880

1,478

Life

Sciences

Tools

Services

—

0.1%

Avantor,

Inc.

(c)

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

34,421

729,725

Metals

Mining

—

0.1%

Constellium

Class

(c)

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

58,591

1,104,440

Oil,

Gas

Consumable

Fuels

—

0.0%

NGL

Energy

Partners

(c)

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

65,308

330,458

Specialized

REITs

—

0.3%

Crown

Castle,

Inc.

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

4,618

451,179

VICI

Properties,

Inc.

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

67,733

1,939,873

2,391,052

Total

Common

Stocks

—

(Cost:

5,285,760

)

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

5,140,439

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

Defense

—

3.8%

(b)

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

...

662

674,832

Boeing

Co.

(The)

6.53%

05/01/34

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

1,200

1,228,679

6.86%

05/01/54

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

1,355

1,390,463

7.01%

05/01/64

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

870

890,767

Bombardier,

Inc.

7.88%

04/15/27

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

181

181,461

6.00%

02/15/28

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

1,107

1,094,266

7.50%

02/01/29

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

5,181

8.75%

11/15/30

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

1,478

1,597,397

7.25%

07/01/31

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

565

580,097

7.00%

06/01/32

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

658

667,140

7.45%

05/01/34

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

301

338,095

BWX

Technologies,

Inc.,

4.13%,

06/30/28

...

457

426,553

Embraer

Netherlands

Finance

BV,

7.00%,

07/28/30

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

941

981,875

F-Brasile

SpA,

Series

PS,

7.35%,

08/15/26

1,600

1,584,000

Security

Par

(000)

Par

(000)

Value

Aerospace

Defense

(continued)

Spirit

AeroSystems,

Inc.

9.38%

11/30/29

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

USD

1,228

1,322,110

9.75%

11/15/30

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

1,343

1,481,485

TransDigm,

Inc.

6.75%

08/15/28

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

4,202

4,253,365

6.38%

03/01/29

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

6,182

6,213,176

7.13%

12/01/31

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

1,798

1,852,618

6.63%

03/01/32

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

5,841

5,899,757

Triumph

Group,

Inc.,

9.00%,

03/15/28

.....

2,205

2,311,368

34,974,685

Automobile

Components

—

2.0%

Champions

Financing,

Inc.,

8.75%,

02/15/29

(b)

1,277

1,309,530

Clarios

Global

6.75%

05/15/25

(b)

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

1,117

1,116,661

4.38%

05/15/26

(e)

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

EUR

560

596,733

8.50%

05/15/27

(b)

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

USD

5,696

5,728,131

6.75%

05/15/28

(b)

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

1,076

1,088,969

Dana

Financing

Luxembourg

SARL,

3.00%,

07/15/29

(e)

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

EUR

100

96,767

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

.......

USD

304

293,351

Forvia

SE,

5.50%,

06/15/31

(e)

..........

EUR

126

135,952

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

USD

1,244

1,260,697

Gates

Corp.,

6.88%,

07/01/29

(b)

.........

776

789,533

Goodyear

Tire

Rubber

Co.

(The)

5.00%

07/15/29

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

176

163,820

5.63%

04/30/33

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

248

224,172

Icahn

Enterprises

6.25%

05/15/26

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

202

200,405

5.25%

05/15/27

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

2,392

2,245,186

9.75%

01/15/29

(b)

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

720

745,919

4.38%

02/01/29

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

644

550,647

9.00%

06/15/30

(b)

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

510

507,427

IHO

Verwaltungs

GmbH,

8.75%,

(8.75%

Cash

9.50%

PIK),

05/15/28

(a)

(e)

(f)

.........

EUR

100

114,586

Mahle

GmbH,

6.50%,

05/02/31

(e)

........

100

108,996

Phinia,

Inc.,

6.75%,

04/15/29

(b)

..........

USD

368

373,461

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

........

370

336,828

Europe

Finance

BV,

4.75%,

01/31/29

(e)

...

EUR

300

322,088

18,309,859

Automobiles

—

0.1%

Aston

Martin

Capital

Holdings

Ltd.

10.00%

03/31/29

(b)

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

USD

361

355,697

10.38%

03/31/29

(e)

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

GBP

100

125,146

RCI

Banque

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

2.75%),

5.50%,

10/09/34

(a)

(e)

.....

EUR

100

106,834

587,677

Banks

—

1.6%

Banca

Monte

dei

Paschi

Siena

SpA,

(3-mo.

EURIBOR

2.05%),

4.75%,

03/15/29

(a)

(e)

100

107,277

Banco

BPM

SpA,

(5-Year

EUR

Swap

Annual

3.40%),

3.38%,

01/19/32

(a)

(e)

..........

200

205,644

Banco

Credito

Social

Cooperativo

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

4.27%),

7.50%,

09/14/29

(a)

(e)

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

100

118,605

Banco

Sabadell

SA,

(5-Year

EUR

Swap

Annual

6.20%),

5.75%

(a)

(e)

(g)

.........

200

209,103

Banco

Espirito

Santo

(c)(e)(h)

2.63%

05/08/17

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

100

29,987

4.75%

01/15/18

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

100

29,987

4.00%

01/21/25

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

100

29,986

Banco

Santander

SA,

6.92%,

08/08/33

.....

USD

400

417,592

Bank

Ireland

Group

plc,

(5-Year

EUR

Swap

Annual

7.92%),

7.50%

(a)

(e)

(g)

.........

EUR

200

217,671

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Bankinter

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

4.71%),

7.38%

(a)

(e)

(g)

..........

EUR

200

219,910

Barclays

plc

(a)(g)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.41%),

4.38%

USD

940

789,322

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.43%),

8.00%

390

395,982

(USISSO05

5.78%),

9.63%

.........

2,240

2,428,366

CaixaBank

SA,

(5-Year

EUR

Swap

Annual

4.50%),

5.25%

(a)

(e)

(g)

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

EUR

200

208,568

Citigroup,

Inc.

(a)(g)

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.21%),

7.63%

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

USD

780

812,120

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.69%),

7.13%

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

1,885

1,880,783

Commerzbank

(a)(e)

(5-Year

EUR

Swap

Annual

6.36%),

6.13%

(g)

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

EUR

200

212,182

(5-Year

EURIBOR

ICE

Swap

Rate

5.13%),

7.88%

(g)

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

200

213,457

(5-Year

EURIBOR

ICE

Swap

Rate

4.30%),

6.50%

12/06/32

..........

100

113,050

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

5.25%),

8.63%

02/28/33

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

GBP

100

133,957

Eurobank

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

2.17%),

4.88%,

04/30/31

(a)

(e)

.....

EUR

100

107,451

HSBC

Holdings

plc

(a)(g)

(5-Year

USD

Swap

Rate

3.75%),

6.00%

USD

465

449,003

(5-Year

EUR

Swap

Annual

3.84%),

4.75%

(e)

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

EUR

200

200,535

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.65%),

4.60%

USD

200

171,412

ING

Groep

NV,

(USISSO05

4.36%),

8.00%

(a)

(e)

(g)

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

200

203,910

Intesa

Sanpaolo

SpA

(5-Year

EUR

Swap

Annual

5.85%),

5.50%

(a)

(e)

(g)

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

EUR

250

255,839

5.15%

06/10/30

(e)

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

GBP

150

174,948

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.60%),

4.20%

06/01/32

(a)

(b)

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

USD

320

270,737

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.75%),

4.95%

06/01/42

(a)

(b)

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

235

175,603

Lloyds

Banking

Group

plc

(a)(g)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.61%),

5.13%

....

GBP

200

249,344

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.91%),

8.00%

USD

505

516,212

National

Bank

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

3.15%),

5.88%,

06/28/35

(a)

(e)

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

EUR

125

135,074

NatWest

Group

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.75%),

8.13%

(a)

(g)

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

USD

565

570,845

Societe

Generale

SA,

(5-Year

EUR

Swap

Annual

5.23%),

7.88%

(a)

(e)

(g)

.........

EUR

100

108,969

Toronto-Dominion

Bank

(The),

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.98%),

7.25%,

07/31/84

(a)

....

USD

1,055

1,052,362

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Wells

Fargo

Co.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.61%),

7.63%

(a)

(g)

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

USD

1,064

1,133,059

14,548,852

Biotechnology

—

0.1%

(e)

Cidron

Aida

Finco

SARL,

6.25%,

04/01/28

...

GBP

100

116,993

Grifols

SA,

2.25%,

11/15/27

...........

EUR

416

398,736

515,729

Broadline

Retail

—

0.5%

(b)

ANGI

Group

LLC,

3.88%,

08/15/28

.......

USD

282

242,305

Daddy

Operating

Co.

LLC,

3.50%,

03/01/29

419

378,381

LCM

Investments

Holdings

LLC

4.88%

05/01/29

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

491

458,953

8.25%

08/01/31

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

1,042

1,087,305

Match

Group

Holdings

LLC

4.63%

06/01/28

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

231

216,151

5.63%

02/15/29

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

164

157,529

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

....

227

224,262

Rakuten

Group,

Inc.

11.25%

02/15/27

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

521

556,432

9.75%

04/15/29

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

880

907,060

4,228,378

Building

Products

—

0.6%

Advanced

Drainage

Systems,

Inc.,

6.38%,

06/15/30

(b)

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

320

321,157

Builders

FirstSource,

Inc.,

6.38%,

03/01/34

(b)

473

468,275

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

(b)

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

560

549,022

Troplast

GmbH,

9.38%,

07/15/28

(e)

.....

EUR

100

104,889

JELD-WEN,

Inc.,

4.63%,

12/15/25

(b)

......

USD

442

434,152

Masterbrand,

Inc.,

7.00%,

07/15/32

(b)

......

370

374,181

New

Enterprise

Stone

Lime

Co.,

Inc.

(b)

5.25%

07/15/28

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

181

170,886

9.75%

07/15/28

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

240

243,997

Owens

Corning,

3.50%,

02/15/30

(b)

.......

454

413,656

Standard

Industries,

Inc.

2.25%

11/21/26

(e)

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

EUR

200

202,292

5.00%

02/15/27

(b)

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

USD

260

252,736

4.75%

01/15/28

(b)

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

2,855

4.38%

07/15/30

(b)

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

776

701,129

3.38%

01/15/31

(b)

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

558

470,132

Summit

Materials

LLC,

7.25%,

01/15/31

(b)

...

1,033

1,069,831

5,779,190

Capital

Markets

—

1.2%

TTMT

Escrow

Issuer

LLC,

8.63%,

09/30/27

(b)

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

311

322,438

Apollo

Debt

Solutions

BDC,

6.90%,

04/13/29

(b)

510

512,542

Ares

Capital

Corp.

5.88%

03/01/29

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

275

271,040

5.95%

07/15/29

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

665

653,735

Aretec

Group,

Inc.,

10.00%,

08/15/30

(b)

....

200

217,518

Blackstone

Private

Credit

Fund

3.25%

03/15/27

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

155

143,096

5.95%

07/16/29

(b)

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

358

350,611

6.25%

01/25/31

(b)

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

397

394,720

Blue

Owl

Capital

Corp.

3.75%

07/22/25

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

380

370,441

3.40%

07/15/26

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

30,152

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

(b)

357

368,332

Blue

Owl

Credit

Income

Corp.,

7.75%,

09/16/27

644

661,712

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

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

403

382,234

Concentra

Escrow

Issuer

Corp.,

6.88%,

07/15/32

(b)

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

651

659,567

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Deutsche

Bank

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

4.55%),

4.50%

(a)

(e)

(g)

......

EUR

200

191,165

JPMorgan

Chase

Financial

Co.

LLC,

0.50%,

06/15/27

(i)

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

USD

494

524,381

Julius

Baer

Group

Ltd.,

(5-Year

EUR

Swap

Annual

3.85%),

6.63%

(a)

(e)

(g)

.........

EUR

200

207,773

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/28

(b)

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

USD

396

418,576

State

Street

Corp.,

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.61%),

6.70%

(a)

(g)

.........

655

658,904

UBS

Group

(a)(b)(g)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.75%),

9.25%

1,095

1,178,114

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.31%),

4.38%

320

259,537

(USISSO05

4.16%),

7.75%

.........

1,175

1,198,555

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.76%),

9.25%

1,240

1,388,666

11,363,809

Chemicals

—

2.3%

Axalta

Coating

Systems

Dutch

Holding

BV,

7.25%,

02/15/31

(b)

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

653

678,104

Axalta

Coating

Systems

LLC,

3.38%,

02/15/29

(b)

687

614,647

Chemours

Co.

(The)

4.00%

05/15/26

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

EUR

100

103,614

5.38%

05/15/27

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

USD

576

546,751

5.75%

11/15/28

(b)

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

944

871,545

4.63%

11/15/29

(b)

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

356

306,516

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

3,267

3,002,406

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(e)

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

EUR

100

104,821

Fuller

Co.,

4.25%,

10/15/28

.........

USD

185

174,367

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

...

1,439

1,248,246

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

....

779

785,169

INEOS

Finance

plc,

6.38%,

04/15/29

(e)

.....

EUR

100

110,174

INEOS

Quattro

Finance

plc

(e)

2.50%

01/15/26

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

100

103,743

8.50%

03/15/29

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

100

113,387

Ingevity

Corp.,

3.88%,

11/01/28

(b)

........

USD

132

119,763

Kobe

U.S.

Midco

Inc.,

9.25%,

11/01/26

(b)

648

519,287

LSF11

HoldCo

LLC,

6.63%,

10/15/29

(b)

...

296

280,149

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

388

368,255

Olympus

Water

Holding

Corp.

9.75%

11/15/28

(b)

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

3,285

3,475,434

5.38%

10/01/29

(e)

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

EUR

200

193,651

7.25%

06/15/31

(b)

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

USD

1,549

1,539,722

SCIL

LLC,

9.50%,

07/15/28

(e)

.........

EUR

100

115,732

Scotts

Miracle-Gro

Co.

(The)

4.50%

10/15/29

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

USD

222

202,922

4.00%

04/01/31

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

325

280,402

4.38%

02/01/32

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

533

459,171

Invictus

Intermediate

SARL,

5.00%,

10/30/29

(b)

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

1,346

1,218,955

Grace

Holdings

LLC

(b)

4.88%

06/15/27

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

419

404,055

5.63%

08/15/29

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

3,256

3,001,040

7.38%

03/01/31

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

816

826,987

21,769,015

Commercial

Services

Supplies

—

3.3%

ADT

Security

Corp.

(The)

(b)

4.13%

08/01/29

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

53,489

4.88%

07/15/32

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

327

300,285

Allied

Universal

Holdco

LLC

6.63%

07/15/26

(b)

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

78,761

Security

Par

(000)

Par

(000)

Value

Commercial

Services

Supplies

(continued)

9.75%

07/15/27

(b)

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

USD

156

155,048

4.63%

06/01/28

(b)

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

4,389

4,001,052

4.88%

06/01/28

(e)

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

GBP

150

170,416

6.00%

06/01/29

(b)

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

USD

3,340

2,923,787

7.88%

02/15/31

(b)

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

3,249

3,257,454

APi

Group

DE,

Inc.

(b)

4.13%

07/15/29

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

453

412,231

4.75%

10/15/29

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

225

209,932

APX

Group,

Inc.

(b)

6.75%

02/15/27

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

455

453,821

5.75%

07/15/29

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

500

479,715

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

...

618

597,682

Brink's

Co.

(The)

(b)

6.50%

06/15/29

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

408

412,277

6.75%

06/15/32

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

619

623,543

Clean

Harbors,

Inc.

(b)

4.88%

07/15/27

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

59,044

5.13%

07/15/29

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

108

103,741

6.38%

02/01/31

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

85,222

Garda

World

Security

Corp.

(b)

4.63%

02/15/27

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

408

389,869

9.50%

11/01/27

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

418

419,934

7.75%

02/15/28

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

2,225

2,266,133

6.00%

06/01/29

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

259

236,293

GFL

Environmental,

Inc.

(b)

4.00%

08/01/28

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

689

640,363

3.50%

09/01/28

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

113

104,171

4.75%

06/15/29

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

885

835,231

4.38%

08/15/29

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

1,081

996,212

6.75%

01/15/31

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

1,011

1,031,406

Intrum

(e)

3.00%

09/15/27

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

EUR

156

107,599

9.25%

03/15/28

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

100

70,982

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(b)

USD

1,706

1,637,376

Paprec

Holding

SA,

7.25%,

11/17/29

(e)

.....

EUR

100

112,452

Prime

Security

Services

Borrower

LLC,

6.25%,

01/15/28

(b)

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

USD

1,020

1,005,131

Q-Park

Holding

BV,

5.13%,

02/15/30

(e)

....

EUR

100

106,827

Reworld

Holding

Corp.

4.88%

12/01/29

(b)

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

USD

365

333,146

5.00%

09/01/30

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

200

180,763

Stericycle,

Inc.,

3.88%,

01/15/29

(b)

........

105

98,043

Techem

Verwaltungsgesellschaft

675

mbH,

5.38%,

07/15/29

(e)

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

EUR

100

107,979

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

USD

3,191

3,146,986

Williams

Scotsman,

Inc.

(b)

4.63%

08/15/28

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

255

241,122

6.63%

06/15/29

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

506

510,004

7.38%

10/01/31

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

1,337

1,375,918

30,331,440

Communications

Equipment

—

0.1%

(b)

CommScope,

Inc.,

4.75%,

09/01/29

.......

615

425,771

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

.....

288

243,233

669,004

Construction

Engineering

—

0.7%

Arcosa,

Inc.,

4.38%,

04/15/29

(b)

.........

676

627,750

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

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

4,397

4,751,812

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

...

279

261,091

Heathrow

Finance

plc

(e)

4.13%

09/01/29

(j)

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

GBP

100

114,596

6.63%

03/01/31

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

100

124,988

Pike

Corp.,

8.63%,

01/31/31

(b)

..........

USD

214

226,694

6,106,931

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Construction

Materials

—

0.4%

Smyrna

Ready

Mix

Concrete

LLC

(b)

6.00%

11/01/28

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

USD

1,458

1,424,416

8.88%

11/15/31

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

2,185

2,318,123

3,742,539

Consumer

Finance

—

0.8%

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(b)

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

337

354,024

Ford

Motor

Credit

Co.

LLC,

7.20%,

06/10/30

559

588,020

Global

Aircraft

Leasing

Co.

Ltd.

(b)(f)

Series

2021

6.50%

(

6.50

Cash

7.25

PIK),

09/15/24

(a)

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

418

402,119

6.50%

(

6.50

Cash

7.25

PIK),

09/15/24

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

293

282,751

Macquarie

Airfinance

Holdings

Ltd.

(b)

8.38%

05/01/28

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

228

240,305

6.40%

03/26/29

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

135

137,284

8.13%

03/30/29

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

676

714,664

6.50%

03/26/31

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

355

365,051

Navient

Corp.,

9.38%,

07/25/30

.........

787

827,510

OneMain

Finance

Corp.

3.50%

01/15/27

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

197

184,579

9.00%

01/15/29

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

1,612

1,700,695

5.38%

11/15/29

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

112

105,040

7.88%

03/15/30

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

931

959,913

4.00%

09/15/30

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

471

404,232

7.50%

05/15/31

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

267

270,171

Volkswagen

International

Finance

NV,

(9-Year

EUR

Swap

Annual

3.96%),

3.88%

(a)

(e)

(g)

EUR

200

199,358

7,735,716

Consumer

Staples

Distribution

Retail

—

0.4%

Albertsons

Cos.,

Inc.

(b)

5.88%

02/15/28

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

USD

205

202,620

6.50%

02/15/28

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

117

117,555

3.50%

03/15/29

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

662

595,497

4.88%

02/15/30

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

659

622,755

Bellis

Acquisition

Co.

plc,

8.13%,

05/14/30

(e)

GBP

163

205,791

Market

Bidco

Finco

plc,

5.50%,

11/04/27

(e)

...

100

116,930

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(b)

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

USD

323

294,062

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

236

213,051

Foods,

Inc.

(b)

6.88%

09/15/28

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

342

349,667

4.75%

02/15/29

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

126

119,509

4.63%

06/01/30

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

78,041

7.25%

01/15/32

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

568

589,466

Walgreens

Boots

Alliance,

Inc.,

3.20%,

04/15/30

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

61,947

3,566,891

Containers

Packaging

—

2.4%

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%

06/15/27

(b)

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

971

954,126

2.00%

09/01/28

(e)

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

EUR

100

93,307

3.25%

09/01/28

(b)

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

USD

200

175,720

3.00%

09/01/29

(e)

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

EUR

200

172,958

4.00%

09/01/29

(b)

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

USD

3,489

2,952,585

Ardagh

Packaging

Finance

plc

2.13%

08/15/26

(e)

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

EUR

509

451,905

4.13%

08/15/26

(b)

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

USD

1,490

1,293,270

Canpack

SA,

3.13%,

11/01/25

(b)

.........

211

202,385

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%

04/15/29

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

942

925,829

8.75%

04/15/30

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

1,990

1,947,524

Crown

Americas

LLC,

5.25%,

04/01/30

....

30,956

Security

Par

(000)

Par

(000)

Value

Containers

Packaging

(continued)

Crown

European

Holdings

SA,

5.00%,

05/15/28

(e)

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

EUR

100

109,772

Graphic

Packaging

International

LLC

3.50%

03/15/28

(b)

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

USD

7,376

2.63%

02/01/29

(e)

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

EUR

200

198,707

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(e)

...

100

94,056

LABL,

Inc.

(b)

6.75%

07/15/26

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

USD

331

326,865

5.88%

11/01/28

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

524

477,813

9.50%

11/01/28

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

1,164

1,173,170

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%

04/15/27

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

8,249

8,413,907

9.25%

04/15/27

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

258

258,166

European

Group

6.25%

05/15/28

(b)

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

EUR

270

298,915

5.25%

06/01/29

(e)

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

100

107,469

Owens-Brockway

Glass

Container,

Inc.

(b)

6.63%

05/13/27

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

USD

90,814

7.25%

05/15/31

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

396

395,313

Sealed

Air

Corp.

(b)

4.00%

12/01/27

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

143

134,395

5.00%

04/15/29

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

146

138,951

6.50%

07/15/32

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

490

487,250

Titan

Holdings

BV,

5.13%,

07/15/29

(e)

....

EUR

100

108,236

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(b)

USD

329

359,336

Trivium

Packaging

Finance

BV,

8.50%,

08/15/27

(b)

(j)

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

200

198,508

22,579,584

Distributors

—

0.2%

(b)

American

Builders

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

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

64,403

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

1,379

1,336,254

Resideo

Funding,

Inc.,

4.00%,

09/01/29

....

124

109,290

1,509,947

Diversified

Consumer

Services

—

0.5%

Mavis

Tire

Express

Services

Topco

Corp.,

6.50%,

05/15/29

(b)

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

244

227,478

Pachelbel

Bidco

SpA

(e)

7.13%

05/17/31

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

EUR

100

110,576

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

8.07%

05/17/31

(a)

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

100

108,583

Service

Corp.

International

5.13%

06/01/29

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

USD

217

210,852

3.38%

08/15/30

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

279

242,813

4.00%

05/15/31

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

190

169,209

Sotheby's

(b)

7.38%

10/15/27

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

1,591

1,328,574

5.88%

06/01/29

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

1,375

1,023,243

Wand

NewCo

Inc.,

7.63%,

01/30/32

(b)

....

1,477

1,525,434

4,946,762

Diversified

REITs

—

0.5%

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

...

198

173,475

HAT

Holdings

LLC

(b)

3.38%

06/15/26

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

384

362,092

8.00%

06/15/27

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

493

512,541

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

.......

1,086

991,997

MPT

Operating

Partnership

2.50%

03/24/26

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

GBP

567

614,286

5.25%

08/01/26

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

USD

134

121,771

5.00%

10/15/27

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

107

88,372

4.63%

08/01/29

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

1,572

1,140,978

3.50%

03/15/31

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

1,029

670,513

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

(continued)

VICI

Properties

5.63%

05/15/52

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

USD

131

117,946

6.13%

04/01/54

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

265

254,386

5,048,357

Diversified

Telecommunication

Services

—

5.1%

Altice

France

11.50%

02/01/27

(e)

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

EUR

100

87,577

5.50%

01/15/28

(b)

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

USD

503

344,498

5.13%

01/15/29

(b)

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

200

130,499

5.13%

07/15/29

(b)

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

2,954

1,942,554

British

Telecommunications

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

2.54%),

5.13%,

10/03/54

(a)

(e)

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

EUR

125

134,202

CCO

Holdings

LLC

(b)

5.38%

06/01/29

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

USD

302

274,749

6.38%

09/01/29

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

1,967

1,869,691

4.75%

03/01/30

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

900

779,514

4.50%

08/15/30

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

334

282,757

4.25%

02/01/31

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

1,242

1,014,020

7.38%

03/01/31

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

4,760

4,693,384

4.75%

02/01/32

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

652

533,969

4.25%

01/15/34

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

1,431

1,086,211

Cellnex

Telecom

SA,

2.13%,

08/11/30

(e)

(i)

....

EUR

400

427,109

Frontier

Communications

Holdings

LLC

(b)

5.88%

10/15/27

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

USD

746

728,326

5.00%

05/01/28

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

1,499

1,412,200

8.75%

05/15/30

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

3,934

4,053,761

8.63%

03/15/31

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

930

958,018

Iliad

Holding

SASU

6.50%

10/15/26

(b)

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

702

698,890

7.00%

10/15/28

(b)

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

932

924,198

6.88%

04/15/31

(e)

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

EUR

100

108,691

8.50%

04/15/31

(b)

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

USD

1,721

1,742,579

Iliad

(e)

5.63%

02/15/30

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

EUR

300

328,781

5.38%

05/02/31

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

100

107,828

Infrastrutture

Wireless

Italiane

SpA,

1.63%,

10/21/28

(e)

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

100

98,789

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(e)

200

207,764

Level

Financing,

Inc.

(b)

10.50%

04/15/29

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

USD

2,344

2,338,140

4.88%

06/15/29

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

1,244

709,372

11.00%

11/15/29

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

2,254

2,306,999

10.50%

05/15/30

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

2,291

2,269,039

10.75%

12/15/30

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

74,812

Lorca

Telecom

Bondco

SA,

5.75%,

04/30/29

(e)

EUR

124

135,827

Lumen

Technologies,

Inc.

(b)

4.13%

04/15/29

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

USD

452

293,683

4.13%

04/15/30

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

452

282,405

Optics

Bidco

SpA

(b)(c)

6.00%

09/30/34

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

1,216

1,150,804

7.20%

07/18/36

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

1,168

1,203,741

RCS

RDS

SA,

3.25%,

02/05/28

(e)

.......

EUR

100

99,847

Sable

International

Finance

Ltd.,

5.75%,

09/07/27

(b)

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

USD

200

192,687

Uniti

Group

(b)

Series

MAY

10.50%

02/15/28

.........

748

732,503

10.50%

02/15/28

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

3,616

3,541,085

Virgin

Media

Secured

Finance

plc

4.13%

08/15/30

(e)

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

GBP

200

209,841

4.50%

08/15/30

(b)

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

USD

200

169,587

Vmed

Financing

plc,

7.75%,

04/15/32

(b)

465

453,580

Windstream

Escrow

LLC,

7.75%,

08/15/28

(b)

529

498,342

Zayo

Group

Holdings,

Inc.

(b)

4.00%

03/01/27

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

6,493

5,192,879

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

6.13%

03/01/28

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

USD

1,414

946,750

47,772,482

Electric

Utilities

—

0.7%

EDP

Energias

Portugal

(a)(e)

(5-Year

EURIBOR

ICE

Swap

Rate

2.05%),

4.75%

05/29/54

..........

EUR

100

106,426

(5-Year

EUR

Swap

Annual

3.18%),

5.94%

04/23/83

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

100

111,509

FirstEnergy

Corp.,

4.00%,

05/01/26

(i)

......

USD

1,530

1,513,170

NextEra

Energy

Capital

Holdings,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.46%),

6.75%,

06/15/54

(a)

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

735

739,215

NextEra

Energy

Operating

Partners

(b)

3.88%

10/15/26

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

153

145,492

7.25%

01/15/29

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

402

412,239

NRG

Energy,

Inc.,

7.00%,

03/15/33

(b)

......

186

196,342

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

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

426

394,313

PG&E

Corp.,

4.25%,

12/01/27

(b)

(i)

........

540

544,590

Terna

Rete

Elettrica

Nazionale,

(5-Year

EURIBOR

ICE

Swap

Rate

2.14%),

4.75%

(a)

(e)

(g)

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

EUR

100

105,756

Vistra

Operations

Co.

LLC

(b)

7.75%

10/15/31

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

USD

1,218

1,268,414

6.88%

04/15/32

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

950

964,414

6.95%

10/15/33

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

276

295,399

6,797,279

Electrical

Equipment

—

0.3%

Nexans

SA,

4.25%,

03/11/30

(e)

..........

EUR

100

105,914

Sensata

Technologies

BV,

4.00%,

04/15/29

(b)

USD

26,625

Sensata

Technologies,

Inc.,

6.63%,

07/15/32

(b)

865

871,187

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.....

1,553

1,450,303

2,454,029

Electronic

Equipment,

Instruments

Components

—

0.4%

(b)

Coherent

Corp.,

5.00%,

12/15/29

........

1,209

1,144,167

Insight

Enterprises,

Inc.,

6.63%,

05/15/32

...

412

418,371

Sensata

Technologies,

Inc.

4.38%

02/15/30

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

1,286

1,181,064

3.75%

02/15/31

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

597

520,345

Zebra

Technologies

Corp.,

6.50%,

06/01/32

302

305,400

3,569,347

Energy

Equipment

Services

—

4.1%

Archrock

Partners

(b)

6.88%

04/01/27

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

444

445,769

6.25%

04/01/28

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

2,624

2,598,765

Borr

IHC

Ltd.

(b)

10.00%

11/15/28

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

641

667,834

10.38%

11/15/30

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

429

446,774

Enerflex

Ltd.,

9.00%,

10/15/27

(b)

.........

540

546,788

Kodiak

Gas

Services

LLC,

7.25%,

02/15/29

(b)

1,262

1,293,646

Nabors

Industries

Ltd.,

7.50%,

01/15/28

(b)

...

397

378,819

Nabors

Industries,

Inc.

(b)

7.38%

05/15/27

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

736

748,653

9.13%

01/31/30

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

444

459,955

Noble

Finance

LLC,

8.00%,

04/15/30

(b)

...

689

717,054

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

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

448

448,784

Oceaneering

International,

Inc.,

6.00%,

02/01/28

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

171

169,045

Patterson-UTI

Energy,

Inc.,

7.15%,

10/01/33

230

243,618

Precision

Drilling

Corp.,

6.88%,

01/15/29

(b)

24,731

Seadrill

Finance

Ltd.,

8.38%,

08/01/30

(b)

....

577

603,069

Transocean

Aquila

Ltd.,

8.00%,

09/30/28

(b)

312

316,856

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

Services

(continued)

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(b)

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

USD

368

379,808

Transocean,

Inc.

(b)

8.00%

02/01/27

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

820

817,158

8.25%

05/15/29

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

1,655

1,659,103

8.75%

02/15/30

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

2,277

2,390,572

8.50%

05/15/31

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

2,105

2,105,903

USA

Compression

Partners

6.88%

09/01/27

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

270

270,506

7.13%

03/15/29

(b)

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

1,464

1,475,138

Valaris

Ltd.,

8.38%,

04/30/30

(b)

..........

2,309

2,390,376

Vallourec

SACA,

7.50%,

04/15/32

(b)

.......

771

798,380

Venture

Global

LNG,

Inc.

(b)

8.13%

06/01/28

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

1,159

1,194,022

9.50%

02/01/29

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

5,123

5,610,179

8.38%

06/01/31

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

3,537

3,668,686

9.88%

02/01/32

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

3,429

3,732,209

Weatherford

International

Ltd.,

8.63%,

04/30/30

(b)

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

1,755

1,818,596

38,420,796

Entertainment

—

0.3%

CPUK

Finance

Ltd.

(e)

3.59%

08/28/25

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

GBP

100

123,378

7.88%

08/28/29

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

100

128,622

Live

Nation

Entertainment,

Inc.

(b)

4.75%

10/15/27

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

USD

676

647,828

3.75%

01/15/28

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

728

676,225

Motion

Finco

SARL,

7.38%,

06/15/30

(e)

.....

EUR

100

111,379

Odeon

Finco

plc,

12.75%,

11/01/27

(b)

......

USD

800

838,498

Pinnacle

Bidco

plc,

8.25%,

10/11/28

(e)

.....

EUR

100

113,521

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

...

USD

187

164,085

2,803,536

Financial

Services

—

3.1%

Alpha

Bank

SA,

(1-Year

EUR

Swap

Annual

2.43%),

5.00%,

05/12/30

(a)

(e)

..........

EUR

100

107,365

Aroundtown

Finance

SARL,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.49%),

8.63%

(a)

(e)

(g)

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

GBP

100

93,999

Block,

Inc.

2.75%

06/01/26

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

USD

180

170,028

3.50%

06/01/31

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

196

169,080

6.50%

05/15/32

(b)

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

4,149

4,204,555

Blue

Owl

Credit

Income

Corp.

6.60%

09/15/29

(b)

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

220

217,019

6.65%

03/15/31

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

650

635,276

Blue

Owl

Technology

Finance

Corp.

II,

6.75%,

04/04/29

(b)

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

250

244,575

Citycon

Treasury

BV,

Series

EURO,

2.38%,

01/15/27

(e)

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

EUR

100

98,643

Enact

Holdings,

Inc.,

6.25%,

05/28/29

.....

USD

350

350,103

Fiber

Midco

SpA,

10.00%,

06/15/29

(e)

......

EUR

100

106,908

Freedom

Mortgage

Corp.,

12.25%,

10/01/30

(b)

USD

247

265,705

Freedom

Mortgage

Holdings

LLC

(b)

9.25%

02/01/29

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

979

978,368

9.13%

05/15/31

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

703

684,089

GGAM

Finance

Ltd.

(b)

7.75%

05/15/26

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

103

105,104

8.00%

02/15/27

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

768

793,285

8.00%

06/15/28

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

399

420,245

6.88%

04/15/29

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

632

643,060

Global

Payments,

Inc.,

1.50%,

03/01/31

(b)

(i)

1,325

1,213,038

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

6.38%,

07/01/34

(b)

........

384

375,917

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

HPS

Corporate

Lending

Fund,

6.75%,

01/30/29

(b)

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

USD

435

438,198

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

...

665

613,442

Lions

Gate

Capital

Holdings

Inc.,

5.50%,

04/15/29

(b)

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

638

566,493

Midcap

Financial

Issuer

Trust,

6.50%,

05/01/28

(b)

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

422

399,077

Nationstar

Mortgage

Holdings,

Inc.

(b)

5.00%

02/01/26

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

3,547

3,471,673

6.00%

01/15/27

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

5,936

5.13%

12/15/30

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

321

294,354

5.75%

11/15/31

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

474

445,520

7.13%

02/01/32

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

1,835

1,845,722

Nationwide

Building

Society,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

5.63%),

5.75%

(a)

(e)

(g)

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

GBP

200

237,651

NCR

Atleos

Corp.,

9.50%,

04/01/29

(b)

......

USD

599

647,364

Nexi

SpA,

0.00%,

02/24/28

(e)

(i)

(k)

.........

EUR

100

91,294

PennyMac

Financial

Services,

Inc.

(b)

7.88%

12/15/29

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

USD

679

700,173

7.13%

11/15/30

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

718

715,788

Permian

Resources

Operating

LLC

(b)

5.88%

07/01/29

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

775

763,133

9.88%

07/15/31

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

740

819,111

7.00%

01/15/32

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

797

818,731

Rocket

Mortgage

LLC

(b)

2.88%

10/15/26

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

1,185

1,106,656

3.88%

03/01/31

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

890

775,620

4.00%

10/15/33

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

329

277,244

Salini

SpA,

4.00%,

05/30/28

(e)

(i)

.........

EUR

100

104,781

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

....

USD

1,528

1,479,499

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

508

508,754

Worldline

SA,

0.00%,

07/30/26

(e)

(i)

(k)

.......

EUR

161

159,006

29,161,582

Food

Products

—

1.0%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(b)

......

USD

233

236,781

Boparan

Finance

plc,

7.63%,

11/30/25

(e)

....

GBP

100

123,281

Chobani

LLC

(b)

4.63%

11/15/28

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

USD

1,988

1,877,484

7.63%

07/01/29

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

3,253

3,350,284

Darling

Global

Finance

BV,

3.63%,

05/15/26

(e)

EUR

290

307,012

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

USD

374

367,742

Fiesta

Purchaser,

Inc.,

7.88%,

03/01/31

(b)

...

357

368,883

Lamb

Weston

Holdings,

Inc.

(b)

4.88%

05/15/28

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

73,603

4.13%

01/31/30

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

525

476,754

4.38%

01/31/32

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

1,182

1,054,190

Post

Holdings,

Inc.

(b)

5.50%

12/15/29

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

49,211

4.50%

09/15/31

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

180

161,342

6.25%

02/15/32

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

660

660,857

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

...

203

178,510

Tereos

Finance

Groupe

SA,

7.25%,

04/15/28

(e)

EUR

100

112,599

9,398,533

Gas

Utilities

—

0.9%

(b)

AmeriGas

Partners

LP,

9.38%,

06/01/28

....

USD

755

774,973

Blue

Racer

Midstream

LLC

7.00%

07/15/29

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

581

591,685

7.25%

07/15/32

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

468

481,173

Howard

Midstream

Energy

Partners

LLC

8.88%

07/15/28

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

629

665,562

7.38%

07/15/32

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

820

832,755

NGL

Energy

Operating

LLC

8.13%

02/15/29

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

1,245

1,268,544

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

8.38%

02/15/32

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

USD

3,140

3,188,340

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

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

183

164,799

7,967,831

Ground

Transportation

—

0.6%

Albion

Financing

SARL,

6.13%,

10/15/26

(b)

389

383,993

Brightline

East

LLC,

11.00%,

01/31/30

(b)

....

532

485,112

Genesee

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

1,061

1,057,025

Bondco

LLC,

9.50%,

10/15/31

(b)

......

451

420,367

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

4.14%),

4.25%

(a)

(e)

(g)

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

GBP

100

114,421

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

USD

228

211,180

Uber

Technologies,

Inc.

0.00%

12/15/25

(i)

(k)

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

148

158,656

Series

2028

0.88%

12/01/28

(b)

(i)

.......

1,055

1,254,395

4.50%

08/15/29

(b)

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

1,429

1,361,537

5,446,686

Health

Care

Equipment

Supplies

—

1.3%

Avantor

Funding,

Inc.

2.63%

11/01/25

(e)

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

EUR

200

209,390

3.88%

07/15/28

(e)

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

100

104,284

4.63%

07/15/28

(b)

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

USD

883

840,262

3.88%

11/01/29

(b)

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

431

391,935

Bausch

Lomb

Corp.,

8.38%,

10/01/28

(b)

...

3,724

3,812,445

Medline

Borrower

(b)

3.88%

04/01/29

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

735

676,868

6.25%

04/01/29

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

1,148

1,160,993

5.25%

10/01/29

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

4,250

4,055,889

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(b)

414

446,951

Teleflex,

Inc.,

4.25%,

06/01/28

(b)

.........

222

209,206

11,908,223

Health

Care

Providers

Services

—

2.3%

Acadia

Healthcare

Co.,

Inc.

(b)

5.50%

07/01/28

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

8,802

5.00%

04/15/29

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

144

136,842

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

729

692,037

Community

Health

Systems,

Inc.

(b)

5.63%

03/15/27

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

2,984

2,778,722

6.00%

01/15/29

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

1,060

935,457

5.25%

05/15/30

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

2,107

1,737,205

4.75%

02/15/31

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

1,137

893,944

10.88%

01/15/32

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

1,479

1,539,323

Encompass

Health

Corp.

4.75%

02/01/30

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

674

630,659

4.63%

04/01/31

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

229

210,158

Ephios

Subco

SARL,

7.88%,

01/31/31

(e)

...

EUR

100

113,866

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

......

USD

1,391

1,300,140

LifePoint

Health,

Inc.

(b)

9.88%

08/15/30

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

623

664,382

11.00%

10/15/30

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

2,293

2,526,354

10.00%

06/01/32

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

706

721,824

Molina

Healthcare,

Inc.,

3.88%,

05/15/32

(b)

258

223,556

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

533

489,246

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

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

2,524

2,549,581

Tenet

Healthcare

Corp.

6.13%

06/15/30

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

290

288,042

6.75%

05/15/31

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

1,909

1,937,659

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

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

641

631,250

21,009,049

Security

Par

(000)

Par

(000)

Value

Health

Care

Technology

—

0.7%

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

USD

6,927

6,377,684

IQVIA,

Inc.

1.75%

03/15/26

(e)

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

EUR

190

195,113

6.50%

05/15/30

(b)

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

USD

200

203,008

6,775,805

Hotel

Resort

REITs

—

1.1%

RHP

Hotel

Properties

(b)

7.25%

07/15/28

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

678

701,104

4.50%

02/15/29

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

1,146

1,074,729

6.50%

04/01/32

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

2,716

2,716,196

RLJ

Lodging

Trust

(b)

3.75%

07/01/26

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

258

245,261

4.00%

09/15/29

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

217

191,661

Service

Properties

Trust

8.63%

11/15/31

(b)

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

4,150

4,325,602

8.88%

06/15/32

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

1,195

1,114,618

10,369,171

Hotels,

Restaurants

Leisure

—

6.5%

1011778

ULC

(b)

3.88%

01/15/28

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

384

359,652

4.00%

10/15/30

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

376

330,993

Accor

SA,

(5-Year

EUR

Swap

Annual

4.11%),

7.25%

(a)

(e)

(g)

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

EUR

100

116,072

Allwyn

Entertainment

Financing

plc

7.88%

04/30/29

(b)

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

USD

300

307,969

7.25%

04/30/30

(e)

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

EUR

100

113,119

Aramark

International

Finance

SARL,

3.13%,

04/01/25

(e)

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

752

796,294

Bertrand

Franchise

Finance

SAS,

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

7.49%,

07/18/30

(a)

(e)

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

100

107,566

Boyd

Gaming

Corp.

4.75%

12/01/27

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

USD

167

160,733

4.75%

06/15/31

(b)

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

584

529,282

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

......

747

697,026

Caesars

Entertainment,

Inc.

(b)

4.63%

10/15/29

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

2,177

1,995,810

7.00%

02/15/30

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

3,398

3,471,672

6.50%

02/15/32

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

1,646

1,654,072

Carnival

Corp.

(b)

5.75%

03/01/27

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

1,976

4.00%

08/01/28

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

1,126

1,056,681

6.00%

05/01/29

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

2,101

2,075,409

7.00%

08/15/29

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

297

307,119

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(b)

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

5,837

6,319,042

Churchill

Downs,

Inc.

(b)

4.75%

01/15/28

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

875

835,751

5.75%

04/01/30

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

2,103

2,042,717

6.75%

05/01/31

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

1,315

1,322,119

Cirsa

Finance

International

SARL,

(3-mo.

EURIBOR

4.50%),

8.36%,

07/31/28

(a)

(e)

EUR

100

108,166

Fertitta

Entertainment

LLC

(b)

4.63%

01/15/29

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

USD

1,413

1,286,764

6.75%

01/15/30

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

308

270,472

Flutter

Treasury

DAC,

6.38%,

04/29/29

(b)

...

357

359,260

Hilton

Domestic

Operating

Co.,

Inc.

(b)

3.75%

05/01/29

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

217

198,980

4.00%

05/01/31

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

26,853

6.13%

04/01/32

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

492

494,387

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

6.63%,

01/15/32

(b)

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

562

564,631

Light

Wonder

International,

Inc.

(b)

7.00%

05/15/28

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

171

171,884

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

Leisure

(continued)

7.25%

11/15/29

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

USD

193

197,112

7.50%

09/01/31

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

811

837,941

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(b)

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

207

212,809

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

481

474,965

Lion/Polaris

Lux

SA,

(3-mo.

EURIBOR

3.63%),

7.34%,

07/01/29

(a)

(e)

..........

EUR

100

107,095

Lottomatica

SpA

(e)

5.38%

06/01/30

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

100

108,241

(3-mo.

EURIBOR

0.00%

Floor

3.25%),

7.05%

06/01/31

(a)

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

100

108,574

MajorDrive

Holdings

LLC,

6.38%,

06/01/29

(b)

USD

655

616,730

Melco

Resorts

Finance

Ltd.

(b)

4.88%

06/06/25

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

500

490,000

5.63%

07/17/27

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

200

190,062

5.75%

07/21/28

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

200

187,000

5.38%

12/04/29

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

1,342

1,205,109

7.63%

04/17/32

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

643

638,178

Merlin

Entertainments

Group

Holdings,

Inc.,

7.38%,

02/15/31

(b)

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

923

940,407

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

800

788,164

MGM

China

Holdings

Ltd.

(b)

5.25%

06/18/25

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

200

197,750

4.75%

02/01/27

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

200

190,600

7.13%

06/26/31

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

244

245,244

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

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

220

204,928

Motion

Bondco

DAC,

6.63%,

11/15/27

(b)

....

615

595,674

NCL

Corp.

Ltd.

(b)

5.88%

03/15/26

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

970

958,964

8.38%

02/01/28

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

194

202,719

8.13%

01/15/29

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

717

751,238

7.75%

02/15/29

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

593

616,543

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

......

780

770,277

Ontario

Gaming

GTA

LP,

8.00%,

08/01/30

(b)

680

697,850

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

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

565

571,738

Premier

Entertainment

Sub

LLC

(b)

5.63%

09/01/29

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

214

153,898

5.88%

09/01/31

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

239

162,540

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(b)

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

324

349,932

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

286

276,688

Royal

Caribbean

Cruises

Ltd.

(b)

4.25%

07/01/26

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

181

175,171

5.38%

07/15/27

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

254

250,094

5.50%

04/01/28

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

157

154,997

7.25%

01/15/30

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

383

396,564

6.25%

03/15/32

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

810

816,805

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

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

804

783,753

Six

Flags

Entertainment

Corp.

(b)

7.25%

05/15/31

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

2,906

2,958,633

6.63%

05/01/32

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

240

243,897

Station

Casinos

LLC

(b)

4.50%

02/15/28

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

392

368,847

4.63%

12/01/31

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

467

416,238

6.63%

03/15/32

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

466

463,711

TUI

AG,

5.88%,

03/15/29

(e)

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

EUR

100

108,701

Vail

Resorts,

Inc.,

6.50%,

05/15/32

(b)

......

USD

884

894,571

Viking

Cruises

Ltd.

(b)

5.88%

09/15/27

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

612

605,669

7.00%

02/15/29

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

123

123,655

9.13%

07/15/31

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

2,181

2,362,164

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

Leisure

(continued)

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

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

USD

258

252,210

Wyndham

Hotels

Resorts,

Inc.,

4.38%,

08/15/28

(b)

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

227

211,619

Wynn

Macau

Ltd.

(b)

5.50%

01/15/26

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

263

257,499

5.50%

10/01/27

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

200

190,000

5.63%

08/26/28

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

2,791

2,612,376

5.13%

12/15/29

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

938

847,424

Wynn

Resorts

Finance

LLC

(b)

5.13%

10/01/29

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

1,681

1,598,738

7.13%

02/15/31

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

1,669

1,730,626

60,955,403

Household

Durables

—

0.4%

Ashton

Woods

USA

LLC

(b)

4.63%

08/01/29

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

208

187,399

4.63%

04/01/30

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

325

290,472

Beazer

Homes

USA,

Inc.,

7.50%,

03/15/31

(b)

213

212,556

Brookfield

Residential

Properties,

Inc.

(b)

5.00%

06/15/29

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

418

381,780

4.88%

02/15/30

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

307

274,604

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

283

289,768

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

190

193,325

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(b)

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

40,096

LGI

Homes,

Inc.,

8.75%,

12/15/28

(b)

.......

314

327,064

Mattamy

Group

Corp.

(b)

5.25%

12/15/27

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

161

156,428

4.63%

03/01/30

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

262

242,184

Meritage

Homes

Corp.,

1.75%,

05/15/28

(b)

(i)

67,524

New

Home

Co.,

Inc.

(The),

9.25%,

10/01/29

(b)

545

546,330

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

...

290

302,674

Taylor

Morrison

Communities,

Inc.,

5.13%,

08/01/30

(b)

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

46,922

Tempur

Sealy

International,

Inc.

(b)

4.00%

04/15/29

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

338

304,814

3.88%

10/15/31

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

115

96,128

TRI

Pointe

Homes,

Inc.

5.25%

06/01/27

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

30,235

5.70%

06/15/28

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

5,885

3,996,188

Household

Products

—

0.1%

Central

Garden

Pet

Co.

5.13%

02/01/28

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

19,452

4.13%

10/15/30

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

325

289,649

4.13%

04/30/31

(b)

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

345

304,047

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

06/30/31

(b)

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

153

153,153

Spectrum

Brands,

Inc.

(b)

3.38%

06/01/29

(i)

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

496

477,648

3.88%

03/15/31

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

38,444

1,282,393

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

AES

Corp.

(The),

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.20%),

7.60%,

01/15/55

(a)

...........

744

753,198

Calpine

Corp.

(b)

5.13%

03/15/28

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

817

785,749

4.63%

02/01/29

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

184

170,714

5.00%

02/01/31

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

199

185,726

Clearway

Energy

Operating

LLC

(b)

4.75%

03/15/28

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

233

222,637

3.75%

01/15/32

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

693

589,195

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

NextEra

Energy

Partners

(b)(i)

0.00%

11/15/25

(k)

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

USD

726

655,578

2.50%

06/15/26

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

474

432,527

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(b)

287

306,006

TransAlta

Corp.,

7.75%,

11/15/29

........

65,742

Vistra

Corp.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

6.93%),

8.00%

(a)

(b)

(g)

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

477

481,055

4,648,127

Industrial

Conglomerates

—

1.2%

EMRLD

Borrower

6.38%

12/15/30

(e)

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

EUR

100

111,111

6.38%

12/15/30

(b)

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

370

411,111

6.63%

12/15/30

(b)

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

USD

6,131

6,178,834

6.75%

07/15/31

(b)

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

590

597,375

Foundry

Holdco

LLC

(b)

6.25%

01/25/35

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

795

811,856

6.40%

01/25/38

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

495

510,196

Husky

Injection

Molding

Systems

Ltd.,

9.00%,

02/15/29

(b)

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

2,870

2,971,925

11,592,408

Insurance

—

6.1%

Acrisure

LLC,

7.50%,

11/06/30

(b)

.........

702

702,486

Alliant

Holdings

Intermediate

LLC

(b)

4.25%

10/15/27

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

2,930

2,743,456

6.75%

10/15/27

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

5,251

5,179,374

6.75%

04/15/28

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

691

692,097

5.88%

11/01/29

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

2,028

1,897,693

7.00%

01/15/31

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

2,337

2,360,894

AmWINS

Group,

Inc.

(b)

6.38%

02/15/29

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

339

339,925

4.88%

06/30/29

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

717

667,000

Ardonagh

Finco

Ltd.

6.88%

02/15/31

(e)

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

EUR

220

229,327

7.75%

02/15/31

(b)

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

USD

1,941

1,918,804

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

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

1,504

1,468,973

AssuredPartners,

Inc.,

7.50%,

02/15/32

(b)

...

926

929,493

AXA

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

3.84%),

6.38%

(a)

(e)

(g)

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

EUR

100

109,394

Baldwin

Insurance

Group

Holdings

LLC,

7.13%,

05/15/31

(b)

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

USD

203

205,359

FWD

Group

Holdings

Ltd.,

8.40%,

04/05/29

(e)

1,300

1,328,437

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

(e)

......

GBP

100

124,514

Howden

Refinance

plc

(b)

7.25%

02/15/31

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

USD

4,129

4,098,133

8.13%

02/15/32

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

1,838

1,826,044

HUB

International

Ltd.

(b)

7.25%

06/15/30

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

7,908

8,106,736

7.38%

01/31/32

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

10,491

10,638,734

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%

03/15/30

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

1,828

1,906,370

10.50%

12/15/30

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

546

586,323

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

7,373

7,457,303

Phoenix

Group

Holdings

plc,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.19%),

8.50%

(a)

(e)

(g)

........

200

196,756

Ryan

Specialty

LLC,

4.38%,

02/01/30

(b)

....

306

283,405

UnipolSai

Assicurazioni

SpA,

4.90%,

05/23/34

(e)

EUR

100

105,451

USI,

Inc.,

7.50%,

01/15/32

(b)

...........

USD

1,124

1,141,584

57,244,065

Security

Par

(000)

Par

(000)

Value

Services

—

1.0%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

USD

1,210

1,074,598

Boost

Newco

Borrower

LLC,

7.50%,

01/15/31

(b)

2,238

2,333,456

Magnum

Holdings,

5.38%,

10/31/26

(b)

...

1,259

1,204,312

Cablevision

Lightpath

LLC

(b)

3.88%

09/15/27

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

476

420,856

5.63%

09/15/28

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

855

689,405

Central

Parent

LLC,

8.00%,

06/15/29

(b)

.....

1,104

1,120,941

Engineering

Ingegneria

Informatica

SpA,

11.13%,

05/15/28

(e)

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

EUR

100

110,417

Fortress

Intermediate

Inc.,

7.50%,

06/01/31

(b)

USD

1,515

1,552,193

Global

Switch

Finance

BV,

1.38%,

10/07/30

(e)

EUR

100

97,197

Twilio,

Inc.

3.63%

03/15/29

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

USD

334

300,429

3.88%

03/15/31

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

682

599,809

9,503,613

Leisure

Products

—

0.1%

Acushnet

Co.,

7.38%,

10/15/28

(b)

........

49,741

Amer

Sports

Co.,

6.75%,

02/16/31

(b)

......

714

709,430

Mattel,

Inc.,

6.20%,

10/01/40

...........

140

137,997

897,168

Life

Sciences

Tools

Services

—

0.4%

(b)

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

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

72,244

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

....

456

453,075

Star

Parent,

Inc.,

9.00%,

10/01/30

........

3,044

3,195,885

3,721,204

Machinery

—

1.6%

Alstom

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

2.93%),

5.87%

(a)

(e)

(g)

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

EUR

100

108,605

ATS

Corp.,

4.13%,

12/15/28

(b)

..........

USD

188

171,322

Boels

Topholding

BV,

5.75%,

05/15/30

(e)

....

EUR

107

116,081

Chart

Industries,

Inc.

(b)

7.50%

01/01/30

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

USD

1,703

1,759,822

9.50%

01/01/31

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

574

621,908

Esab

Corp.,

6.25%,

04/15/29

(b)

..........

645

648,868

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28

(b)

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

329

242,494

IMA

Industria

Macchine

Automatiche

SpA,

(3-mo.

EURIBOR

0.00%

Floor

3.75%),

7.65%,

04/15/29

(a)

(e)

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

EUR

100

107,888

Loxam

SAS,

6.38%,

05/15/28

(e)

.........

100

110,058

Madison

IAQ

LLC

(b)

4.13%

06/30/28

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

USD

585

545,587

5.88%

06/30/29

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

1,266

1,177,885

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

145

132,759

Nova

Alexandre

III

SAS,

(3-mo.

EURIBOR

0.00%

Floor

5.25%),

9.11%,

07/15/29

(a)

(e)

EUR

100

106,827

Merger

Corp.,

7.88%,

10/15/29

(b)

......

USD

258

116,100

Roller

Bearing

Co.

America,

Inc.,

4.38%,

10/15/29

(b)

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

272

250,305

Terex

Corp.,

5.00%,

05/15/29

(b)

.........

823

780,940

Elevator

Holdco

GmbH

6.63%

07/15/28

(e)

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

EUR

450

463,976

7.63%

07/15/28

(b)

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

USD

2,197

2,180,242

Elevator

Midco

GmbH,

4.38%,

07/15/27

(e)

EUR

472

487,215

Elevator

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

4,253

4,122,502

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

442

397,722

14,649,106

Media

—

4.5%

Altice

Financing

(b)

9.63%

07/15/27

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

1,264

1,158,196

5.75%

08/15/29

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

2,317

1,682,274

Banijay

Entertainment

SASU

7.00%

05/01/29

(e)

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

EUR

100

111,646

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

8.13%

05/01/29

(b)

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

USD

222

227,040

Cable

One,

Inc.

0.00%

03/15/26

(i)

(k)

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

185

161,875

1.13%

03/15/28

(i)

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

695

515,884

4.00%

11/15/30

(b)

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

157

117,177

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

5.13%

08/15/27

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

865

826,062

7.75%

04/15/28

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

650

568,753

9.00%

09/15/28

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

3,477

3,640,266

7.50%

06/01/29

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

1,252

1,046,196

7.88%

04/01/30

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

1,972

1,984,909

CMG

Media

Corp.,

8.88%,

12/15/27

(b)

.....

655

373,571

CSC

Holdings

LLC

(b)

5.50%

04/15/27

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

200

162,228

11.25%

05/15/28

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

3,000

2,612,657

11.75%

01/31/29

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

1,800

1,535,137

DirecTV

Financing

LLC,

5.88%,

08/15/27

(b)

1,860

1,749,491

DISH

DBS

Corp.

(b)

5.25%

12/01/26

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

1,575

1,242,348

5.75%

12/01/28

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

153

106,077

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

...

3,193

3,130,735

EquipmentShare.com,

Inc.,

8.63%,

05/15/32

(b)

227

235,381

GCI

LLC,

4.75%,

10/15/28

(b)

...........

217

198,073

Gray

Television,

Inc.

(b)

7.00%

05/15/27

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

858

789,964

10.50%

07/15/29

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

1,125

1,131,052

Lamar

Media

Corp.,

4.00%,

02/15/30

......

49,863

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(b)

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

1,306

1,223,114

Midcontinent

Communications,

5.38%,

08/15/27

(b)

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

307

294,720

Outfront

Media

Capital

LLC

(b)

5.00%

08/15/27

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

848

820,880

4.25%

01/15/29

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

977

890,848

4.63%

03/15/30

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

1,077

969,776

7.38%

02/15/31

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

695

723,293

Pinewood

Finco

plc,

6.00%,

03/27/30

(e)

.....

GBP

112

139,102

Radiate

Holdco

LLC

(b)

4.50%

09/15/26

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

USD

445

339,085

6.50%

09/15/28

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

647

320,657

Sirius

Radio,

Inc.

(b)

3.13%

09/01/26

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

374

351,873

5.00%

08/01/27

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

2,012

1,925,929

4.00%

07/15/28

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

223

201,448

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

....

209

193,036

Summer

Holdco

SARL,

5.75%,

10/31/26

(e)

EUR

100

105,890

Sunrise

FinCo.

BV,

4.88%,

07/15/31

(b)

....

USD

882

800,869

Tele

Columbus

AG,

10.00%,

01/01/29

(a)

(e)

...

EUR

155

118,457

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

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

USD

400

378,869

United

Group

(e)

6.75%

02/15/31

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

EUR

100

109,773

(3-mo.

EURIBOR

0.00%

Floor

4.25%),

8.08%

02/15/31

(a)

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

100

107,764

Univision

Communications,

Inc.

(b)

6.63%

06/01/27

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

USD

1,245

1,191,890

8.00%

08/15/28

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

1,899

1,851,958

8.50%

07/31/31

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

1,179

1,145,210

Virgin

Media

Vendor

Financing

Notes

DAC,

5.00%,

07/15/28

(b)

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

893

794,596

Vendor

Financing

BV,

2.88%,

01/15/29

(e)

EUR

200

184,567

Ziggo

Bond

Co.

(b)

6.00%

01/15/27

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

USD

200

196,168

5.13%

02/28/30

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

275

233,658

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Ziggo

BV,

4.88%,

01/15/30

(b)

...........

USD

565

502,290

41,472,575

Metals

Mining

—

2.5%

Arsenal

AIC

Parent

LLC

(b)

8.00%

10/01/30

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

580

608,650

11.50%

10/01/31

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

2,963

3,315,661

ATI,

Inc.

5.88%

12/01/27

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

155

152,937

4.88%

10/01/29

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

225

210,325

7.25%

08/15/30

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

1,106

1,141,676

5.13%

10/01/31

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

934

863,325

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

....

2,530

2,535,632

Carpenter

Technology

Corp.,

7.63%,

03/15/30

505

519,909

Constellium

4.25%

02/15/26

(e)

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

EUR

223

237,388

5.63%

06/15/28

(b)

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

USD

333

325,914

3.75%

04/15/29

(b)

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

1,976

1,791,494

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

.....

715

689,925

First

Quantum

Minerals

Ltd.,

9.38%,

03/01/29

(b)

1,585

1,658,306

Kaiser

Aluminum

Corp.

(b)

4.63%

03/01/28

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

1,389

1,299,637

4.50%

06/01/31

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

1,647

1,458,490

Mineral

Resources

Ltd.,

9.25%,

10/01/28

(b)

73,467

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

.......

1,760

1,771,232

Novelis

Corp.

(b)

3.25%

11/15/26

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

1,511

1,421,857

4.75%

01/30/30

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

1,375

1,275,594

3.88%

08/15/31

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

1,560

1,350,622

Novelis

Sheet

Ingot

GmbH,

3.38%,

04/15/29

(e)

EUR

500

503,347

23,205,388

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

(b)

Ladder

Capital

Finance

Holdings

LLLP

4.25%

02/01/27

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

USD

369

349,486

4.75%

06/15/29

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

139

128,402

7.00%

07/15/31

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

586

591,128

Starwood

Property

Trust,

Inc.

4.38%

01/15/27

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

79,529

7.25%

04/01/29

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

415

419,449

1,567,994

Multi-Utilities

—

0.2%

(a)

A2A

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

2.26%),

5.00%

(e)

(g)

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

EUR

100

106,158

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

2.51%),

6.50%,

05/21/55

(e)

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

GBP

100

127,674

Dominion

Energy,

Inc.

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.51%),

7.00%

06/01/54

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

USD

440

457,804

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.39%),

6.88%

02/01/55

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

759

774,824

Engie

SA,

(5-Year

EUR

Swap

Annual

1.94%),

4.75%

(e)

(g)

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

EUR

100

106,400

1,572,860

Oil,

Gas

Consumable

Fuels

—

6.1%

Aethon

United

LP,

8.25%,

02/15/26

(b)

....

USD

1,291

1,305,113

Antero

Midstream

Partners

(b)

5.38%

06/15/29

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

422

409,069

6.63%

02/01/32

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

704

710,334

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%

11/01/27

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

897

1,110,688

8.25%

12/31/28

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

1,828

1,872,780

Baytex

Energy

Corp.,

8.50%,

04/30/30

(b)

....

819

856,510

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

Buckeye

Partners

4.13%

03/01/25

(b)

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

USD

18,743

6.88%

07/01/29

(b)

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

253

253,945

5.85%

11/15/43

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

237

203,390

5.60%

10/15/44

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

158

124,508

CITGO

Petroleum

Corp.

(b)

7.00%

06/15/25

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

453

452,877

8.38%

01/15/29

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

1,234

1,271,899

Civitas

Resources,

Inc.

(b)

8.38%

07/01/28

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

163

170,796

8.63%

11/01/30

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

639

685,148

8.75%

07/01/31

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

2,026

2,169,745

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

232

209,070

CNX

Resources

Corp.,

7.38%,

01/15/31

(b)

...

205

209,595

Comstock

Resources,

Inc.

(b)

6.75%

03/01/29

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

1,345

1,300,903

5.88%

01/15/30

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

1,538

1,431,139

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.......

3,516

3,332,907

Crescent

Energy

Finance

LLC

(b)

7.63%

04/01/32

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

983

1,001,865

7.38%

01/15/33

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

999

1,001,154

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

536

562,620

Midstream,

Inc.

(b)

4.13%

06/15/29

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

666

615,281

4.38%

06/15/31

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

1,509

1,374,433

Enbridge,

Inc.

(a)

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.97%),

7.20%

06/27/54

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

420

422,529

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.12%),

7.38%

03/15/55

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

570

571,140

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.43%),

8.50%

01/15/84

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

476

513,143

Encino

Acquisition

Partners

Holdings

LLC,

8.75%,

05/01/31

(b)

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

552

575,566

Energy

Transfer

(a)

Series

(3-mo.

LIBOR

USD

4.16%),

6.63%

(g)

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

280

271,720

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.02%),

8.00%

05/15/54

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

1,381

1,444,514

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.83%),

7.13%

10/01/54

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

805

794,201

EnQuest

plc,

11.63%,

11/01/27

(b)

........

200

203,176

EQM

Midstream

Partners

(b)

4.50%

01/15/29

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

37,749

6.38%

04/01/29

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

832

840,409

7.50%

06/01/30

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

102,450

4.75%

01/15/31

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

605

565,702

FTAI

Infra

Escrow

Holdings

LLC,

10.50%,

06/01/27

(b)

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

459

485,974

Genesis

Energy

7.75%

02/01/28

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

453

457,810

8.25%

01/15/29

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

796

821,742

8.88%

04/15/30

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

808

849,952

7.88%

05/15/32

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

940

948,959

Harbour

Energy

plc,

5.50%,

10/15/26

(b)

.....

200

196,054

Harvest

Midstream

LP,

7.50%,

05/15/32

(b)

553

561,486

Hess

Midstream

Operations

LP,

6.50%,

06/01/29

(b)

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

637

645,767

Hilcorp

Energy

(b)

6.25%

11/01/28

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

224

221,232

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

5.75%

02/01/29

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

USD

560

541,894

6.00%

04/15/30

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

47,332

8.38%

11/01/33

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

1,577

1,680,699

6.88%

05/15/34

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

866

856,635

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

......

719

651,418

Kinetik

Holdings

(b)

6.63%

12/15/28

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

87,373

5.88%

06/15/30

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

395

389,237

Matador

Resources

Co.

(b)

6.88%

04/15/28

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

593

601,917

6.50%

04/15/32

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

736

736,054

Murphy

Oil

Corp.,

5.88%,

12/01/42

(j)

......

40,792

New

Fortress

Energy,

Inc.

(b)

6.75%

09/15/25

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

271

263,072

8.75%

03/15/29

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

1,473

1,344,654

Northern

Oil

Gas,

Inc.

(b)

8.13%

03/01/28

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

2,761

2,792,158

8.75%

06/15/31

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

734

770,174

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

...

588

601,951

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

.....

465

479,249

Rockcliff

Energy

LLC,

5.50%,

10/15/29

(b)

717

671,150

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

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

109

102,612

Saturn

Oil

Gas,

Inc.,

9.63%,

06/15/29

(b)

...

524

528,898

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(b)

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

911

941,948

Energy

Co.,

6.50%,

07/15/28

........

12,888

Southwestern

Energy

Co.

5.38%

02/01/29

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

400

388,803

4.75%

02/01/32

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

7,360

Sunoco

LP,

5.88%,

03/15/28

...........

100

99,565

Tallgrass

Energy

Partners

(b)

6.00%

03/01/27

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

94,617

5.50%

01/15/28

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

367

351,123

7.38%

02/15/29

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

1,139

1,144,566

6.00%

12/31/30

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

22,361

6.00%

09/01/31

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

288

269,150

Talos

Production,

Inc.

(b)

9.00%

02/01/29

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

447

469,146

9.38%

02/01/31

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

373

393,817

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

4.77%),

7.86%,

11/15/83

(a)

(e)

.....

EUR

100

116,198

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%

08/15/29

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

USD

1,238

1,127,496

4.13%

08/15/31

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

153

137,297

3.88%

11/01/33

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

1,818

1,549,130

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(b)

...

345

339,076

Vital

Energy,

Inc.

9.75%

10/15/30

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

818

893,165

7.88%

04/15/32

(b)

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

1,430

1,453,724

57,184,486

Paper

Forest

Products

—

0.0%

Ahlstrom

Holding

Oy,

4.88%,

02/04/28

(b)

...

200

186,725

Fiber

Bidco

SpA,

6.13%,

06/15/31

(e)

.......

EUR

100

106,024

ProGroup

AG,

5.13%,

04/15/29

(e)

........

100

107,376

400,125

Passenger

Airlines

—

0.4%

Air

France-KLM,

4.63%,

05/23/29

(e)

.......

100

105,468

American

Airlines,

Inc.

(b)

5.50%

04/20/26

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

USD

—

(l)

5.75%

04/20/29

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

463

449,986

8.50%

05/15/29

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

1,139

1,183,383

United

Airlines,

Inc.

(b)

4.38%

04/15/26

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

1,105

1,067,438

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

4.63%

04/15/29

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

USD

1,119

1,042,136

3,848,412

Personal

Care

Products

—

0.1%

(b)

Coty,

Inc.

4.75%

01/15/29

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

34,215

6.63%

07/15/30

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

419

425,201

Prestige

Brands,

Inc.,

3.75%,

04/01/31

.....

177

154,054

613,470

Pharmaceuticals

—

1.0%

1375209

Ltd.,

9.00%,

01/30/28

(b)

......

710

682,719

Bausch

Health

Cos.,

Inc.,

11.00%,

09/30/28

(b)

246

218,940

Bayer

AG,

(5-Year

EUR

Swap

Annual

3.75%),

4.50%,

03/25/82

(a)

(e)

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

EUR

200

206,014

Catalent

Pharma

Solutions,

Inc.

(b)

5.00%

07/15/27

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

USD

611

599,120

3.13%

02/15/29

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

882

844,147

3.50%

04/01/30

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

947

906,551

Cheplapharm

Arzneimittel

GmbH

5.50%

01/15/28

(b)

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

280

259,026

7.50%

05/15/30

(e)

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

EUR

100

112,009

Endo

Finance

Holdings,

Inc.,

8.50%,

04/15/31

(b)

USD

764

788,431

Gruenenthal

GmbH,

6.75%,

05/15/30

(e)

.....

EUR

100

112,455

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

....

USD

400

371,344

Organon

Co.

2.88%

04/30/28

(e)

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

EUR

100

100,685

4.13%

04/30/28

(b)

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

USD

583

541,430

7.88%

05/15/34

(b)

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

570

585,677

Teva

Pharmaceutical

Finance

Netherlands

4.38%

05/09/30

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

EUR

100

103,393

7.88%

09/15/31

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

100

123,159

Teva

Pharmaceutical

Finance

Netherlands

III

7.13%

01/31/25

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

USD

287

287,897

3.15%

10/01/26

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

1,160

1,090,400

4.75%

05/09/27

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

400

385,750

7.88%

09/15/29

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

531

570,659

8.13%

09/15/31

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

725

804,070

9,693,876

Professional

Services

—

0.5%

(b)

CoreLogic,

Inc.,

4.50%,

05/01/28

........

3,253

2,951,766

Dun

Bradstreet

Corp.

(The),

5.00%,

12/15/29

1,385

1,286,429

KBR,

Inc.,

4.75%,

09/30/28

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

400

372,000

Science

Applications

International

Corp.,

4.88%,

04/01/28

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

314

299,656

4,909,851

Real

Estate

Management

Development

—

0.4%

ADLER

Real

Estate

AG,

3.00%,

04/27/26

(e)

EUR

100

96,372

Anywhere

Real

Estate

Group

LLC

Series

7.00%

04/15/30

...........

USD

570

466,412

7.00%

04/15/30

(b)

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

678

554,232

Aroundtown

SA,

0.38%,

04/15/27

(e)

.......

EUR

100

92,835

Cushman

Wakefield

Borrower

LLC

(b)

6.75%

05/15/28

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

USD

669

664,068

8.88%

09/01/31

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

776

816,387

Heimstaden

Bostad

AB,

(5-Year

EUR

Swap

Annual

3.15%),

2.63%

(a)

(e)

(g)

.........

EUR

100

66,131

Heimstaden

Bostad

Treasury

BV,

1.00%,

04/13/28

(e)

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

100

87,332

Howard

Hughes

Corp.

(The)

(b)

4.13%

02/01/29

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

USD

469

419,419

4.38%

02/01/31

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

192

165,322

3,428,510

Security

Par

(000)

Par

(000)

Value

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

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

USD

358

333,177

Semiconductors

Semiconductor

Equipment

—

0.3%

ams-OSRAM

AG,

10.50%,

03/30/29

(e)

.....

EUR

200

224,096

Entegris,

Inc.,

4.75%,

04/15/29

(b)

........

USD

1,838

1,758,520

MKS

Instruments,

Inc.,

1.25%,

06/01/30

(b)

(i)

641

682,464

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

........

335

303,549

2,968,629

Software

—

4.8%

Boxer

Parent

Co.,

Inc.,

9.13%,

03/01/26

(b)

...

2,260

2,261,756

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

1,204

1,243,370

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

.....

1,156

1,150,287

Clarivate

Science

Holdings

Corp.

(b)

3.88%

07/01/28

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

3,171

2,945,152

4.88%

07/01/29

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

2,027

1,881,182

Cloud

Software

Group,

Inc.

(b)

6.50%

03/31/29

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

8,051

7,731,494

9.00%

09/30/29

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

4,236

4,109,853

8.25%

06/30/32

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

4,767

4,858,746

Dye

Durham

Ltd.,

8.63%,

04/15/29

(b)

.....

283

287,081

Elastic

NV,

4.13%,

07/15/29

(b)

..........

794

724,971

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

.......

515

481,731

Helios

Software

Holdings,

Inc.

4.63%

05/01/28

(b)

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

200

178,581

7.88%

05/01/29

(e)

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

EUR

100

107,205

8.75%

05/01/29

(b)

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

USD

375

381,830

ION

Trading

Technologies

SARL,

9.50%,

05/30/29

(b)

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

262

266,860

McAfee

Corp.,

7.38%,

02/15/30

(b)

........

1,579

1,458,764

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

.....

1,151

1,115,616

PTC,

Inc.,

4.00%,

02/15/28

(b)

...........

57,415

Sabre

GLBL,

Inc.

(b)

8.63%

06/01/27

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

843

776,627

11.25%

12/15/27

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

60,269

SS&C

Technologies,

Inc.

(b)

5.50%

09/30/27

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

1,243

1,223,989

6.50%

06/01/32

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

1,806

1,821,706

UKG,

Inc.,

6.88%,

02/01/31

(b)

...........

7,510

7,604,100

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

.......

448

387,402

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

1,279

1,161,352

44,277,339

Specialized

REITs

—

0.4%

Iron

Mountain,

Inc.

(b)

7.00%

02/15/29

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

722

734,701

5.63%

07/15/32

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

1,451

1,377,817

SBA

Communications

Corp.,

3.13%,

02/01/29

1,442

1,285,612

3,398,130

Specialty

Retail

—

1.5%

Asbury

Automotive

Group,

Inc.

4.50%

03/01/28

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

328

310,769

4.75%

03/01/30

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

186

172,358

5.00%

02/15/32

(b)

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

297

269,084

Carvana

Co.

(b)(f)

13.00%

(

13.00

Cash

13.00

PIK),

06/01/30

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

566

613,449

14.00%

(

14.00

Cash

14.00

PIK),

06/01/31

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

1,628

1,811,990

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(e)

GBP

100

128,022

Cougar

Subsidiary

LLC,

8.00%,

05/15/32

(b)

USD

555

573,910

Dufry

One

BV,

4.75%,

04/18/31

(e)

........

EUR

100

105,927

Global

Finance

plc,

12.00%,

11/30/28

(b)

USD

1,109

1,180,728

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

...

747

691,301

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

220

203,901

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Penske

Automotive

Group,

Inc.,

3.50%,

09/01/25

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

USD

119

115,845

PetSmart,

Inc.

(b)

4.75%

02/15/28

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

390

362,262

7.75%

02/15/29

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

1,364

1,328,356

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

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

186

182,750

Staples,

Inc.,

10.75%,

09/01/29

(b)

........

579

550,239

Velocity

Vehicle

Group

LLC,

8.00%,

06/01/29

(b)

336

345,593

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

...

4,645

4,481,919

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

9.00%

PIK),

03/15/26

(b)

(f)

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

812

812,019

14,240,422

Technology

Hardware,

Storage

Peripherals

—

0.2%

Seagate

HDD

Cayman

(b)

8.25%

12/15/29

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

936

1,003,860

8.50%

07/15/31

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

1,096

1,180,418

2,184,278

Textiles,

Apparel

Luxury

Goods

—

0.1%

(b)

Crocs,

Inc.,

4.13%,

08/15/31

...........

211

183,715

Hanesbrands,

Inc.

4.88%

05/15/26

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

376

367,841

9.00%

02/15/31

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

41,910

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

.....

224

202,776

Levi

Strauss

Co.,

3.50%,

03/01/31

......

580

501,741

1,297,983

Trading

Companies

Distributors

—

1.3%

(b)

Beacon

Roofing

Supply,

Inc.

4.13%

05/15/29

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

184

167,620

6.50%

08/01/30

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

484

488,360

Fortress

Transportation

Infrastructure

Investors

LLC

5.50%

05/01/28

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

672

651,535

7.88%

12/01/30

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

1,817

1,900,816

7.00%

05/01/31

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

3,467

3,542,088

7.00%

06/15/32

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

1,642

1,665,229

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

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

153

135,779

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

67,670

Herc

Holdings,

Inc.

5.50%

07/15/27

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

1,030

1,013,881

6.63%

06/15/29

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

718

728,069

Imola

Merger

Corp.,

4.75%,

05/15/29

......

655

612,321

United

Rentals

North

America,

Inc.,

6.13%,

03/15/34

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

426

424,446

WESCO

Distribution,

Inc.

6.38%

03/15/29

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

422

423,525

6.63%

03/15/32

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

544

549,726

12,371,065

Transportation

Infrastructure

—

0.1%

Fraport

Frankfurt

Airport

Services

Worldwide,

4.25%,

06/11/32

(e)

.........

EUR

48,571

Rand

Parent

LLC,

8.50%,

02/15/30

(b)

......

USD

67,832

SGL

Group

ApS,

(3-mo.

EURIBOR

0.00%

Floor

4.75%),

8.65%,

04/22/30

(a)

......

EUR

100

108,164

Stena

International

SA,

7.25%,

01/15/31

(b)

...

USD

200

204,436

429,003

Wireless

Telecommunication

Services

—

0.4%

Hutchison

Group

Telecom

Finance

SA,

2.63%,

10/17/34

(e)

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

GBP

200

184,289

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

....

USD

1,492

1,440,005

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%,

01/15/31

(b)

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

244

258,793

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

SoftBank

Group

Corp.

(e)

2.88%

01/06/27

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

EUR

150

152,044

3.88%

07/06/32

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

250

239,625

Telefonica

Europe

(a)(e)(g)

(7-Year

EUR

Swap

Annual

3.35%),

6.14%

200

224,350

(EUAMDB08

3.12%),

5.75%

........

100

109,532

Vmed

Financing

plc

4.50%

07/15/31

(e)

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

GBP

200

208,513

4.75%

07/15/31

(b)

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

USD

617

520,363

Vodafone

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

3.84%),

8.00%,

08/30/86

(a)

(e)

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

GBP

404

547,464

WP/AP

Telecom

Holdings

III

BV,

5.50%,

01/15/30

(e)

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

EUR

100

99,063

3,984,041

Total

Corporate

Bonds

—

(Cost:

804,299,267

)

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

804,040,003

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.7%

Cotiviti,

Inc.,

Term

Loan

7.63

05/01/31

...

USD

6,409

6,371,636

Media

—

0.2%

Clear

Channel

International

BV,

Term

Loan

7.50

08/12/27

(m)

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

2,455

2,387,487

Total

Fixed

Rate

Loan

Interests

—

(Cost:

8,842,146

)

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

8,759,123

Floating

Rate

Loan

Interests

Aerospace

Defense

—

0.3%

(a)

Atlas

Acquisition

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.25%),

9.86

05/25/28

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

330

240,214

Atlas

Acquisition

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.25%),

9.86

05/25/28

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

48,854

Bleriot

Bidco,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.58

10/30/28

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

290

291,428

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.84

08/24/28

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

212

212,286

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.84

08/24/28

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

81,852

Ovation

Parent,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.50%),

8.83

04/21/31

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

316

317,580

Peraton

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

9.19

02/01/28

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

574

574,086

Peraton

Corp.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

7.75%),

13.18

02/01/29

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

1,189

1,191,926

2,958,226

Air

Freight

Logistics

—

0.1%

Loanco

LLC,

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.50%),

9.83

12/19/30

(a)

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

460

427,614

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobile

Components

—

0.2%

(a)

Champions

Holdco,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

10.08

02/23/29

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

USD

586

588,198

Gates

Corp.,

Term

Loan

06/04/31

(n)

.....

498

498,309

Tenneco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

5.00%),

10.43

11/17/28

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

319

305,940

1,392,447

Broadline

Retail

—

0.2%

StubHub

Holdco

Sub

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

10.09

03/15/30

(a)

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

1,467

1,464,943

Building

Products

—

0.1%

(a)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.84

11/03/28

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

373

373,841

Cornerstone

Building

Brands,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.83

05/15/31

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

194

192,384

566,225

Capital

Markets

—

0.1%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.84

04/30/31

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

300

299,625

Grant

Thornton

Advisors

LLC,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.60

06/02/31

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

752

753,887

OVG

Business

Services

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

8.35

06/25/31

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

237

236,261

1,289,773

Chemicals

—

0.3%

(a)

Aruba

Investments

Holdings

LLC,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

7.75%),

13.19

11/24/28

190

180,690

Chemours

Co.

(The),

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.84

08/18/28

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

470

467,154

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.38%),

9.69

10/04/29

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

1,091

1,088,581

Herens

Holdco

SARL,

Facility

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.93%),

9.36

07/03/28

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

328

317,582

Momentive

Performance

Materials,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.84

03/29/28

(m)

......

824

822,091

Nouryon

Finance

BV,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.83

04/03/28

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

101

101,126

Nouryon

Finance

BV,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.82

04/03/28

(m)

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

32,080

Olympus

Water

Holding

Corp.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.85

06/20/31

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

4,002

3,013,306

Security

Par

(000)

Par

(000)

Value

Commercial

Services

Supplies

—

0.2%

(a)

Allied

Universal

Holdco

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

9.19

05/12/28

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

USD

884

879,946

GFL

Environmental

Inc.,

Term

Loan

07/03/31

(m)

(n)

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

298

298,000

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.25%),

9.84

12/15/28

.......

549

361,744

TruGreen

LP,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

8.50%),

14.09

11/02/28

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

46,428

1,586,118

Communications

Equipment

—

0.0%

ViaSat,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.94

05/30/30

(a)

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

466

413,350

Construction

Engineering

—

0.2%

Brand

Industrial

Services,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

and

0.50%

Cap

4.50%),

0.00

08/01/30

(a)

2,191

2,196,628

Construction

Materials

—

0.1%

White

Cap

Supply

Holdings,

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.59

10/19/29

(a)

...........

544

545,117

Consumer

Staples

Distribution

Retail

—

0.0%

BCPE

Empire

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

9.34

12/11/28

(a)

......

297

297,106

Containers

Packaging

—

0.1%

(a)

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.84

04/15/27

.......

354

354,193

Trident

TPI

Holdings,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

9.33

09/30/24

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

251

250,822

605,015

Diversified

Consumer

Services

—

0.3%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.94

12/11/28

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

346

345,744

Ascend

Learning

LLC,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

5.75%),

11.19

12/10/29

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

284

277,042

OMNIA

Partners

LLC,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.57

07/25/30

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

140

139,628

Polaris

Bidco

SARL,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.83

03/26/31

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

490

492,656

Wand

Newco

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

9.09

01/30/31

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

1,895

1,906,503

3,161,573

Diversified

Telecommunication

Services

—

0.1%

(a)

Frontier

Communications

Holdings

LLC,

Term

Loan

06/20/31

(m)

(n)

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

196

195,510

Level

Financing,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

2.00%

Floor

6.56%),

11.90

04/15/29

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

144

140,756

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Level

Financing,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

2.00%

Floor

6.56%),

11.90

04/15/30

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

USD

145

141,040

Lumen

Technologies,

Inc.,

Term

Loan

12/31/30

(n)

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

142

116,982

Radiate

Holdco

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.25%),

8.71

09/25/26

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

356

287,516

Windstream

Services

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

6.25%),

11.69

09/21/27

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

310

309,660

Zayo

Group

Holdings,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

8.46

03/09/27

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

25,180

1,216,644

Energy

Equipment

Services

—

0.0%

Lealand

Finance

Co.

BV,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

8.44

06/30/27

(a)

(m)

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

11,652

Entertainment

—

0.1%

(a)

City

Football

Group

Ltd.,

Term

Loan

(3-mo.

CME

Term

SOFR

3.00%),

0.00

07/26/24

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

528

525,382

Motion

Acquisition

Ltd.,

Facility

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.83

11/12/29

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

441

440,782

966,164

Financial

Services

—

0.2%

(a)

APi

Group

DE,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

7.34

01/03/29

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

110

109,872

CPI

Holdco

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

7.34

05/17/31

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

532

531,170

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

1.00%

Floor

3.75%),

9.08

04/09/27

.......

219

219,019

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

6.75%),

12.35

04/07/28

......

426

424,935

Sotera

Health

Holdings

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.59

05/30/31

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

489

487,371

1,772,367

Food

Products

—

0.1%

Chobani

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

9.08

10/25/27

(a)

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

563

565,282

Gas

Utilities

—

0.0%

NGL

Energy

Operating

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.84

02/03/31

(a)

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

419

419,922

Ground

Transportation

—

0.1%

Genesee

Wyoming,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

7.33

04/10/31

(a)

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

1,114

1,112,463

Health

Care

Equipment

Supplies

—

0.2%

Bausch

Lomb

Corp.,

Term

Loan

(a)

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.69

05/10/27

..........

1,221

1,206,778

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

Supplies

(continued)

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

9.34

09/29/28

..........

USD

490

488,765

1,695,543

Health

Care

Providers

Services

—

0.4%

(a)

CNT

Holding

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.50%),

8.83

11/08/27

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

491

491,354

Concentra

Health

Services,

Inc.,

Term

Loan

06/26/31

(m)

(n)

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

111

111,278

Ensemble

RCM

LLC,

Term

Loan

08/01/29

(n)

491

488,753

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

10.06

11/16/28

..........

253

254,055

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

9.33

05/17/31

..........

504

504,474

Medline

Borrower

LP,

Term

Loan

10/23/28

(n)

1,324

1,324,000

Quorum

Health

Corp.,

Term

Loan

(3-mo.

CME

Term

SOFR

1.00%

Floor

8.25%),

13.65

04/29/25

(m)

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

500

370,060

Surgery

Center

Holdings,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

3.50%),

0.00

12/19/30

(c)

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

243

242,916

3,786,890

Health

Care

Technology

—

0.6%

(a)

Athenahealth

Group,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.59

02/15/29

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

4,160

4,141,635

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.00%),

9.43

10/01/27

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

806

779,392

Polaris

Newco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

9.59

06/02/28

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

584

583,389

5,504,416

Hotels,

Restaurants

Leisure

—

0.1%

(a)

1011778

Unlimited

Liability

Co.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

7.09

09/20/30

...........

546

544,040

Cedar

Fair

LP,

Term

Loan

05/01/31

(n)

.....

324

322,989

Entain

plc,

Facility

Term

Loan

(6-mo.

CME

Term

SOFR

0.50%

Floor

2.75%),

8.01

10/31/29

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

470

470,700

1,337,729

Household

Durables

—

0.1%

(a)

Hunter

Douglas

Holding

BV,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.84

02/26/29

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

467

462,954

SWF

Holdings

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

4.00%),

9.46

10/06/28

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

932

795,438

1,258,392

Industrial

Conglomerates

—

0.1%

(a)

Chromalloy

Corp.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

9.08

03/27/31

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

746

746,933

EMRLD

Borrower

LP,

Term

Loan

06/18/31

(n)

316

315,605

1,062,538

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

—

0.6%

(a)

AssuredPartners,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.84

02/14/31

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

USD

814

815,596

Truist

Insurance

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.58

05/06/31

.......

1,283

1,284,142

Truist

Insurance

Holdings,

LLC,

Second

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

10.08

05/06/32

3,091

3,146,391

5,246,129

Services

—

0.5%

(a)

Central

Parent

LLC,

1st

Lien

Term

Loan

07/06/29

(n)

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

297

292,198

Fortress

Intermediate

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.00%),

9.10

06/27/31

(m)

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

1,668

1,668,000

Mitchell

International,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.59

06/17/31

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

720

712,800

Modena

Buyer

LLC,

Term

Loan

07/01/31

(n)

859

837,259

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

9.07

10/28/30

.......

550

551,144

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

0.00

02/24/28

219

218,959

4,280,360

Life

Sciences

Tools

Services

—

0.1%

(a)

Parexel

International,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.71

11/15/28

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

224

224,204

Star

Parent,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

9.08

09/27/30

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

909

907,382

1,131,586

Machinery

—

0.6%

(a)

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

5.00%),

10.33

02/15/29

......

2,254

2,258,229

Indicor

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.58

11/22/29

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

306

307,179

SPX

Flow,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.84

04/05/29

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

678

681,173

Elevator

Midco

GmbH,

Facility

Term

Loan

(6-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.79

04/30/30

...........

2,060

2,068,874

WEC

Holdings

Ltd.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

8.09

01/27/31

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

313

313,069

5,628,524

Media

—

0.4%

(a)

Altice

France

SA,

Term

Loan

B14

(3-mo.

CME

Term

SOFR

0.00%

Floor

5.50%),

10.83

08/15/28

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

234

171,093

AVSC

Holding

Corp.,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

7.25%),

12.71

09/01/25

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

252

246,728

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

9.46

08/21/28

.......

USD

1,248

1,248,252

CSC

Holdings

LLC,

Term

Loan

(1-mo.

LIBOR

USD

0.00%

Floor

2.50%),

7.94

04/15/27

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

470

389,917

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.83

01/18/28

..........

494

473,742

DirecTV

Financing

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

5.25%),

10.71

08/02/29

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

177

175,551

Gray

Television,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

10.59

01/01/38

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

362

343,447

Univision

Communications,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.96

01/31/29

.......

189

187,041

3,235,771

Metals

Mining

—

0.0%

CD&R

Hydra

Buyer,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

9.44

03/25/31

(a)

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

320

320,197

Oil,

Gas

Consumable

Fuels

—

0.2%

(a)

Freeport

LNG

investments

LLLP,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

9.09

12/21/28

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

248

247,601

New

Fortress

Energy

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

5.00%),

10.33

10/30/28

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

1,578

1,533,200

1,780,801

Passenger

Airlines

—

0.1%

AAdvantage

Loyalty

Ltd.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.75%),

10.34

04/20/28

(a)

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

961

991,834

Personal

Care

Products

—

0.1%

KDC/ONE

Development

Corp.,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

9.84

08/15/28

(a)

...........

467

467,512

Pharmaceuticals

—

0.3%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

5.50%),

10.84

05/04/28

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

147

147,306

Bausch

Health

Cos.,

Inc.,

Term

Loan

02/01/27

(n)

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

1,079

981,247

Endo

Finance

Holdings,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.83

04/23/31

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

1,087

1,084,967

Organon

Co.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

7.83

05/19/31

..................

202

202,018

2,415,538

Professional

Services

—

0.1%

(a)

Chrysaor

Bidco

SARL,

Delayed

Draw

Term

Loan

05/14/31

(n)

..................

12,571

Chrysaor

Bidco

SARL,

Term

Loan

05/14/31

(n)

169

169,983

CoreLogic,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.96

06/02/28

..................

271

266,078

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Galaxy

Opco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.75%),

10.08

04/29/29

............

USD

272

219,527

668,159

Real

Estate

Management

Development

—

0.0%

Cushman

Wakefield

Borrower

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

9.09

01/31/30

(a)

(m)

.....

196

196,554

Software

—

1.2%

(a)

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

10.58

02/23/32

............

463

478,047

Boxer

Parent

Co.,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

9.34

12/29/28

..................

788

788,209

Cast

Crew

LLC,

Facility

1st

Lien

Term

Loan

12/29/28

(n)

......................

383

382,983

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.83

03/21/31

.......

914

915,855

Cloud

Software

Group,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

9.33

03/30/29

..................

649

647,838

Cloudera,

Inc.,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

6.00%),

11.44

10/08/29

.................

712

703,914

Delta

Topco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

8.85

11/30/29

..................

720

719,402

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

10.60

11/29/30

.................

145

146,740

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.94

10/09/29

............

639

641,483

Genesys

Cloud

Services

Holdings

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

9.21

12/01/27

.......

471

473,763

McAfee

Corp.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

8.59

03/01/29

..................

266

265,076

Sub

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.25%),

9.59

05/03/28

..................

2,006

2,002,708

Sub

LLC,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

6.25%),

11.59

02/23/29

.................

103

102,308

Planview

Parent,

Inc.,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

6.00%),

11.34

12/17/28

.................

295

294,236

Proofpoint,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

8.34

08/31/28

..................

362

362,301

Sabre

GLBL,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.96

12/17/27

..................

87,142

Sabre

GLBL,

Inc.,

Term

Loan

(1-mo.

LIBOR

USD

0.50%

Floor

3.50%),

8.96

12/17/27

..................

153

137,337

Sovos

Compliance

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

9.96

08/11/28

.............

352

348,787

Security

Par

(000)

Par

(000)

Value

Software

(continued)

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

7.34

05/09/31

...........

USD

891

892,002

UKG,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.58

02/10/31

..................

846

848,749

Buyer

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

8.58

04/12/31

..................

279

279,342

11,518,222

Specialty

Retail

—

0.1%

PetSmart

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

9.19

02/11/28

(a)

.................

922

918,495

Trading

Companies

Distributors

—

0.0%

(a)

Foundation

Building

Materials,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

9.33

01/29/31

............

211

209,770

Gulfside

Supply,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

0.00%),

8.33

06/17/31

(m)

.................

146

146,000

355,770

Transportation

Infrastructure

—

0.0%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

8.84

09/22/28

..................

121

121,128

Brown

Group

Holdings

LLC,

Facility

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

8.33

8.35

07/02/29

.....

156

155,415

276,543

Wireless

Telecommunication

Services

—

0.1%

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

5.25%),

10.57

05/25/27

(a)

.....

1,252

1,208,773

Total

Floating

Rate

Loan

Interests

—

(Cost:

81,022,800

)

...............................

81,268,211

Foreign

Agency

Obligations

Denmark

—

0.0%

Orsted

A/S

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

2.14%),

2.50%

02/18/3021

(a)

(e)

....................

GBP

100

90,699

Finland

—

0.0%

Finnair

OYJ

4.75%

05/24/29

(e)

..........

EUR

100

105,390

France

—

0.1%

Electricite

France

(13-Year

GBP

Swap

Semi

4.23%),

6.00%

(a)

(e)

(g)

...........

GBP

400

492,537

Ireland

—

0.0%

AIB

Group

plc

(5-Year

EUR

Swap

Annual

6.63%),

6.25%

(a)

(e)

(g)

................

EUR

200

214,110

Total

Foreign

Agency

Obligations

—

(Cost:

913,325

)

.................................

902,736

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

(

000)

Value

Preferred

Securities

Capital

Trusts

—

0.7%

Banks

—

0.1%

PNC

Financial

Services

Group,

Inc.

(The)

(a)(g)

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.24%),

6.20

.......................

USD

629

626,553

Series

(7-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.81%),

6.25

.......................

606

590,529

1,217,082

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.00%),

5.70

(a)

(g)

210

197,131

Electric

Utilities

—

0.3%

(a)(g)

Edison

International

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

4.70%),

5.38

.......................

1,200

1,168,980

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

3.90%),

5.00

.......................

581

552,648

NRG

Energy,

Inc.

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.92%),

10.25

(b)

.................

983

1,075,117

2,796,745

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Vistra

Corp.

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.74%),

7.00

(a)

(b)

(g)

......................

USD

1,296

1,284,739

Oil,

Gas

Consumable

Fuels

—

0.1%

Energy

Transfer

Series

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

5.69%),

6.50

(a)

(g)

..........

950

937,033

Total

Preferred

Securities

—

(Cost:

6,407,863

)

...............................

6,432,730

Total

Long-Term

Investments

—

97.9%

(Cost:

912,271,161

)

..............................

912,037,835

Short-Term

Securities

Money

Market

Funds

—

2.1%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

5.19

(o)

(p)

..................

19,571,590

Total

Short-Term

Securities

—

(Cost:

19,571,590

)

...............................

19,571,590

Total

Investments

—

100

(Cost:

931,842,751

)

..............................

931,609,425

Other

Assets

Less

Liabilities

—

0.0

....................

349,147

Net

Assets

—

100.0%

...............................

931,958,572

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

Restricted

security

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

current

value

$110,327,

representing

less

than

0.05%

its

net

assets

period

end,

and

original

cost

$315,123.

(e)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(f)

Payment-in-kind

security

which

may

pay

interest/dividends

additional

par/shares

and/or

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(g)

Perpetual

security

with

stated

maturity

date.

(h)

Issuer

filed

for

bankruptcy

and/or

default.

(i)

Convertible

security.

(j)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

decrease

(step-down

bond)

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

effect.

(k)

Zero-coupon

bond.

(l)

Rounds

less

than

1,000.

(m)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(n)

Represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate.

(o)

Affiliate

the

Fund.

(p)

Annualized

7-day

yield

period

end.

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the six

months

ended

June

30,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

12/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Held

06/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

9,375,946

10,195,644

(a)

—

19,571,590

588,201

—

(a)

Represents

net

amount

purchased

(sold).

For

purposes

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

the

Fund

for

compliance

purposes.

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

5-Year

Note

....................................................

113

09/30/24

12,036

72,931

Short

Contracts

U.S.

Treasury

Long

Bond

.....................................................

09/19/24

1,532

(

6,029

)

U.S.

Treasury

Ultra

Bond

.....................................................

09/19/24

872

(

3,289

)

(

9,318

)

63,613

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

EUR

100,000

USD

107,080

State

Street

Bank

and

Trust

Co.

07/03/24

USD

34,424

EUR

32,000

Barclays

Bank

plc

09/18/24

USD

21,738,748

EUR

20,129,000

Nomura

International

plc

09/18/24

98,664

USD

428,423

EUR

398,000

UBS

09/18/24

545

USD

334,869

GBP

264,000

Citibank

09/18/24

950

USD

1,147,658

GBP

905,000

Goldman

Sachs

International

09/18/24

2,975

USD

1,224,412

GBP

965,000

HSBC

Bank

plc

09/18/24

3,838

USD

1,413,742

GBP

1,115,000

JPMorgan

Chase

Bank

09/18/24

3,442

USD

1,090,764

GBP

860,000

Standard

Chartered

Bank

09/18/24

2,999

113,455

EUR

200,000

USD

214,494

UBS

07/02/24

(

304

)

USD

107,475

EUR

100,000

State

Street

Bank

and

Trust

Co.

09/18/24

(

)

USD

75,206

EUR

70,000

UBS

09/18/24

(

)

(

385

)

113,070

Centrally

Cleared

Credit

Defa

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

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

42.V1

...........

.00

Quarterly

06/20/29

B+

USD

7,900

503,076

521,554

(

18,478

)

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

OTC

Credit

Default

Swap

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Matterhorn

Telecom

Holding

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

(

10,998

)

(

10,544

)

(

454

)

–

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

Derivative

Financial

Instruments

Categorized

Risk

Exposure

OTC

Credit

Default

Swap

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Forvia

...........

.00

Quarterly

Barclays

Bank

plc

06/20/29

EUR

5,414

6,435

(

1,021

)

Ziggo

Bond

Co.

....

.00

Quarterly

Goldman

Sachs

International

06/20/29

B-

EUR

4,075

3,531

544

9,489

9,966

(

477

)

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

Balances

Reported

the

Statement

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

521,554

—

(

18,478

)

OTC

Swaps

...................................................................

9,966

(

10,544

)

544

(

1,475

)

(a)

Includes

cumulative

appreciation

(depreciation)

centrally

cleared

swaps,

reported

the

Schedule

Investments.

Only

current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

and

net

any

previously

paid

(received)

swap

premium

amounts.

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statement

Assets

and

Liabilities

were

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

futures

contracts

(a)

......

—

72,931

—

72,931

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

forward

foreign

currency

exchange

contracts

......................

—

113,455

—

113,455

Swaps

—

OTC

Unrealized

appreciation

OTC

swaps;

Swap

premiums

paid

................................

—

10,510

—

10,510

—

10,510

—

113,455

72,931

—

196,896

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

futures

contracts

(a)

......

—

9,318

—

9,318

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

forward

foreign

currency

exchange

contracts

......................

—

385

—

385

Swaps

—

centrally

cleared

Unrealized

depreciation

centrally

cleared

swaps

(a)

—

18,478

—

18,478

Swaps

—

OTC

Unrealized

depreciation

OTC

swaps;

Swap

premiums

received

.............................

—

12,019

—

12,019

—

30,497

—

385

9,318

—

40,200

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

and

centrally

cleared

swaps,

any,

are

reported

the

Schedule

Investments.

the

Statement

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

Period

End

For

the

period

ended

June

30,

2024,

the

effect

derivative

financial

instruments

the

Statement

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

ontracts

.......................

—

(

134,843

)

—

(

197,653

)

—

(

332,496

)

Forward

foreign

currency

exchange

contracts

....

—

222,179

—

222,179

Swaps

..............................

—

648,312

—

648,312

—

648,312

(134,843)

222,179

(197,653)

—

537,995

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

ontracts

.......................

—

(

242,318

)

—

(

242,318

)

Forward

foreign

currency

exchange

contracts

....

—

163,678

—

163,678

Swaps

..............................

—

(

399,599

)

—

(

399,599

)

—

(399,599)

—

163,678

(242,318)

—

(478,239)

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

..................................................................................

12,385,563

Average

notional

value

contracts

—

short

.................................................................................

1,266,657

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

USD

....................................................................................

25,381,483

Average

amounts

sold

—

USD

........................................................................................

226,596

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

46,051

Average

notional

value

—

sell

protection

...................................................................................

7,993,902

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

follows:

Assets

Liabilities

Derivative

Financial

Instruments

—

Futures

contracts

....................................................................................

24,594

8,274

Forward

oreign

currency

exchange

contracts

.................................................................

113,455

385

Swaps

—

centrally

cleared

..............................................................................

—

1,918

Swaps

—

OTC

(a)

.....................................................................................

10,510

12,019

Total

derivative

assets

and

liabilities

the

Statement

Assets

and

Liabilities

.............................................

148,559

22,596

Derivatives

not

subject

Master

Netting

Agreement

similar

agreement

("MNA")

........................................

(

24,594

)

(

10,192

)

Total

derivative

assets

and

liabilities

subject

MNA

............................................................

123,965

12,404

(a)

Includes

unrealized

appreciation

(depreciation)

OTC

swaps

and

swap

premiums

(paid/received)

the

Statement

Assets

and

Liabilities.

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

Schedule

Investments

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the Schedule

Investments

above.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

counterparty

net

amounts

available

for

offset

under

MNA

and

net

the

collateral

received

and

pledged

the

Fund:

Counterparty

Derivative

Assets

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

Derivative

Assets

(b)(c)

Barclays

Bank

plc

................................

6,457

(

1,021

)

—

5,436

Citibank

....................................

950

—

950

Goldman

Sachs

International

........................

7,050

(

7,050

)

—

HSBC

Bank

plc

..................................

3,838

—

3,838

JPMorgan

Chase

Bank

..........................

3,442

—

3,442

Nomura

International

plc

...........................

98,664

—

98,664

Standard

Chartered

Bank

...........................

2,999

—

2,999

State

Street

Bank

and

Trust

Co.

......................

(

)

—

UBS

......................................

545

(

353

)

—

192

123,965

(

8,444

)

—

115,521

Counterparty

Derivative

Liabilities

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

Derivative

Liabilities

(b)(d)

Barclays

Bank

plc

................................

1,021

(

1,021

)

—

Goldman

Sachs

International

........................

10,998

(

7,050

)

—

3,948

State

Street

Bank

and

Trust

Co.

......................

(

)

—

UBS

......................................

353

(

353

)

—

12,404

(

8,444

)

—

3,960

(a)

The

amount

derivatives

available

for

offset

limited

the

amount

derivative

assets

and/or

liabilities

that

are

subject

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

the

event

default.

(d)

Net

amount

represents

the

net

amount

payable

due

the

counterparty

the

event

default.

Level

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

—

5,494,593

—

5,494,593

Common

Stocks

Building

Products

.......................................

472,959

—

472,959

Capital

Markets

........................................

—

110,327

—

110,327

Energy

Equipment

Services

..............................

1,478

—

1,478

Life

Sciences

Tools

Services

..............................

729,725

—

729,725

Metals

Mining

........................................

1,104,440

—

1,104,440

Oil,

Gas

Consumable

Fuels

...............................

330,458

—

330,458

Specialized

REITs

......................................

2,391,052

—

2,391,052

Corporate

Bonds

........................................

—

804,040,003

—

804,040,003

Fixed

Rate

Loan

Interests

Health

Care

Technology

..................................

—

6,371,636

—

6,371,636

Media

...............................................

—

2,387,487

Floating

Rate

Loan

Interests

Aerospace

Defense

....................................

—

2,958,226

—

2,958,226

Air

Freight

Logistics

....................................

—

427,614

—

427,614

Automobile

Components

..................................

—

1,392,447

—

1,392,447

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

High

Yield

V.I.

Fund

See

notes

financial

statements.

Level

Total

Broadline

Retail

........................................

—

1,464,943

—

1,464,943

Building

Products

.......................................

—

566,225

—

566,225

Capital

Markets

........................................

—

1,289,773

—

1,289,773

Chemicals

............................................

—

2,159,135

854,171

3,013,306

Commercial

Services

Supplies

.............................

—

1,288,118

298,000

1,586,118

Communications

Equipment

................................

—

413,350

—

413,350

Construction

Engineering

................................

—

2,196,628

—

2,196,628

Construction

Materials

....................................

—

545,117

—

545,117

Consumer

Staples

Distribution

Retail

........................

—

297,106

—

297,106

Containers

Packaging

..................................

—

605,015

—

605,015

Diversified

Consumer

Services

..............................

—

3,161,573

—

3,161,573

Diversified

Telecommunication

Services

........................

—

1,021,134

195,510

1,216,644

Energy

Equipment

Services

..............................

—

11,652

Entertainment

.........................................

—

966,164

—

966,164

Financial

Services

......................................

—

1,772,367

—

1,772,367

Food

Products

.........................................

—

565,282

—

565,282

Gas

Utilities

...........................................

—

419,922

—

419,922

Ground

Transportation

...................................

—

1,112,463

—

1,112,463

Health

Care

Equipment

Supplies

...........................

—

1,695,543

—

1,695,543

Health

Care

Providers

Services

............................

—

3,305,552

481,338

3,786,890

Health

Care

Technology

..................................

—

5,504,416

—

5,504,416

Hotels,

Restaurants

Leisure

..............................

—

1,337,729

—

1,337,729

Household

Durables

.....................................

—

1,258,392

—

1,258,392

Industrial

Conglomerates

..................................

—

1,062,538

—

1,062,538

Insurance

............................................

—

5,246,129

—

5,246,129

Services

...........................................

—

2,612,360

1,668,000

4,280,360

Life

Sciences

Tools

Services

..............................

—

1,131,586

—

1,131,586

Machinery

............................................

—

5,628,524

—

5,628,524

Media

...............................................

—

3,235,771

—

3,235,771

Metals

Mining

........................................

—

320,197

—

320,197

Oil,

Gas

Consumable

Fuels

...............................

—

1,780,801

—

1,780,801

Passenger

Airlines

......................................

—

991,834

—

991,834

Personal

Care

Products

..................................

—

467,512

—

467,512

Pharmaceuticals

.......................................

—

2,415,538

—

2,415,538

Professional

Services

....................................

—

668,159

—

668,159

Real

Estate

Management

Development

.......................

—

196,554

Software

.............................................

—

11,518,222

—

11,518,222

Specialty

Retail

........................................

—

918,495

—

918,495

Trading

Companies

Distributors

............................

—

209,770

146,000

355,770

Transportation

Infrastructure

...............................

—

276,543

—

276,543

Wireless

Telecommunication

Services

.........................

—

1,208,773

—

1,208,773

Foreign

Agency

Obligations

.................................

—

902,736

—

902,736

Preferred

Securities

.......................................

—

6,432,730

—

6,432,730

Short-Term

Securities

Money

Market

Funds

......................................

19,571,590

—

19,571,590

24,601,702

900,769,011

6,238,712

931,609,425

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

—

544

—

544

Foreign

currency

exchange

contracts

............................

—

113,455

—

113,455

Interest

rate

contracts

.......................................

72,931

—

72,931

Liabilities

Credit

contracts

...........................................

—

(

19,953

)

—

(

19,953

)

Foreign

currency

exchange

contracts

............................

—

(

385

)

—

(

385

)

Interest

rate

contracts

.......................................

(

9,318

)

—

(

9,318

)

63,613

93,661

—

157,274

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument.

Fair

Value

Hierarchy

of Period

End

(continued)

Statement

Assets

and

Liabilities

(unaudited)

June

30,

2024

Statement

Assets

and

Liabilities

BlackRock

High

Yield

V.I.

Fund

ASSETS

Investments,

value

—

unaffiliated

(a)

........................................................................................

912,037,835‌

Investments,

value

—

affiliated

(b)

..........................................................................................

19,571,590‌

Cash

.............................................................................................................

6,837,085‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

92,000‌

Centrally

cleared

swaps

................................................................................................

647,000‌

Foreign

currency,

value

(c)

...............................................................................................

13,661‌

Receivables:

–‌

Investments

sold

....................................................................................................

3,526,633‌

Capital

sold

...................................................................................................

43,906‌

Dividends

—

unaffiliated

...............................................................................................

28,109‌

Dividends

—

affiliated

.................................................................................................

94,814‌

Interest

—

unaffiliated

.................................................................................................

15,079,420‌

Variation

margin

futures

contracts

.......................................................................................

24,594‌

Swap

premiums

paid

...................................................................................................

9,966‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

113,455‌

OTC

swaps

........................................................................................................

544‌

Prepaid

xpenses

.....................................................................................................

11,714‌

Total

ssets

.........................................................................................................

958,132,326‌

LIABILITIES

Payables:

–‌

Investments

purchased

................................................................................................

20,274,673‌

Swaps

..........................................................................................................

75‌

Capital

redeemed

...............................................................................................

168,313‌

Distribution

fees

.....................................................................................................

116,479‌

Income

dividend

distributions

............................................................................................

4,699,055‌

Investment

advisory

fees

..............................................................................................

334,640‌

Professional

fees

....................................................................................................

30,612‌

Variation

margin

futures

contracts

.......................................................................................

8,274‌

Variation

margin

centrally

cleared

swaps

..................................................................................

1,918‌

Other

accrued

expenses

...............................................................................................

527,311‌

Swap

premiums

received

................................................................................................

10,544‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

385‌

OTC

swaps

........................................................................................................

1,475‌

Total

abilities

........................................................................................................

26,173,754‌

Commitments

and

contingent

liabilities

–‌

NET

ASSETS

........................................................................................................

931,958,572‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

996,733,816‌

Accumulated

loss

.....................................................................................................

(

64,775,244‌

)

NET

ASSETS

........................................................................................................

931,958,572‌

(a)

Investments,

cost

—

unaffiliated

.................................................................................

912,271,161‌

(b)

Investments,

cost

—

affiliated

...................................................................................

19,571,590‌

(c)

Foreign

currency,

cost

.......................................................................................

13,674‌

See

notes

financial

statements.

Statement

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2024

BlackRock

Semi-Annual

Financial

Statements

See

notes

financial

statements.

BlackRock

High

Yield

V.I.

Fund

NET

ASSET

VALUE

Class

Net

assets

.........................................................................................................

325,685,946‌

outstanding

...................................................................................................

47,765,357‌

Net

asset

value

.....................................................................................................

6.82‌

authorized

...................................................................................................

300

million

Par

value

.........................................................................................................

0.10‌

Class

III

Net

assets

.........................................................................................................

606,272,626‌

outstanding

...................................................................................................

88,957,226‌

Net

asset

value

.....................................................................................................

6.82‌

authorized

...................................................................................................

200

million

Par

value

.........................................................................................................

0.10‌

Statement

Operations

(unaudited)

Six

Months

Ended

June

30,

2024

Statement

Operations

See

notes

financial

statements.

BlackRock

High

Yield

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

...............................................................................................

73,427‌

Dividends

—

affiliated

.................................................................................................

588,201‌

Interest

—

unaffiliated

.................................................................................................

31,857,048‌

Total

investment

income

.................................................................................................

32,518,676‌

EXPENSES

Investment

advisory

..................................................................................................

1,927,020‌

Distribution

—

class

specific

............................................................................................

728,560‌

Transfer

agent

—

class

specific

..........................................................................................

645,383‌

Accounting

services

..................................................................................................

82,205‌

Professional

.......................................................................................................

41,990‌

Printing

and

postage

.................................................................................................

24,727‌

Registration

.......................................................................................................

16,561‌

Custodian

.........................................................................................................

16,023‌

Directors

and

Officer

.................................................................................................

7,809‌

Transfer

agent

......................................................................................................

6,046‌

Miscellaneous

......................................................................................................

1,014‌

Total

expenses

excluding

interest

expense

.....................................................................................

3,497,338‌

Interest

expense

....................................................................................................

839‌

Total

expenses

.......................................................................................................

3,498,177‌

Less:

–‌

Fees

waived

and/or

reimbursed

the

Manager

...............................................................................

(

8,548‌

)

Transfer

agent

fees

reimbursed

the

Manager

—

class

specific

....................................................................

(

413,880‌

)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

3,075,749‌

Net

investment

income

..................................................................................................

29,442,927‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

(

2,169,450‌

)

Net

realized

gain

(loss)

from:

–‌

Investments

—

unaffiliated

...........................................................................................

(

4,064,569‌

)

Forward

foreign

currency

exchange

contracts

...............................................................................

222,179‌

Foreign

currency

transactions

.........................................................................................

74,666‌

Futures

contracts

..................................................................................................

(

332,496‌

)

Swaps

.........................................................................................................

648,312‌

(3,451,908‌)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

1,764,460‌

Forward

foreign

currency

exchange

contracts

...............................................................................

163,678‌

Foreign

currency

translations

..........................................................................................

(

3,762‌

)

Futures

contracts

..................................................................................................

(

242,318‌

)

Swaps

.........................................................................................................

(

399,599‌

)

1,282,459‌

Net

realized

and

unrealized

loss

............................................................................................

(2,169,449‌)

NET

INCREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

27,273,478‌

Statements

Changes

Net

Assets

2024

BlackRock

Semi-Annual

Financial

Statements

See

notes

financial

statements.

BlackRock

High

Yield

V.I.

Fund

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

29,442,927

‌

47,459,905

‌

Net

realized

loss

..................................................................................

(

3,451,908

)

(

29,247,649

)

Net

change

unrealized

appreciation

(depreciation)

..........................................................

1,282,459

‌

74,172,294

‌

Net

increase

net

assets

resulting

from

operations

.............................................................

27,273,478

‌

92,384,550

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Class

........................................................................................

(

10,061,807

)

(

14,957,317

)

Class

III

.......................................................................................

(

19,799,722

)

(

33,379,272

)

Decrease

net

assets

resulting

from

distributions

shareholders

...................................................

(29,861,529

)

(48,336,589

)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

...................................................

96,761,245

‌

126,444,002

‌

NET

ASSETS

Total

increase

net

assets

.............................................................................

94,173,194

‌

170,491,963

‌

Beginning

period

..................................................................................

837,785,378

‌

667,293,415

‌

End

period

......................................................................................

931,958,572

‌

837,785,378

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

Financial

Highlights

BlackRock

High

Yield

V.I.

Fund

Class

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

period

............

6.84

‌

6.45

‌

7.59

‌

7.56

‌

7.43

‌

6.80

‌

Net

investment

income

(a)

....................

.23

‌

.43

‌

.35

‌

.33

‌

.37

‌

.38

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

.01

)

.39

‌

(

.13

)

.06

‌

.14

‌

.64

‌

Net

increase

(decrease)

from

investment

operations

...

0.22

‌

0.82

‌

(0.78

)

0.39

‌

0.51

‌

1.02

‌

Distributions

(b)

–

From

net

investment

income

.................

(

.24

)

(

.43

)

(

.35

)

(

.34

)

(

.38

)

(

.39

)

From

net

realized

gain

......................

—

‌

—

‌

(

.01

)

(

.02

)

—

‌

—

‌

Total

distributions

...........................

(0.24

)

(0.43

)

(0.36

)

(0.36

)

(0.38

)

(0.39

)

Net

asset

value,

end

period

.................

6.82

‌

6.84

‌

6.45

‌

7.59

‌

7.56

‌

7.43

‌

Total

Return

(c)

Based

net

asset

value

.....................

3.24

(d)

13.21

(10.35

5.34

7.27

15.29

Ratios

Average

Net

Assets

(e)

Total

expen

ses

............................

0.62

(f)

0.67

0.65

0.67

0.69

0.70

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.55

(f)

0.57

0.56

0.57

0.58

0.59

Net

investment

income

......................

6.94

(f)

6.49

5.15

4.38

5.13

5.28

Supplemental

Data

Net

assets,

end

period

(000)

.................

325,686

‌

263,380

‌

175,009

‌

224,592

‌

182,845

‌

178,147

‌

Portfolio

turnover

rate

........................

103

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Annualized.

See

notes

financial

statements.

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

BlackRock

High

Yield

V.I.

Fund

Class

III

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

period

............

6.84

‌

6.45

‌

7.59

‌

7.55

‌

7.42

‌

6.80

‌

Net

investment

income

(a)

....................

.23

‌

.41

‌

.34

‌

.31

‌

.35

‌

.37

‌

Net

realized

and

unrealized

gain

(loss)

...........

(

.02

)

.40

‌

(

.14

)

.08

‌

.14

‌

.62

‌

Net

increase

(decrease)

from

investment

operations

...

0.21

‌

0.81

‌

(0.80

)

0.39

‌

0.49

‌

0.99

‌

Distributions

(b)

–

From

net

investment

income

.................

(

.23

)

(

.42

)

(

.33

)

(

.33

)

(

.36

)

(

.37

)

From

net

realized

gain

......................

—

‌

—

‌

(

.01

)

(

.02

)

—

‌

—

‌

Total

distributions

...........................

(0.23

)

(0.42

)

(0.34

)

(0.35

)

(0.36

)

(0.37

)

Net

asset

value,

end

period

.................

6.82

‌

6.84

‌

6.45

‌

7.59

‌

7.55

‌

7.42

‌

Total

Return

(c)

Based

net

asset

value

.....................

3.12

(d)

12.94

(10.56

5.23

7.01

14.86

Ratios

Average

Net

Assets

(e)

Total

expen

ses

............................

0.90

(f)

0.91

0.90

0.91

0.92

0.94

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.79

(f)

0.81

0.80

0.81

0.82

0.83

Net

investment

income

......................

6.70

(f)

6.23

4.93

4.13

4.86

5.06

Supplemental

Data

Net

assets,

end

period

(000)

.................

606,273

‌

574,405

‌

492,285

‌

613,037

‌

487,109

‌

397,249

‌

Portfolio

turnover

rate

........................

103

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(f)

Annualized.

See

notes

financial

statements.

Notes

Financial

Statements

(unaudited)

Notes

Financial

Statements

ORGANIZATION

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company. The

Company

organized

Maryland

corporation

that

comprised

of 2 separate

funds.

The

funds

offer shares

insurance

companies

for

their

separate

accounts

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

classified

diversified.

The

Fund

offers

multiple

classes

shares.

Class

and

Class

III

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

the

respective

classes

are

entitled

vote

matters

concerning

only

that

class.

addition,

Class

III

bear

certain

expenses

the

distribution

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

included

complex

funds

referred

the BlackRock

Fixed-Income

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

dates.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

dates

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

informed

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

each

class

based

its

relative

net

assets. For

convertible

securities,

premiums

attributable

the

debt

instrument

are

amortized,

but

premiums

attributable

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

the

trading

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

investments

are

recorded

the

rates

exchange

prevailing

the

respective

dates

such

transactions.

Generally,

when

the

U.S.

dollar

rises

value

against

foreign

currency,

the

investments

denominated

that

currency

will

lose

value;

the

opposite

effect

occurs

the

U.S.

dollar

falls

relative

value.

The

Fund

does

not

isolate

the

effect

fluctuations

foreign

exchange

rates

from

the

effect

fluctuations

the

market

prices

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

changes

exchange

rates

investments

are

not

segregated

the

Statement

Operations

from

the

effects

changes

market

prices

those

investments,

but

are

included

component

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

foreign

currency

transactions

components

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

ordinary

income

for

U.S.

federal

income

tax

purposes.

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

the

custodian

during

the

reporting

period.

The

Fund

obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statement

Operations.

Collateralization:

required

exchange

counterparty

agreement,

the

Fund

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-

dealer

custodian

collateral

for

certain

investments.

Distributions:

Distributions

paid

the

Fund

are

recorded

the

ex-dividend

dates. Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

capital

gains

are

recorded

the

ex-dividend

dates

and

made

least

annually. The

character

and

timing

distributions

are

determined

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

the

Board

Directors

the

Company

(the

“Board”), the directors

who

are

not

“interested

persons”

the

Fund,

defined

the

1940

Act

(“Independent

Directors”),

may

defer

portion

their

annual

complex-wide

compensation.

Deferred

amounts

earn

approximate

return

though

equivalent

dollar

amounts

had

been

invested

common

certain

funds

the

BlackRock

Fixed-Income

Complex

selected

the

Independent

Directors.

This

has

the

same

economic

effect

for

the

Independent Directors

the

Independent Directors

had

invested

the

deferred

amounts

directly

certain

funds

the

BlackRock

Fixed-Income

Complex.

The

Plan

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

the

Fund,

applicable.

Deferred

compensation

liabilities,

any, are

included

the

Directors’

and

Officer’s

fees

payable

the

Statement

Assets

and

Liabilities

and

will

remain

liability

the

Fund

until

such

amounts

are

distributed

accordance

with

the

Plan.

Net

appreciation

(depreciation)

the

value

participants’

deferral

accounts

allocated

among

the

participating

funds

the

BlackRock

Fixed

Income

Complex

and

reflected

as Directors

and

Officer

expense

the

Statement(s)

Operations.

The Directors

and

Officer

expense

may

negative

result

decrease

value

the

deferred

accounts.

Indemnifications:

the

normal

course

business,

the

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Fund,

which

cannot

predicted

with

any

certainty.

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

Other:

Expenses

directly

to the

Fund

its

classes

are

charged

the

Fund

the

applicable

class.

Expenses

directly

the

Fund

and

other

shared

expenses

prorated

the

Fund

are

allocated

daily

each

class

based

its

relative

net

assets

other

appropriate

methods.

Other

operating

expenses

shared

several

funds,

including

other

funds

managed

the

Manager,

are

prorated

among

those

funds

the

basis

relative

net

assets

other

appropriate

methods.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

open

for

business

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

has

approved

the

designation

the

Fund’s

Manager

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

the

Manager’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

the

Manager’s

policies

and

procedures

reflecting

fair

value.

The

Manager

has

formed

committee

(the

“Valuation

Committee”)

develop

pricing

policies

and

procedures

and

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

establish

the

fair

value

the

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day’s official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

available

bid

(long

positions)

ask

(short

positions)

price.

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

current

market

quotations

provided

independent

dealers

third-party

pricing

services. Floating

rate

loan

interests

are

valued

the

mean

the

bid

prices

from

one

independent

brokers

dealers

obtained

from

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

institutional

round

lot

size,

but

fund

may

hold

transact

such

securities

smaller,

odd

lot

sizes.

Odd

lots

may

trade

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

valuation

models

that

utilize

certain

inputs

and

assumptions

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

securities

may

valued

based

valuation

models

that

consider

the

estimated

cash

flows

each

tranche

the

entity,

establish

benchmark

yield

and

develop

estimated

tranche

specific

spread

the

benchmark

yield

based

the

unique

attributes

the

tranche.

The

amortized

cost

method

valuation

may

used

with

respect

debt

obligations

with

sixty

days

less

remaining

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

that

day’s

last

reported

settlement

trade price

the

exchange

where

the

contract

traded.

Forward

foreign

currency

exchange

contracts

are

valued

the

mean

between

the

bid

and

ask

prices

and

are

determined

the

trading

the

NYSE

based

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

independent pricing

services

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

number

market

data

factors,

such

discounted

cash

flows,

trades

and

values

the

underlying

reference

instruments.

events

(e.g.,

market

volatility,

company

announcement or

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Valuation

Committee

accordance

with the

Manager's policies

and

procedures

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

determine

the

price

that

the

Fund

might

reasonably

expect

receive

pay

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

For

investments

equity

debt

issued

privately

held

companies

funds

(“Private

Company”

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

the

Valuation

Committee

and

third-party

pricing

services

utilized

the

Valuation

Committee

include one

combination

of,

but

not

limited

to,

the

following

inputs.

Investments

series

preferred

stock

issued

Private

Companies

are

typically

valued

utilizing

market

approach

determining

the

enterprise

value

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

preferred

and

common

stock

the

same

issuer.

Enterprise

valuation

techniques

such

option

pricing

model

(“OPM”),

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

hybrid

those

techniques

are

used

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

determination

the

exit

scenarios

the

investment

order

appropriately

allocate

the

enterprise

value

the

company

among

the

various

parts

its

capital

structure.

The

Private

Companies

are

not

subject

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

Private

Company

date

that

earlier

than

the

date the

Fund

calculating

its

NAV.

This

factor

may

result

difference

between

the

value

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial reporting purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access;

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market–corroborated

inputs);

and

Level

3 —

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety. Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

Private

Companies

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

SECURITIES

AND

OTHER

INVESTMENTS

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

pass-through

certificates

debt

instruments.

Asset-backed

securities

issued

pass-through

certificates

represent

undivided

fractional

ownership

interests

underlying

pool

assets.

Asset-backed

securities

issued

debt

instruments,

which

are

also

known

collateralized

obligations,

are

typically

issued

the

debt

special

purpose

entity

organized

solely

for

the

purpose

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

pool

assets

representing

the

obligations

number

different

parties.

The

yield

characteristics

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

that

all

principal

part

the

obligations

may

prepaid

any

time

because

the

underlying

assets

(i.e.,

loans)

may

prepaid

any

time.

result,

decrease

interest

rates

the

market

may

result

increases

the

level

prepayments

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

increased

prepayment

rate

with

respect

asset-backed

security

will

have

the

effect

shortening

the

maturity

the

security.

addition,

fund

may

subsequently

have

reinvest

the

proceeds

lower

interest

rates.

fund

has

purchased

such

asset-backed

security

premium,

faster

than

anticipated

prepayment

rate

could

result

loss

principal

the

extent

the

premium

paid.

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

number

important

differences

among

the

agencies

and

instrumentalities

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

Ginnie

Mae

are

guaranteed

the

timely

payment

principal

and

interest

Ginnie

Mae

and

such

guarantee

backed

the

full

faith

and

credit

the

United

States.

However,

mortgage-related

securities

issued

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

Freddie

Mac

and

Fannie

Mae,

are

not

backed

entitled

the

full

faith

and

credit

the

United

States,

but

are

supported

the

right

the

issuer

borrow

from

the

U.S.

Treasury.

Standard

Inputs

Generally

Considered

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)

recent

market

transactions,

including

subsequent

rounds

financing,

the

underlying

investment

comparable

issuers;

(ii) recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)

market

multiples

comparable

issuers.

Income

approach

..........................

(i)

future

cash

flows

discounted

present

and

adjusted

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii) quoted

prices

for

similar

investments

assets

active

markets;

and

(iii)

other

risk

factors,

such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)

audited

unaudited

financial

statements,

investor

communications

and

financial

operational

metrics

issued

the

Private

Company;

(ii) changes

the

valuation

relevant

indices

publicly

traded

companies

comparable

the

Private

Company;

(iii)

relevant

news

and

other

public

sources;

and

(iv)

known

secondary

market

transactions

the

Private

Company’s

interests

and

merger

acquisition

activity

companies

comparable

the

Private

Company.

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

Non-agency

mortgage-backed

securities

are

securities

issued

non-governmental

issuers

and

have

direct

indirect

government

guarantees

payment

and

are

subject

various

risks.

Non-agency

mortgage

loans

are

obligations

the

borrowers

thereunder

only

and

are

not

typically

insured

guaranteed

any

other

person

entity.

The

ability

borrower

repay

loan

dependent

upon

the

income

assets

the

borrower.

number

factors,

including

general

economic

downturn,

acts

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrower’s

ability

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

asset-backed

securities.

CDO

entity

that

backed

diversified

pool

debt

securities

(CBOs)

syndicated

bank

loans

(CLOs).

The

cash

flows

the

CDO

can

split

into

multiple

segments,

called

“tranches,”

which

will

vary

risk

profile

and

yield.

The

riskiest

segment

the

subordinated

“equity”

tranche.

This

tranche

bears

the

greatest

risk

defaults

from

the

underlying

assets

the

CDO

and

serves

protect

the

other,

senior,

tranches

from

default

all

but

the

most

severe

circumstances.

Since

shielded

from

defaults

the

junior

tranches,

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

actual

defaults,

increased

sensitivity

future

defaults

and

the

disappearance

one

protecting

tranches

result

changes

the

credit

profile

the

underlying

pool

assets.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

significant

discount

from

face

value

and

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

market

value

than

other

debt

obligations

similar

maturity

which

provide

for

regular

interest

payments.

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

corporations,

generally

the

form

interest-bearing

notes

with

preferred

securities

characteristics.

the

case

trust

preferred

securities,

affiliated

business

trust

corporation

issues

these

securities,

generally

the

form

beneficial

interests

subordinated

debentures

similarly

structured

securities.

The

securities

can

structured

with

either

fixed

adjustable

coupon

that

can

have

either

perpetual

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

corporation

pays

interest

the

trust,

which

then

distributed

holders

these

securities

dividend.

Dividends

can

deferred

without

creating

event

default

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

payments

does

not

affect

the

purchase

sale

these

securities

the

open

market.

These

securities

generally

are

rated

below

that

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

the

issuer’s

option.

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

companies

(the

“borrower”)

banks,

other

financial

institutions,

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

troubled

uncertain

and

companies

that

are

highly

leveraged

bankruptcy

proceedings.

addition,

transactions

floating

rate

loan

interests

may

settle

delayed

basis,

which

may

result

proceeds

from

the

sale

not

being

readily

available

for

fund

make

additional

investments

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

revolving

lines

credit.

Floating

rate

loan

interests

are

typically

senior

the

corporate

capital

structure

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

rates

that

are

periodically

determined

reference

base

lending

rate

plus

premium.

Since

the

rates

reset

only

periodically,

changes

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

expected

cause

some

fluctuations

the

NAV

fund

the

extent

that

invests

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

one

European

banks,

such

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

one

U.S.

banks

the

certificate

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

denominated

foreign

currencies.

These

investments

are

treated

investments

debt

securities

for

purposes

fund’s

investment

policies.

When

fund

purchases

floating

rate

loan

interest,

may

receive

facility

fee

and

when

sells

floating

rate

loan

interest,

may

pay

facility

fee.

ongoing

basis,

fund

may

receive

commitment

fee

based

the

undrawn

portion

the

underlying

line

credit

amount

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

income

over

the

term

the

loan

term

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

income

earned.

Prepayment

penalty

fees,

which

may

received

fund

upon

the

prepayment

floating

rate

loan

interest

borrower,

are

recorded

realized

gains.

fund

may

invest

multiple

series

tranches

loan.

different

series

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

the

borrower’s

option.

fund

may

invest

such

loans

the

form

participations

loans

(“Participations”)

assignments

(“Assignments”)

all

portion

loans

from

third

parties.

Participations

typically

will

result

fund

having

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

fund

has

the

right

receive

payments

principal,

interest

and

any

fees

which

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

the

lender

the

payments

from

the

borrower.

connection

with

purchasing

Participations,

fund

generally

will

have

right

enforce

compliance

the

borrower

with

the

terms

the

loan

agreement,

nor

any

rights

offset

against

the

borrower.

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

which

has

purchased

the

Participation.

result,

fund

assumes

the

credit

risk

both

the

borrower

and

the

lender

that

selling

the

Participation.

fund’s

investment

loan

participation

interests

involves

the

risk

insolvency

the

financial

intermediaries

who

are

parties

the

transactions.

the

event

the

insolvency

the

lender

selling

the

Participation,

fund

may

treated

general

creditor

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

fund

having

direct

contractual

relationship

with

the

borrower,

and

fund

may

enforce

compliance

the

borrower

with

the

terms

the

loan

agreement.

Derivative

Financial

Instruments

The

Fund

engages

various

portfolio

investment

strategies

using

derivative

contracts

both

increase

the

returns

the

Fund

and/or

manage

its

exposure

certain

risks

such

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

risk

exposure

are

included

the

Schedule

Investments.

These

contracts

may

transacted

exchange or

over-the-counter

(“OTC”).

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk)

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the

Fund

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the Statement

Assets

and

Liabilities.

Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited,

any, are

shown

cash

pledged

for

futures

contracts

the

Statement

Assets

and

Liabilities.

Pursuant

the

contract,

the

Fund

agrees

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statement

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

Forward

foreign

currency

exchange

contracts

are

entered

into

gain

reduce

exposure

foreign

currencies

(foreign

currency

exchange

rate

risk).

forward

foreign

currency

exchange

contract

agreement

between

two

parties

buy

and

sell

currency

set

exchange

rate

specified

date.

These

contracts

help

manage

the

overall

exposure

the

currencies

which

some

the

investments

held

the

Fund

are

denominated

and

some

cases,

may

used

obtain

exposure

particular

market.

The

contracts

are

traded

OTC

and

not

organized

exchange.

The

contract

marked-to-market

daily

and

the

change

market

value

recorded

unrealized

appreciation

(depreciation)

the

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

value

the

time

was

opened

and

the

value

the

time

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

cash

without

the

delivery

foreign

currency.

The

use

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

forward

foreign

currency

exchange

contract

changes

unfavorably

due

movements

the

value

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

the

Statement

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

cash

pledged

collateral

for

OTC

derivatives

the

Statement

Assets

and

Liabilities. The

Fund’s

risk

loss

from

counterparty

credit

risk

OTC

derivatives

generally

limited

the

aggregate

unrealized

gain

netted

against

any

collateral

held

the

Fund.

Swaps:

Swap

contracts

are

entered

into

manage

exposure

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

counterparty

make

periodic

net

payments

specified

notional

amount

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

the

OTC

market

and

may

entered

into

bilateral

contract

(“OTC

swaps”)

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

swap

premiums

paid

and

swap

premiums

received,

respectively,

the

Statement

Assets

and

Liabilities

and

amortized

over

the

term

the

contract.

The

daily

fluctuation

market

value

recorded

unrealized

appreciation

(depreciation)

OTC

swaps

the

Statement

Assets

and

Liabilities.

Payments

received

paid

are

recorded

the

Statement

Operations

realized

gains

losses,

respectively.

When

OTC

swap

terminated,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

the

contract,

any.

Generally,

the

basis

the

contract

the

premium

received

paid.

centrally

cleared

swap,

immediately

following

execution

the

swap

contract,

the

swap

contract

novated

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

the

swap.

The

Fund

required

interface

with

the

CCP

through

the

broker.

Upon

entering

into

centrally

cleared

swap,

the

Fund

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

the

size

and

risk

profile

the

particular

swap. Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited

shown

cash

pledged

for

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

cash

pledged

for

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities.

Pursuant

the

contract,

the

Fund

agrees

receive

from

pay

the

broker

variation

margin.

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and

shown

variation

margin

receivable

(or

payable)

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

the

contract

and

recorded

realized

gains

(losses)

the

Statement

Operations,

including

those

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

manage

exposure

the

market

certain

sectors

the

market,

reduce

risk

exposure

defaults

corporate

and/or

sovereign

issuers

create

exposure

corporate

and/or

sovereign

issuers

which

fund

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

sell

(write)

credit

default

swaps

single-name

issuers

(corporate

sovereign),

combination

basket

single-name

issuers

traded

indexes.

Credit

default

swaps

are

agreements

which

the

protection

buyer

pays

fixed

periodic

payments

the

seller

consideration

for

promise

from

the

protection

seller

make

specific

payment

should

negative

credit

event

take

place

with

respect

the

referenced

entity

(e.g.,

bankruptcy,

failure

pay,

obligation

acceleration,

repudiation,

moratorium

restructuring).

buyer,

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

amount

equal

the

notional

amount

the

swap

and

deliver

the

referenced

security

underlying

securities

comprising

the

index,

(ii)

receive

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

seller

(writer),

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

amount

equal

the

notional

amount

the

swap

and

take

delivery

the

referenced

security

underlying

securities

comprising

the

index

pay

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

Swap

transactions

involve,

varying

degrees,

elements

interest

rate,

credit

and

market

risks

excess

the

amounts

recognized

the

Statement

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

liquid

market

for

these

agreements,

that

the

counterparty

the

agreements

may

default

its

obligation

perform

disagree

the

meaning

the

contractual

terms

the

agreements,

and

that

there

may

unfavorable

changes

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

order

define

its

contractual

rights

and

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

its

derivative

contract

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between a

Fund

and

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event.

Under

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

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

including

the

bankruptcy

insolvency

the

counterparty.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

the

right

offset

bankruptcy,

insolvency

other

events.

Collateral

Requirements:

For

derivatives

traded

under

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

the

value

any

collateral

currently

pledged

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

cover

obligations

the

Fund

and

cash

collateral

received

from

the

counterparty,

any,

reported

separately

the

Statement

Assets

and

Liabilities

cash

pledged

collateral

and

cash

received

collateral,

respectively.

Non-cash

collateral

pledged

the

Fund,

any,

noted

the

Schedule

Investments.

Generally,

the

amount

collateral

due

from

counterparty

subject

certain

minimum

transfer

amount

threshold

before

transfer

required,

which

determined

the

business

the

Fund.

Any

additional

required

collateral

delivered

to/pledged

the

Fund

the

business

day.

Typically,

the

counterparty

not

permitted

sell,

re-pledge

use

cash

and

non-cash

collateral

receives.

The

Fund

generally

agrees

not

use

non-cash

collateral

that

receives

but

may,

absent

default

certain

other

circumstances

defined

the

underlying

ISDA

Master

Agreement,

permitted

use

cash

collateral

received.

such

cases,

interest

may

paid

pursuant

the

collateral

arrangement

with

the

counterparty.

the

extent

amounts

due

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

loss

from

counterparty

non-performance.

Likewise,

the

extent

the

Fund

has

delivered

collateral

counterparty

and

stands

ready

perform

under

the

terms

its

agreement

with

such

counterparty, the

Fund bears the

risk

loss

from

counterparty

the

amount

the

value

the

collateral

the

event

the

counterparty

fails

return

such

collateral.

Based

the

terms

agreements,

collateral

may

not

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements,

any,

the

Statement

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES

Investment

Advisory:

The

Company,

behalf

the

Fund,

entered

into

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

indirect,

wholly-owned

subsidiary

BlackRock,

Inc.

(“BlackRock”),

provide

investment

advisory

and

administrative

services.

The

Manager

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

monthly

fee

based

percentage

the

aggregate

average

daily

net

assets

the

Fund

and

BlackRock

Total

Return

V.I.

Fund,

series

the

Company,

the

following

annual

rates:

For

the six

months

ended

June

30,

2024,

the

aggregate

average

daily

net

assets

the

Fund

and

BlackRock

High

Yield

V.I.

Fund

were

approximately

$1,720,255,131.

The

Manager

entered

into

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”)

affiliate

the

Manager.

The

Manager

pays

BIL

for

services

provides

for

that

portion

the

Fund

for

which

BIL

acts

sub-adviser,

monthly

fee

that

equal

percentage

the

investment

advisory

fees

paid

the

Fund

the

Manager.

Distribution

Fees:

The

Company

on behalf

the

Fund,

entered

into

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

the

Manager.

Pursuant

the

Distribution Plan

and

accordance

with

Rule

12b-1

under

the

1940

Act, the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

annual rate

0.25

based

upon

the

average

daily

net

assets

attributable

Class

III.

BRIL

and

broker-dealers,

pursuant

sub-agreements

with

BRIL,

provide

shareholder

distribution

services

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution

services

shareholders.

For

the six

months

ended

June

30,

2024,

the

class

specific

distribution

fees

borne

directly

by Class III were

$728,560.

Transfer

Agent:

behalf

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

which

may

affiliates.

Pursuant

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

annual

fee

per

shareholder

account,

which

will

vary

depending

class

and/or

net

assets

Fund

shareholders

serviced

the

Service

Organizations

which

shown

transfer

agent

–

class

specific

the

Statement

Operations

For

the

six

months

ended

June

30,

2024

the

Fund

did

not

pay

any

amounts

affiliates

return

for

these

services.

addition,

the

Fund

pays

the

transfer

agent,

which

not

affiliate,

fee

for

the

issuance,

transfer

and

redemption

and

the

opening

and

maintenance

shareholder

accounts,

which

included

transfer

agent

the

Statement

Operations.

For

the

six

months ended

June

30,

2024,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

each

class

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

waive

its

investment

advisory

fees

the

amount

investment

advisory

fees

the

Fund

pays

the

Manager

indirectly

through

its

investment

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2025.

The

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

III

Total

Transfer

agent

fees

class

specific

....................................................................

186,484‌

458,899‌

645,383‌

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

contractual

agreement

may

terminated upon

days’

notice

majority

the

Independent

Directors

vote

majority

the

outstanding

voting

securities

the

Fund.

The

amount

waivers

and/or

reimbursements

fees

and

expenses

made

pursuant

the

expense

limitation

described

below

will

reduced

the

amount

the

affiliated

money

market

fund

waiver. This

amount

included

fees

waived

and/or

reimbursed

the

Manager

the

Statement

Operations.

For

the

six

months

ended

June

30,

2024,

the

amount

waived

was

$8,548.

The

Manager

has

contractually

agreed

waive

its

investment

advisory

fee

with

respect

any

portion

the

Fund’s

assets

invested

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

contractual

management

fee

through

June

30,

2025.

The

contractual

agreement

may

terminated

upon

days’

notice

majority

the

Independent

Directors,

vote

majority

the

outstanding

voting

securities

the

Fund.

For

the

six

months

ended

June

30,

2024,

there

were

fees

waived

the

Manager

pursuant

this

arrangement.

The

Manager

has

contractually

agreed

reimburse

certain

transfer

agent

fees

order

limit

such

expenses

percentage

average

daily

net

assets

follows:

The

Manager

has

agreed

not

reduce

discontinue

the

contractual

expense

limitations

through

June

30,

2025,

unless

approved

by the

Board,

including

majority

the

Independent

Directors,

vote

majority

the

outstanding

voting

securities

the

Fund.

These

amounts

are

included

transfer

agent

fees

reimbursed

the

Manager

—

class

specific

the

Statement

Operations.

For

the

six

months

ended

June

30,

2024,

class

specific

expense

reimbursements

were

The

Manager

contractually

agreed

waive

and/or

reimburse

fees

expenses

order

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

the

ordinary

course

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

percentage

average

daily

net

assets

are

follows:

The

Manager

has

agreed

not

reduce

discontinue

the

contractual

expense

limitations

through

June

30,

2025,

unless

approved

the

Board,

including

majority

the Independent

Directors,

vote

majority

the

outstanding

voting

securities

the

Fund.

For

the six

months ended

June

30,

2024,

there

were

no fees

waived

and/or

reimbursed

the

Manager

pursuant

this

agreement.

Interfund

Lending:

accordance

with

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

compliance

with

the

terms

and

conditions

the

Order,

and

the

extent

permitted

the

Fund’s

investment

policies

and

restrictions.

The

Fund

currently

permitted

to borrow

under

the

Interfund

Lending

Program.

lending

BlackRock

fund

may

lend

aggregate

15%

its

net

assets

but

may

not

lend

than

its

net

assets

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

from

any

other

source

than

1/3%

its

total

assets

(or

any

lower

threshold

provided

for

the fund’s

investment

restrictions).

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

its

total

assets,

each

its

outstanding

interfund

loans

will

subject

collateralization

least

102%

the

outstanding

principal

value

the

loan.

All

interfund

loans

are

for

temporary

emergency

purposes

and

the

interest

rate

charged

will

the

average

the

highest

current

overnight

repurchase

agreement

rate

available

lending

fund

and

the

bank

loan

rate,

calculated

according

formula

established

the

Board.

During the

period

ended

June

30,

2024,

the

Fund

did

not

participate

the

Interfund

Lending

Program.

Directors

and

Officers:

Certain

directors

and/or

officers

the Company are directors and/or

officers

of BlackRock

its

affiliates.

The

Fund

reimburses

the

Manager

for

portion

the

compensation

paid

the

Company's

Chief

Compliance

Officer,

which

included

Directors and

Officer

the

Statement

Operations.

PURCHASES

AND

SALES

For

the six

months

ended

June

30,

2024,

purchases

and

sales

investments,

including

paydowns/payups excluding

short-term

securities, were $385,662,654

and

$292,438,240,

respectively.

INCOME

TAX

INFORMATION

the

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

income

tax

returns

are

currently

under

examination.

The

statute

limitations

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

period

three

years

after

they

are

filed.

The

statutes

limitations

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

additional

year

depending

upon

the

jurisdiction.

Class

................................................................................................................

0.06‌%

Class

III

...............................................................................................................

0.05‌

Class

Transfer

Agent

Fees

Reimbursed

the

Manager

Class

Specific

Class

.......................................................................................................

100,688‌

Class

III

......................................................................................................

313,192‌

413,880‌

Class

III

Expense

Limitations

..................................................................................

1.25‌%

1.50‌%

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the Fund

June

30,

2024,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Fund’s

financial

statements.

December

31,

2023, the Fund

had

non-expiring

capital

loss

carryforwards

available

offset

future

realized

capital

gains of

$(56,360,153) and

qualified

late-year

capital

losses

$(1,762,361).

June

30,

2024, gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

BANK

BORROWINGS

The

Company,

behalf

the

Fund,

along

with

certain

other

funds

managed

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

364-day,

$2.40

billion

credit

agreement

with

group

lenders.

Under

this

agreement,

the

Fund

may

borrow

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

aggregate

commitment

amount

$1.75

billion

any

time

outstanding,

subject

asset

coverage

and

other

limitations

specified

the

agreement.

The

credit

agreement

has

the

following

terms:

fee

0.10%

per

annum

unused

commitment

amounts

and

interest

rate

equal

the

higher

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

any

event,

not

less

than

0.00%)

effect

from

time

plus

0.80%

per

annum

amounts

borrowed

(c)

the

sum

(x)

Daily

Simple

SOFR

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

April

2025

unless

extended

renewed. Prior

April

11,

2024,

the

aggregate

commitment

amount

was

$2.50

billion.

These

fees

were

allocated

among

such

funds

based

upon

portions

the

aggregate

commitment

available

them

and

relative

net

assets

Participating

Funds.

During

the

six

months ended

June

30,

2024,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

PRINCIPAL

RISKS

the

normal

course

business,

the

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

various

risks,

including

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

Market Risk:

The

Fund

may

exposed

prepayment

risk,

which

the

risk

that

borrowers

may

exercise

their

option

prepay

principal

earlier

than

scheduled

during

periods

declining

interest

rates,

which

would

force

the

Fund

reinvest

lower

yielding

securities. The

Fund

may

also

exposed

reinvestment

risk,

which

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

the Fund

invests

the

proceeds

from

matured,

traded

called

fixed-income

securities

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries. The

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that the

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment. The

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which the

Fund

invests.

The

price the

Fund

could

receive

upon

the

sale

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

the

investment,

particularly

for

securities

that

trade

thin

volatile

markets

that

are

valued

using

fair

valuation

technique

price

provided

independent

pricing

service.

Changes

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

exit)

due

the

lack

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

operations.

result,

the

price

received

upon

the

sale

investment

may

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

greater

than

expected

loss

lesser

than

expected

gain

upon

the

sale

the

investment. The

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/or

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Fund

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Fund’s

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statement

Assets

and

Liabilities,

less

any

collateral

held

the

Fund.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

High

Yield

V.I.

Fund

........................................

933,315,098‌

15,955,897‌

(17,504,296‌)

(1,548,399‌)

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

less

counterparty

credit

risk

the

Fund

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Fund.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

is appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

its Schedule

Investments.

The

Fund

invests

significant

portion

its

assets

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

“junk

bonds”)

are

unrated

may

deemed

speculative,

involve

greater

levels

risk

than

higher-rated

securities

similar

maturity

and

are

likely

default.

High

yield

securities

may

issued

less

creditworthy

issuers,

and

issuers

high

yield

securities

may

unable

meet

their

interest

principal

payment

obligations.

High

yield

securities

are

subject

extreme

price

fluctuations,

may

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

The

Fund

invests

significant

portion

its

assets

in fixed-income securities and/or uses

derivatives tied

the

fixed-income

markets.

Changes

market

interest

rates

economic

conditions

may affect

the

value

and/or

liquidity

such investments.

Interest

rate

risk

the

risk

that

prices

bonds

and

other

fixed-income

securities

will

decrease

interest

rates

rise

and

increase

interest

rates

fall.

The

Fund

may

subject

greater

risk

rising

interest

rates

during

period

historically

low

interest

rates. The

Federal

Reserve

has

raised

the

federal

funds

rate

part

its

efforts

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

markets,

may

result

heightened

market

volatility,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

significant

portion

its

assets

securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Fund

invests.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

LIBOR

Transition

Risk:

The

Fund

may

exposed

financial

instruments

that

recently

transitioned

from,

continue

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

determine

payment

obligations,

financing

terms,

hedging

strategies

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

published

under

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

voluntary

basis

new

instruments

and

transactions.

Under

U.S.

regulations

that

implement

statutory

fallback

mechanism

replace

LIBOR,

benchmark

rates

based

SOFR

have

replaced

LIBOR

certain

financial

contracts.

The

ultimate

effect

the

LIBOR

transition

process

the

Fund

uncertain.

11.

CAPITAL

TRANSACTIONS

Transactions

capital

for

each

class

were

follows:

Six

Months

Ended

06/30/24

Year

Ended

12/31/23

Fund

Name/Share

Class

Amount

BlackRock

High

Yield

V.I.

Fund

Class

sold

.............................................

10,849,030‌

73,908,378‌

15,909,884‌

104,935,881‌

issued

reinvestment

distributions

........................

1,432,229‌

9,752,406‌

2,197,682‌

14,456,030‌

redeemed

.........................................

(3,027,534‌)

(20,586,639‌)

(6,725,260‌)

(44,419,074‌)

9,253,725‌

63,074,145‌

11,382,306‌

74,972,837‌

Class

III

sold

.............................................

9,069,001‌

61,737,740‌

23,568,801‌

155,449,956‌

issued

reinvestment

distributions

........................

2,889,829‌

19,658,205‌

5,006,678‌

32,924,247‌

redeemed

.........................................

(7,034,354‌)

(47,708,845‌)

(20,894,867‌)

(136,903,038‌)

4,924,476‌

33,687,100‌

7,680,612‌

51,471,165‌

14,178,201‌

96,761,245‌

19,062,918‌

126,444,002‌

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

all

subsequent

events

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Glossary

Terms

Used

this

Report

Glossary

Terms

Used

this

Report

Currency

Abbreviation

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Portfolio

Abbreviation

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

OTC

Over-the-counter

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

June

30,

2024

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2024

Semi-Annual

Financial

Statements

(Unaudited)

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

Total

Return

V.I.

Fund

The

Benefits

and

Risks

Leveraging

2024

BlackRock

Semi-Annual

Financial

Statements

The

Fund

may

utilize

leverage

seek

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

guarantee

that

these

objectives

can

achieved

all

interest

rate

environments.

The

Fund

may

utilize

leverage

entering

into

reverse

repurchase

agreements.

general,

the

concept

leveraging

based

the

premise

that

the

financing

cost

leverage,

which

based

short-term

interest

rates,

normally

lower

than

the

income

earned

the

Fund

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

the

extent

that

the

total

assets

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

securities

purchased

with

the

proceeds

from

leverage

distributed

the

Fund’s

shareholders,

and

the

value

these

portfolio

holdings

reflected

the

Fund’s

per

NAV.

However,

order

benefit

shareholders,

the

return

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

interest

and

other

ongoing

costs

leverage

exceed

the

Fund’s

return

assets

purchased

with

leverage

proceeds,

income

shareholders

lower

than

the

Fund

had

not

used

leverage.

Furthermore,

the

value

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

portfolio

investments.

result,

changes

interest

rates

can

influence

the

Fund’s

NAV

positively

negatively

addition

the

impact

the

Fund’s

performance

from

leverage.

Changes

the

direction

interest

rates

are

difficult

predict

accurately,

and

there

assurance

that

the

Fund’s

leveraging

strategy

will

successful.

The

use

leverage

also

generally

causes

greater

changes

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

declining

market,

leverage

likely

cause

greater

decline

the

NAV

of the

Fund’s

than

the

Fund

were

not

leveraged.

addition,

the

Fund

may

required

sell

portfolio

securities

inopportune

times

distressed

values

order

comply

with

regulatory

requirements

applicable

the

use

leverage

required

the

terms

the

leverage

instruments,

which

may

cause

the

Fund

incur

losses.

The

use

leverage

may

limit the

Fund’s

ability

invest

certain

types

securities

use

certain

types

hedging

strategies.

The

Fund

incurs

expenses

connection

with

the

use

leverage,

all

which

are

borne

the

Fund’s

shareholders

and

may

reduce

income.

Derivative

Financial

Instruments

Derivative

Financial

Instruments

The

Fund

may

invest

various

derivative

financial

instruments.

These

instruments

are

used

obtain

exposure

security,

commodity,

index,

market,

and/or

other

assets

without

owning

taking

physical

custody

securities,

commodities

and/or

other

referenced

assets

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

form

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

derivative

financial

instrument

and

the

underlying

asset,

possible

default

the

counterparty

the

transaction

illiquidity

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

limited

manner

comply

with

outer

limit

fund

leverage

risk

based

value-at-risk.

The

Fund’s

successful

use

derivative

financial

instrument

depends

the

investment

adviser’s

ability

predict

pertinent

market

movements

accurately,

which

cannot

assured.

The

use

these

instruments

may

result

losses

greater

than

they

had

not

been

used,

may

limit

the

amount

appreciation the

Fund

can

realize

investment

and/or

may

result

lower

distributions

paid

shareholders.

The

Fund’s

investments

these

instruments,

any,

are

discussed

detail

the

Notes

Financial

Statements.

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

(Percentages

shown

are

based

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.

CME

Term

SOFR

0.72%

Floor

0.83%),

6.18%,

12/25/33

................

USD

106

100,203

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

0.26%

Floor

0.37%),

5.72%,

05/25/37

................

14,106

American

Homes

Rent

Trust,

Series

2014-

SFR3,

Class

3.68%,

12/17/36

(b)

......

164

161,841

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.08%

Floor

1.34%),

6.67%,

04/15/31

(a)

(b)

..........

2,132

2,136,634

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

1.01%

Floor

1.27%),

6.60%,

04/20/31

(a)

(b)

..........

382

382,583

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

CME

Term

SOFR

0.95%

Floor

1.21%),

6.54%,

10/20/30

(a)

(b)

.....

324

324,261

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

0.48%

Floor

0.59%),

5.94%,

05/25/35

(a)

......

24,237

BankAmerica

Manufactured

Housing

Contract

Trust,

Series

1998-2,

Class

B1,

7.24%,

12/10/25

(a)

......................

300

42,466

Barings

CLO

Ltd.,

Series

2015-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.19%

Floor

1.45%),

6.78%,

10/20/30

(a)

(b)

..........

168

168,345

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(1-mo.

CME

Term

SOFR

1.00%

Floor

1.11%),

6.46%,

05/28/39

.....................

48,305

Series

2005-A,

Class

A1,

(1-mo.

CME

Term

SOFR

1.00%

Floor

1.11%),

6.46%,

02/28/40

.....................

69,332

Series

2005-E,

Class

A1,

(1-mo.

CME

Term

SOFR

1.00%

Floor

1.11%),

6.46%,

12/28/40

.....................

17,756

BCMSC

Trust

(a)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

3,807

Series

2000-A,

Class

A3,

7.83%,

06/15/30

3,655

Series

2000-A,

Class

A4,

8.29%,

06/15/30

2,803

Bear

Stearns

Asset-Backed

Securities

Trust

(a)

Series

2007-FS1,

Class

1A3,

(1-mo.

CME

Term

SOFR

0.34%

Floor

0.45%),

5.80%,

05/25/35

................

2,453

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

0.14%

Floor

0.25%),

5.60%,

03/25/37

................

12,098

Series

2007-HE3,

Class

1A4,

(1-mo.

CME

Term

SOFR

0.35%

Floor

0.46%),

5.81%,

04/25/37

................

195

202,655

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.18%

Floor

1.44%),

6.77%,

10/22/30

(a)

(b)

.....

224

224,825

Carbone

CLO

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.14%

Floor

1.40%),

6.73%,

01/20/31

(a)

(b)

..........

518

519,006

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

Series

2013-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

1.00%

Floor

1.26%),

6.59%,

01/15/31

................

154

154,577

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

0.97%

Floor

1.23%),

6.55%,

04/17/31

................

527

527,473

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2014-3RA,

Class

A1A,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.31%),

6.64%,

07/27/31

................

USD

531

531,400

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

0.16%

Floor

and

12.50%

Cap

0.27%),

5.62%,

10/25/36

(a)

.................

22,247

CBAM

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.51%),

6.84%,

07/20/30

(a)

(b)

................

118

117,673

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(1-mo.

CME

Term

SOFR

0.32%

Floor

0.43%),

5.78%,

10/25/36

(a)

...........

22,332

CIFC

Funding

Ltd.

(a)(b)

Series

2013-3RA,

Class

A1,

(3-mo.

CME

Term

SOFR

0.98%

Floor

1.24%),

6.56%,

04/24/31

................

328

327,879

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

1.05%

Floor

1.31%),

6.63%,

04/24/30

................

128

127,669

Series

2014-5A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

1.20%

Floor

1.46%),

6.78%,

10/17/31

................

236

236,169

Series

2015-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.87%

Floor

1.13%),

6.46%,

04/19/29

................

322

321,832

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

CME

Term

SOFR

0.20%

Floor

0.31%),

5.66%,

05/25/37

................

151

97,911

Series

2007-AHL2,

Class

A3C,

(1-mo.

CME

Term

SOFR

0.27%

Floor

0.38%),

5.73%,

05/25/37

................

44,438

Conseco

Finance

Corp.

(a)

Series

1997-3,

Class

M1,

7.53%,

03/15/28

13,942

Series

1997-6,

Class

M1,

7.21%,

01/15/29

8,916

Series

1999-5,

Class

A5,

7.86%,

03/01/30

7,809

Series

1999-5,

Class

A6,

7.50%,

03/01/30

7,914

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

9,513

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

151

26,029

Series

2000-5,

Class

A7,

8.20%,

05/01/31

134

33,050

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

(1-mo.

CME

Term

SOFR

0.22%

Floor

0.33%),

5.68%,

12/25/25

(a)

......................

—

(c)

384

Credit-Based

Asset

Servicing

Securitization

LLC

Series

2006-CB2,

Class

AF4,

6.20%,

12/25/36

(d)

....................

8,171

Series

2006-MH1,

Class

B1,

6.75%,

10/25/36

(b)

(d)

...................

53,822

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(b)

(d)

...................

2,731

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

0.34%

Floor

0.45%),

5.80%,

07/25/37

(a)

(b)

..............

21,598

CWABS

Asset-Backed

Certificates

Trust,

Series

2005-16,

Class

1AF,

4.51%,

04/25/36

(a)

...

59,875

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(1-mo.

CME

Term

SOFR

0.27%

Floor

and

16.00%

Cap

0.38%),

5.71%,

03/15/34

(a)

...........

5,092

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-5,

Class

(1-mo.

CME

Term

SOFR

0.90%

Floor

1.01%),

6.36%,

10/25/34

(a)

......................

USD

58,926

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

2,083

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

CME

Term

SOFR

0.18%

Floor

and

16.00%

Cap

0.29%),

5.62%,

05/15/35

..........

1,977

Series

2006-C,

Class

2A,

(1-mo.

CME

Term

SOFR

0.18%

Floor

and

16.00%

Cap

0.29%),

5.62%,

05/15/36

..........

15,500

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

0.15%

Floor

and

16.00%

Cap

0.26%),

5.59%,

11/15/36

...........

9,990

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.90%

Floor

1.18%),

6.51%,

10/15/30

(a)

(b)

.........

210

210,395

Dryden

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.82%

Floor

1.08%),

6.40%,

11/15/28

(a)

(b)

.....

107

107,434

Dryden

Senior

Loan

Fund,

Series

2016-45A,

Class

BR,

(3-mo.

CME

Term

SOFR

1.70%

Floor

1.96%),

7.29%,

10/15/30

(a)

(b)

.....

250

250,462

Dryden

CLO

Ltd.,

Series

2017-53A,

Class

(3-mo.

CME

Term

SOFR

1.38%

Floor

1.38%),

6.71%,

01/15/31

(a)

(b)

..........

714

714,983

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-

26A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.90%

Floor

1.16%),

6.49%,

04/15/29

(a)

(b)

428

428,160

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2004-FFH3,

Class

M3,

(1-mo.

CME

Term

SOFR

1.05%

Floor

1.16%),

6.51%,

10/25/34

................

29,475

Series

2006-FF16,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.28%

Floor

0.39%),

5.74%,

12/25/36

................

517

208,418

Series

2006-FF17,

Class

A5,

(1-mo.

CME

Term

SOFR

0.15%

Floor

0.26%),

5.61%,

12/25/36

................

287

235,827

Series

2006-FFH1,

Class

M2,

(1-mo.

CME

Term

SOFR

0.60%

Floor

0.71%),

6.06%,

01/25/36

................

86,282

Fremont

Home

Loan

Trust,

Series

2006-3,

Class

1A1,

(1-mo.

CME

Term

SOFR

0.28%

Floor

0.39%),

5.74%,

02/25/37

(a)

47,873

Generate

CLO

Ltd.,

Series

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.15%

Floor

1.41%),

6.74%,

01/22/31

(a)

(b)

..........

704

703,911

GSAA

Home

Equity

Trust,

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

(a)

.............

4,524

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

0.40%

Floor

0.51%),

5.86%,

01/25/47

................

9,702

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

3.38%

Floor

3.49%),

8.83%,

02/25/47

................

38,112

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.30%

Floor

0.41%),

5.76%,

05/25/37

(a)

......

48,878

Home

Equity

Mortgage

Loan

Asset-Backed

Trust,

Series

2004-A,

Class

M2,

(1-mo.

CME

Term

SOFR

2.03%

Floor

2.14%),

4.03%,

07/25/34

(a)

.................

10,718

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(d)

.........

USD

5,003

HPS

Loan

Management

Ltd.

(a)(b)

Series

11A-17,

Class

AR,

(3-mo.

CME

Term

SOFR

1.02%

Floor

1.28%),

6.62%,

05/06/30

.....................

172

172,316

Series

6A-2015,

Class

A1R,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.26%),

6.60%,

02/05/31

................

109

108,708

Irwin

Home

Equity

Loan

Trust,

Series

2006-3,

Class

2A3,

6.53%,

09/25/37

(b)

(d)

........

7,371

J.P.

Morgan

Mortgage

Acquisition

Trust,

Series

2006-CW1,

Class

M1,

(1-mo.

CME

Term

SOFR

0.41%

Floor

0.52%),

5.86%,

05/25/36

(a)

......................

52,913

LCM

Ltd.,

Series

26A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.07%

Floor

1.33%),

6.66%,

01/20/31

(a)

(b)

................

146

146,507

Lehman

ABS

Manufactured

Housing

Contract

Trust,

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

......................

20,621

Lehman

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.41%),

7.76%,

12/25/37

(a)

...........

12,069

Madison

Park

Funding

XLII

Ltd.,

Series

13A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.15%

Floor

1.15%),

6.48%,

11/21/30

(a)

(b)

.....

273

273,286

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

ARR,

(3-mo.

CME

Term

SOFR

0.94%

Floor

1.20%),

6.53%,

10/21/30

(a)

(b)

1,438

1,439,088

Madison

Park

Funding

XXIII

Ltd.,

Series

2017-

23A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.97%

Floor

1.23%),

6.56%,

07/27/31

(a)

(b)

719

719,107

Madison

Park

Funding

XXX

Ltd.,

Series

2018-

30A,

Class

(3-mo.

CME

Term

SOFR

1.01%

Floor

1.01%),

6.34%,

04/15/29

(a)

(b)

750

750,856

Marble

Point

CLO

Ltd.,

Series

2017-2A,

Class

(3-mo.

CME

Term

SOFR

1.18%

Floor

1.44%),

6.77%,

12/18/30

(a)

(b)

.....

137

137,025

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

(1-mo.

CME

Term

SOFR

0.52%

Floor

0.63%),

5.98%,

06/25/46

(a)

(b)

.....

6,183

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2006-OPT1,

Class

M1,

(1-mo.

CME

Term

SOFR

0.39%

Floor

0.50%),

5.85%,

08/25/37

................

29,192

Series

2006-RM3,

Class

A2B,

(1-mo.

CME

Term

SOFR

0.18%

Floor

0.29%),

5.64%,

06/25/37

................

5,048

Morgan

Stanley

ABS

Capital

Inc.

Trust

(a)

Series

2005-HE1,

Class

A2MZ,

(1-mo.

CME

Term

SOFR

0.60%

Floor

0.71%),

6.06%,

12/25/34

................

155

139,667

Series

2005-HE5,

Class

M4,

(1-mo.

CME

Term

SOFR

0.87%

Floor

0.98%),

6.33%,

09/25/35

................

75,575

CLO

III

Ltd.,

Series

2013-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.51%),

6.84%,

10/20/30

(a)

(b)

..........

118

118,722

Newday

Funding

Master

Issuer

plc,

Series

2024-2X,

Class

(Sterling

Overnight

Index

Average

0.00%

Floor

2.65%),

0.00%,

07/15/32

(a)

(e)

.....................

GBP

100

126,410

Oakwood

Mortgage

Investors,

Inc.

(a)

Series

2001-D,

Class

A2,

5.26%,

01/15/19

USD

5,438

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2001-D,

Class

A4,

6.93%,

09/15/31

USD

3,699

Series

2002-B,

Class

M1,

7.62%,

06/15/32

69,953

OCP

CLO

Ltd.

(a)(b)

Series

2017-14A,

Class

A1A,

(3-mo.

CME

Term

SOFR

1.15%

Floor

1.41%),

6.74%,

11/20/30

................

320

320,388

Series

2017-14A,

Class

(3-mo.

CME

Term

SOFR

1.95%

Floor

2.21%),

7.54%,

11/20/30

.....................

250

250,236

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.02%

Floor

1.28%),

6.60%,

07/17/30

(a)

(b)

.....................

231

231,168

Octagon

Investment

Partners

XVII

Ltd.,

Series

2013-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.26%),

6.59%,

01/25/31

(a)

(b)

.....................

172

172,016

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.30%),

6.63%,

05/23/31

(a)

(b)

.........

218

218,829

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.21%

Floor

0.32%),

5.67%,

03/25/37

(a)

...............

72,517

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(d)

....................

50,747

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(d)

....................

152

126,101

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(d)

....................

63,449

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

1.20%

Floor

and

18.00%

Cap

1.20%),

6.64%,

10/15/37

(a)

(b)

..........

12,206

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(d)

.........

49,192

OZLM

Funding

Ltd.,

Series

2013-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

1.25%

Floor

1.51%),

6.84%,

10/22/30

(a)

(b)

.....

118

118,128

Palmer

Square

CLO

Ltd.,

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

1.13%

Floor

1.39%),

6.71%,

01/17/31

(a)

(b)

89,206

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

4.00%,

08/24/49

(b)

....

67,635

Race

Point

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.36%),

6.69%,

07/25/31

(a)

(b)

.....

165

164,840

Regatta

Funding

Ltd.,

Series

2017-1A,

Class

B1R,

(3-mo.

CME

Term

SOFR

2.00%

Floor

2.00%),

7.32%,

04/17/37

(a)

(b)

.....

847

847,000

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

1.03%

Floor

1.29%),

6.62%,

04/20/31

(a)

(b)

..........

203

203,608

Ltd.,

Series

2018-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

1.09%

Floor

1.35%),

6.68%,

01/15/30

(a)

(b)

................

900

900,402

Mortgage

Securities

Trust,

Series

2006-

OPT2,

Class

A3D,

(1-mo.

CME

Term

SOFR

0.21%

Floor

0.32%),

5.67%,

10/25/36

(a)

100

70,690

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

3.50%,

12/17/40

(b)

.....

59,001

Soundview

Home

Loan

Trust,

Series

2004-

WMC1,

Class

M2,

(1-mo.

CME

Term

SOFR

0.80%

Floor

0.91%),

6.25%,

01/25/35

(a)

986

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

TCI-Symphony

CLO

Ltd.,

Series

2016-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

1.02%

Floor

1.28%),

6.61%,

10/13/32

(a)

(b)

USD

663

663,990

Tricon

American

Homes

Trust,

Series

2018-

SFR1,

Class

4.56%,

05/17/37

(b)

......

100

98,535

Venture

XVIII

CLO

Ltd.,

Series

2014-18A,

Class

AR,

(3-mo.

CME

Term

SOFR

1.22%

Floor

1.48%),

6.81%,

10/15/29

(a)

(b)

.........

16,420

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

Series

2006-HE4,

Class

2A2,

(1-mo.

CME

Term

SOFR

0.36%

Floor

0.47%),

5.82%,

09/25/36

................

120

31,984

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

0.31%

Floor

0.42%),

4.67%,

10/25/36

................

100

73,728

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

(1-mo.

CME

Term

SOFR

0.40%

Floor

0.51%),

5.86%,

06/25/37

(a)

(b)

..........

23,306

Total

Asset-Backed

Securities

—

(Cost:

20,696,841

)

...............................

19,896,512

Common

Stocks

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Blackstone

Mortgage

Trust,

Inc.

Class

(f)

...

23,972

417,592

Residential

REITs

—

0.0%

Invitation

Homes,

Inc.

(f)

................

6,147

220,616

Total

Common

Stocks

—

(Cost:

649,527

)

.................................

638,208

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

Defense

—

1.1%

BAE

Systems

plc

(b)

3.40%

04/15/30

..................

851

770,731

5.25%

03/26/31

..................

205

204,451

Boeing

Co.

(The)

5.93%

05/01/60

..................

130

116,227

7.01%

05/01/64

(b)

.................

415

424,906

L3Harris

Technologies,

Inc.

1.80%

01/15/31

..................

322

260,514

5.25%

06/01/31

..................

1,202

1,197,977

5.40%

07/31/33

..................

1,095

1,091,547

5.35%

06/01/34

..................

361

358,425

4.85%

04/27/35

..................

86,384

Lockheed

Martin

Corp.

1.85%

06/15/30

..................

198

166,801

4.50%

05/15/36

..................

129

121,096

Northrop

Grumman

Corp.

4.70%

03/15/33

..................

139

134,101

5.20%

06/01/54

..................

284

265,913

RTX

Corp.

6.70%

08/01/28

..................

1,713

1,813,786

7.00%

11/01/28

..................

445

471,256

6.10%

03/15/34

..................

1,133

1,192,605

5.40%

05/01/35

..................

195

195,791

2.82%

09/01/51

..................

1,051

639,996

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Aerospace

Defense

(continued)

Textron,

Inc.,

3.90%,

09/17/29

..........

USD

89,107

9,601,614

Banks

—

2.3%

Bank

America

Corp.

(a)

(1-day

SOFR

1.06%),

2.09%

06/14/29

221

196,059

(1-day

SOFR

1.57%),

5.82%

09/15/29

677

691,172

(3-mo.

CME

Term

SOFR

1.47%),

3.97%

02/07/30

.....................

599

567,267

(1-day

SOFR

1.53%),

1.90%

07/23/31

698

574,936

(1-day

SOFR

1.33%),

2.97%

02/04/33

760

643,169

(1-day

SOFR

1.65%),

5.47%

01/23/35

2,432

2,429,540

(1-day

SOFR

1.88%),

2.83%

10/24/51

651

411,300

Series

(1-day

SOFR

1.65%),

3.48%

03/13/52

.....................

142

101,915

Barclays

plc,

(1-day

SOFR

1.74%),

5.69%,

03/12/30

(a)

.....................

326

326,874

Citigroup,

Inc.

(a)

(1-day

SOFR

1.28%),

3.07%

02/24/28

415

391,651

(1-day

SOFR

1.36%),

5.17%

02/13/30

259

257,491

(1-day

SOFR

1.42%),

2.98%

11/05/30

195

173,680

(1-day

SOFR

1.17%),

2.56%

05/01/32

1,055

879,192

(1-day

SOFR

2.09%),

4.91%

05/24/33

797

765,327

(1-day

SOFR

2.34%),

6.27%

11/17/33

253

264,975

(1-day

SOFR

1.45%),

5.45%

06/11/35

1,125

1,116,186

HSBC

Holdings

plc

(a)

(1-day

SOFR

1.06%),

5.60%

05/17/28

846

849,308

(1-day

SOFR

1.73%),

2.01%

09/22/28

338

303,547

JPMorgan

Chase

Co.

(a)

(1-day

SOFR

0.93%),

5.57%

04/22/28

466

469,773

(1-day

SOFR

1.57%),

6.09%

10/23/29

366

378,159

(1-day

SOFR

1.31%),

5.01%

01/23/30

876

869,282

(1-day

SOFR

1.16%),

5.58%

04/22/30

1,054

1,070,696

(3-mo.

CME

Term

SOFR

1.51%),

2.74%

10/15/30

.....................

117

103,520

(3-mo.

CME

Term

SOFR

3.79%),

4.49%

03/24/31

.....................

85,727

(3-mo.

CME

Term

SOFR

1.11%),

1.76%

11/19/31

.....................

743

604,391

(1-day

SOFR

1.07%),

1.95%

02/04/32

549

446,549

(3-mo.

CME

Term

SOFR

1.25%),

2.58%

04/22/32

.....................

574

484,795

(1-day

SOFR

1.49%),

5.77%

04/22/35

1,618

1,660,081

Sumitomo

Mitsui

Financial

Group,

Inc.,

(5-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

2.28%),

6.60%

(a)

(g)

...

462

458,978

Washington

Mutual

Escrow

Bonds

(h)(i)(j)

0.00%

11/06/09

..................

300

3,000

0.00%

09/19/17

(k)

.................

250

—

0.00%

09/29/17

..................

500

—

Wells

Fargo

Co.

(a)

(1-day

SOFR

1.74%),

5.57%

07/25/29

85,771

(1-day

SOFR

1.50%),

5.20%

01/23/30

79,664

(1-day

SOFR

1.78%),

5.50%

01/23/35

1,972

1,965,085

(3-mo.

CME

Term

SOFR

4.50%),

5.01%

04/04/51

.....................

186

169,431

(1-day

SOFR

2.13%),

4.61%

04/25/53

403

344,424

20,222,915

Biotechnology

—

0.8%

AbbVie,

Inc.

5.05%

03/15/34

..................

1,224

1,220,419

4.55%

03/15/35

..................

1,075

1,019,700

4.50%

05/14/35

..................

169

159,411

4.88%

11/14/48

..................

45,934

Amgen,

Inc.

5.25%

03/02/30

..................

2,241

2,257,440

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

4.40%

02/22/62

..................

USD

438

347,819

5.75%

03/02/63

..................

1,068

1,045,820

Gilead

Sciences,

Inc.

1.65%

10/01/30

..................

226

186,222

2.60%

10/01/40

..................

469

323,234

4.80%

04/01/44

..................

375

338,240

6,944,239

Capital

Markets

—

3.6%

Deutsche

Bank

AG,

(1-day

SOFR

2.26%),

3.74%,

01/07/33

(a)

................

200

164,506

Goldman

Sachs

Group,

Inc.

(The)

(1-day

SOFR

0.51%),

5.86%

09/10/24

(a)

1,973

1,973,000

(1-day

SOFR

0.80%),

1.43%

03/09/27

(a)

711

663,430

(1-day

SOFR

0.82%),

1.54%

09/10/27

(a)

340

312,274

(3-mo.

CME

Term

SOFR

1.77%),

3.69%

06/05/28

(a)

....................

748

715,553

2.60%

02/07/30

..................

193

169,126

(1-day

SOFR

1.27%),

5.73%

04/25/30

(a)

2,789

2,838,522

(1-day

SOFR

1.09%),

1.99%

01/27/32

(a)

542

439,859

(1-day

SOFR

1.28%),

2.62%

04/22/32

(a)

418

351,437

(1-day

SOFR

1.25%),

2.38%

07/21/32

(a)

398

326,850

(1-day

SOFR

1.26%),

2.65%

10/21/32

(a)

2,605

2,165,610

(1-day

SOFR

1.55%),

5.85%

04/25/35

(a)

2,233

2,287,322

Moody's

Corp.,

2.00%,

08/19/31

.........

218

176,989

Morgan

Stanley

(a)

(1-day

SOFR

1.63%),

5.45%

07/20/29

174

175,073

(1-day

SOFR

1.83%),

6.41%

11/01/29

3,173

3,310,588

(1-day

SOFR

1.26%),

5.66%

04/18/30

1,867

1,898,621

(1-day

SOFR

1.14%),

2.70%

01/22/31

1,437

1,259,646

(1-day

SOFR

1.03%),

1.79%

02/13/32

1,230

987,132

(1-day

SOFR

1.02%),

1.93%

04/28/32

159

127,751

(1-day

SOFR

1.18%),

2.24%

07/21/32

563

459,920

(1-day

SOFR

1.58%),

5.83%

04/19/35

2,325

2,383,299

MSCI,

Inc.,

4.00%,

11/15/29

(b)

..........

2,168

2,025,640

Tupy

Overseas

SA,

4.50%,

02/16/31

(b)

.....

12,891

UBS

4.75%

08/09/24

..................

514

513,361

3.63%

09/09/24

..................

534

531,442

7.95%

01/09/25

..................

1,111

1,122,669

3.70%

02/21/25

..................

272

268,482

1.25%

08/07/26

..................

500

459,665

5.00%

07/09/27

..................

528

523,653

7.50%

02/15/28

..................

593

634,494

UBS

Group

(a)(b)

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.00%),

2.10%

02/11/32

.....................

440

353,567

(1-day

SOFR

1.73%),

3.09%

05/14/32

1,604

1,368,221

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.10%),

2.75%

02/11/33

.....................

316

258,260

31,258,853

Chemicals

—

0.0%

Braskem

Netherlands

Finance

BV,

8.50%,

01/12/31

(e)

.....................

200

204,125

Eastman

Chemical

Co.,

5.75%,

03/08/33

...

110

110,965

315,090

Commercial

Services

Supplies

—

0.0%

Waste

Management,

Inc.,

3.90%,

03/01/35

254

226,099

Communications

Equipment

—

0.0%

Motorola

Solutions,

Inc.,

5.60%,

06/01/32

...

236

238,635

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

—

0.4%

Ford

Motor

Credit

Co.

LLC

7.12%

11/07/33

..................

USD

400

422,670

6.13%

03/08/34

..................

920

909,980

General

Motors

Financial

Co.,

Inc.

1.50%

06/10/26

..................

317

293,591

5.75%

02/08/31

..................

507

508,353

5.60%

06/18/31

..................

473

469,460

5.95%

04/04/34

..................

454

454,388

3,058,442

Containers

Packaging

—

0.0%

Amcor

Finance

USA,

Inc.,

5.63%,

05/26/33

85,927

Berry

Global,

Inc.,

1.65%,

01/15/27

.......

179

163,017

248,944

Diversified

REITs

—

0.9%

Extra

Space

Storage

LP,

5.50%,

07/01/30

...

230

231,736

Invitation

Homes

Operating

Partnership

LP,

5.45%,

08/15/30

.................

151

151,266

VICI

Properties

4.25%

12/01/26

(b)

.................

1,672

1,612,458

3.75%

02/15/27

(b)

.................

179

170,012

4.50%

01/15/28

(b)

.................

85,627

3.88%

02/15/29

(b)

.................

418

386,367

4.63%

12/01/29

(b)

.................

1,800

1,703,473

4.95%

02/15/30

..................

1,674

1,614,975

4.13%

08/15/30

(b)

.................

348

316,493

5.13%

05/15/32

..................

1,153

1,098,504

5.75%

04/01/34

..................

85,194

7,456,105

Diversified

Telecommunication

Services

—

0.8%

AT&T,

Inc.

3.65%

06/01/51

..................

179

126,434

3.50%

09/15/53

..................

268

181,928

3.55%

09/15/55

..................

1,134

764,532

3.80%

12/01/57

..................

1,245

869,802

3.65%

09/15/59

..................

1,785

1,197,060

3.85%

06/01/60

..................

147

102,511

Verizon

Communications,

Inc.

1.75%

01/20/31

..................

1,084

877,250

2.55%

03/21/31

..................

300

254,883

2.36%

03/15/32

..................

1,343

1,097,871

5.05%

05/09/33

..................

105

103,516

4.50%

08/10/33

..................

85,550

4.40%

11/01/34

..................

1,174

1,087,877

5.85%

09/15/35

..................

117

121,157

4.27%

01/15/36

..................

3,624

3.00%

11/20/60

..................

456

272,738

7,146,733

Electric

Utilities

—

2.0%

AEP

Texas,

Inc.

Series

2.10%

07/01/30

............

103

85,714

4.70%

05/15/32

..................

86,596

5.40%

06/01/33

..................

540

525,706

3.80%

10/01/47

..................

394

282,606

Series

3.45%

01/15/50

...........

120

79,624

AEP

Transmission

Co.

LLC

3.80%

06/15/49

..................

167

123,294

3.15%

09/15/49

..................

1,170

769,011

Series

4.50%

06/15/52

...........

103

85,413

Alabama

Power

Co.

5.50%

03/15/41

..................

155

149,758

3.85%

12/01/42

..................

195

156,544

4.15%

08/15/44

..................

79,975

3.75%

03/01/45

..................

162

124,343

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

4.30%

01/02/46

..................

USD

139

115,667

Baltimore

Gas

Electric

Co.

3.75%

08/15/47

..................

170

127,326

3.20%

09/15/49

..................

371

246,805

4.55%

06/01/52

..................

103

85,844

CenterPoint

Energy

Houston

Electric

LLC,

Series

AD,

2.90%,

07/01/50

..........

317

202,940

Dominion

Energy

South

Carolina,

Inc.,

6.25%,

10/15/53

......................

85,052

DTE

Electric

Co.,

Series

3.25%,

04/01/51

281

189,637

Duke

Energy

Carolinas

LLC

3.88%

03/15/46

..................

319

244,819

3.70%

12/01/47

..................

345

253,413

3.20%

08/15/49

..................

263

176,415

3.45%

04/15/51

..................

474

330,768

Duke

Energy

Florida

LLC

1.75%

06/15/30

..................

267

221,539

3.00%

12/15/51

..................

323

202,930

5.95%

11/15/52

..................

626

636,872

Duke

Energy

Ohio,

Inc.,

5.55%,

03/15/54

...

83,797

Duke

Energy

Progress

LLC

2.50%

08/15/50

..................

1,354

779,502

5.35%

03/15/53

..................

84,392

Edison

International

5.75%

06/15/27

..................

477

481,181

5.25%

11/15/28

..................

291

288,451

6.95%

11/15/29

..................

447

475,243

Eversource

Energy

5.45%

03/01/28

..................

286

286,844

5.95%

02/01/29

..................

145

148,176

FirstEnergy

Corp.

Series

4.15%

07/15/27

(d)

..........

868

832,888

Series

3.40%

03/01/50

...........

322

215,388

FirstEnergy

Transmission

LLC,

4.55%,

04/01/49

(b)

.....................

729

602,503

Florida

Power

Light

Co.

3.95%

03/01/48

..................

302

237,293

3.99%

03/01/49

..................

358

283,328

3.15%

10/01/49

..................

157

106,757

2.88%

12/04/51

..................

491

311,836

Generacion

Mediterranea

SA,

9.88%,

12/01/27

(b)

.....................

28,677

Georgia

Power

Co.

4.70%

05/15/32

..................

86,010

4.95%

05/17/33

..................

232

226,203

MidAmerican

Energy

Co.

3.65%

08/01/48

..................

293

219,870

3.15%

04/15/50

..................

150

100,136

5.85%

09/15/54

..................

224

229,377

5.30%

02/01/55

..................

327

311,217

Northern

States

Power

Co.

4.00%

08/15/45

..................

109

86,100

2.60%

06/01/51

..................

168

100,139

Ohio

Power

Co.

Series

2.60%

04/01/30

............

86,229

Series

1.63%

01/15/31

...........

371

296,216

4.00%

06/01/49

..................

336

254,410

Pacific

Gas

Electric

Co.

3.50%

08/01/50

..................

862

562,545

5.25%

03/01/52

..................

461

395,208

6.70%

04/01/53

..................

250

260,140

PECO

Energy

Co.

3.05%

03/15/51

..................

561

364,322

2.85%

09/15/51

..................

194

119,875

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Public

Service

Electric

Gas

Co.,

2.05%,

08/01/50

......................

USD

307

166,006

Southern

California

Edison

Co.

5.30%

03/01/28

..................

168

168,297

5.65%

10/01/28

..................

182

185,063

Series

4.20%

03/01/29

............

159

152,136

2.25%

06/01/30

..................

763

646,995

Series

2.50%

06/01/31

...........

446

374,311

Series

05-B

5.55%

01/15/36

.........

230

228,292

5.63%

02/01/36

..................

188

187,666

Virginia

Electric

Power

Co.

4.45%

02/15/44

..................

138

116,538

2.95%

11/15/51

..................

266

166,137

Vistra

Operations

Co.

LLC

(b)

6.95%

10/15/33

..................

102,748

6.00%

04/15/34

..................

462

463,104

17,570,157

Electrical

Equipment

—

0.0%

NXP

BV,

2.65%,

02/15/32

.............

103

85,634

Financial

Services

—

0.1%

Blue

Owl

Credit

Income

Corp.,

6.60%,

09/15/29

(b)

.....................

154

151,913

Global

Payments,

Inc.

3.20%

08/15/29

..................

88,942

2.90%

05/15/30

..................

199

173,241

NAK

Naftogaz

Ukraine,

7.63%,

11/08/28

(b)

(i)

226

169,500

583,596

Food

Products

—

0.0%

MHP

Lux

SA,

6.25%,

09/19/29

(b)

.........

31,020

Gas

Utilities

—

0.0%

CenterPoint

Energy

Resources

Corp.,

4.00%,

04/01/28

......................

195

186,659

ONE

Gas,

Inc.,

5.10%,

04/01/29

.........

86,227

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%,

03/15/31

......................

176

147,754

420,640

Ground

Transportation

—

0.3%

Burlington

Northern

Santa

LLC

3.90%

08/01/46

..................

137

108,180

4.13%

06/15/47

..................

130

106,153

3.05%

02/15/51

..................

125

82,600

2.88%

06/15/52

..................

159

100,408

5.20%

04/15/54

..................

86,215

5.50%

03/15/55

..................

410

410,746

Norfolk

Southern

Corp.

3.40%

11/01/49

..................

195

136,345

3.05%

05/15/50

..................

131

85,160

3.16%

05/15/55

..................

779

493,851

Union

Pacific

Corp.

3.84%

03/20/60

..................

334

245,241

2.97%

09/16/62

..................

486

287,419

Union

Pacific

Railroad

Co.

Pass-Through

Trust,

Series

2014-1,

3.23%,

05/14/26

.......

72,187

2,214,505

Health

Care

Equipment

Supplies

—

0.1%

Becton

Dickinson

Co.

4.30%

08/22/32

..................

128

119,963

5.11%

02/08/34

..................

136

133,992

Solventum

Corp.

(b)

5.45%

02/25/27

..................

445

444,566

6.00%

05/15/64

..................

376

356,633

1,055,154

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

Services

—

1.2%

CVS

Health

Corp.

2.70%

08/21/40

..................

USD

269

178,727

4.25%

04/01/50

..................

457

347,662

Elevance

Health,

Inc.

3.60%

03/15/51

..................

393

282,671

4.55%

05/15/52

..................

102

85,488

5.13%

02/15/53

..................

162

149,010

HCA,

Inc.

5.25%

04/15/25

..................

1,255

1,249,088

5.88%

02/15/26

..................

976

977,296

5.38%

09/01/26

..................

420

418,952

5.45%

04/01/31

..................

4,865

4,861,506

Humana,

Inc.

5.88%

03/01/33

..................

226

229,896

5.95%

03/15/34

..................

85,869

UnitedHealth

Group,

Inc.

4.25%

06/15/48

..................

101

83,467

2.90%

05/15/50

..................

269

174,460

3.25%

05/15/51

..................

383

263,005

4.75%

05/15/52

..................

131

115,983

3.88%

08/15/59

..................

591

437,318

6.05%

02/15/63

..................

152

159,950

10,100,348

Hotels,

Restaurants

Leisure

—

0.5%

GLP

Capital

5.75%

06/01/28

..................

1,235

1,235,678

4.00%

01/15/30

..................

1,108

1,015,148

4.00%

01/15/31

..................

134

120,137

3.25%

01/15/32

..................

1,831

1,538,666

Grupo

Posadas

SAB

CV,

7.00%,

12/30/27

(d)

(e)

....................

49,487

Las

Vegas

Sands

Corp.,

5.90%,

06/01/27

...

144

144,764

Marriott

International,

Inc.

Series

2.75%

10/15/33

............

121

97,664

5.30%

05/15/34

..................

85,420

4,286,964

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Continuum

Energy

PTE

Ltd.,

5.00%,

09/13/27

(b)

(j)

....................

418

418,000

Industrial

Conglomerates

—

0.1%

Foundry

Holdco

LLC,

6.15%,

01/25/32

(b)

869

885,828

Insurance

—

0.1%

Ambac

Assurance

Corp.,

5.10%

(b)

(g)

.......

21,488

American

International

Group,

Inc.,

4.38%,

06/30/50

......................

241

199,642

FWD

Group

Holdings

Ltd.,

8.40%,

04/05/29

(e)

400

408,750

Marsh

McLennan

Cos.,

Inc.

2.90%

12/15/51

..................

193

119,944

5.70%

09/15/53

..................

191

192,918

5.45%

03/15/54

..................

59,251

1,001,993

Interactive

Media

Services

—

0.1%

Meta

Platforms,

Inc.,

4.65%,

08/15/62

.....

1,397

1,204,114

Services

—

0.4%

Gartner,

Inc.,

4.50%,

07/01/28

(b)

.........

3,213

3,096,595

Life

Sciences

Tools

Services

—

0.1%

Agilent

Technologies,

Inc.,

2.30%,

03/12/31

133

110,892

Thermo

Fisher

Scientific,

Inc.

5.09%

08/10/33

..................

269

268,315

5.20%

01/31/34

..................

93,564

472,771

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

—

0.3%

Charter

Communications

Operating

LLC

3.70%

04/01/51

..................

USD

317

192,765

3.90%

06/01/52

..................

838

525,499

3.95%

06/30/62

..................

140

82,942

Comcast

Corp.

1.50%

02/15/31

..................

221

177,493

2.89%

11/01/51

..................

562

350,629

2.94%

11/01/56

..................

159

95,911

2.99%

11/01/63

..................

932

546,968

Cox

Communications,

Inc.,

3.15%,

08/15/24

(b)

51,802

Paramount

Global

5.85%

09/01/43

..................

157

123,465

5.25%

04/01/44

..................

43,697

4.90%

08/15/44

..................

31,992

4.60%

01/15/45

..................

46,739

2,269,902

Metals

Mining

—

0.4%

Anglo

American

Capital

plc

(b)

5.63%

04/01/30

..................

464

467,335

5.50%

05/02/33

..................

200

196,750

Glencore

Funding

LLC

(b)

5.40%

05/08/28

..................

168

167,957

5.37%

04/04/29

..................

263

261,779

6.38%

10/06/30

..................

999

1,041,266

2.85%

04/27/31

..................

730

614,725

2.63%

09/23/31

..................

123

100,924

Newmont

Corp.,

2.25%,

10/01/30

........

347

296,122

Samarco

Mineracao

SA,

9.00%,

(9.00%

Cash

9.00%

PIK),

06/30/31

(e)

(l)

..........

126

116,618

Vale

Overseas

Ltd.,

6.40%,

06/28/54

......

29,691

3,293,167

Multi-Utilities

—

0.3%

Algonquin

Power

Utilities

Corp.,

5.37%,

06/15/26

(d)

.....................

134

133,351

Ameren

Illinois

Co.,

2.90%,

06/15/51

......

132

82,330

Consolidated

Edison

Co.

New

York,

Inc.,

3.95%,

03/01/43

.................

116

92,686

Consumers

Energy

Co.

4.63%

05/15/33

..................

1,156

1,106,786

3.75%

02/15/50

..................

452

343,989

NiSource,

Inc.,

5.40%,

06/30/33

.........

279

276,148

San

Diego

Gas

Electric

Co.

3.32%

04/15/50

..................

161

109,512

3.70%

03/15/52

..................

115

83,369

2,228,171

Oil,

Gas

Consumable

Fuels

—

5.6%

Antero

Resources

Corp.

(b)

7.63%

02/01/29

..................

409

420,590

5.38%

03/01/30

..................

446

431,617

Apache

Corp.

5.10%

09/01/40

..................

182

155,310

4.75%

04/15/43

..................

323

258,402

Capital

Markets

America,

Inc.

2.72%

01/12/32

..................

373

316,857

2.77%

11/10/50

..................

221

135,828

3.38%

02/08/61

..................

255

167,402

Cameron

LNG

LLC

(b)

3.30%

01/15/35

..................

170

139,982

3.40%

01/15/38

..................

1,131

914,427

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

06/30/27

..................

1,051

1,049,244

2.74%

12/31/39

..................

1,000

803,850

Cheniere

Energy

Partners

4.50%

10/01/29

..................

344

327,709

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

4.00%

03/01/31

..................

USD

1,765

1,605,093

5.95%

06/30/33

..................

470

476,554

5.75%

08/15/34

(b)

.................

315

316,255

Cheniere

Energy,

Inc.,

5.65%,

04/15/34

(b)

...

1,358

1,359,073

Chevron

USA,

Inc.,

2.34%,

08/12/50

......

196

113,476

Devon

Energy

Corp.,

5.88%,

06/15/28

.....

755

757,453

Diamondback

Energy,

Inc.

3.25%

12/01/26

..................

3,777

3,609,276

3.50%

12/01/29

..................

4,263

3,931,321

3.13%

03/24/31

..................

1,616

1,420,386

4.25%

03/15/52

..................

814

630,657

5.75%

04/18/54

..................

477

462,424

5.90%

04/18/64

..................

1,277

1,232,669

Enbridge,

Inc.,

3.70%,

07/15/27

.........

165

158,097

Energean

Israel

Finance

Ltd.,

8.50%,

09/30/33

(b)

(e)

....................

5,845

Energy

Transfer

4.95%

05/15/28

..................

622

612,573

6.00%

02/01/29

(b)

.................

84,577

4.15%

09/15/29

..................

89,937

7.38%

02/01/31

(b)

.................

899

938,097

5.15%

02/01/43

..................

242

211,795

5.15%

03/15/45

..................

86,146

5.35%

05/15/45

..................

101

90,191

6.00%

06/15/48

..................

155

149,354

5.95%

05/15/54

..................

795

774,146

6.05%

09/01/54

..................

533

525,593

EnLink

Midstream

Partners

5.05%

04/01/45

..................

215

176,716

5.45%

06/01/47

..................

302

262,002

EQT

Corp.

3.13%

05/15/26

(b)

.................

1,003

958,469

3.90%

10/01/27

..................

578

552,453

5.00%

01/15/29

..................

1,538

1,508,903

7.00%

02/01/30

(d)

.................

1,705

1,809,392

5.75%

02/01/34

..................

559

554,096

Exxon

Mobil

Corp.,

3.45%,

04/15/51

......

480

346,410

Hess

Corp.,

7.30%,

08/15/31

...........

191

212,908

Kinder

Morgan,

Inc.,

5.30%,

12/01/34

.....

493

477,835

Leviathan

Bond

Ltd.,

6.75%,

06/30/30

(b)

(e)

...

890

Brazil

Downstream

Trading

SARL,

7.25%,

06/30/31

(b)

.....................

43,766

Medco

Maple

Tree

Pte.

Ltd.,

8.96%,

04/27/29

(b)

30,341

NGPL

PipeCo

LLC

(b)

4.88%

08/15/27

..................

241

235,691

3.25%

07/15/31

..................

1,665

1,421,533

7.77%

12/15/37

..................

95,784

Northwest

Pipeline

LLC,

4.00%,

04/01/27

...

1,826

1,769,269

Oleoducto

Central

SA,

4.00%,

07/14/27

(b)

...

33,372

Ovintiv,

Inc.

5.65%

05/15/25

..................

500

499,370

5.38%

01/01/26

..................

84,564

7.10%

07/15/53

..................

374

410,225

Petrorio

Luxembourg

Holding

SARL,

6.13%,

06/09/26

(b)

.....................

53,797

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

......................

101

84,797

Sabine

Pass

Liquefaction

LLC

5.63%

03/01/25

..................

180

179,631

5.88%

06/30/26

..................

1,956

1,963,834

5.00%

03/15/27

..................

942

934,055

4.50%

05/15/30

..................

808

775,140

5.90%

09/15/37

..................

766

783,940

SCC

Power

plc,

4.00%,

(4.00%

Cash

4.00%

PIK),

05/17/32

(b)

(l)

................

6,849

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

Targa

Resources

Corp.,

4.20%,

02/01/33

...

USD

584

525,119

Targa

Resources

Partners

4.88%

02/01/31

..................

1,220

1,164,189

4.00%

01/15/32

..................

847

763,094

Tennessee

Gas

Pipeline

Co.

LLC,

7.00%,

10/15/28

......................

119

125,977

Transcontinental

Gas

Pipe

Line

Co.

LLC

7.85%

02/01/26

..................

674

693,413

4.00%

03/15/28

..................

177

169,659

4.60%

03/15/48

..................

620

527,870

3.95%

05/15/50

..................

368

278,731

Viper

Energy,

Inc.

(b)

5.38%

11/01/27

..................

2,306

2,262,597

7.38%

11/01/31

..................

1,095

1,134,078

48,672,965

Passenger

Airlines

—

0.0%

(b)

Air

Canada

Pass-Through

Trust,

Series

2017-1,

Class

3.70%,

01/15/26

...........

—

(c)

441

Avianca

Midco

plc,

9.00%,

12/01/28

.....

37,007

Gol

Finance

SA,

(1-mo.

CME

Term

SOFR

10.50%),

15.84%,

01/29/25

(a)

.........

41,103

78,551

Pharmaceuticals

—

0.2%

Bristol-Myers

Squibb

Co.

5.10%

02/22/31

..................

112

112,429

2.55%

11/13/50

..................

320

187,231

Pfizer

Investment

Enterprises

Pte.

Ltd.,

5.30%,

05/19/53

......................

292

281,639

Pfizer,

Inc.

4.13%

12/15/46

..................

202

167,172

4.20%

09/15/48

..................

172

143,169

4.00%

03/15/49

..................

120

96,718

Takeda

Pharmaceutical

Co.

Ltd.,

2.05%,

03/31/30

......................

512

432,086

Wyeth

LLC,

6.00%,

02/15/36

...........

121

128,734

1,549,178

Real

Estate

Management

Development

—

0.0%

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%,

04/17/25

(e)

(h)

(i)

...................

200

2,000

Retail

REITs

—

0.1%

NNN

REIT,

Inc.

3.50%

04/15/51

..................

245

169,865

3.00%

04/15/52

..................

500

311,294

481,159

Semiconductors

Semiconductor

Equipment

—

0.3%

Broadcom,

Inc.

(b)

2.60%

02/15/33

..................

223

180,721

3.42%

04/15/33

..................

251

216,399

3.14%

11/15/35

..................

1,162

930,515

Intel

Corp.

3.25%

11/15/49

..................

215

144,201

5.05%

08/05/62

..................

170

150,067

KLA

Corp.,

3.30%,

03/01/50

...........

563

396,373

NXP

BV,

2.50%,

05/11/31

.............

291

243,389

Texas

Instruments,

Inc.,

2.70%,

09/15/51

...

295

184,335

2,446,000

Software

—

0.4%

Oracle

Corp.

2.95%

04/01/30

..................

462

410,878

2.88%

03/25/31

..................

203

175,285

4.50%

07/08/44

..................

120

99,964

4.13%

05/15/45

..................

929

727,397

4.00%

07/15/46

..................

761

580,347

Security

Par

(000)

Par

(000)

Value

Software

(continued)

4.00%

11/15/47

..................

USD

133

100,692

3.60%

04/01/50

..................

438

306,545

3.95%

03/25/51

..................

487

360,076

6.90%

11/09/52

..................

150

167,896

3.85%

04/01/60

..................

244

167,681

3,096,761

Specialized

REITs

—

0.7%

American

Tower

Corp.

5.50%

03/15/28

..................

122

122,720

5.25%

07/15/28

..................

250

249,471

3.80%

08/15/29

..................

435

404,327

2.90%

01/15/30

..................

430

379,070

2.10%

06/15/30

..................

445

372,849

1.88%

10/15/30

..................

678

551,988

2.70%

04/15/31

..................

186

157,306

2.30%

09/15/31

..................

172

140,328

Crown

Castle,

Inc.

3.10%

11/15/29

..................

350

312,458

2.25%

01/15/31

..................

1,189

977,849

Equinix,

Inc.

3.20%

11/18/29

..................

394

355,000

2.15%

07/15/30

..................

134

112,349

2.50%

05/15/31

..................

920

770,707

3.90%

04/15/32

..................

1,384

1,258,450

6,164,872

Specialty

Retail

—

0.1%

Home

Depot,

Inc.

(The),

2.38%,

03/15/51

...

147

84,415

Lowe's

Cos.,

Inc.

4.50%

04/15/30

..................

106

102,866

2.63%

04/01/31

..................

219

186,832

2.80%

09/15/41

..................

310

212,755

5.13%

04/15/50

..................

108

97,548

3.00%

10/15/50

..................

373

233,239

3.50%

04/01/51

..................

246

168,596

1,086,251

Technology

Hardware,

Storage

Peripherals

—

0.1%

Dell

International

LLC,

4.90%,

10/01/26

....

1,014

1,004,078

Hewlett

Packard

Enterprise

Co.,

5.25%,

07/01/28

......................

180

181,060

1,185,138

Tobacco

—

0.6%

Altria

Group,

Inc.

6.88%

11/01/33

..................

492

531,646

4.25%

08/09/42

..................

211

167,887

4.50%

05/02/43

..................

365

298,784

3.70%

02/04/51

..................

411

277,790

6.20%

02/14/59

..................

280

277,719

BAT

Capital

Corp.

5.83%

02/20/31

..................

770

780,855

4.54%

08/15/47

..................

127

97,788

5.28%

04/02/50

..................

729

614,637

5.65%

03/16/52

..................

636

567,827

7.08%

08/02/53

..................

803

853,876

Philip

Morris

International,

Inc.

3.13%

08/17/27

..................

222

209,788

4.88%

02/13/29

..................

209

206,671

3.38%

08/15/29

..................

170

157,067

Reynolds

American,

Inc.,

5.85%,

08/15/45

...

381

351,408

5,393,743

Trading

Companies

Distributors

—

0.0%

GATX

Corp.,

6.05%,

06/05/54

..........

136

136,187

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

—

0.6%

Grange

Holdings

LLC,

(Acquired

06/21/24,

cost

$560,000),

6.50%,

03/20/45

(m)

......

USD

560

560,000

Kenbourne

Invest

SA,

6.88%,

11/26/24

(b)

(h)

(i)

18,275

Millicom

International

Cellular

SA,

6.63%,

10/15/26

(b)

.....................

180

178,420

Rogers

Communications,

Inc.,

5.30%,

02/15/34

484

474,927

Sprint

LLC

7.63%

02/15/25

..................

994

1,000,232

7.63%

03/01/26

..................

161

165,440

T-Mobile

USA,

Inc.

3.88%

04/15/30

..................

2,238

2,092,142

2.70%

03/15/32

..................

206

172,345

5.05%

07/15/33

..................

781

764,058

Ukraine

PAT,

6.20%,

02/11/25

(b)

.......

38,940

5,464,779

Total

Corporate

Bonds

—

(Cost:

214,724,157

)

..............................

213,693,812

Fixed

Rate

Loan

Interests

Metals

Mining

—

0.0%

Vedanta

Holdings

Mauritius

Ltd.,

Term

Loan

18.00

12/01/30

(j)

.................

195

194,872

Total

Fixed

Rate

Loan

Interests

—

(Cost:

195,360

)

.................................

194,872

Floating

Rate

Loan

Interests

Financial

Services

—

0.0%

EURO

Parfums

Fze,

Term

Loan

(6-mo.

LIBOR

USD

0.00%

Floor

0.00%),

12.21

01/01/30

(a)

(j)

...............

28,000

Media

—

0.0%

Gray

Television,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

8.46

12/01/28

(a)

.................

—

(c)

166

Oil,

Gas

Consumable

Fuels

—

0.0%

Ecopetrol

SA,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

0.00%),

10.00

09/06/30

(a)

(j)

...............

150

153,705

Total

Floating

Rate

Loan

Interests

—

(Cost:

176,403

)

.................................

181,871

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

9.50%

01/17/31

(b)

.............

111

112,776

Brazil

—

0.0%

Letras

Tesouro

Nacional

0.00%

10/01/24

BRL

182,930

Latvia

—

0.0%

Air

Baltic

Corp.

A/S

14.50%

08/14/29

(b)

....

EUR

100

115,605

Mexico

—

0.1%

Petroleos

Mexicanos

Series

13-2

7.19%

09/12/24

..........

MXN

59,756

6.88%

08/04/26

..................

USD

129

126,097

6.50%

03/13/27

..................

376

358,102

543,955

Morocco

—

0.0%

OCP

6.75%

05/02/34

(b)

.............

200

205,250

Security

Par

(000)

Par

(000)

Value

Supranational

—

0.6%

European

Union

(e)

2.50%

10/04/52

..................

EUR

505

444,546

Series

NGEU

3.00%

03/04/53

........

4,526

4,405,427

4,849,973

Total

Foreign

Agency

Obligations

—

(Cost:

5,981,551

)

...............................

6,010,489

Foreign

Government

Obligations

Argentina

—

0.0%

Argentine

Republic

(The)

1.00%

07/09/29

..................

USD

27,435

3.62%

07/09/35

(d)

.................

38,430

4.25%

01/09/38

(d)

.................

25,704

3.50%

07/09/41

(d)

.................

35,280

126,849

Belgium

—

0.4%

Kingdom

Belgium

3.30%

06/22/54

(b)

(e)

...

EUR

3,610

3,638,156

Brazil

—

1.1%

Federative

Republic

Brazil

10.00%

01/01/29

.................

BRL

1,028,832

6.13%

03/15/34

..................

USD

2,140

2,056,540

10.00%

01/01/35

.................

BRL

5,325,742

Notas

Tesouro

Nacional

10.00%

01/01/33

695,408

9,106,522

Colombia

—

0.1%

Republic

Colombia

5.75%

11/03/27

..................

COP

608,500

129,719

6.00%

04/28/28

..................

874,400

184,172

8.00%

04/20/33

..................

USD

200

207,300

8.00%

11/14/35

..................

200

205,400

726,591

Czech

Republic

—

0.0%

Czech

Republic

2.75%

07/23/29

..................

CZK

4,910

197,109

5.00%

09/30/30

..................

2,070

92,728

289,837

Dominican

Republic

—

0.0%

Dominican

Republic

Government

Bond

4.88%

09/23/32

(b)

......................

USD

100

89,687

Egypt

—

0.0%

Arab

Republic

Egypt

(e)

4.75%

04/16/26

..................

EUR

100

100,904

7.63%

05/29/32

..................

USD

200

163,187

264,091

France

—

0.2%

French

Republic

3.00%

05/25/54

(b)

(e)

......

EUR

1,850

1,724,527

Hungary

—

0.0%

Hungary

Government

Bond

(e)

4.00%

07/25/29

..................

250

264,980

5.38%

09/12/33

..................

15,519

280,499

Indonesia

—

0.1%

Republic

Indonesia

4.10%

04/24/28

..................

USD

200

192,054

3.05%

03/12/51

..................

641

434,478

626,532

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Israel

—

0.0%

State

Israel

Government

Bond

5.75%

03/12/54

.......................

USD

435

393,131

Ivory

Coast

—

0.0%

Republic

Cote

d'Ivoire

(e)

5.25%

03/22/30

..................

EUR

100

97,456

4.88%

01/30/32

..................

100

89,826

187,282

Japan

—

0.3%

Japan

Government

Bond

1.80%

03/20/54

JPY

372,700

2,134,228

Mexico

—

1.2%

United

Mexican

States

7.00%

09/03/26

..................

MXN

219,043

8.50%

03/01/29

..................

180

925,839

8.50%

05/31/29

..................

384

1,976,410

2.66%

05/24/31

..................

USD

1,158

952,455

3.50%

02/12/34

..................

784

637,784

7.75%

11/23/34

..................

MXN

548

2,577,053

6.35%

02/09/35

..................

USD

1,720

1,729,460

4.50%

01/31/50

..................

1,251

940,986

9,959,030

Oman

—

0.0%

Oman

Government

Bond

6.50%

03/08/47

(e)

200

199,500

Panama

—

0.1%

Republic

Panama

3.88%

03/17/28

..................

347

320,454

6.40%

02/14/35

..................

200

189,600

4.50%

04/01/56

..................

718

465,264

975,318

Peru

—

0.1%

Republic

Peru

5.94%

02/12/29

(e)

.................

PEN

562

146,627

1.86%

12/01/32

..................

USD

21,968

7.60%

08/12/39

(b)

.................

PEN

451

118,519

3.55%

03/10/51

..................

USD

576

407,880

694,994

Philippines

—

0.1%

Republic

Philippines

3.00%

02/01/28

..................

516

480,203

3.20%

07/06/46

..................

629

450,128

930,331

Poland

—

0.0%

Republic

Poland

4.75%

07/25/29

..................

PLN

818

195,323

2.75%

10/25/29

..................

851

185,340

380,663

Romania

—

0.0%

Romania

Government

Bond

5.25%

11/25/27

(b)

USD

200

196,400

Russia

—

0.0%

Russian

Federation

6.10%

07/18/35

(h)

(i)

....

RUB

13,759

32,091

Saudi

Arabia

—

0.0%

Kingdom

Saudi

Arabia

5.00%

01/18/53

(b)

USD

200

176,000

South

Africa

—

0.1%

Republic

South

Africa

7.00%

02/28/31

..................

ZAR

3,831

176,477

8.75%

01/31/44

..................

2,771

114,066

8.75%

02/28/48

..................

2,772

113,438

403,981

Security

Par

(000)

Par

(000)

Value

Turkey

—

0.0%

Republic

Turkiye

(The)

31.08%

11/08/28

.................

TRY

982

31,095

26.20%

10/05/33

.................

3,719

112,315

143,410

Ukraine

—

0.0%

Ukraine

Government

Bond

(e)(h)(i)

7.75%

09/01/29

..................

USD

100

30,250

7.75%

08/01/41

(a)

.................

136

66,368

96,618

United

Kingdom

—

0.2%

U.K.

Treasury

Bonds

4.38%

07/31/54

(e)

....

GBP

1,091

1,314,728

Uruguay

—

0.1%

Oriental

Republic

Uruguay

4.38%

10/27/27

..................

USD

179

176,881

5.10%

06/18/50

..................

234

220,635

397,516

Total

Foreign

Government

Obligations

—

(Cost:

38,478,004

)

...............................

35,488,512

Investment

Companies

BlackRock

Allocation

Target

BATS

Series

(n)

.......................

14,408,518

135,584,152

Total

Investment

Companies

—

(Cost:

144,284,000

)

..............................

135,584,152

Par

(000)

Par

(000)

Municipal

Bonds

California

—

Bay

Area

Toll

Authority

Series

2010S-1

7.04

04/01/50

..................

290

342,004

Los

Angeles

Community

College

District

Series

2010E

6.60

08/01/42

..........

110

122,144

State

California

Series

2018

4.60

04/01/38

......

1,215

1,139,252

Series

2009

7.55

04/01/39

......

77,020

University

California

Series

2012AD

4.86

05/15/2112

.................

65,461

1,745,881

Florida

—

Florida

Development

Finance

Corp.

Series

2024

RB,

AMT

VRDN

12.00

07/15/28

(b)

(o)

490

520,301

Georgia

—

Municipal

Electric

Authority

Georgia

Series

2010-A

6.64

04/01/57

.........

56,540

Illinois

—

State

Illinois

Series

2003

5.10

06/01/33

..................

729

716,031

Louisiana

—

Louisiana

Local

Government

Environmental

Facilities

Community

Development

Authority

Series

2022A

4.15

02/01/33

..................

620

593,756

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

Jersey

—

New

Jersey

Turnpike

Authority

Series

2009F

7.41

01/01/40

...............

USD

237

277,536

New

York

—

Metropolitan

Transportation

Authority

Series

2010A

6.67

11/15/39

..........

195

210,346

New

York

City

Municipal

Water

Finance

Authority

Series

2010EE

6.01

06/15/42

....

105

109,195

Series

2011CC

5.88

06/15/44

....

155

158,561

New

York

State

Dormitory

Authority

Series

2010H

5.39

03/15/40

..........

59,276

Port

Authority

New

York

New

Jersey

Series

2010-165

5.65

11/01/40

...

120

125,003

Series

2014-181

4.96

08/01/46

...

195

187,302

849,683

Ohio

—

American

Municipal

Power,

Inc.

Series

2010A

8.08

02/15/50

...............

135

175,945

Texas

—

City

San

Antonio

Electric

Gas

Systems

Series

2010A

5.81

02/01/41

.....

215

219,806

Port

Beaumont

Navigation

District

Series

2024B

10.00

07/01/26

(b)

........

450

451,203

State

Texas

Series

2009A

5.52

04/01/39

..................

215

221,668

892,677

Total

Municipal

Bonds

—

(Cost:

6,413,450

)

...............................

5,828,350

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.5%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

CME

Term

SOFR

0.35%

Floor

and

5.42%

Cap

0.46%),

5.42%,

06/25/35

(a)

.....

75,209

Series

2005-76,

Class

2A1,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

1.00%

Floor

1.00%),

6.15%,

02/25/36

(a)

.........

11,403

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

.....................

22,582

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

.....................

3,441

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

1.73%

Floor

1.73%),

6.88%,

11/25/46

(a)

.........

35,986

Series

2006-OA16,

Class

A4C,

(1-mo.

CME

Term

SOFR

0.68%

Floor

0.79%),

6.14%,

10/25/46

(a)

...............

116

83,772

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

0.38%

Floor

0.49%),

5.84%,

07/25/46

(a)

...............

5,324

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.46%

Floor

0.57%),

5.92%,

11/25/36

(a)

...............

46,596

Series

2006-OC7,

Class

2A3,

(1-mo.

CME

Term

SOFR

0.50%

Floor

0.61%),

5.96%,

07/25/46

(a)

...............

46,366

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

.....................

4,146

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

0.28%

Floor

0.39%),

5.74%,

04/25/47

(a)

...............

USD

10,606

American

Home

Mortgage

Assets

Trust

(a)

Series

2006-3,

Class

2A11,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

0.94%

Floor

0.94%),

6.09%,

10/25/46

..........

27,171

Series

2006-4,

Class

1A12,

(1-mo.

CME

Term

SOFR

0.32%

Floor

0.32%),

5.67%,

10/25/46

................

25,835

Series

2007-1,

Class

A1,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

0.70%

Floor

0.70%),

5.85%,

02/25/47

.....................

17,912

Angel

Oak

Mortgage

Trust,

Series

2023-7,

Class

A1,

4.80%,

11/25/67

(b)

(d)

.........

256

248,230

APS

Resecuritization

Trust,

Series

2016-1,

Class

1MZ,

3.00%,

07/31/57

(a)

(b)

........

280

106,286

Banc

America

Funding

Trust

(a)(b)

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

119

37,181

Series

2016-R2,

Class

1A1,

4.70%,

05/01/33

.....................

46,660

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2006-SL1,

Class

A1,

(1-mo.

CME

Term

SOFR

0.28%

Floor

and

11.00%

Cap

0.39%),

5.74%,

08/25/36

......

10,834

Series

2007-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

0.34%

Floor

and

10.50%

Cap

0.45%),

5.80%,

03/25/37

......

58,502

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

0.14%

Floor

and

10.50%

Cap

0.25%),

5.60%,

03/25/37

......

7,222

Series

2007-AR4,

Class

1A1,

(1-mo.

CME

Term

SOFR

0.40%

Floor

and

10.50%

Cap

0.51%),

5.86%,

09/25/47

......

24,672

Series

2007-AR4,

Class

2A1,

(1-mo.

CME

Term

SOFR

0.21%

Floor

and

10.50%

Cap

0.32%),

5.67%,

06/25/37

......

8,540

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

653

268,726

CHL

Mortgage

Pass-Through

Trust

Series

2006-OA4,

Class

A1,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

0.96%

Floor

0.96%),

6.11%,

04/25/46

(a)

.........

128

38,095

Series

2006-OA5,

Class

3A1,

(1-mo.

CME

Term

SOFR

0.40%

Floor

0.51%),

5.86%,

04/25/46

(a)

...............

11,781

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

171

62,864

Series

2007-9,

Class

A1,

5.75%,

07/25/37

28,076

Series

2007-9,

Class

A11,

5.75%,

07/25/37

15,341

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

29,314

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

39,010

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

......................

281

108,339

Cross

Mortgage

Trust,

Series

2023-H2,

Class

A1A,

7.13%,

11/25/68

(b)

(d)

............

136

137,849

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-mo.

CME

Term

SOFR

1.35%

Floor

and

6.25%

Cap

1.46%),

6.25%,

11/25/35

(a)

8,912

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

CSMC

Trust

(a)(b)

Series

2022-NQM3,

Class

A1B,

4.26%,

03/25/67

.....................

USD

168

156,903

Series

2022-NQM6,

Class

PT,

9.26%,

12/25/67

.....................

288

285,810

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

0.34%

Floor

0.45%),

5.80%,

08/25/47

(a)

.................

76,510

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust,

Series

2006-AB3,

Class

A8,

(1-mo.

LIBOR

USD

0.00%

Floor

0.00%),

6.36%,

07/25/36

(a)

......................

5,467

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

Month

Cumulative

Average

Year

CMT

2.00%

Floor

and

10.50%

Cap

2.00%),

7.15%,

03/25/36

(a)

.................

10,495

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(1-mo.

CME

Term

SOFR

0.35%

Floor

0.46%),

5.81%,

01/25/35

................

24,307

Series

2005-RP2,

Class

1AF,

(1-mo.

CME

Term

SOFR

0.35%

Floor

0.46%),

5.81%,

03/25/35

................

29,082

Series

2006-RP1,

Class

1AF1,

(1-mo.

CME

Term

SOFR

0.35%

Floor

and

9.15%

Cap

0.46%),

5.81%,

01/25/36

......

20,736

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

2,149

HarborView

Mortgage

Loan

Trust,

Series

2007-4,

Class

2A2,

(1-mo.

CME

Term

SOFR

0.25%

Floor

and

10.00%

Cap

0.61%),

5.70%,

07/19/47

(a)

.................

69,258

Homeward

Opportunities

Fund

Trust,

Series

2022-1,

Class

A1,

5.08%,

07/25/67

(b)

(d)

...

93,029

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR19,

Class

3A1,

3.78%,

09/25/37

.....................

40,750

Series

2007-FLX5,

Class

2A2,

(1-mo.

CME

Term

SOFR

0.48%

Floor

0.59%),

5.94%,

08/25/37

................

61,438

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

4.78%,

08/25/37

(a)

(b)

.........

5,100

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(1-mo.

CME

Term

SOFR

0.42%

Floor

0.53%),

5.88%,

04/25/37

(a)

.................

65,409

Miltonia

Mortgage

Finance

SRL,

Series

Class

(3-mo.

EURIBOR

0.00%

Floor

1.30%),

5.09%,

04/28/62

(a)

(e)

..........

EUR

100

104,768

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(1-mo.

LIBOR

USD

0.34%

Floor

and

9.00%

Cap

0.34%),

5.78%,

04/16/36

(a)

(b)

................

USD

167

160,466

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)

(b)

28,726

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

0.84%

Floor

0.95%),

6.30%,

06/25/37

(a)

.................

7,500

PRPM

LLC

(b)

Series

2022-1,

Class

A1,

3.72%,

02/25/27

(d)

698

686,324

Series

2023-1,

Class

A1,

6.88%,

02/25/28

(a)

321

321,811

RALI

Trust,

Series

2007-QH9,

Class

A1,

6.43%,

11/25/37

(a)

......................

16,089

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AF,

(1-mo.

CME

Term

SOFR

0.40%

Floor

and

9.50%

Cap

0.51%),

5.86%,

09/25/35

(a)

(b)

................

USD

1,889

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

4.13%,

04/25/36

(a)

......................

17,928

Structured

Asset

Mortgage

Investments

Trust

(a)

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

0.38%

Floor

and

10.50%

Cap

0.49%),

5.84%,

06/25/36

......

43,580

Series

2006-AR5,

Class

2A1,

(1-mo.

CME

Term

SOFR

0.42%

Floor

and

10.50%

Cap

0.53%),

5.88%,

05/25/46

......

20,701

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

30,481

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(d)

17,840

4,117,329

Commercial

Mortgage-Backed

Securities

—

0.6%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

3.78%,

06/05/37

(a)

(b)

..........

200

165,300

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

(1-mo.

CME

Term

SOFR

1.79%

Floor

1.84%),

7.16%,

09/15/34

................

100

91,019

Series

2017-280P,

Class

(1-mo.

CME

Term

SOFR

2.37%

Floor

2.42%),

7.75%,

09/15/34

................

137

124,645

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

(1-mo.

CME

Term

SOFR

2.23%

Floor

2.27%),

7.60%,

04/15/35

(a)

(b)

.....

18,512

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

Series

2015-200P,

Class

3.72%,

04/14/33

200

187,928

Series

2017-SCH,

Class

CL,

(1-mo.

CME

Term

SOFR

1.50%

Floor

1.55%),

6.88%,

11/15/32

................

100

99,308

Series

2017-SCH,

Class

DL,

(1-mo.

CME

Term

SOFR

2.00%

Floor

2.05%),

7.38%,

11/15/32

................

100

99,324

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

0.30%

Floor

0.56%),

5.91%,

01/25/36

.....................

20,420

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

0.45%

Floor

0.79%),

6.13%,

01/25/36

................

14,839

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

0.54%

Floor

0.65%),

6.00%,

04/25/36

.....................

4,932

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

0.25%

Floor

0.49%),

5.83%,

10/25/36

.....................

6,716

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

0.30%

Floor

0.56%),

5.91%,

10/25/36

.....................

5,606

Series

2007-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

0.27%

Floor

0.52%),

5.86%,

07/25/37

.....................

13,757

Series

2007-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

0.68%

Floor

0.79%),

6.13%,

09/25/37

.....................

62,043

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

(1-mo.

CME

Term

SOFR

0.87%

Floor

0.92%),

6.25%,

03/15/37

(a)

(b)

.....

USD

33,076

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

.................

47,107

BHMS,

Series

2018-ATLS,

Class

(1-mo.

CME

Term

SOFR

1.50%

Floor

1.55%),

6.88%,

07/15/35

(a)

(b)

................

140

139,798

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

3.45%,

03/10/33

(b)

...........

105

94,369

Commercial

Mortgage

Trust

(a)(b)

Series

2020-VKNG,

Class

(1-mo.

CME

Term

SOFR

0.93%

Floor

1.04%),

6.37%,

10/15/37

................

58,138

Series

2023-XL3,

Class

(1-mo.

CME

Term

SOFR

1.76%

Floor

1.76%),

7.09%,

12/09/40

.....................

126

126,078

Series

2023-XL3,

Class

(1-mo.

CME

Term

SOFR

3.59%

Floor

3.59%),

8.92%,

12/09/40

.....................

173

173,270

BXP

Trust

(a)(b)

Series

2017-CC,

Class

(1-mo.

LIBOR

USD

0.00%),

3.67%,

08/13/37

.....

50,086

Series

2017-CC,

Class

(1-mo.

LIBOR

USD

0.00%),

3.67%,

08/13/37

.....

110

86,966

Series

2017-GM,

Class

3.54%,

06/13/39

200

178,179

Series

2017-GM,

Class

3.54%,

06/13/39

43,829

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

(1-mo.

CME

Term

SOFR

1.75%

Floor

2.05%),

7.38%,

12/15/37

(a)

(b)

.....................

100

100,030

Cassia

SRL,

Series

2022-1A,

Class

(3-mo.

EURIBOR

2.50%

Floor

2.50%),

6.32%,

05/22/34

(a)

(b)

.....................

EUR

364

389,575

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

...............

USD

27,827

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

9,717

CFK

Trust,

Series

2019-FAX,

Class

4.79%,

01/15/39

(a)

(b)

.....................

126

111,744

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

5.08%,

04/10/49

(a)

17,979

Commercial

Mortgage

Trust,

Series

2016-

667M,

Class

3.28%,

10/10/36

(a)

(b)

.....

100

79,455

CSMC

Trust

(b)

Series

2017-PFHP,

Class

(1-mo.

CME

Term

SOFR

0.95%

Floor

1.00%),

6.33%,

12/15/30

(a)

...............

57,798

Series

2017-TIME,

Class

3.65%,

11/13/39

100

81,313

Series

2022-NWPT,

Class

(1-mo.

CME

Term

SOFR

3.14%

Floor

3.14%),

8.47%,

09/09/24

(a)

...............

224

225,208

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

(1-mo.

LIBOR

USD

0.00%),

3.65%,

10/10/34

.....

210

176,394

Series

2017-BRBK,

Class

3.65%,

10/10/34

.....................

64,038

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

5.37%,

05/03/32

(b)

......

100

98,220

Mortgage

Securities

Corp.

Trust,

Series

2017-GPTX,

Class

2.86%,

05/10/34

(b)

67,441

HMH

Trust,

Series

2017-NSS,

Class

3.06%,

07/05/31

(b)

......................

110

93,654

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-NXSS,

Class

(1-mo.

CME

Term

SOFR

2.18%

Floor

2.18%),

7.51%,

09/15/39

(a)

(b)

..........

USD

300

300,281

KSL

Commercial

Mortgage

Trust,

Series

2023-

HT,

Class

(1-mo.

CME

Term

SOFR

4.29%

Floor

4.29%),

9.62%,

12/15/36

(a)

(b)

100

100,000

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

4.08%,

05/10/39

(a)

(b)

.......

190

129,921

PFP

Ltd.,

Series

2022-9,

Class

(1-mo.

CME

Term

SOFR

2.27%

Floor

2.27%),

7.60%,

08/19/35

(a)

(b)

................

270

269,662

Logistics

DAC,

Series

2024-1X,

Class

(Sterling

Overnight

Index

Average

0.00%

Floor

1.65%),

6.88%,

05/17/34

(a)

(e)

.....

GBP

100

126,537

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2017-2,

Class

M3,

(3-mo.

LIBOR

USD

0.00%),

4.24%,

11/25/47

......

USD

45,550

Series

2017-2,

Class

M4,

5.00%,

11/25/47

22,571

Series

2024-1,

Class

6.55%,

01/25/54

196

196,621

4,736,781

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

(a)

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.70%,

12/15/35

(b)

......................

15,000

83,440

Bank

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.73%,

02/15/50

...............

1,000

13,864

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

1.04%,

08/10/35

(b)

.................

914

18,997

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.73%,

11/05/36

(b)

.................

3,475

2,272

Benchmark

Mortgage

Trust

Series

2018-B8,

Class

XA,

0.78%,

01/15/52

4,466

95,307

Series

2019-B9,

Class

XA,

(1-mo.

LIBOR

USD

0.00%

Floor

0.00%),

1.18%,

03/15/52

.....................

991

35,846

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.85%,

05/10/58

....

170

1,898

Commercial

Mortgage

Trust

Series

2015-3BP,

Class

XA,

0.17%,

02/10/35

(b)

....................

1,916

634

Series

2015-CR25,

Class

XA,

0.94%,

08/10/48

.....................

166

996

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX10,

Class

XB,

0.26%,

11/15/50

...

1,430

12,048

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

.................

900

12,024

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.83%,

09/15/47

.....................

525

Series

2014-C23,

Class

XA,

0.65%,

09/15/47

.....................

496

103

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

1,800

26,097

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

(b)

Series

2014-C19,

Class

XF,

1.28%,

12/15/47

130

1,517

Series

2015-C26,

Class

XD,

1.45%,

10/15/48

.....................

120

1,735

Morgan

Stanley

Capital

Trust

Series

2016-UBS9,

Class

XD,

1.75%,

03/15/49

(b)

....................

1,000

22,866

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-H1,

Class

XD,

2.30%,

06/15/50

(b)

....................

USD

110

5,861

Series

2019-L2,

Class

XA,

1.17%,

03/15/52

372

13,660

One

Market

Plaza

Trust

(b)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(j)

.....................

1,562

—

Series

2017-1MKT,

Class

XNCP,

0.22%,

02/10/32

.....................

312

813

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-BNK1,

Class

XD,

1.38%,

08/15/49

(b)

1,000

21,510

371,516

Total

Non-Agency

Mortgage-Backed

Securities

—

(Cost:

10,215,262

)

...............................

9,225,626

Beneficial

Interest

(000)

Other

Interests

(p)

Capital

Markets

—

0.0%

(h)(i)(j)

Lehman

Brothers

Holdings,

Inc.

..........

1,025

—

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

............................

185

—

Total

Other

Interests

—

0.0

(Cost:

)

....................................

—

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

Series

2018-1

Class

3.81

05/25/57

(a)

..........

7,432

Interest

Only

Collateralized

Mortgage

Obligations

—

0.2%

Federal

Home

Loan

Mortgage

Corp.

Series

5081

Class

3.50

03/25/51

.......

291

54,038

Federal

National

Mortgage

Association

Series

437

Class

C11

3.00

07/25/52

.......

1,316

233,872

Government

National

Mortgage

Association

Series

2021-58

Class

3.00

02/20/51

1,277

200,298

Series

2021-78

Class

3.00

05/20/51

1,579

247,419

Series

2021-83

Class

3.00

05/20/51

1,347

211,269

Series

2021-97

Class

3.00

08/20/50

1,554

244,267

Series

2022-78

Class

3.00

08/20/51

1,056

169,038

Series

2022-85

Class

3.00

05/20/51

1,002

157,235

1,517,436

Mortgage-Backed

Securities

—

32.6%

Federal

Home

Loan

Mortgage

Corp.

2.50

01/01/29

04/01/31

...........

183

172,086

3.00

09/01/27

12/01/46

...........

718

642,202

3.50

02/01/31

01/01/48

...........

1,378

1,276,673

4.00

08/01/40

12/01/45

...........

113

107,172

4.50

02/01/39

04/01/49

...........

2,017

1,944,658

5.00

10/01/41

11/01/48

...........

85,215

5.50

02/01/35

06/01/41

...........

75,901

Federal

National

Mortgage

Association

4.00

01/01/41

..................

6,427

6.00

07/01/39

..................

61,644

Government

National

Mortgage

Association

2.00

08/20/50

02/20/51

...........

4,443

3,597,935

2.00

07/15/54

(q)

.................

6,720

5,437,182

2.50

04/20/51

01/20/53

...........

6,869

5,775,336

2.50

07/15/54

(q)

.................

4,413

3,709,425

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

3.00

02/15/45

01/20/52

...........

USD

4,644

4,051,972

3.00

07/15/54

(q)

.................

3,572

3,111,430

3.50

01/15/42

11/20/46

...........

3,116

2,841,165

3.50

07/15/54

(q)

.................

3,172

2,848,221

4.00

04/20/39

12/20/52

...........

2,415

2,243,877

4.00

07/15/54

(q)

.................

1,797

1,660,008

4.50

12/20/39

07/20/49

...........

609

587,773

4.50

07/15/54

(q)

.................

65,593

5.00

12/15/38

07/20/44

...........

53,100

5.00

07/15/54

(q)

.................

3,831

3,730,076

5.50

07/15/54

(q)

.................

5,993

5,945,652

6.00

07/15/54

(q)

.................

2,942

2,954,218

6.50

07/15/54

(q)

.................

2,146

2,176,578

Uniform

Mortgage-Backed

Securities

1.50

12/01/35

03/01/51

...........

11,434

9,220,150

1.50

07/25/39

07/25/54

(q)

..........

1,110

855,718

2.00

10/01/31

03/01/52

...........

55,928

44,975,629

2.00

07/25/39

07/25/54

(q)

..........

2,005

1,737,127

2.50

09/01/27

04/01/52

(r)

..........

36,776

30,775,349

2.50

07/25/39

07/25/54

(q)

..........

2,018

1,763,025

3.00

04/01/28

08/01/52

...........

16,032

14,029,699

3.00

07/25/39

07/25/54

(q)

..........

5,749

4,922,098

3.50

03/01/29

01/01/51

...........

9,840

8,867,882

3.50

07/25/39

07/25/54

(q)

..........

25,616

22,677,147

4.00

08/01/31

06/01/52

...........

14,145

13,186,676

4.00

07/25/39

(q)

.................

337

323,998

4.50

02/01/25

08/01/52

...........

6,404

6,164,230

4.50

07/25/39

07/25/54

(q)

..........

8,863

8,383,300

5.00

02/01/35

04/01/53

...........

5,125

4,988,110

5.00

07/25/54

(q)

.................

20,121

19,445,120

5.50

02/01/35

08/01/53

...........

4,838

4,788,168

5.50

07/25/54

(q)

.................

10,538

10,392,691

6.00

04/01/35

01/01/54

...........

7,091

7,140,272

6.00

07/25/54

(q)

.................

95,765

6.50

05/01/40

02/01/54

...........

4,412

4,524,290

6.50

07/25/54

(q)

.................

310

315,498

7.00

01/01/54

..................

220

227,389

7.00

07/25/54

(q)

.................

7,081

7,282,745

7.50

12/01/53

01/01/54

...........

385

401,340

282,644,935

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-3

Class

0.00

07/25/56

(b)

(k)

..........

111

14,950

Total

U.S.

Government

Sponsored

Agency

Securities

—

(Cost:

301,233,595

)

..............................

284,184,753

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25

05/15/39

11/15/40

...........

803

778,550

4.50

08/15/39

02/15/44

...........

5,174

5,159,958

4.38

11/15/39

05/15/41

...........

3,090

3,041,783

4.63

02/15/40

..................

402

408,407

1.13

05/15/40

08/15/40

...........

3,606

2,207,337

3.88

08/15/40

02/15/43

...........

3,967

3,595,143

1.38

11/15/40

..................

1,803

1,137,651

1.88

02/15/41

11/15/51

...........

4,489

2,750,426

4.75

02/15/41

11/15/53

(s)

..........

4,770

4,926,058

2.00

11/15/41

..................

1,270

872,480

2.38

02/15/42

05/15/51

...........

2,674

1,855,425

3.00

05/15/42

08/15/52

...........

12,267

9,347,800

4.00

11/15/42

11/15/52

...........

3,463

3,172,597

3.13

02/15/43

08/15/44

...........

2,303

1,845,997

2.88

05/15/43

05/15/49

...........

2,392

1,841,581

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

3.63

08/15/43

05/15/53

...........

USD

8,781

7,512,751

3.75

11/15/43

..................

2,303

2,035,456

2.50

02/15/45

..................

4,580

3,267,007

2.75

11/15/47

..................

4,580

3,329,803

2.25

08/15/49

02/15/52

...........

4,084

2,638,116

1.63

11/15/50

..................

1,488

814,570

4.13

08/15/53

..................

730

679,784

U.S.

Treasury

Notes

1.50

02/15/25

02/15/30

...........

12,125

11,206,500

2.00

02/15/25

11/15/26

...........

2,430

2,332,652

2.13

05/15/25

..................

1,044

1,016,962

5.00

08/31/25

09/30/25

...........

12,261

12,253,318

4.50

11/15/25

07/15/26

...........

6,467

6,434,827

4.88

11/30/25

10/31/30

...........

13,547

13,652,840

4.00

12/15/25

02/15/34

...........

15,847

15,562,428

4.63

03/15/26

..................

4,747

4,730,497

0.75

05/31/26

..................

4,408

4,087,903

0.88

06/30/26

..................

3,620

3,358,116

0.63

07/31/26

..................

2,268

2,086,383

1.63

11/30/26

05/15/31

...........

8,936

7,919,891

1.88

02/28/27

02/15/32

...........

5,808

5,404,528

2.38

05/15/27

05/15/29

...........

2,273

2,113,460

0.50

05/31/27

08/31/27

...........

7,469

6,615,398

2.25

08/15/27

..................

3,486

3,257,095

0.38

09/30/27

..................

1,808

1,584,669

4.13

10/31/27

..................

2,734

2,703,349

3.88

11/30/27

12/31/29

...........

13,043

12,763,659

3.63

03/31/28

..................

4,233

4,114,239

1.25

05/31/28

08/15/31

...........

16,365

13,932,937

3.13

11/15/28

..................

1,084

1,029,334

1.75

01/31/29

..................

59,740

2.63

02/15/29

..................

444

411,602

3.25

06/30/29

..................

2,495

2,369,967

3.75

05/31/30

..................

3,809

3,688,146

2.88

05/15/32

..................

714

642,847

Total

U.S.

Treasury

Obligations

—

(Cost:

222,783,027

)

..............................

208,551,967

Total

Long-Term

Investments

—

106.1%

(Cost:

965,831,189

)

..............................

919,479,124

Short-Term

Securities

Foreign

Government

Obligations

—

0.1%

Egypt

—

0.0%

Arab

Republic

Egypt

Treasury

Bills

(t)

36.20%

12/10/24

.................

EGP

5,200

97,117

25.03%

02/18/25

.................

3,600

64,402

34.41%

03/18/25

.................

5,450

95,783

257,302

Mexico

—

0.1%

United

Mexican

States

Treasury

Bills

12.29%

11/28/24

(t)

.......................

MXN

641

334,813

Total

Foreign

Government

Obligations

—

(Cost:

572,505

)

.................................

592,115

Security

Value

Money

Market

Funds

—

5.2%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

5.19

(n)

(u)

..................

45,385,630

Total

Money

Market

Funds

—

(Cost:

45,385,630

)

...............................

45,385,630

Total

Short-Term

Securities

—

5.3%

(Cost:

45,958,135

)

...............................

45,977,745

Total

Options

Purchased

—

(

Cost:

1,257,491

)

...............................

949,632

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

111

(Cost:

1,013,046,815

)

............................

966,406,501

Total

Options

Written

—

(

)

(Premium

Received

—

(

1,755,481

)

...................

(

1,486,745

)

Par

(000)

(

000)

TBA

Sale

Commitments

(q)

Mortgage-Backed

Securities

—

(

)

Government

National

Mortgage

Association

2.00

07/15/54

..................

USD

(

111

)

(

89,814

)

2.50

07/15/54

..................

(

)

(

79,008

)

3.00

07/15/54

..................

(

)

(

64,467

)

3.50

07/15/54

..................

(

)

(

52,073

)

4.50

07/15/54

..................

(

5,684

)

(

5,403,322

)

5.50

07/15/54

..................

(

2,200

)

(

2,182,619

)

6.00

07/15/54

..................

(

)

(

41,170

)

Uniform

Mortgage-Backed

Securities

1.50

07/25/39

07/25/54

...........

(

)

(

61,779

)

2.00

07/25/39

07/25/54

...........

(

551

)

(

437,494

)

3.00

07/25/39

..................

(

)

(

11,100

)

3.50

07/25/39

07/25/54

...........

(

6,442

)

(

5,701,533

)

4.00

07/25/39

07/25/54

...........

(

2,363

)

(

2,162,697

)

4.50

07/25/39

..................

(

)

(

15,650

)

2.50

07/25/54

..................

(

200

)

(

163,289

)

5.50

07/25/54

..................

(

19,810

)

(

19,537,113

)

6.50

07/25/54

..................

(

3,910

)

(

3,979,545

)

7.00

07/25/54

..................

(

1,200

)

(

1,234,172

)

Total

TBA

Sale

Commitments

—

(

)

(Proceeds:

(

41,362,463

)

..........................

(

41,216,845

)

Total

Investments

Net

Options

Written

and

TBA

Sale

Commitments

—

106

(Cost:

969,928,871

)

..............................

923,702,911

Liabilities

Excess

Other

Assets

—

(

6.6

)

.............

(

57,078,210

)

Net

Assets

—

100.0%

...............................

866,624,701

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

Rounds

less

than

1,000.

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the six

months

ended

June

30,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

decrease

(step-down

bond)

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

effect.

(e)

This

security

may

resold

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

the

Securities

Act

1933.

(f)

All

portion

the

security

has

been

pledged

and/or

segregated

collateral

connection

with

outstanding

exchange-traded

options

written.

(g)

Perpetual

security

with

stated

maturity

date.

(h)

Issuer

filed

for

bankruptcy

and/or

default.

(i)

Non-income

producing

security.

(j)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(k)

Zero-coupon

bond.

(l)

Payment-in-kind

security

which

may

pay

interest/dividends

additional

par/shares

and/or

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(m)

Restricted

security

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

current

value

$560,000,

representing

0.06%

its

net

assets

period

end,

and

original

cost

$560,000.

(n)

Affiliate

the

Fund.

(o)

Variable

rate

security.

Rate

period

end

and

maturity

the

date

the

principal

owed

can

recovered

through

demand.

(p)

Other

interests

represent

beneficial

interests

liquidation

trusts

and

other

reorganization

private

entities.

(q)

Represents

includes

TBA

transaction.

(r)

All

portion

the

security

has

been

pledged

collateral

connection

with

outstanding

TBA

commitments.

(s)

All

portion

the

security

has

been

pledged

collateral

connection

with

outstanding

OTC

derivatives.

(t)

Rates

are

discount

rates

range

discount

rates

period

end.

(u)

Annualized

7-day

yield

period

end.

Affiliated

Issuer

Value

12/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

06/30/24

Held

06/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

19,602,803

25,782,827

(a)

—

45,385,630

632,273

—

BlackRock

Allocation

Target

BATS

Series

134,287,385

—

1,296,767

135,584,152

14,408,518

4,381,167

—

1,296,767

180,969,782

5,013,440

—

(a)

Represents

net

amount

purchased

(sold).

For

purposes

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

the

Fund

for

compliance

purposes.

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Derivative

Financial

Instruments

Outstanding

Period

End

Futures

Contracts

Description

Number

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

3-mo.

SOFR

.............................................................

09/17/24

1,183

(

632

)

U.S.

Treasury

10-Year

Note

...................................................

09/19/24

10,765

(

48,936

)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

09/19/24

7,816

(

32,927

)

U.S.

Treasury

Long

Bond

.....................................................

121

09/19/24

14,263

(

1,740

)

U.S.

Treasury

Ultra

Bond

.....................................................

09/19/24

3,986

(

42,416

)

U.S.

Treasury

2-Year

Note

....................................................

196

09/30/24

40,027

(

33,415

)

U.S.

Treasury

5-Year

Note

....................................................

658

09/30/24

70,087

17,157

3-mo.

SOFR

.............................................................

12/17/24

237

(

)

3-mo.

SONIA

Index

.........................................................

03/18/25

903

(

3,201

)

(

146,186

)

Short

Contracts

Euro-Buxl

...............................................................

09/06/24

976

(

22,129

)

Canada

10-Year

Bond

.......................................................

09/18/24

6,934

37,099

3-mo.

SOFR

.............................................................

12/16/25

240

(

801

)

14,169

(

132,017

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

65,000

BRL

346,325

Barclays

Bank

plc

07/02/24

3,047

USD

43,000

BRL

228,199

BNP

Paribas

07/02/24

2,178

USD

182,500

BRL

983,613

Goldman

Sachs

International

07/02/24

6,544

USD

32,500

BRL

172,575

JPMorgan

Chase

Bank

07/02/24

1,628

USD

191,632

EUR

176,419

Morgan

Stanley

Co.

International

plc

07/02/24

2,696

ZAR

7,166,694

USD

389,758

Canadian

Imperial

Bank

Commerce

07/02/24

4,152

ZAR

3,103,431

USD

161,007

State

Street

Bank

and

Trust

Co.

07/02/24

9,570

USD

16,045

EUR

14,818

Morgan

Stanley

Co.

International

plc

07/17/24

164

USD

617,640

IDR

9,833,438,282

Barclays

Bank

plc

07/17/24

16,521

USD

226,501

PEN

858,559

Citibank

07/18/24

3,121

USD

59,264

PEN

225,500

Morgan

Stanley

Co.

International

plc

07/18/24

593

TRY

1,483,904

USD

44,000

UBS

07/22/24

445

USD

150,582

COP

581,548,000

Citibank

07/22/24

11,019

USD

106,068

EUR

98,852

Deutsche

Bank

07/24/24

AUD

46,657

EUR

29,000

Natwest

Markets

plc

07/26/24

CLP

41,558,000

USD

44,000

Citibank

07/26/24

153

COP

339,449,600

GBP

64,000

Morgan

Stanley

Co.

International

plc

07/26/24

493

COP

183,510,800

USD

44,000

Citibank

07/26/24

COP

88,092,690

USD

21,000

Morgan

Stanley

Co.

International

plc

07/26/24

126

EUR

153,000

GBP

129,560

Barclays

Bank

plc

07/26/24

245

EUR

81,000

USD

86,847

Toronto

Dominion

Bank

07/26/24

HUF

40,322,814

USD

109,000

Barclays

Bank

plc

07/26/24

230

IDR

1,600,112,000

USD

97,000

Deutsche

Bank

07/26/24

796

KRW

88,742,617

USD

64,000

Goldman

Sachs

International

07/26/24

384

MXN

1,018,358

USD

55,000

Bank

America

07/26/24

454

MXN

2,005,566

USD

109,000

BNP

Paribas

07/26/24

211

MXN

1,621,600

USD

88,000

Goldman

Sachs

International

07/26/24

303

MXN

6,418,554

USD

347,000

JPMorgan

Chase

Bank

07/26/24

2,517

PLN

264,169

EUR

61,000

BNP

Paribas

07/26/24

201

PLN

1,186,251

USD

294,000

Bank

America

07/26/24

599

THB

2,383,485

USD

65,000

Citibank

07/26/24

THB

1,154,264

USD

31,500

HSBC

Bank

plc

07/26/24

USD

31,048

AUD

46,500

UBS

07/26/24

USD

66,000

CLP

62,106,000

BNP

Paribas

07/26/24

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

44,000

CLP

41,175,200

Citibank

07/26/24

253

USD

153,000

CNY

1,112,222

State

Street

Bank

and

Trust

Co.

07/26/24

340

USD

306,166

EUR

285,000

Bank

America

07/26/24

590

USD

63,419

GBP

50,000

State

Street

Bank

and

Trust

Co.

07/26/24

205

USD

64,000

JPY

10,165,617

State

Street

Bank

and

Trust

Co.

07/26/24

578

USD

66,000

PLN

264,247

BNP

Paribas

07/26/24

376

USD

205,878

PLN

826,810

Nomura

International

plc

07/26/24

545

USD

84,000

SEK

875,371

Bank

America

07/26/24

1,309

USD

157,000

ZAR

2,839,275

State

Street

Bank

and

Trust

Co.

07/26/24

1,229

USD

216,000

ZAR

3,905,757

Toronto

Dominion

Bank

07/26/24

1,719

ZAR

1,213,504

USD

66,000

Citibank

07/26/24

577

USD

65,000

BRL

362,349

BNP

Paribas

08/02/24

424

USD

414,480

COP

1,647,869,000

Citibank

08/13/24

20,318

USD

593,543

COP

2,423,140,000

Citibank

08/14/24

14,015

COP

223,738,480

USD

52,530

Barclays

Bank

plc

08/15/24

973

COP

575,327,520

USD

133,051

BNP

Paribas

08/15/24

4,528

COP

805,965,000

USD

186,437

Morgan

Stanley

Co.

International

plc

08/15/24

6,295

USD

311,672

CZK

7,089,509

Morgan

Stanley

Co.

International

plc

08/29/24

8,203

USD

6,280,218

BRL

34,296,900

Barclays

Bank

plc

09/18/24

199,503

USD

1,475,631

BRL

8,049,000

JPMorgan

Chase

Bank

09/18/24

48,573

USD

1,069,765

EUR

993,660

BNP

Paribas

09/18/24

1,511

USD

734,814

EUR

683,000

Deutsche

Bank

09/18/24

541

USD

117,093

EUR

107,106

JPMorgan

Chase

Bank

09/18/24

1,946

USD

336,737

EUR

313,000

Natwest

Markets

plc

09/18/24

240

USD

7,745,200

EUR

7,133,400

Standard

Chartered

Bank

09/18/24

76,296

USD

694,540

EUR

645,340

Toronto

Dominion

Bank

09/18/24

754

USD

638,067

EUR

593,000

UBS

09/18/24

550

USD

1,397,200

GBP

1,091,000

Deutsche

Bank

09/18/24

17,256

USD

387,716

JPY

60,389,000

Nomura

International

plc

09/18/24

7,785

USD

110,917

JPY

17,286,000

Royal

Bank

Canada

09/18/24

2,164

USD

1,913,102

JPY

295,584,000

Standard

Chartered

Bank

09/18/24

53,466

TRY

4,897,000

USD

127,247

UBS

09/25/24

9,367

USD

189,999

EUR

176,419

JPMorgan

Chase

Bank

10/01/24

219

USD

196,655

BRL

999,717

Morgan

Stanley

Co.

International

plc

10/02/24

19,687

TRY

1,649,688

USD

44,000

BNP

Paribas

10/23/24

768

TRY

1,632,224

USD

44,000

Barclays

Bank

plc

10/28/24

TRY

2,460,150

USD

66,000

Citibank

10/28/24

429

TRY

1,471,890

USD

36,761

Barclays

Bank

plc

12/04/24

1,512

TRY

2,934,000

USD

75,289

Goldman

Sachs

International

12/04/24

1,003

TRY

2,764,000

USD

64,621

BNP

Paribas

12/06/24

7,102

USD

205,000

CNY

1,436,435

Morgan

Stanley

Co.

International

plc

01/27/25

5,107

586,988

BRL

1,041,522

USD

194,000

BNP

Paribas

07/02/24

(

7,685

)

BRL

664,608

USD

129,000

HSBC

Bank

plc

07/02/24

(

10,110

)

EUR

176,419

USD

189,172

JPMorgan

Chase

Bank

07/02/24

(

236

)

USD

34,479

ZAR

631,880

BNP

Paribas

07/02/24

(

252

)

USD

143,388

ZAR

2,633,258

Citibank

07/02/24

(

1,346

)

USD

109,346

ZAR

2,030,181

State

Street

Bank

and

Trust

Co.

07/02/24

(

2,241

)

USD

328,317

ZAR

6,250,567

Toronto

Dominion

Bank

07/02/24

(

15,239

)

ZAR

1,275,759

USD

70,501

BNP

Paribas

07/02/24

(

380

)

IDR

9,755,927,148

USD

599,052

Deutsche

Bank

07/17/24

(

2,672

)

USD

218,336

MXN

4,059,065

Bank

New

York

Mellon

07/17/24

(

3,018

)

PEN

577,820

USD

151,123

Standard

Chartered

Bank

07/18/24

(

786

)

USD

44,000

TRY

1,492,608

BNP

Paribas

07/22/24

(

706

)

USD

263,504

EUR

246,745

Deutsche

Bank

07/24/24

(

1,029

)

USD

39,000

TRY

1,318,403

Barclays

Bank

plc

07/25/24

(

352

)

CLP

120,804,630

USD

129,000

Societe

Generale

07/26/24

(

651

)

COP

270,140,000

USD

65,000

BNP

Paribas

07/26/24

(

215

)

COP

272,844,000

USD

66,000

Standard

Chartered

Bank

07/26/24

(

566

)

CZK

1,485,516

USD

64,000

Natwest

Markets

plc

07/26/24

(

463

)

EUR

148,000

PLN

641,384

Nomura

International

plc

07/26/24

(

599

)

GBP

201,000

USD

254,938

Bank

New

York

Mellon

07/26/24

(

817

)

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

GBP

50,000

USD

63,217

Barclays

Bank

plc

07/26/24

(

)

JPY

20,374,326

USD

129,000

State

Street

Bank

and

Trust

Co.

07/26/24

(

1,888

)

MXN

6,112,164

USD

334,732

State

Street

Bank

and

Trust

Co.

07/26/24

(

1,900

)

PEN

244,288

USD

64,000

Citibank

07/26/24

(

442

)

PLN

265,460

USD

66,000

BNP

Paribas

07/26/24

(

)

USD

199,000

COP

834,783,110

Morgan

Stanley

Co.

International

plc

07/26/24

(

1,199

)

USD

64,000

KRW

88,288,000

BNP

Paribas

07/26/24

(

)

USD

150,000

MXN

2,777,340

Bank

America

07/26/24

(

1,238

)

USD

833,765

MXN

15,421,304

Barclays

Bank

plc

07/26/24

(

5,989

)

USD

44,000

MXN

816,719

Citibank

07/26/24

(

474

)

USD

188,156

PLN

759,066

Nomura

International

plc

07/26/24

(

354

)

USD

42,091

TRY

1,431,878

Barclays

Bank

plc

07/26/24

(

599

)

ZAR

1,398,899

EUR

72,000

BNP

Paribas

07/26/24

(

450

)

ZAR

1,954,031

USD

109,000

Barclays

Bank

plc

07/26/24

(

1,796

)

BRL

306,113

USD

55,500

Goldman

Sachs

International

08/02/24

(

946

)

USD

305,702

COP

1,287,893,915

Morgan

Stanley

Co.

International

plc

08/26/24

(

1,829

)

USD

387,918

ZAR

7,166,694

Canadian

Imperial

Bank

Commerce

09/03/24

(

4,049

)

USD

60,711

GBP

48,000

State

Street

Bank

and

Trust

Co.

09/18/24

(

)

USD

604,499

MXN

11,528,900

Barclays

Bank

plc

09/18/24

(

17,913

)

COP

1,647,869,000

USD

396,136

BNP

Paribas

10/23/24

(

6,028

)

TRY

484,110

USD

12,617

Goldman

Sachs

International

12/04/24

(

)

USD

123,360

TRY

4,890,000

UBS

12/04/24

(

3,794

)

USD

70,292

TRY

2,764,000

Barclays

Bank

plc

12/06/24

(

1,431

)

CNY

1,432,950

USD

205,000

Morgan

Stanley

Co.

International

plc

01/27/25

(

5,591

)

COP

581,548,000

USD

146,191

Citibank

02/21/25

(

10,809

)

COP

818,109,000

USD

197,230

HSBC

Bank

plc

02/24/25

(

6,858

)

(

125,100

)

461,888

OTC

Barrier

Options

Purchased

Description

Type

Option

Counterparty

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

One-Touch

HSBC

Bank

plc

07/03/24

ZAR

20.00

ZAR

20.00

USD

Currency

...............

One-Touch

Barclays

Bank

plc

10/23/24

CNH

7.50

CNH

7.50

USD

2,148

2,152

Put

USD

Currency

...............

Down

and

Out

Bank

America

07/03/24

MXN

17.45

MXN

17.12

USD

151

USD

Currency

...............

One-Touch

Barclays

Bank

plc

07/22/24

MXN

17.30

MXN

17.30

USD

592

USD

Currency

...............

Down

and

Out

Bank

America

07/24/24

BRL

5.35

BRL

5.22

USD

131

163

EUR

Currency

...............

Down

and

Out

Bank

America

08/13/24

PLN

4.31

PLN

4.20

EUR

117

482

USD

Currency

...............

One-Touch

UBS

08/13/24

TRY

32.00

TRY

32.00

USD

172

EUR

Currency

...............

One-Touch

BNP

Paribas

08/15/24

USD

1.05

USD

1.05

EUR

3,239

USD

Currency

...............

Down

and

Out

UBS

08/23/24

TRY

35.00

TRY

33.50

USD

527

USD

Currency

...............

Down

and

Out

UBS

09/27/24

TRY

38.50

TRY

36.00

USD

691

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

10/08/24

TRY

37.50

TRY

34.00

USD

127

3,277

USD

Currency

...............

Down

and

Out

UBS

10/30/24

TRY

35.50

TRY

34.00

USD

108

372

USD

Currency

...............

One-Touch

UBS

11/21/24

TRY

35.00

TRY

35.00

USD

2,624

CNH

Currency

..............

One-Touch

Standard

Chartered

Bank

01/23/25

INR

11.50

INR

11.50

CNH

151

6,594

18,734

20,886

–

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

Exchange-Traded

Options

Purchased

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

U.S.

Treasury

10-Year

Note

.....................

07/26/24

USD

109.50

USD

400

2,063

U.S.

Treasury

10-Year

Note

.....................

08/23/24

USD

110.00

USD

300

3,234

U.S.

Treasury

10-Year

Note

.....................

08/23/24

USD

109.00

USD

400

2,563

7,860

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........................

Morgan

Stanley

Co.

International

plc

07/10/24

COP

4,020.00

USD

3,002

USD

Currency

...........................

UBS

07/15/24

BRL

5.35

USD

107

4,879

USD

Currency

...........................

JPMorgan

Chase

Bank

07/18/24

THB

37.00

USD

131

417

USD

Currency

...........................

Bank

America

07/23/24

TRY

39.00

USD

Currency

...........................

Goldman

Sachs

International

08/15/24

ZAR

20.80

USD

208

192

USD

Currency

...........................

JPMorgan

Chase

Bank

09/24/24

CNH

7.25

USD

131

1,005

USD

Currency

...........................

Morgan

Stanley

Co.

International

plc

10/18/24

MXN

18.30

USD

211

8,146

USD

Currency

...........................

Bank

America

03/06/26

CNH

7.75

USD

23,434

174,813

192,494

Put

USD

Currency

...........................

Citibank

07/01/24

ZAR

17.70

USD

191

USD

Currency

...........................

UBS

07/03/24

MXN

17.15

USD

214

—

USD

Currency

...........................

Barclays

Bank

plc

07/10/24

MXN

18.00

USD

128

500

USD

Currency

...........................

Citibank

07/11/24

ZAR

18.38

USD

129

2,153

USD

Currency

...........................

Morgan

Stanley

Co.

International

plc

07/11/24

MXN

18.50

USD

1,127

USD

Currency

...........................

UBS

07/11/24

ZAR

18.00

USD

573

USD

Currency

...........................

Bank

America

07/18/24

CLP

930.00

USD

131

991

USD

Currency

...........................

JPMorgan

Chase

Bank

08/05/24

BRL

5.25

USD

Currency

...........................

Barclays

Bank

plc

08/06/24

TRY

33.50

USD

631

USD

Currency

...........................

UBS

08/14/24

TRY

34.00

USD

1,343

USD

Currency

...........................

Goldman

Sachs

International

08/15/24

ZAR

18.20

USD

208

3,833

USD

Currency

...........................

Goldman

Sachs

International

12/06/24

TRY

42.50

USD

10,537

21,779

214,273

OTC

Interest

Rate

Swaptions

Purchased

Paid

the

Fund

Received

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

1-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Termination

4.54%

Termination

Barclays

Bank

plc

10/16/24

.54

USD

181,122

236,012

1-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Termination

4.54%

Termination

Goldman

Sachs

International

10/16/24

.54

USD

90,803

118,321

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.91%

Annual

Deutsche

Bank

05/24/27

.91

USD

921

49,822

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.99%

Annual

Deutsche

Bank

05/28/27

.99

USD

513

29,581

433,736

Put

10-Year

Interest

Rate

Swap

(a)

4.43%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

10/17/24

.43

USD

15,524

75,621

30-Year

Interest

Rate

Swap

(a)

3.93%

Annual

1-day

SOFR

Annual

Citibank

12/18/24

.93

USD

4,617

130,458

10-Year

Interest

Rate

Swap

(a)

3.91%

Annual

1-day

SOFR

Annual

Deutsche

Bank

05/24/27

.91

USD

921

43,764

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

OTC

Interest

Rate

Swaptions

Purchased

(continued)

Paid

the

Fund

Received

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

10-Year

Interest

Rate

Swap

(a)

3.99%

Annual

1-day

SOFR

Annual

Deutsche

Bank

05/28/27

.99

USD

513

23,034

272,877

706,613

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

Option

Counterparty

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

CNH

Currency

..............

One-Touch

Standard

Chartered

Bank

01/23/25

INR

12.50

INR

.50

CNH

(

614

)

Exchange-Traded

Options

Written

Description

Number

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

U.S.

Treasury

10-Year

Note

......................

07/26/24

USD

108.50

USD

400

(

875

)

U.S.

Treasury

10-Year

Note

......................

08/23/24

USD

108.50

USD

500

(

2,422

)

U.S.

Treasury

10-Year

Note

......................

08/23/24

USD

107.50

USD

600

(

1,594

)

(

4,891

)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Barclays

Bank

plc

07/03/24

BRL

5.15

USD

(

3,333

)

USD

Currency

.............................

Barclays

Bank

plc

07/10/24

MXN

19.10

USD

(

142

)

USD

Currency

.............................

Deutsche

Bank

07/15/24

BRL

5.35

USD

107

(

4,879

)

USD

Currency

.............................

Goldman

Sachs

International

07/23/24

TRY

39.00

USD

(

)

USD

Currency

.............................

JPMorgan

Chase

Bank

08/05/24

BRL

5.50

USD

(

964

)

USD

Currency

.............................

UBS

08/14/24

TRY

37.00

USD

(

412

)

USD

Currency

.............................

Goldman

Sachs

International

08/15/24

ZAR

20.80

USD

208

(

192

)

USD

Currency

.............................

Bank

America

08/19/24

CLP

1,000.00

USD

131

(

616

)

USD

Currency

.............................

JPMorgan

Chase

Bank

09/24/24

CNH

7.35

USD

197

(

562

)

USD

Currency

.............................

Bank

America

09/27/24

TRY

38.00

USD

(

948

)

–

(

12,089

)

–

Put

USD

Currency

.............................

Goldman

Sachs

International

07/01/24

ZAR

17.70

USD

191

(

)

USD

Currency

.............................

Citibank

07/11/24

ZAR

18.00

USD

193

(

1,140

)

USD

Currency

.............................

JPMorgan

Chase

Bank

08/05/24

BRL

5.10

USD

(

)

USD

Currency

.............................

Goldman

Sachs

International

08/15/24

ZAR

18.20

USD

208

(

3,833

)

USD

Currency

.............................

Morgan

Stanley

Co.

International

plc

10/18/24

MXN

17.00

USD

106

(

277

)

USD

Currency

.............................

Goldman

Sachs

International

12/06/24

TRY

40.50

USD

126

(

10,768

)

–

(

16,049

)

–

(

28,138

)

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

OTC

Interest

Rate

Swaptions

Written

Paid

the

Fund

Received

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

3.86%

Annual

1-day

SOFR

Annual

Deutsche

Bank

09/12/24

.86

USD

10,388

(

132,330

)

10-Year

Interest

Rate

Swap

(a)

3.89%

Annual

1-day

SOFR

Annual

Citibank

09/13/24

.89

USD

5,194

(

72,058

)

10-Year

Interest

Rate

Swap

(a)

3.83%

Annual

1-day

SOFR

Annual

Bank

America

09/17/24

.83

USD

2,597

(

31,478

)

1-Year

Interest

Rate

Swap

(a)

3.84%

Termination

1-day

SOFR

Termination

Barclays

Bank

plc

10/16/24

.84

USD

181,122

(

50,608

)

1-Year

Interest

Rate

Swap

(a)

3.84%

Termination

1-day

SOFR

Termination

Goldman

Sachs

International

10/16/24

.84

USD

90,803

(

25,372

)

10-Year

Interest

Rate

Swap

(a)

3.95%

Annual

1-day

SOFR

Annual

Deutsche

Bank

05/08/26

.95

USD

976

(

47,903

)

10-Year

Interest

Rate

Swap

(a)

3.98%

Annual

1-day

SOFR

Annual

Bank

America

05/11/26

.98

USD

3,967

(

200,847

)

10-Year

Interest

Rate

Swap

(a)

3.84%

Annual

1-day

SOFR

Annual

Morgan

Stanley

Co.

International

plc

05/18/26

.84

USD

828

(

37,022

)

10-Year

Interest

Rate

Swap

(a)

3.87%

Annual

1-day

SOFR

Annual

Bank

America

05/18/26

.87

USD

798

(

36,725

)

10-Year

Interest

Rate

Swap

(a)

3.91%

Annual

1-day

SOFR

Annual

Bank

America

05/22/26

.91

USD

1,253

(

59,764

)

(

694,107

)

Put

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.86%

Annual

Deutsche

Bank

09/12/24

.86

USD

10,388

(

179,480

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.89%

Annual

Citibank

09/13/24

.89

USD

5,194

(

84,033

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.83%

Annual

Bank

America

09/17/24

.83

USD

2,597

(

49,900

)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.86%

Annual

Citibank

09/18/24

.86

USD

4,617

(

90,616

)

1-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Termination

5.10%

Termination

Goldman

Sachs

International

10/17/24

.10

USD

130,403

(

55,153

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.95%

Annual

Deutsche

Bank

05/08/26

.95

USD

976

(

36,923

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.98%

Annual

Bank

America

05/11/26

.98

USD

3,967

(

146,374

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.84%

Annual

Morgan

Stanley

Co.

International

plc

05/18/26

.84

USD

828

(

34,532

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.87%

Annual

Bank

America

05/18/26

.87

USD

798

(

32,471

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.91%

Annual

Bank

America

05/22/26

.91

USD

1,253

(

49,513

)

(

758,995

)

(

1,453,102

)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

Index

Series

41.V1

.00

Quarterly

06/20/29

EUR

814

(

65,616

)

(

74,003

)

8,387

Centrally

Cleared

Credit

Defa

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

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

42.V1

...........

.00

Quarterly

06/20/29

B+

USD

20,776

1,323,037

1,316,575

6,462

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Centrally

Cleared

Interest

Rate

Swap

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

EFFR

Termination

5.31%

Termination

07/31/24

(a)

09/18/24

USD

336,680

1,768

—

1,768

1-day

EFFR

Termination

5.32%

Termination

07/31/24

(a)

09/18/24

USD

336,680

7,427

—

7,427

1-day

EFFR

Termination

5.32%

Termination

07/31/24

(a)

09/18/24

USD

333,000

8,465

—

8,465

1-day

EFFR

Termination

5.32%

Termination

07/31/24

(a)

09/18/24

USD

336,680

6,521

—

6,521

1-day

EFFR

Termination

5.32%

Termination

07/31/24

(a)

09/18/24

USD

336,680

7,540

—

7,540

4.68%

Annual

3-mo.

PRIBOR

Quarterly

N/A

03/20/25

CZK

14,812

(

7,836

)

—

(

7,836

)

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

12/20/25

PLN

1,121

(

5,221

)

—

(

5,221

)

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

05/07/25

(a)

05/07/26

ZAR

13,517

(

3,283

)

—

(

3,283

)

7.97%

Quarterly

3-mo.

JIBAR

Quarterly

06/06/25

(a)

06/06/26

ZAR

9,338

(

1,387

)

—

(

1,387

)

28-day

MXIBTIIE

Monthly

10.76%

Monthly

N/A

06/11/26

MXN

2,780

1,208

—

1,208

1-day

SOFR

Annual

3.78%

Annual

N/A

06/18/34

USD

1,924

(

27,955

)

—

(

27,955

)

2.49%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/19/54

EUR

1,791

35,699

—

35,699

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/20/54

EUR

1,762

25,821

—

25,821

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/20/54

EUR

1,791

29,203

—

29,203

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/01/54

EUR

895

13,173

—

13,173

2.46%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/22/54

EUR

376

9,658

—

9,658

2.54%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

04/22/54

EUR

1,455

6,760

(

3,003

)

9,763

2.43%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

06/19/54

EUR

373

9,815

—

9,815

2.43%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

06/20/54

EUR

362

9,471

—

9,471

6-mo.

EURIBOR

Semi-Annual

2.44%

Annual

N/A

06/24/54

EUR

254

(

5,900

)

—

(

5,900

)

120,947

(

3,003

)

123,950

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

Paid

the

Fund

Received

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.88%

Termination

Retail

Price

Index

All

Items

Monthly

Termination

06/15/29

GBP

1,750

3,029

—

3,029

Harmonised

Index

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

Termination

2.13%

Termination

06/15/29

EUR

4,250

271

—

271

2.46%

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

Termination

07/01/29

USD

2,342

5,527

—

5,527

8,827

—

8,827

OTC

Credit

Default

Swap

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

123

(

367

)

288

(

655

)

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

(

233

)

182

(

415

)

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

(

358

)

286

(

644

)

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

122

(

364

)

291

(

655

)

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

(

358

)

286

(

644

)

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

170

(

508

)

398

(

906

)

American

Electric

Power

Co.,

Inc.

.................

.00

Quarterly

Bank

America

06/20/29

USD

374

(

10,310

)

(

10,237

)

(

)

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

OTC

Credit

Default

Swaps

—

Buy

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Paid

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

American

Electric

Power

Co.,

Inc.

.................

.00

Quarterly

Bank

America

06/20/29

USD

468

(

12,920

)

(

12,829

)

(

)

American

Electric

Power

Co.,

Inc.

.................

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

870

(

24,003

)

(

23,834

)

(

169

)

American

Express

Co.

......

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

870

(

26,159

)

(

25,420

)

(

739

)

Dominion

Energy,

Inc.

.......

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

849

(

19,734

)

(

16,501

)

(

3,233

)

Federative

Republic

Brazil

.00

Quarterly

Bank

America

06/20/29

USD

315

9,383

5,025

4,358

Federative

Republic

Brazil

.00

Quarterly

Bank

America

06/20/29

USD

2,677

2,589

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

130

3,867

3,770

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

1,933

1,871

Federative

Republic

Brazil

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

2,023

1,929

Federative

Republic

Brazil

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

1,636

1,420

216

Federative

Republic

Brazil

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

1,666

1,494

172

Federative

Republic

Brazil

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

141

4,194

3,880

314

Republic

Chile

..........

.00

Quarterly

Citibank

06/20/29

USD

255

(

4,999

)

(

5,062

)

Republic

Chile

..........

.00

Quarterly

Citibank

06/20/29

USD

112

(

2,191

)

(

2,218

)

Republic

Chile

..........

.00

Quarterly

Citibank

06/20/29

USD

112

(

2,191

)

(

2,219

)

Republic

Colombia

.......

.00

Quarterly

JPMorgan

Chase

Bank

06/20/29

USD

216

8,811

7,221

1,590

Republic

South

Africa

.....

.00

Quarterly

Citibank

06/20/29

USD

113

5,247

6,621

(

1,374

)

Republic

South

Africa

.....

.00

Quarterly

Citibank

06/20/29

USD

119

5,528

6,977

(

1,449

)

Republic

South

Africa

.....

.00

Quarterly

Morgan

Stanley

Co.

International

plc

06/20/29

USD

3,488

4,752

(

1,264

)

Republic

South

Africa

.....

.00

Quarterly

Morgan

Stanley

Co.

International

plc

06/20/29

USD

2,139

2,860

(

721

)

Republic

Turkiye

(The)

....

.00

Quarterly

Bank

America

06/20/29

USD

3,171

3,683

(

512

)

Republic

Turkiye

(The)

....

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

167

12,262

14,283

(

2,021

)

Republic

Turkiye

(The)

....

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

108

7,928

10,546

(

2,618

)

Republic

Turkiye

(The)

....

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

108

7,928

10,546

(

2,618

)

Republic

Turkiye

(The)

....

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

6,977

9,280

(

2,303

)

CMBX.NA.9.AAA

..........

.50

Monthly

Morgan

Stanley

Co.

International

plc

09/17/58

USD

1,019

(

922

)

CMBX.NA.9.AAA

..........

.50

Monthly

Morgan

Stanley

Co.

International

plc

09/17/58

USD

(

)

CMBX.NA.9.BBB-

.........

.00

Monthly

Morgan

Stanley

Co.

International

plc

09/17/58

USD

1,358

395

963

CMBX.NA.6.AAA

..........

.50

Monthly

Deutsche

Bank

05/11/63

USD

—

(

107

)

107

–

(

12,379

)

3,498

(

15,877

)

–

OTC

Credit

Default

Swap

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

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-

.....

.00

Monthly

Deutsche

Bank

09/17/58

BBB-

USD

(

1,358

)

(

824

)

(

534

)

CMBX.NA.10.BBB-

....

.00

Monthly

JPMorgan

Securities

LLC

11/17/59

BBB-

USD

(

1,901

)

(

739

)

(

1,162

)

(

3,259

)

(

1,563

)

(

1,696

)

(a)

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

OTC

Interest

Rate

Swaps

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

Termination

10.67%

Termination

BNP

Paribas

N/A

01/02/25

BRL

2,637

—

9.81%

Termination

1-day

IBR

Termination

JPMorgan

Chase

Bank

N/A

05/10/25

COP

1,072,918

149

—

149

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

OTC

Interest

Rate

Swaps

(continued)

Paid

the

Fund

Received

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

9.73%

Termination

1-day

IBR

Termination

Morgan

Stanley

Co.

International

plc

N/A

05/10/25

COP

717,746

229

—

229

8.62%

Termination

1-day

IBR

Termination

JPMorgan

Chase

Bank

11/05/24

(a)

11/05/25

COP

2,014,959

(

220

)

—

(

220

)

1-day

BZDIOVER

Termination

10.14%

Termination

Goldman

Sachs

International

N/A

01/02/26

BRL

563

(

3,310

)

—

(

3,310

)

1-day

BZDIOVER

Termination

11.78%

Termination

Citibank

N/A

01/02/26

BRL

1,446

(

298

)

—

(

298

)

1-day

BZDIOVER

Termination

11.84%

Termination

Citibank

N/A

01/02/26

BRL

1,373

126

—

126

1-day

CLICP

Termination

4.95%

Termination

Goldman

Sachs

International

04/01/25

(a)

04/01/26

CLP

538,853

(

1,276

)

—

(

1,276

)

10.97%

Termination

1-day

BZDIOVER

Termination

Barclays

Bank

plc

N/A

01/04/27

BRL

2,243

8,238

—

8,238

11.57%

Termination

1-day

BZDIOVER

Termination

BNP

Paribas

N/A

01/04/27

BRL

976

1,158

—

1,158

1-day

BZDIOVER

Termination

10.32%

Termination

Bank

America

N/A

01/04/27

BRL

(

179

)

—

(

179

)

1-day

BZDIOVER

Termination

11.40%

Termination

Goldman

Sachs

International

N/A

01/04/27

BRL

506

(

1,004

)

—

(

1,004

)

1-day

BZDIOVER

Termination

9.79%

Termination

BNP

Paribas

N/A

01/04/27

BRL

1,892

(

18,262

)

—

(

18,262

)

4.92%

Semi-Annual

1-day

CLICP

Semi-Annual

JPMorgan

Chase

Bank

04/01/26

(a)

04/01/28

CLP

290,432

1,757

—

1,757

4.99%

Semi-Annual

1-day

CLICP

Semi-Annual

Goldman

Sachs

International

04/01/26

(a)

04/01/28

CLP

302,575

1,411

—

1,411

(

11,481

)

—

(

11,481

)

(a)

Forward

swap.

The

following

reference

rates,

and

their

values

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

.04

1-day

CLICP

.........................................

Chile

Indice

Camara

Promedio

Interbank

Overnight

Index

.02

1-day

EFFR

.........................................

Effective

Federal

Funds

Rate

.33

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

.96

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

.34

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

.24

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

.35

3-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

.71

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

.68

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

.76

Balances

Reported

the

Statement

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)

............................................

1,316,575

(

77,006

)

199,208

(

51,582

)

—

OTC

Swaps

.....................................................

101,925

(

99,990

)

21,247

(

50,301

)

—

Options

Written

...................................................

N/A

402,999

(

134,263

)

(

1,486,745

)

(a)

Includes

cumulative

appreciation

(depreciation)

centrally

cleared

swaps,

reported

the

Schedule

Investments.

Only

current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

and

net

any

previously

paid

(received)

swap

premium

amounts.

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

Derivative

Financial

Instruments

Categorized

Risk

Exposure

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statement

Assets

and

Liabilities

were

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

futures

contracts

(a)

......

—

54,256

—

54,256

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

forward

foreign

currency

exchange

contracts

......................

—

586,988

—

586,988

Options

purchased

(b)

Investments

value

—

unaffiliated

(c)

............

—

235,159

714,473

—

949,632

Swaps

—

centrally

cleared

Unrealized

appreciation

centrally

cleared

swaps

(a)

—

14,849

—

175,532

8,827

199,208

Swaps

—

OTC

Unrealized

appreciation

OTC

swaps;

Swap

premiums

paid

................................

—

110,104

—

13,068

—

123,172

—

124,953

—

822,147

957,329

8,827

1,913,256

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

futures

contracts

(a)

......

—

186,273

—

186,273

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

forward

foreign

currency

exchange

contracts

......................

—

125,100

—

125,100

Options

written

(b)

Options

written

value

.....................

—

28,752

1,457,993

—

1,486,745

Swaps

—

centrally

cleared

Unrealized

depreciation

centrally

cleared

swaps

(a)

—

51,582

—

51,582

Swaps

—

OTC

Unrealized

depreciation

OTC

swaps;

Swap

premiums

received

.............................

—

125,742

—

24,549

—

150,291

—

125,742

—

153,852

1,720,397

—

1,999,991

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

futures

contracts

and

centrally

cleared

swaps,

any,

are

reported

the

Schedule

Investments.

the

Statement

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

value

reported

the

Schedule

Investments.

For

the

period

ended

June

30,

2024,

the

effect

derivative

financial

instruments

the

Statement

Operations

was

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

ontracts

.......................

—

180,861

—

(

1,322,454

)

—

(

1,141,593

)

Forward

foreign

currency

exchange

contracts

....

—

348,920

—

348,920

Options

purchased

(a)

.....................

—

(

73,416

)

(

201,241

)

(

1,755,018

)

—

(

2,029,675

)

Options

written

........................

—

69,661

1,055,467

—

1,125,128

Swaps

..............................

—

226,227

—

(

483,109

)

35,789

(

221,093

)

—

226,227

107,445

217,340

(2,505,114)

35,789

(1,918,313)

Net

Change

Unrealized

Appreciation

(Depreciation)

Futures

ontracts

.......................

—

101,104

—

101,104

Forward

foreign

currency

exchange

contracts

....

—

631,751

—

631,751

Options

purchased

(b)

.....................

—

44,013

(

523,045

)

—

(

479,032

)

Options

written

........................

—

(

9,446

)

589,019

—

579,573

Swaps

..............................

—

77,207

—

15,021

(

6,613

)

85,615

—

77,207

—

666,318

182,099

(6,613)

919,011

(a)

Options

purchased

are

included

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

net

change

unrealized

appreciation

(depreciation)

investments

—

unaffiliated.

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

Period

End

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

contracts

—

long

..................................................................................

131,056,898

Average

notional

value

contracts

—

short

.................................................................................

29,677,969

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

USD

....................................................................................

32,057,505

Average

amounts

sold

—

USD

........................................................................................

8,505,238

Options

Average

value

option

contracts

purchased

................................................................................

261,090

Average

value

option

contracts

written

...................................................................................

28,999

Average

notional

value

swaption

contracts

purchased

.........................................................................

160,888,330

Average

notional

value

swaption

contracts

written

...........................................................................

252,078,109

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

7,593,559

Average

notional

value

—

sell

protection

...................................................................................

17,830,964

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

21,814,252

Average

notional

value

—

receives

fixed

rate

................................................................................

862,810,820

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

2,829,040

Average

notional

value

—

receives

fixed

rate

................................................................................

2,827,721

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

follows:

Assets

Liabilities

Derivative

Financial

Instruments

—

Futures

contracts

....................................................................................

10,137

434,330

Forward

oreign

currency

exchange

contracts

.................................................................

586,988

125,100

Options

(a)

(b)

........................................................................................

949,632

1,486,745

Swaps

—

centrally

cleared

..............................................................................

94,574

—

Swaps

—

OTC

(c)

.....................................................................................

123,172

150,291

Total

derivative

assets

and

liabilities

the

Statement

Assets

and

Liabilities

.............................................

1,764,503

2,196,466

Derivatives

not

subject

Master

Netting

Agreement

similar

agreement

("MNA")

........................................

(

112,571

)

(

439,221

)

Total

derivative

assets

and

liabilities

subject

MNA

............................................................

1,651,932

1,757,245

(a)

Includes

options

purchased

value

which

included

Investments

value

–

unaffiliated

the

Statement

Assets

and

Liabilities

and

reported

the

Schedule

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

OTC

swaps

and

swap

premiums

(paid/received)

the

Statement

Assets

and

Liabilities.

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

counterparty

net

amounts

available

for

offset

under

MNA

and

net

the

collateral

received

and

pledged

the

Fund:

Counterparty

Derivative

Assets

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

Derivative

Assets

(c)(d)

Bank

America

..............................

195,185

(

195,185

)

—

Barclays

Bank

plc

................................

479,779

(

86,085

)

—

393,694

BNP

Paribas

.................................

21,712

(

21,712

)

—

Canadian

Imperial

Bank

Commerce

..................

4,152

(

4,049

)

—

103

Citibank

....................................

196,439

(

196,439

)

—

Deutsche

Bank

...............................

164,990

(

164,990

)

—

Goldman

Sachs

International

........................

273,577

(

181,392

)

—

92,185

HSBC

Bank

plc

..................................

(

)

—

JPMorgan

Chase

Bank

..........................

67,100

(

2,000

)

—

(

20,000

)

45,100

Morgan

Stanley

Co.

International

plc

..................

65,890

(

65,890

)

—

Natwest

Markets

plc

..............................

292

(

292

)

—

Nomura

International

plc

...........................

8,330

(

953

)

—

7,377

Royal

Bank

Canada

.............................

2,164

—

2,164

Standard

Chartered

Bank

...........................

136,356

(

1,966

)

—

134,390

State

Street

Bank

and

Trust

Co.

......................

11,922

(

6,030

)

—

5,892

Toronto

Dominion

Bank

............................

2,474

(

2,474

)

—

UBS

......................................

21,550

(

4,206

)

—

17,344

1,651,932

(

933,683

)

—

(

20,000

)

698,249

Counterparty

Derivative

Liabilities

Subject

MNA

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

Net

Amount

Derivative

Liabilities

(c)(e)

Bank

America

..............................

633,795

(

195,185

)

(

438,610

)

—

Bank

New

York

Mellon

...........................

3,835

—

3,835

Barclays

Bank

plc

................................

86,085

(

86,085

)

—

BNP

Paribas

.................................

34,106

(

21,712

)

—

12,394

Canadian

Imperial

Bank

Commerce

..................

4,049

(

4,049

)

—

Citibank

....................................

273,538

(

196,439

)

—

77,099

Deutsche

Bank

...............................

406,681

(

164,990

)

—

241,691

Goldman

Sachs

International

........................

181,392

(

181,392

)

—

HSBC

Bank

plc

..................................

16,968

(

)

—

16,948

JPMorgan

Chase

Bank

..........................

2,000

(

2,000

)

—

JPMorgan

Securities

LLC

...........................

1,901

—

1,901

Morgan

Stanley

Co.

International

plc

..................

83,387

(

65,890

)

—

17,497

Natwest

Markets

plc

..............................

463

(

292

)

—

171

Nomura

International

plc

...........................

953

(

953

)

—

Societe

Generale

..............................

651

—

651

Standard

Chartered

Bank

...........................

1,966

(

1,966

)

—

State

Street

Bank

and

Trust

Co.

......................

6,030

(

6,030

)

—

Toronto

Dominion

Bank

............................

15,239

(

2,474

)

—

12,765

UBS

......................................

4,206

(

4,206

)

—

1,757,245

(

933,683

)

(

438,610

)

—

384,952

(a)

The

amount

derivatives

available

for

offset

limited

the

amount

derivative

assets

and/or

liabilities

that

are

subject

MNA.

(b)

Excess

collateral

received/pledged,

any,

from

the

individual

counterparty

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

the

event

default.

(e)

Net

amount

represents

the

net

amount

payable

due

the

counterparty

the

event

default.

2024

BlackRock

Semi-Annual

Financial

Statements

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

categories

disclosed

the Schedule

Investments

above.

Level

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

—

19,896,512

—

19,896,512

Common

Stocks

.........................................

638,208

—

638,208

Corporate

Bonds

Aerospace

Defense

....................................

—

9,601,614

—

9,601,614

Banks

...............................................

—

20,219,915

3,000

20,222,915

Biotechnology

.........................................

—

6,944,239

—

6,944,239

Capital

Markets

........................................

—

31,258,853

—

31,258,853

Chemicals

............................................

—

315,090

—

315,090

Commercial

Services

Supplies

.............................

—

226,099

—

226,099

Communications

Equipment

................................

—

238,635

—

238,635

Consumer

Finance

......................................

—

3,058,442

—

3,058,442

Containers

Packaging

..................................

—

248,944

—

248,944

Diversified

REITs

.......................................

—

7,456,105

—

7,456,105

Diversified

Telecommunication

Services

........................

—

7,146,733

—

7,146,733

Electric

Utilities

........................................

—

17,570,157

—

17,570,157

Electrical

Equipment

.....................................

—

85,634

—

85,634

Financial

Services

......................................

—

583,596

—

583,596

Food

Products

.........................................

—

31,020

—

31,020

Gas

Utilities

...........................................

—

420,640

—

420,640

Ground

Transportation

...................................

—

2,214,505

—

2,214,505

Health

Care

Equipment

Supplies

...........................

—

1,055,154

—

1,055,154

Health

Care

Providers

Services

............................

—

10,100,348

—

10,100,348

Hotels,

Restaurants

Leisure

..............................

—

4,286,964

—

4,286,964

Independent

Power

and

Renewable

Electricity

Producers

............

—

418,000

Industrial

Conglomerates

..................................

—

885,828

—

885,828

Insurance

............................................

—

1,001,993

—

1,001,993

Interactive

Media

Services

...............................

—

1,204,114

—

1,204,114

Services

...........................................

—

3,096,595

—

3,096,595

Life

Sciences

Tools

Services

..............................

—

472,771

—

472,771

Media

...............................................

—

2,269,902

—

2,269,902

Metals

Mining

........................................

—

3,293,167

—

3,293,167

Multi-Utilities

..........................................

—

2,228,171

—

2,228,171

Oil,

Gas

Consumable

Fuels

...............................

—

48,672,965

—

48,672,965

Passenger

Airlines

......................................

—

78,551

—

78,551

Pharmaceuticals

.......................................

—

1,549,178

—

1,549,178

Real

Estate

Management

Development

.......................

—

2,000

—

2,000

Retail

REITs

..........................................

—

481,159

—

481,159

Semiconductors

Semiconductor

Equipment

....................

—

2,446,000

—

2,446,000

Software

.............................................

—

3,096,761

—

3,096,761

Specialized

REITs

......................................

—

6,164,872

—

6,164,872

Specialty

Retail

........................................

—

1,086,251

—

1,086,251

Technology

Hardware,

Storage

Peripherals

....................

—

1,185,138

—

1,185,138

Tobacco

.............................................

—

5,393,743

—

5,393,743

Trading

Companies

Distributors

............................

—

136,187

—

136,187

Wireless

Telecommunication

Services

.........................

—

5,464,779

—

5,464,779

Fixed

Rate

Loan

Interests

...................................

—

194,872

Floating

Rate

Loan

Interests

Financial

Services

......................................

—

28,000

Media

...............................................

—

166

—

166

Oil,

Gas

Consumable

Fuels

...............................

—

153,705

Foreign

Agency

Obligations

.................................

—

6,010,489

—

6,010,489

Foreign

Government

Obligations

..............................

—

35,488,512

—

35,488,512

Investment

Companies

....................................

135,584,152

—

135,584,152

Municipal

Bonds

.........................................

—

5,828,350

—

5,828,350

Non-Agency

Mortgage-Backed

Securities

........................

—

9,225,626

—

9,225,626

Schedule

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Total

Return

V.I.

Fund

Schedule

Investments

See

notes

financial

statements.

Level

Total

Other

Interests

..........................................

—

U.S.

Government

Sponsored

Agency

Securities

....................

—

284,184,753

—

284,184,753

U.S.

Treasury

Obligations

...................................

—

208,551,967

—

208,551,967

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

592,115

—

592,115

Money

Market

Funds

......................................

45,385,630

—

45,385,630

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

235,159

—

235,159

Interest

rate

contracts

......................................

7,860

706,613

—

714,473

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(

41,216,845

)

—

(

41,216,845

)

181,615,850

742,776,229

797,577

925,189,656

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

—

23,028

—

23,028

Foreign

currency

exchange

contracts

............................

—

586,988

—

586,988

Interest

rate

contracts

.......................................

54,256

188,600

—

242,856

Other

contracts

...........................................

—

8,827

—

8,827

Liabilities

Credit

contracts

...........................................

—

(

25,752

)

—

(

25,752

)

Foreign

currency

exchange

contracts

............................

—

(

153,852

)

—

(

153,852

)

Interest

rate

contracts

.......................................

(

191,164

)

(

1,529,233

)

—

(

1,720,397

)

(

136,908

)

(

901,394

)

—

(

1,038,302

)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

the

unrealized

appreciation

(depreciation)

the

instrument

and

options

written

are

shown

value.

Fair

Value

Hierarchy

of Period

End

(continued)

Statement

Assets

and

Liabilities

(unaudited)

June

30,

2024

BlackRock

Semi-Annual

Financial

Statements

BlackRock

Total

Return

V.I.

Fund

ASSETS

Investments,

value

—

unaffiliated

(a)

........................................................................................

785,436,719‌

Investments,

value

—

affiliated

(b)

..........................................................................................

180,969,782‌

Cash

.............................................................................................................

312,055‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

2,254,050‌

Centrally

cleared

swaps

................................................................................................

3,011,090‌

Foreign

currency,

value

(c)

...............................................................................................

3,912,957‌

Receivables:

–‌

Investments

sold

....................................................................................................

85,933‌

Swaps

..........................................................................................................

9,500‌

TBA

sale

commitments

................................................................................................

41,362,463‌

Capital

sold

...................................................................................................

732,089‌

Dividends

—

unaffiliated

...............................................................................................

19,615‌

Dividends

—

affiliated

.................................................................................................

902,615‌

Interest

—

unaffiliated

.................................................................................................

6,011,301‌

Variation

margin

futures

contracts

.......................................................................................

10,137‌

Variation

margin

centrally

cleared

swaps

..................................................................................

94,574‌

Swap

premiums

paid

...................................................................................................

101,925‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

586,988‌

OTC

swaps

........................................................................................................

21,247‌

Prepaid

xpenses

.....................................................................................................

11,945‌

Total

ssets

.........................................................................................................

1,025,846,985‌

LIABILITIES

Cash

received:

–‌

Collateral

—

OTC

derivatives

............................................................................................

20,000‌

Collateral

—

TBA

commitments

...........................................................................................

280,000‌

Options

written,

value

(d)

................................................................................................

1,486,745‌

TBA

sale

commitments,

value

(e)

..........................................................................................

41,216,845‌

Payables:

–‌

Investments

purchased

................................................................................................

111,430,160‌

Swaps

..........................................................................................................

201‌

Capital

redeemed

...............................................................................................

133,434‌

Distribution

fees

.....................................................................................................

133,260‌

Income

dividend

distributions

............................................................................................

2,831,795‌

Investment

advisory

fees

..............................................................................................

276,233‌

Professional

fees

....................................................................................................

46,338‌

Variation

margin

futures

contracts

.......................................................................................

434,330‌

Other

accrued

expenses

...............................................................................................

657,552‌

Swap

premiums

received

................................................................................................

99,990‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

125,100‌

OTC

swaps

........................................................................................................

50,301‌

Total

abilities

........................................................................................................

159,222,284‌

Commitments

and

contingent

liabilities

–‌

NET

ASSETS

........................................................................................................

866,624,701‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

1,017,800,647‌

Accumulated

loss

.....................................................................................................

(

151,175,946‌

)

NET

ASSETS

........................................................................................................

866,624,701‌

(a)

Investments,

cost

—

unaffiliated

.................................................................................

823,377,185‌

(b)

Investments,

cost

—

affiliated

...................................................................................

189,669,630‌

(c)

Foreign

currency,

cost

.......................................................................................

3,922,989‌

(d)

Premiums

received

...........................................................................................

1,755,481‌

(e)

Proceeds

received

from

TBA

sale

commitments

.........................................................................

41,362,463‌

See

notes

financial

statements.

Statement

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2024

Statement

Assets

and

Liabilities

See

notes

financial

statements.

BlackRock

Total

Return

V.I.

Fund

NET

ASSET

VALUE

Class

Net

assets

.........................................................................................................

180,740,546‌

outstanding

...................................................................................................

18,113,750‌

Net

asset

value

.....................................................................................................

9.98‌

authorized

...................................................................................................

600

million

Par

value

.........................................................................................................

0.10‌

Class

III

Net

assets

.........................................................................................................

685,884,155‌

outstanding

...................................................................................................

69,607,980‌

Net

asset

value

.....................................................................................................

9.85‌

authorized

...................................................................................................

100

million

Par

value

.........................................................................................................

0.10‌

Statement

Operations

(unaudited)

Six

Months

Ended

June

30,

2024

BlackRock

Semi-Annual

Financial

Statements

See

notes

financial

statements.

BlackRock

Total

Return

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

...............................................................................................

16,584‌

Dividends

—

affiliated

.................................................................................................

5,013,440‌

Interest

—

unaffiliated

.................................................................................................

15,910,606‌

Foreign

taxes

withheld

................................................................................................

(

182‌

)

Total

investment

income

.................................................................................................

20,940,448‌

EXPENSES

Investment

advisory

..................................................................................................

1,657,137‌

Distribution

—

class

specific

............................................................................................

827,037‌

Transfer

agent

—

class

specific

..........................................................................................

597,629‌

Accounting

services

..................................................................................................

89,984‌

Printing

and

postage

.................................................................................................

65,473‌

Professional

.......................................................................................................

50,029‌

Custodian

.........................................................................................................

35,298‌

Registration

.......................................................................................................

11,100‌

Transfer

agent

......................................................................................................

8,312‌

Directors

and

Officer

.................................................................................................

7,916‌

Miscellaneous

......................................................................................................

94,797‌

Total

expenses

excluding

interest

expense

.....................................................................................

3,444,712‌

Interest

expense

....................................................................................................

12,147‌

Total

expenses

.......................................................................................................

3,456,859‌

Less:

–‌

Fees

waived

and/or

reimbursed

the

Manager

...............................................................................

(

8,910‌

)

Transfer

agent

fees

reimbursed

the

Manager

—

class

specific

....................................................................

(

399,144‌

)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

3,048,805‌

Net

investment

income

..................................................................................................

17,891,643‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

(

21,174,912‌

)

Net

realized

gain

(loss)

from:

–‌

Investments

—

unaffiliated

...........................................................................................

(

7,737,937‌

)

Forward

foreign

currency

exchange

contracts

...............................................................................

348,920‌

Foreign

currency

transactions

.........................................................................................

(

172,314‌

)

Futures

contracts

..................................................................................................

(

1,141,593‌

)

Options

written

...................................................................................................

1,125,128‌

Swaps

.........................................................................................................

(

221,093‌

)

(7,798,889‌)

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(

16,041,673‌

)

Investments

—

affiliated

.............................................................................................

1,296,767‌

Forward

foreign

currency

exchange

contracts

...............................................................................

631,751‌

Foreign

currency

translations

..........................................................................................

(

29,160‌

)

Futures

contracts

..................................................................................................

101,104‌

Options

written

...................................................................................................

579,573‌

Swaps

.........................................................................................................

85,615‌

(13,376,023‌)

Net

realized

and

unrealized

loss

............................................................................................

(21,174,912‌)

NET

DECREASE

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

(3,283,269‌)

Statements

Changes

Net

Assets

Statements

Changes

Net

Assets

See

notes

financial

statements.

BlackRock

Total

Return

V.I.

Fund

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

INCREASE

(DECREASE)

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

17,891,643

‌

30,256,235

‌

Net

realized

loss

..................................................................................

(

7,798,889

)

(

26,088,631

)

Net

change

unrealized

appreciation

(depreciation)

..........................................................

(

13,376,023

)

38,859,088

‌

Net

increase

(decrease)

net

assets

resulting

from

operations

.....................................................

(3,283,269

)

43,026,692

‌

DISTRIBUTIONS

SHAREHOLDERS

(a)

Class

........................................................................................

(

4,030,013

)

(

7,193,788

)

Class

III

.......................................................................................

(

13,765,921

)

(

22,200,667

)

Decrease

net

assets

resulting

from

distributions

shareholders

...................................................

(17,795,934

)

(29,394,455

)

CAPITAL

TRANSACTIONS

Net

increase

net

assets

derived

from

capital

transactions

...................................................

48,081,348

‌

74,483,035

‌

NET

ASSETS

Total

increase

net

assets

.............................................................................

27,002,145

‌

88,115,272

‌

Beginning

period

..................................................................................

839,622,556

‌

751,507,284

‌

End

period

......................................................................................

866,624,701

‌

839,622,556

‌

(a)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

follows:

See

notes

financial

statements.

BlackRock

Total

Return

V.I.

Fund

Class

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

period

...........

10.23

‌

10.05

‌

11.98

‌

12.40

‌

12.22

‌

11.53

‌

Net

investment

income

(a)

...................

.22

‌

.40

‌

.25

‌

.17

‌

.25

‌

.35

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

.25

)

.17

‌

(

.93

)

(

.35

)

.82

‌

.73

‌

Net

increase

(decrease)

from

investment

operations

(0.03

)

0.57

‌

(1.68

)

(0.18

)

1.07

‌

1.08

‌

Distributions

(b)

–

From

net

investment

income

................

(

.22

)

(

.39

)

(

.25

)

(

.17

)

(

.29

)

(

.35

)

From

net

realized

gain

.....................

—

‌

—

‌

(

.00

)

(c)

(

.07

)

(

.60

)

(

.04

)

Total

distributions

..........................

(0.22

)

(0.39

)

(0.25

)

(0.24

)

(0.89

)

(0.39

)

Net

asset

value,

end

period

................

9.98

‌

10.23

‌

10.05

‌

11.98

‌

12.40

‌

12.22

‌

Total

Return

(d)

Based

net

asset

value

....................

(0.26

(e)

5.83

(14.06

(1.42

8.88

9.49

Ratios

Average

Net

Assets

(f)

Total

expen

ses

...........................

0.65

(g)

0.65

0.69

0.74

Total

expenses

after

fees

waived

and/or

reimbursed

0.48

(g)

0.47

0.46

0.47

0.51

0.54

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

0.48

(g)

0.47

0.46

0.47

0.51

0.52

Net

investment

income

.....................

4.49

(g)

4.00

2.36

1.44

1.98

2.90

Supplemental

Data

Net

assets,

end

period

(000)

................

180,741

‌

184,953

‌

187,263

‌

232,294

‌

250,444

‌

245,548

‌

Portfolio

turnover

rate

(h)

......................

364

605

488

647

674

536

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

249%

398%

283%

334%

399%

326%

Financial

Highlights

(continued)

(For

outstanding

throughout

each

period)

Financial

Highlights

(a)

Based

average

outstanding.

(b)

Distributions

for

annual

periods

determined

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

result

investments

underlying

funds.

(g)

Annualized.

(h)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

follows:

BlackRock

Total

Return

V.I.

Fund

Class

III

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

period

...........

10.10

‌

9.93

‌

11.83

‌

12.24

‌

12.07

‌

11.40

‌

Net

investment

income

(a)

...................

.21

‌

.37

‌

.22

‌

.13

‌

.21

‌

.31

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

.26

)

.16

‌

(

.90

)

(

.34

)

.81

‌

.71

‌

Net

increase

(decrease)

from

investment

operations

(0.05

)

0.53

‌

(1.68

)

(0.21

)

1.02

‌

1.02

‌

Distributions

(b)

–

From

net

investment

income

................

(

.20

)

(

.36

)

(

.22

)

(

.13

)

(

.25

)

(

.31

)

From

net

realized

gain

.....................

—

‌

—

‌

(

.00

)

(c)

(

.07

)

(

.60

)

(

.04

)

Total

distributions

..........................

(0.20

)

(0.36

)

(0.22

)

(0.20

)

(0.85

)

(0.35

)

Net

asset

value,

end

period

................

9.85

‌

10.10

‌

9.93

‌

11.83

‌

12.24

‌

12.07

‌

Total

Return

(d)

Based

net

asset

value

....................

(0.44

(e)

5.43

(14.28

(1.69

8.54

9.05

Ratios

Average

Net

Assets

(f)

Total

expen

ses

...........................

0.87

(g)

0.86

0.87

0.92

0.97

Total

expenses

after

fees

waived

and/or

reimbursed

0.79

(g)

0.78

0.77

0.78

0.82

0.85

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

0.79

(g)

0.78

0.77

0.78

0.82

0.83

Net

investment

income

.....................

4.18

(g)

3.70

2.07

1.12

1.67

2.58

Supplemental

Data

Net

assets,

end

period

(000)

................

685,884

‌

654,670

‌

564,245

‌

614,967

‌

470,328

‌

385,784

‌

Portfolio

turnover

rate

(h)

......................

364

605

488

647

674

536

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

249%

398%

283%

334%

399%

326%

See

notes

financial

statements.

Notes

Financial

Statements

(unaudited)

2024

BlackRock

Semi-Annual

Financial

Statements

ORGANIZATION

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

open-end

management

investment

company. The

Company

organized

Maryland

corporation

that

comprised

of 2 separate

funds.

The

funds

offer shares

insurance

companies

for

their

separate

accounts

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

classified

diversified.

The

Fund

offers

multiple

classes

shares.

Class

and

Class

III

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

the

respective

classes

are

entitled

vote

matters

concerning

only

that

class.

addition,

Class

III

bear

certain

expenses

the

distribution

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

included

complex

funds

referred

the BlackRock

Fixed-Income

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

financial

statements,

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

considered

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

investment

companies.

Below

summary

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

the

dates

the

transactions

are

executed

(the

“trade

dates”).

Realized

gains

and

losses

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

any,

are

recorded

the

ex-dividend

dates.

Non-cash

dividends,

any,

are

recorded

the

ex-dividend

dates

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

informed

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

withholding

tax

various

rates

may

imposed

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

portion

the

dividend

income

received

from

real

estate

investment

trust

may

redesignated

reduction

cost

the

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

premiums

and

discounts

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

each

class

based

its

relative

net

assets.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

the

trading

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

investments

are

recorded

the

rates

exchange

prevailing

the

respective

dates

such

transactions.

Generally,

when

the

U.S.

dollar

rises

value

against

foreign

currency,

the

investments

denominated

that

currency

will

lose

value;

the

opposite

effect

occurs

the

U.S.

dollar

falls

relative

value.

The

Fund

does

not

isolate

the

effect

fluctuations

foreign

exchange

rates

from

the

effect

fluctuations

the

market

prices

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

changes

exchange

rates

investments

are

not

segregated

the

Statement

Operations

from

the

effects

changes

market

prices

those

investments,

but

are

included

component

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

foreign

currency

transactions

components

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

subject

foreign

taxes

portion

which

may

reclaimable)

income,

stock

dividends,

capital

gains

investments,

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

the

foreign

jurisdictions

which

the

Fund

invests.

These

foreign

taxes,

any,

are

paid

the

Fund

and

are

reflected

its

Statement

Operations

follows:

foreign

taxes

withheld

source

are

presented

reduction

income,

foreign

taxes

securities

lending

income

are

presented

reduction

securities

lending

income,

foreign

taxes

stock

dividends

are

presented

“Foreign

taxes

withheld”,

and

foreign

taxes

capital

gains

from

sales

investments

and

foreign

taxes

foreign

currency

transactions

are

included

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

deferred

June

30,

2024

any,

are

disclosed

the Statement

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

certain

jurisdictions

recover

portion

amounts

previously

withheld.

The

Fund

may

record

reclaim

receivable

based

collectability,

which

includes

factors

such

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The Statement

Operations

includes

tax

reclaims

recorded

well

professional

and

other

fees,

any,

associated

with

recovery

foreign

withholding

taxes.

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

the

custodian

during

the

reporting

period.

The

Fund

obligated

repay

the

custodian

for

any

overdraft,

including

any

costs

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

any,

are

included

interest

expense

the

Statement

Operations.

Collateralization:

required

exchange

counterparty

agreement,

the

Fund

may

required

deliver/deposit

cash

and/or

securities

to/with

exchange,

broker-

dealer

custodian

collateral

for

certain

investments.

Distributions:

Distributions

from

net

investment

income

are

declared daily

and

paid

monthly.

Distributions

capital

gains

are

recorded

the

ex-dividend

dates

and

made

least

annually.

The

character

and

timing

distributions

are

determined

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

the

Board

Directors

the

Company

(the

“Board”), the directors

who

are

not

“interested

persons”

the

Fund,

defined

the

1940

Act

(“Independent

Directors”),

may

defer

portion

their

annual

complex-wide

compensation.

Deferred

amounts

earn

approximate

return

though

equivalent

dollar

amounts

had

been

invested

common

certain

funds

the

BlackRock

Fixed-Income

Complex

selected

the

Independent

Directors.

This

has

the

same

economic

effect

for

the

Independent Directors

the

Independent Directors

had

invested

the

deferred

amounts

directly

certain

funds

the

BlackRock

Fixed-Income

Complex.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

The

Plan

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

the

Fund,

applicable.

Deferred

compensation

liabilities,

any, are

included

the

Directors’

and

Officer’s

fees

payable

the

Statement

Assets

and

Liabilities

and

will

remain

liability

the

Fund

until

such

amounts

are

distributed

accordance

with

the

Plan.

Net

appreciation

(depreciation)

the

value

participants’

deferral

accounts

allocated

among

the

participating

funds

the

BlackRock

Fixed

Income

Complex

and

reflected

as Directors

and

Officer

expense

the

Statement(s)

Operations.

The Directors

and

Officer

expense

may

negative

result

decrease

value

the

deferred

accounts.

Indemnifications:

the

normal

course

business,

the

Fund

enters

into

contracts

that

contain

variety

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

unknown

because

involves

future

potential

claims

against

the

Fund,

which

cannot

predicted

with

any

certainty.

Other:

Expenses

directly

to the

Fund

its

classes

are

charged

the

Fund

the

applicable

class.

Expenses

directly

the

Fund

and

other

shared

expenses

prorated

the

Fund

are

allocated

daily

each

class

based

its

relative

net

assets

other

appropriate

methods.

Other

operating

expenses

shared

several

funds,

including

other

funds

managed

the

Manager,

are

prorated

among

those

funds

the

basis

relative

net

assets

other

appropriate

methods.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

fair

value

(also

referred

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

open

for

business

and,

for

financial

reporting

purposes,

the

report

date.

U.S.

GAAP

defines

fair

value

the

price

fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Board

has

approved

the

designation

the

Fund’s

Manager

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

its

financial

instruments

using

various

independent

dealers

pricing

services

under

the

Manager’s

policies.

security’s

market

price

not

readily

available

does

not

otherwise

accurately

represent

the

fair

value

the

security,

the

security

will

valued

accordance

with

the

Manager’s

policies

and

procedures

reflecting

fair

value.

The

Manager

has

formed

committee

(the

“Valuation

Committee”)

develop

pricing

policies

and

procedures

and

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

establish

the

fair

value

the

Fund’s

assets

and

liabilities:

Equity

investments

traded

recognized

securities

exchange

are

valued

that

day’s official

closing

price,

applicable,

the

exchange

where

the

stock

primarily

traded.

Equity

investments

traded

recognized

exchange

for

which

there

were

sales

that

day

may

valued

the

last

available

bid

(long

positions)

ask

(short

positions)

price.

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

current

market

quotations

provided

independent

dealers

third-party

pricing

services. Floating

rate

loan

interests

are

valued

the

mean

the

bid

prices

from

one

independent

brokers

dealers

obtained

from

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

institutional

round

lot

size,

but

fund

may

hold

transact

such

securities

smaller,

odd

lot

sizes.

Odd

lots

may

trade

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

valuation

models

that

utilize

certain

inputs

and

assumptions

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

securities

may

valued

based

valuation

models

that

consider

the

estimated

cash

flows

each

tranche

the

entity,

establish

benchmark

yield

and

develop

estimated

tranche

specific

spread

the

benchmark

yield

based

the

unique

attributes

the

tranche.

The

amortized

cost

method

valuation

may

used

with

respect

debt

obligations

with

sixty

days

less

remaining

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

that

day’s

last

reported

settlement

trade price

the

exchange

where

the

contract

traded.

Forward

foreign

currency

exchange

contracts

are

valued

the

mean

between

the

bid

and

ask

prices

and

are

determined

the

trading

the

NYSE

based

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

the

mean

between

the

last bid

and

ask

prices

the

options

market in

which

the

options

trade.

exchange-

traded

option

for

which there

mean

price

valued

the

last

bid

(long

positions)

ask

(short

positions)

price.

bid

ask

price

available,

the

prior

day’s

price will

used,

unless

determined

that

the

prior

day’s

price

longer

reflects

the

fair

value

the

option.

Over-the-counter

(“OTC”)

options

and

options

swaps

(“swaptions”)

are

valued

independent

pricing

service

using

mathematical

model,

which

incorporates

number

market

data

factors,

such

the

trades

and

prices

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

independent pricing

services

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

number

market

data

factors,

such

discounted

cash

flows,

trades

and

values

the

underlying

reference

instruments.

Generally,

trading

foreign

instruments

substantially

completed

each

day

various

times

prior

the

trading

the NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

independent

pricing

services

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

designed

value

such

foreign

securities

fair

value

the

trading

the

NYSE,

which

follows

the

local

markets.

events

(e.g.,

market

volatility,

company

announcement or

natural

disaster)

occur

that

are

expected

materially

affect

the

value

such

investment,

the

event

that application

these

methods

valuation

results

price

for

investment

that

deemed

not

representative

the

market

value

such

investment,

price

not

available,

the

investment

will

valued

the

Valuation

Committee

accordance

with the

Manager's policies

and

procedures

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

used

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

discounted

cash

flow,

use

market

comparables

and

matrix

pricing

are

types

valuation

approaches

and

are

typically

used

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

determine

the

price

that

the

Fund

might

reasonably

expect

receive

pay

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

from

the

current

sale

purchase

that

asset

liability

arm’s-length

transaction.

Fair

value

determinations

shall

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

fair

value

measurement.

For

investments

equity

debt

issued

privately

held

companies

funds

(“Private

Company”

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

the

Valuation

Committee

and

third-party

pricing

services

utilized

the

Valuation

Committee

include one

combination

of,

but

not

limited

to,

the

following

inputs.

Investments

series

preferred

stock

issued

Private

Companies

are

typically

valued

utilizing

market

approach

determining

the

enterprise

value

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

preferred

and

common

stock

the

same

issuer.

Enterprise

valuation

techniques

such

option

pricing

model

(“OPM”),

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

hybrid

those

techniques

are

used

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

determination

the

exit

scenarios

the

investment

order

appropriately

allocate

the

enterprise

value

the

company

among

the

various

parts

its

capital

structure.

The

Private

Companies

are

not

subject

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

Private

Company

date

that

earlier

than

the

date the

Fund

calculating

its

NAV.

This

factor

may

result

difference

between

the

value

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

determining

the

fair

value

financial

instruments.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial reporting purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

for

identical

assets

liabilities

that

the

Fund

has

the

ability

access;

Level

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

liabilities

(such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

other

market–corroborated

inputs);

and

Level

3 —

Unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety. Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

Private

Companies

that

may

not

have

secondary

market

and/or

may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

SECURITIES

AND

OTHER

INVESTMENTS

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

pass-through

certificates

debt

instruments.

Asset-backed

securities

issued

pass-through

certificates

represent

undivided

fractional

ownership

interests

underlying

pool

assets.

Asset-backed

securities

issued

debt

instruments,

which

are

also

known

collateralized

obligations,

are

typically

issued

the

debt

special

purpose

entity

organized

solely

for

the

purpose

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

pool

assets

representing

the

obligations

number

different

parties.

The

yield

characteristics

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

that

all

principal

part

the

obligations

may

prepaid

any

time

because

the

underlying

assets

(i.e.,

loans)

may

prepaid

any

time.

result,

decrease

interest

rates

the

market

may

result

increases

the

level

prepayments

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

increased

prepayment

rate

with

respect

asset-backed

security

will

have

the

effect

shortening

the

maturity

the

security.

addition,

fund

may

subsequently

have

reinvest

the

proceeds

lower

interest

rates.

fund

has

purchased

such

asset-backed

security

premium,

faster

than

anticipated

prepayment

rate

could

result

loss

principal

the

extent

the

premium

paid.

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

number

important

differences

among

the

agencies

and

instrumentalities

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

Ginnie

Mae

are

guaranteed

the

timely

payment

principal

and

interest

Ginnie

Mae

and

such

guarantee

backed

the

full

faith

and

credit

the

United

States.

However,

mortgage-related

securities

Standard

Inputs

Generally

Considered

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(

)

recent

market

transactions,

including

subsequent

rounds

financing,

the

underlying

investment

comparable

issuers;

(ii) recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)

market

multiples

comparable

issuers.

Income

approach

..........................

(

)

future

cash

flows

discounted

present

and

adjusted

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii) quoted

prices

for

similar

investments

assets

active

markets;

and

(iii)

other

risk

factors,

such

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

)

audited

unaudited

financial

statements,

investor

communications

and

financial

operational

metrics

issued

the

Private

Company;

(ii) changes

the

valuation

relevant

indices

publicly

traded

companies

comparable

the

Private

Company;

(iii)

relevant

news

and

other

public

sources;

and

(iv)

known

secondary

market

transactions

the

Private

Company’s

interests

and

merger

acquisition

activity

companies

comparable

the

Private

Company.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

issued

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

Freddie

Mac

and

Fannie

Mae,

are

not

backed

entitled

the

full

faith

and

credit

the

United

States,

but

are

supported

the

right

the

issuer

borrow

from

the

U.S.

Treasury.

Non-agency

mortgage-backed

securities

are

securities

issued

non-governmental

issuers

and

have

direct

indirect

government

guarantees

payment

and

are

subject

various

risks.

Non-agency

mortgage

loans

are

obligations

the

borrowers

thereunder

only

and

are

not

typically

insured

guaranteed

any

other

person

entity.

The

ability

borrower

repay

loan

dependent

upon

the

income

assets

the

borrower.

number

factors,

including

general

economic

downturn,

acts

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrower’s

ability

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

asset-backed

securities.

CDO

entity

that

backed

diversified

pool

debt

securities

(CBOs)

syndicated

bank

loans

(CLOs).

The

cash

flows

the

CDO

can

split

into

multiple

segments,

called

“tranches,”

which

will

vary

risk

profile

and

yield.

The

riskiest

segment

the

subordinated

“equity”

tranche.

This

tranche

bears

the

greatest

risk

defaults

from

the

underlying

assets

the

CDO

and

serves

protect

the

other,

senior,

tranches

from

default

all

but

the

most

severe

circumstances.

Since

shielded

from

defaults

the

junior

tranches,

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

actual

defaults,

increased

sensitivity

future

defaults

and

the

disappearance

one

protecting

tranches

result

changes

the

credit

profile

the

underlying

pool

assets.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

issued

Ginnie

Mae,

U.S.

Government

agencies

instrumentalities

trusts

formed

private

originators

of,

investors

in,

mortgage

loans.

general,

CMOs

are

debt

obligations

legal

entity

that

are

collateralized

pool

residential

commercial

mortgage

loans

Mortgage

Assets.

The

payments

these

are

used

make

payments

the

CMOs

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

the

Mortgage

Assets.

Classes

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

pool

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

extremely

volatile

response

changes

interest

rates.

interest

rates

rise

and

fall,

the

value

IOs

tends

move

the

same

direction

interest

rates.

POs

perform

best

when

prepayments

the

underlying

mortgages

rise

since

this

increases

the

rate

which

the

principal

returned

and

the

yield

maturity

the

PO.

When

payments

mortgages

underlying

are

slower

than

anticipated,

the

life

the

lengthened

and

the

yield

maturity

reduced.

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

principal,

fund’s

initial

investment

the

IOs

may

not

fully

recoup.

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

the

interest

(IOs)

and

principal

(POs)

distributions

pool

Mortgage

Assets.

Stripped

mortgage-backed

securities

may

privately

issued.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

significant

discount

from

face

value

and

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

market

value

than

other

debt

obligations

similar

maturity

which

provide

for

regular

interest

payments.

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

companies

(the

“borrower”)

banks,

other

financial

institutions,

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

troubled

uncertain

and

companies

that

are

highly

leveraged

bankruptcy

proceedings.

addition,

transactions

floating

rate

loan

interests

may

settle

delayed

basis,

which

may

result

proceeds

from

the

sale

not

being

readily

available

for

fund

make

additional

investments

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

revolving

lines

credit.

Floating

rate

loan

interests

are

typically

senior

the

corporate

capital

structure

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

rates

that

are

periodically

determined

reference

base

lending

rate

plus

premium.

Since

the

rates

reset

only

periodically,

changes

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

expected

cause

some

fluctuations

the

NAV

fund

the

extent

that

invests

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

one

European

banks,

such

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

one

U.S.

banks

the

certificate

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

denominated

foreign

currencies.

These

investments

are

treated

investments

debt

securities

for

purposes

fund’s

investment

policies.

When

fund

purchases

floating

rate

loan

interest,

may

receive

facility

fee

and

when

sells

floating

rate

loan

interest,

may

pay

facility

fee.

ongoing

basis,

fund

may

receive

commitment

fee

based

the

undrawn

portion

the

underlying

line

credit

amount

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

income

over

the

term

the

loan

term

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

income

earned.

Prepayment

penalty

fees,

which

may

received

fund

upon

the

prepayment

floating

rate

loan

interest

borrower,

are

recorded

realized

gains.

fund

may

invest

multiple

series

tranches

loan.

different

series

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

the

borrower’s

option.

fund

may

invest

such

loans

the

form

participations

loans

(“Participations”)

assignments

(“Assignments”)

all

portion

loans

from

third

parties.

Participations

typically

will

result

fund

having

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

fund

has

the

right

receive

payments

principal,

interest

and

any

fees

which

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

the

lender

the

payments

from

the

borrower.

connection

with

purchasing

Participations,

fund

generally

will

have

right

enforce

compliance

the

borrower

with

the

terms

the

loan

agreement,

nor

any

rights

offset

against

the

borrower.

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

which

has

purchased

the

Participation.

result,

fund

assumes

the

credit

risk

both

the

borrower

and

the

lender

that

selling

the

Participation.

fund’s

investment

loan

participation

interests

involves

the

risk

insolvency

the

financial

intermediaries

who

are

parties

the

transactions.

the

event

the

insolvency

the

lender

selling

the

Participation,

fund

may

treated

general

creditor

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

fund

having

direct

contractual

relationship

with

the

borrower,

and

fund

may

enforce

compliance

the

borrower

with

the

terms

the

loan

agreement.

Forward

Commitments, When-Issued

and

Delayed

Delivery

Securities

The

Fund

may

purchase

securities

when-issued

basis

and

may

purchase

sell

securities

forward

commitment

basis.

Settlement

such

transactions

normally

occurs

within

month

after

the

purchase

sale

commitment

made.

The

Fund

may

purchase

securities

under

such

conditions

with

the

intention

actually

acquiring

them

but

may

enter

into

separate

agreement

sell

the

securities

before

the

settlement

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

date.

Since

the

value

securities

purchased

may

fluctuate

prior

settlement,

the

Fund

may

required

pay

settlement

than

the

security

worth.

addition,

a fund

not

entitled

any

the

interest

earned

prior

settlement.

When

purchasing

security

delayed

delivery

basis,

the

Fund

assumes

the

rights

and

risks

ownership

the

security,

including

the

risk

price

and

yield

fluctuations.

the

event

default

the

counterparty,

the

Fund’s

maximum

amount

loss

the

unrealized

appreciation

unsettled

when-issued

transactions.

These

types

securities

may

considered

unfunded

and

may

obligate

the

Fund

make

future

cash

payments.

unfunded

commitment

marked-to-market

and

any

unrealized

appreciation

(depreciation)

separately

presented

the

Statement

Assets

and

Liabilities

and

Statement

Operations.

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

sale

securities,

including

mortgage-backed

securities

for

fixed

price,

with

payment

and

delivery

agreed

upon

future

settlement

date.

The

specific

securities

delivered

are

not

identified

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

fund

may

take

possession

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

roll

the

transaction.

TBA

commitments

involve

risk

loss

the

value

the

security

purchased

sold

declines

increases,

respectively,

prior

settlement

date,

there

are

expenses

delays

connection

with

the

TBA

transactions,

the

counterparty

fails

complete

the

transaction.

order

better

define

contractual

rights

and

secure

rights

that

will

help

fund

mitigate its

counterparty

risk,

TBA

commitments

may

entered

into

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

“MSFTA”).

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event. The

collateral

requirements

are

typically

calculated

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

the

value

the

collateral

currently

pledged

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

cover

the

obligations

fund

and

cash

collateral

received

from

the

counterparty,

any,

reported

separately

the

Statement

Assets

and

Liabilities

cash

pledged

collateral

for

TBA

commitments

cash

received

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

fund,

any,

noted

the

Schedule

Investments. Typically,

fund

permitted

sell,

re-pledge

use

the

collateral

receives;

however,

the

counterparty

not

permitted

so.

the

extent

amounts

due

fund

are

not

fully

collateralized,

contractually

otherwise,

fund

bears

the

risk

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

The

Fund

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

specific

future

date

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

fund

not

entitled

receive

interest

and

principal

payments

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

purchases

and

sales

and

fund realizes

gains

and

losses

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

the

securities

that

fund

required

purchase

may

decline

below

the

agreed

upon

repurchase

price

those

securities.

Derivative

Financial

Instruments

The

Fund

engages

various

portfolio

investment

strategies

using

derivative

contracts

both

increase

the

returns

the

Fund

and/or

manage

its

exposure

certain

risks

such

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

risk

exposure

are

included

the

Schedule

Investments.

These

contracts

may

transacted

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

sold

gain

exposure

to,

manage

exposure

to,

changes

interest

rates

(interest

rate

risk)

and

changes

the

value

equity

securities

(equity

risk)

foreign

currencies

(foreign

currency

exchange

rate

risk)

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

counterparty

buy

sell

specific

quantity

underlying

instrument

specified

price

and

specified

date.

Depending

the

terms

contract,

settled

either

through

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

amount

the

settlement

date.

Upon

entering

into

futures

contract,

the

Fund

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

maintained

established

level

over

the

life

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

cash

pledged

for

futures

contracts

the Statement

Assets

and

Liabilities.

Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited,

any, are

shown

cash

pledged

for

futures

contracts

the

Statement

Assets

and

Liabilities.

Pursuant

the

contract,

the

Fund

agrees

receive

from

pay

the

broker

amount

cash

equal

the

daily

fluctuation

market

value

the

contract

(“variation

margin”).

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and,

any,

shown

variation

margin

receivable

(or

payable)

futures

contracts

the

Statement

Assets

and

Liabilities.

When

the

contract

closed,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

notional

amount

the

contract

the

time

was

opened

and

the

notional

amount

the

time

was

closed.

The

use

futures

contracts

involves

the

risk

imperfect

correlation

the

movements

the

price

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

Forward

foreign

currency

exchange

contracts

are

entered

into

gain

reduce

exposure

foreign

currencies

(foreign

currency

exchange

rate

risk).

forward

foreign

currency

exchange

contract

agreement

between

two

parties

buy

and

sell

currency

set

exchange

rate

specified

date.

These

contracts

help

manage

the

overall

exposure

the

currencies

which

some

the

investments

held

the

Fund

are

denominated

and

some

cases,

may

used

obtain

exposure

particular

market.

The

contracts

are

traded

OTC

and

not

organized

exchange.

The

contract

marked-to-market

daily

and

the

change

market

value

recorded

unrealized

appreciation

(depreciation)

the

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

value

the

time

was

opened

and

the

value

the

time

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

cash

without

the

delivery

foreign

currency.

The

use

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

forward

foreign

currency

exchange

contract

changes

unfavorably

due

movements

the

value

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

the

Statement

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

cash

pledged

collateral

for

OTC

derivatives

the

Statement

Assets

and

Liabilities. The

Fund’s

risk

loss

from

counterparty

credit

risk

OTC

derivatives

generally

limited

the

aggregate

unrealized

gain

netted

against

any

collateral

held

the

Fund.

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

Options:

The

Fund

may purchase

and

write

call

and

put

options

increase

decrease

its

exposure

the

risks

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

the

case

options

written,

generate

gains

from

options

premiums.

call

option

gives

the

purchaser

(holder)

the

option

the

right

(but

not

the

obligation)

buy,

and

obligates

the

seller

(writer)

sell

(when

the

option

exercised)

the

underlying

instrument

the

exercise

strike

price

any

time

specified

time

during

the

option

period.

put

option

gives

the

holder

the

right

sell

and

obligates

the

writer

buy

the

underlying

instrument

the

exercise

strike

price

any

time

specified

time

during

the

option

period.

Premiums

paid

options

purchased

and

premiums

received

options

written,

well

the

daily

fluctuation

market

value,

are

included

investments

value

–

unaffiliated

and

options

written

value,

respectively,

the

Statement

Assets

and

Liabilities.

When

instrument

purchased

sold

through

the

exercise

option,

the

premium

offset

against

the

cost

proceeds

the

underlying

instrument.

When

option

expires,

realized

gain

loss

recorded

the

Statement

Operations

the

extent

the

premiums

received

paid.

When

option

closed

sold,

gain

loss

recorded

the

Statement

Operations

the

extent

the

cost

the

closing

transaction

exceeds

the

premiums

received

paid.

When

the

Fund

writes

call

option,

such

option

typically

“covered,”

meaning

that

holds

the

underlying

instrument

subject

being

called

the

option

counterparty.

When

the

Fund

writes

put

option,

cash

segregated in

amount

sufficient

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

cash

pledged

collateral

for

options

written

the

Statement

Assets

and

Liabilities.

Swaptions

–

The

Fund

may purchase

and

write

options

swaps

(“swaptions”)

primarily

preserve

return

spread

particular

investment

portion

the

Fund’s

holdings,

duration

management

technique

protect

against

increase

the

price

securities

anticipates

purchasing

later

date.

The

purchaser

and

writer

swaption

buying

granting

the

right

enter

into

previously

agreed

upon

interest

rate

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

any

time

before

the

expiration

the

option.

Foreign

currency

options

–

The

Fund

may purchase

and

write

foreign

currency

options,

foreign

currency

futures

and

options

foreign

currency

futures

gain

reduce

exposure

foreign

currencies

(foreign

currency

exchange

rate

risk).

Foreign

currency

options

give

the

purchaser

the

right

buy

from

sell

the

writer

foreign

currency

any

time

before

the

expiration

the

option.

Barrier

options

–

The

Fund

may

purchase

and

write

variety

options

with

non-standard

payout

structures

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Fund

may

invest

various

types

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

the

purchaser

the

price

the

underlying

instrument

falls

below

specific

barrier

price

level

prior

the

expiration

date.

Down-and-in

options

expire

worthless

the

purchaser

unless

the

price

the

underlying

instrument

falls

below

specific

barrier

price

level

prior

the

expiration

date.

Double

no-touch

options

provide

the

purchaser

agreed-upon

payout

the

price

the

underlying

instrument

does

not

reach

surpass

predetermined

barrier

price

levels

prior

the

option’s

expiration

date.

One-touch

options

and

instant

one-touch

options

provide

the

purchaser

agreed-upon

payout

the

price

the

underlying

instrument

reaches

surpasses

predetermined

barrier

price

levels

prior

the

expiration

date.

Up-

and-out

options

expire

worthless

the

purchaser

the

price

the

underlying

instrument

increases

beyond

predetermined

barrier

price

level

prior

the

expiration

date.

Up-and-in

options

can

only

exercised

when

the

price

the

underlying

instrument

increases

beyond

predetermined

barrier

price

level.

purchasing

and

writing

options,

the

Fund

bears

the

risk

unfavorable

change

the

value

the

underlying

instrument

the

risk

that

may

not

able

enter

into

closing

transaction

due

illiquid

market.

Exercise

written

option

could

result

the

Fund

purchasing

selling

security

when

otherwise

would

not,

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

manage

exposure

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

counterparty

make

periodic

net

payments

specified

notional

amount

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

the

OTC

market

and

may

entered

into

bilateral

contract

(“OTC

swaps”)

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

swap

premiums

paid

and

swap

premiums

received,

respectively,

the

Statement

Assets

and

Liabilities

and

amortized

over

the

term

the

contract.

The

daily

fluctuation

market

value

recorded

unrealized

appreciation

(depreciation)

OTC

swaps

the

Statement

Assets

and

Liabilities.

Payments

received

paid

are

recorded

the

Statement

Operations

realized

gains

losses,

respectively.

When

OTC

swap

terminated,

realized

gain

loss

recorded

the

Statement

Operations

equal

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

the

contract,

any.

Generally,

the

basis

the

contract

the

premium

received

paid.

centrally

cleared

swap,

immediately

following

execution

the

swap

contract,

the

swap

contract

novated

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

the

swap.

The

Fund

required

interface

with

the

CCP

through

the

broker.

Upon

entering

into

centrally

cleared

swap,

the

Fund

required

deposit

initial

margin

with

the

broker

the

form

cash

securities

amount

that

varies

depending

the

size

and

risk

profile

the

particular

swap. Securities

deposited

initial

margin

are

designated

the

Schedule

Investments

and

cash

deposited

shown

cash

pledged

for

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

cash

pledged

for

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities.

Pursuant

the

contract,

the

Fund

agrees

receive

from

pay

the

broker

variation

margin.

Variation

margin

recorded

unrealized

appreciation

(depreciation)

and

shown

variation

margin

receivable

(or

payable)

centrally

cleared

swaps

the

Statement

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

the

contract

and

recorded

realized

gains

(losses)

the

Statement

Operations,

including

those

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

manage

exposure

the

market

certain

sectors

the

market,

reduce

risk

exposure

defaults

corporate

and/or

sovereign

issuers

create

exposure

corporate

and/or

sovereign

issuers

which

fund

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

sell

(write)

credit

default

swaps

single-name

issuers

(corporate

sovereign),

combination

basket

single-name

issuers

traded

indexes.

Credit

default

swaps

are

agreements

which

the

protection

buyer

pays

fixed

periodic

payments

the

seller

consideration

for

promise

from

the

protection

seller

make

specific

payment

should

negative

credit

event

take

place

with

respect

the

referenced

entity

(e.g.,

bankruptcy,

failure

pay,

obligation

acceleration,

repudiation,

moratorium

restructuring).

buyer,

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

amount

equal

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

the

notional

amount

the

swap

and

deliver

the

referenced

security

underlying

securities

comprising

the

index,

(ii)

receive

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

seller

(writer),

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

amount

equal

the

notional

amount

the

swap

and

take

delivery

the

referenced

security

underlying

securities

comprising

the

index

pay

net

settlement

cash

equal

the

notional

amount

the

swap

less

the

recovery

value

the

security

underlying

securities

comprising

the

index.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

gain

reduce

exposure

interest

rates

manage

duration,

the

yield

curve

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

which

one

party

pays

stream

interest

payments,

either

fixed

floating,

exchange

for

another

party’s

stream

interest

payments,

either

fixed

floating,

the

same

notional

amount

for

specified

period

time.

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.

forward

swap,

the

Fund

and

the

counterparty

agree

make

periodic

net

payments

beginning

specified

date

net

payment

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

gain

reduce

exposure

inflation

(inflation

risk).

inflation

swap,

one

party

makes

fixed

interest

payments

notional

principal

amount

exchange

for

another

party’s

variable

payments

based

inflation

index,

such

the

Consumer

Price

Index.

Swap

transactions

involve,

varying

degrees,

elements

interest

rate,

credit

and

market

risks

excess

the

amounts

recognized

the

Statement

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

liquid

market

for

these

agreements,

that

the

counterparty

the

agreements

may

default

its

obligation

perform

disagree

the

meaning

the

contractual

terms

the

agreements,

and

that

there

may

unfavorable

changes

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

order

define

its

contractual

rights

and

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

its

derivative

contract

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between a

Fund

and

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event.

Under

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

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

including

the

bankruptcy

insolvency

the

counterparty.

However,

bankruptcy

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

the

right

offset

bankruptcy,

insolvency

other

events.

Collateral

Requirements:

For

derivatives

traded

under

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

the

value

any

collateral

currently

pledged

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

cover

obligations

the

Fund

and

cash

collateral

received

from

the

counterparty,

any,

reported

separately

the

Statement

Assets

and

Liabilities

cash

pledged

collateral

and

cash

received

collateral,

respectively.

Non-cash

collateral

pledged

the

Fund,

any,

noted

the

Schedule

Investments.

Generally,

the

amount

collateral

due

from

counterparty

subject

certain

minimum

transfer

amount

threshold

before

transfer

required,

which

determined

the

business

the

Fund.

Any

additional

required

collateral

delivered

to/pledged

the

Fund

the

business

day.

Typically,

the

counterparty

not

permitted

sell,

re-pledge

use

cash

and

non-cash

collateral

receives.

The

Fund

generally

agrees

not

use

non-cash

collateral

that

receives

but

may,

absent

default

certain

other

circumstances

defined

the

underlying

ISDA

Master

Agreement,

permitted

use

cash

collateral

received.

such

cases,

interest

may

paid

pursuant

the

collateral

arrangement

with

the

counterparty.

the

extent

amounts

due

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

loss

from

counterparty

non-performance.

Likewise,

the

extent

the

Fund

has

delivered

collateral

counterparty

and

stands

ready

perform

under

the

terms

its

agreement

with

such

counterparty, the

Fund bears the

risk

loss

from

counterparty

the

amount

the

value

the

collateral

the

event

the

counterparty

fails

return

such

collateral.

Based

the

terms

agreements,

collateral

may

not

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements,

any,

the

Statement

Assets

and

Liabilities.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES

Investment

Advisory:

The

Company,

behalf

the

Fund,

entered

into

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

indirect,

wholly-owned

subsidiary

BlackRock,

Inc.

(“BlackRock”),

provide

investment

advisory

and

administrative

services.

The

Manager

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

monthly

fee

based

percentage

the

aggregate

average

daily

net

assets

the

Fund

and

BlackRock

High

Yield

V.I.

Fund,

series

the

Company,

the

following

annual

rates:

For

the

six

months ended

June

30,

2024,

the

aggregate

average

daily

net

assets

the

Fund

and

BlackRock

High

Yield

V.I.

Fund

were

approximately

$1,720,255,131.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$250

million

.......................................................................................................

0.50%

$250

million-

$500

million

.................................................................................................

0.45

$500

million-

$750

million

.................................................................................................

0.40

Greater

than

$750

million

.................................................................................................

0.35

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

The

Manager

entered

into

separate

sub-advisory

agreements

with

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-

Advisers”),

each

affiliate

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

the

Fund

for

which

BIL

and

BSL

applicable,

acts

sub-adviser,

monthly

fee

that

equal

percentage

the

investment

advisory

fees

paid

the

Fund

the

Manager.

Distribution

Fees:

The

Company

on behalf

the

Fund,

entered

into

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

affiliate

the

Manager.

Pursuant

the

Distribution Plan

and

accordance

with

Rule

12b-1

under

the

1940

Act, the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

annual rate

0.25

based

upon

the

average

daily

net

assets

attributable

Class

III.

BRIL

and

broker-dealers,

pursuant

sub-agreements

with

BRIL,

provide

shareholder

distribution

services

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution

services

shareholders.

For

the six

months

ended

June

30,

2024,

the

class

specific

distribution

fees

borne

directly

by Class III were

$827,037.

Transfer

Agent:

behalf

the

Fund,

the

Manager

entered

into

agreements

with

insurance

companies

and

other

financial

intermediaries

(“Service

Organizations”),

some

which

may

affiliates.

Pursuant

these

agreements,

the

Service

Organizations

provide

the

Fund

with

administrative,

networking,

recordkeeping,

sub-transfer

agency

and

shareholder

services

underlying

investor

accounts.

For

these

services,

the

Service

Organizations

receive

annual

fee

per

shareholder

account,

which

will

vary

depending

class

and/or

net

assets

Fund

shareholders

serviced

the

Service

Organizations

which

shown

transfer

agent

–

class

specific

the

Statement

Operations

For

the

six

months

ended

June

30,

2024

the

Fund

did

not

pay

any

amounts

affiliates

return

for

these

services.

addition,

the

Fund

pays

the

transfer

agent,

which

not

affiliate,

fee

for

the

issuance,

transfer

and

redemption

and

the

opening

and

maintenance

shareholder

accounts,

which

included

transfer

agent

the

Statement

Operations.

For

the

six

months ended

June

30,

2024,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

each

class

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

waive

its

investment

advisory

fees

the

amount

investment

advisory

fees

the

Fund

pays

the

Manager

indirectly

through

its

investment

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2025.

The

contractual

agreement

may

terminated

upon

days’

notice

majority

the

Independent

Directors,

vote

majority

the

outstanding

voting

securities

the

Fund.

The

amount

waivers

and/or

reimbursements

fees

and

expenses

made

pursuant

the

expense

limitation

described

below

will

reduced

the

amount

the

affiliated

money

market

fund

waiver.

This

amount

included

fees

waived

and/or

reimbursed

the

Manager

the

Statement

Operations.

For

the

six

months ended

June

30,

2024,

the

amount

waived

was

$8,910.

The

Manager

has

contractually

agreed

waive

its

investment

advisory

fee

with

respect

any

portion

the

Fund’s

assets

invested

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

contractual

management

fee

through

June

30,

2025.

The

contractual

agreement

may

terminated

upon

days’

notice

majority

the

Independent

Directors,

vote

majority

the

outstanding

voting

securities

the

Fund.

For

the

six

months

ended

June

30,

2024,

there

were

fees

waived

the

Manager

pursuant

this

arrangement.

The

Manager

has

contractually

agreed

reimburse

certain

transfer

agent

fees

order

limit

such

expenses

percentage

average

daily

net

assets

follows:

The

Manager

has

agreed

not

reduce

discontinue

the

contractual

expense

limitations

through

June

30,

2025,

unless

approved

by the

Board,

including

majority

the

Independent

Directors,

vote

majority

the

outstanding

voting

securities

the

Fund.

These

amounts

are

included

transfer

agent

fees

reimbursed

the

Manager

—

class

specific

the

Statement

Operations.

For

the

six

months

ended

June

30,

2024,

class

specific

expense

reimbursements

were

follows:

The

Manager

contractually

agreed

waive

and/or

reimburse

fees

expenses

order

limit

expenses,

excluding

interest

expense,

dividend

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

the

ordinary

course

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

percentage

average

daily

net

assets

are

follows:

addition,

with

respect

Class

shares,

the

Manager

has

contractually

agreed

waive

and/or

reimburse

fees

expenses

order

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

the

ordinary

course

the

Fund's

business

0.60%

average

daily

net

assets

through

June

30,

2024.

The

Manager

has

agreed

not

reduce

discontinue

the

contractual

expense

limitations

through

June

30,

2025,

unless

approved

the

Board,

including

majority

the Independent

Directors,

vote

majority

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

June

30,

2024,

there

were

fees

waived

and/or

reimbursed

the

Manager

pursuant

this

agreement.

Class

III

Total

Transfer

agent

fees

class

specific

....................................................................

150,502‌

447,127‌

597,629‌

Class

................................................................................................................

0.00‌%

Class

III

...............................................................................................................

0.06‌

Class

Transfer

Agent

Fees

Reimbursed

the

Manager

Class

Specific

Class

.......................................................................................................

150,502‌

Class

III

......................................................................................................

248,642‌

399,144‌

Class

III

Expense

Limitations

..................................................................................

0.60‌%

1.50‌%

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

Interfund

Lending:

accordance

with

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

compliance

with

the

terms

and

conditions

the

Order,

and

the

extent

permitted

the

Fund’s

investment

policies

and

restrictions.

The

Fund

currently

permitted

borrow

and

lend

under

the

Interfund

Lending

Program.

lending

BlackRock

fund

may

lend

aggregate

15%

its

net

assets

but

may

not

lend

than

its

net

assets

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

from

any

other

source

than

1/3%

its

total

assets

(or

any

lower

threshold

provided

for

the fund’s

investment

restrictions).

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

its

total

assets,

each

its

outstanding

interfund

loans

will

subject

collateralization

least

102%

the

outstanding

principal

value

the

loan.

All

interfund

loans

are

for

temporary

emergency

purposes

and

the

interest

rate

charged

will

the

average

the

highest

current

overnight

repurchase

agreement

rate

available

lending

fund

and

the

bank

loan

rate,

calculated

according

formula

established

the

Board.

During the

period

ended

June

30,

2024,

the

Fund

did

not

participate

the

Interfund

Lending

Program.

Directors

and

Officers:

Certain

directors

and/or

officers

the Company are directors and/or

officers

of BlackRock

its

affiliates.

The

Fund

reimburses

the

Manager

for

portion

the

compensation

paid

the

Company's

Chief

Compliance

Officer,

which

included

Directors and

Officer

the

Statement

Operations.

PURCHASES

AND

SALES

For

the

six

months ended

June

30,

2024,

purchases

and

sales

investments,

including

paydowns/payups

and

mortgage

dollar

rolls

and

excluding

short-term

securities,

were

follows:

For

the

six

months ended

June

30,

2024,

purchases

and

sales

mortgage

dollar

rolls

were

$1,022,425,064

and

$1,022,208,730,

respectively.

INCOME

TAX

INFORMATION

the

Fund’s

policy

comply

with

the

requirements

the

Internal

Revenue

Code

1986,

amended,

applicable

regulated

investment

companies,

and

distribute

substantially

all

its

taxable

income

its

shareholders.

Therefore,

U.S.

federal

income

tax

provision

required.

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

income

tax

returns

are

currently

under

examination.

The

statute

limitations

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

period

three

years

after

they

are

filed.

The

statutes

limitations

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

additional

year

depending

upon

the

jurisdiction.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

the Fund

June

30,

2024,

inclusive

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

tax

liability

the

Fund’s

financial

statements.

December

31,

2023, the Fund

had

non-expiring

capital

loss

carryforwards

available

offset

future

realized

capital

gains of

$(94,399,876).

June

30,

2024, gross

unrealized

appreciation

and

depreciation

based

cost

investments

(including

short

positions

and

derivatives,

any)

for

U.S.

federal

income

tax

purposes

were

follows:

BANK

BORROWINGS

The

Company,

behalf

the

Fund,

along

with

certain

other

funds

managed

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

364-day,

$2.40

billion

credit

agreement

with

group

lenders.

Under

this

agreement,

the

Fund

may

borrow

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

aggregate

commitment

amount

$1.75

billion

any

time

outstanding,

subject

asset

coverage

and

other

limitations

specified

the

agreement.

The

credit

agreement

has

the

following

terms:

fee

0.10%

per

annum

unused

commitment

amounts

and

interest

rate

equal

the

higher

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

any

event,

not

less

than

0.00%)

effect

from

time

plus

0.80%

per

annum

amounts

borrowed

(c)

the

sum

(x)

Daily

Simple

SOFR

(but,

any

event,

not

less

than

0.00%)

the

date

the

loan

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

April

2025

unless

extended

renewed. Prior

April

11,

2024,

the

aggregate

commitment

amount

was

$2.50

billion.

These

fees

were

allocated

among

such

funds

based

upon

portions

the

aggregate

commitment

available

them

and

relative

net

assets

Participating

Funds.

During

the

six

months ended

June

30,

2024,

the

Fund

did

not

borrow

under

the

credit

agreement.

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

BlackRock

Total

Return

V.I.

Fund

...........................................

2,796,279,356‌

2,823,738,717‌

445,729,821‌

420,158,028‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Total

Return

V.I.

Fund

.......................................

1,015,138,185‌

1,723,683‌

(49,592,570‌)

(47,868,887‌)

Notes

Financial

Statements

(unaudited)

(continued)

Notes

Financial

Statements

10.

PRINCIPAL

RISKS

the

normal

course

business,

the

Fund

invests

securities

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

various

risks,

including

among

others,

fluctuations

the

market

(market

risk)

failure

issuer

meet

all

its

obligations.

The

value

securities

other

instruments

may

also

affected

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

well

local,

regional

global

political

and/or

social

instability;

(iii)

regulation,

taxation

international

tax

treaties

between

various

countries;

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

global

events

such

war,

acts

terrorism,

the

spread

infectious

illness

other

public

health

issues,

recessions,

other

events

could

have

significant

impact

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

the

risks

which

the

Fund

subject.

Market Risk:

The

Fund

may

exposed

prepayment

risk,

which

the

risk

that

borrowers

may

exercise

their

option

prepay

principal

earlier

than

scheduled

during

periods

declining

interest

rates,

which

would

force

the

Fund

reinvest

lower

yielding

securities. The

Fund

may

also

exposed

reinvestment

risk,

which

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

the Fund

invests

the

proceeds

from

matured,

traded

called

fixed-income

securities

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

the

risk

that

litigation,

legislation

other

political

events,

local

business

economic

conditions,

credit

rating

downgrades,

the

bankruptcy

the

issuer

could

have

significant

effect

issuer’s

ability

make

payments

principal

and/or

interest

otherwise

affect

the

value

such

securities.

Municipal

securities

can

significantly

affected

political

economic

changes,

including

changes

made

the

law

after

issuance

the

securities,

well

uncertainties

the

municipal

market

to,

taxation,

legislative

changes

the

rights

municipal

security

holders,

including

connection

with

issuer

insolvency.

Municipal

securities

backed

current

anticipated

revenues

from

specific

project

specific

assets

can

negatively

affected

the

discontinuance

the

tax

benefits

supporting

the

project

assets

the

inability

collect

revenues

for

the

project

from

the

assets.

Municipal

securities

may

less

liquid

than

taxable

bonds,

and

there

may

less

publicly

available

information

the

financial

condition

municipal

security

issuers

than

for

issuers

other

securities.

Valuation

Risk:

The

market

values

equities,

such

common

stocks

and

preferred

securities

equity

investments,

such

futures

and

options,

may

decline

due

general

market

conditions

which

are

not

specifically

particular

company.

They

may

also

decline

due

factors

which

affect

particular

industry

industries. The

Fund

may

invest

illiquid

investments.

illiquid

investment

any

investment

that the

Fund

reasonably

expects

cannot

sold

disposed

current

market

conditions

seven

calendar

days

less

without

the

sale

disposition

significantly

changing

the

market

value

the

investment. The

Fund

may

experience

difficulty

selling

illiquid

investments

timely

manner

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

extended

periods

response

company,

market

economic

news.

Markets

also

tend

move

cycles,

with

periods

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

experience

significant

increases

decreases

over

short

periods

time.

there

general

decline

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

the

individual

results

the

securities

and

other

instruments

which the

Fund

invests.

The

price the

Fund

could

receive

upon

the

sale

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

the

investment,

particularly

for

securities

that

trade

thin

volatile

markets

that

are

valued

using

fair

valuation

technique

price

provided

independent

pricing

service.

Changes

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

exit)

due

the

lack

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

operations.

result,

the

price

received

upon

the

sale

investment

may

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

greater

than

expected

loss

lesser

than

expected

gain

upon

the

sale

the

investment. The

Fund’s

ability

value

its

investments

may

also

impacted

technological

issues

and/or

errors

pricing

services

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Fund

may

exposed

counterparty

credit

risk,

the

risk

that

entity

may

fail

unable

perform

its

commitments

unsettled

open

transactions,

including

making

timely

interest

and/or

principal

payments

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

market,

issuer

and

counterparty

credit

risks,

consist

principally

financial

instruments

and

receivables

due

from

counterparties.

The

extent

the

Fund’s

exposure

market,

issuer

and

counterparty

credit

risks

with

respect

these

financial

assets

approximately

their

value

recorded

the

Statement

Assets

and

Liabilities,

less

any

collateral

held

the

Fund.

derivative

contract

may

suffer

mark-to-market

loss

the

value

the

contract

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

instrument.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

loss

the

amount

the

premiums

paid

plus

the

positive

change

market

values

net

any

collateral

held

the

Fund

should

the

counterparty

fail

perform

under

the

contracts.

Options

written

the

Fund

not

typically

give

rise

counterparty

credit

risk,

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

perform.

The

Fund

may

exposed

counterparty

credit

risk

with

respect

options

written

the

extent

the

Fund

deposits

collateral

with

its

counterparty

written

option.

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

less

counterparty

credit

risk

the

Fund

since

the

exchange

clearinghouse,

counterparty

such

instruments,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

contract;

therefore,

credit

risk

limited

failure

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

contractual

right

offset

against

clearing

broker

clearinghouse

the

event

default

(including

the

bankruptcy

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps with

respect

initial

and

variation

margin

that

held

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

clearing

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

allocated

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

losses

the

Fund.

Geographic/Asset

Class

Risk:

diversified

portfolio,

where

this

is appropriate

and

consistent

with

fund’s

objectives,

minimizes

the

risk

that

price

change

particular

investment

will

have

material

impact

the

NAV

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

its Schedule

Investments.

Notes

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

The

Fund

invests

significant

portion

its

assets

in fixed-income securities and/or uses

derivatives tied

the

fixed-income

markets.

Changes

market

interest

rates

economic

conditions

may affect

the

value

and/or

liquidity

such investments.

Interest

rate

risk

the

risk

that

prices

bonds

and

other

fixed-income

securities

will

decrease

interest

rates

rise

and

increase

interest

rates

fall.

The

Fund

may

subject

greater

risk

rising

interest

rates

during

period

historically

low

interest

rates. The

Federal

Reserve

has

raised

the

federal

funds

rate

part

its

efforts

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

markets,

may

result

heightened

market

volatility,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

significant

portion

its

assets

securities

issuers

located

the

United

States.

decrease

imports

exports,

changes

trade

regulations,

inflation

and/or

economic

recession

the

United

States

may

have

material

adverse

effect

the

U.S.

economy

and

the

securities

listed

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

the

United

States

may

also

have

significant

effect

U.S.

markets

generally,

well

the

value

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

interest

principal

U.S.

government

debt,

such

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

U.S.

relations

with

certain

countries

deteriorate,

could

adversely

affect

issuers

that

rely

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

these

trends

were

continue,

they

may

have

adverse

impact

the

U.S.

economy

and

the

issuers

which

the

Fund

invests.

The

Fund

invests

significant

portion

its

assets

securities

backed

commercial

residential

mortgage

loans

issuers

that

hold

mortgage

and

other

asset-backed

securities.

When

fund

concentrates

its

investments

this

manner,

assumes

greater

risk

prepayment

payment

extension

securities

issuers. Changes

economic

conditions,

including

delinquencies

and/or

defaults

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

such

positions.

Investment

percentages

these

securities

are

presented

the

Schedule

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

manage

substantial

amount

fund

and/or

hold

their

fund

investments

for

limited

period

time.

Large

redemptions

fund

these

shareholders

may

force

fund

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

taxable

income/gains

and

cause

the

fund

make

additional

taxable

distributions

shareholders.

LIBOR

Transition

Risk:

The

Fund

may

exposed

financial

instruments

that

recently

transitioned

from,

continue

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

determine

payment

obligations,

financing

terms,

hedging

strategies

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

published

under

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

voluntary

basis

new

instruments

and

transactions.

Under

U.S.

regulations

that

implement

statutory

fallback

mechanism

replace

LIBOR,

benchmark

rates

based

SOFR

have

replaced

LIBOR

certain

financial

contracts.

The

ultimate

effect

the

LIBOR

transition

process

the

Fund

uncertain.

11.

CAPITAL

TRANSACTIONS

Transactions

capital

for

each

class

were

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

all

subsequent

events

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

subsequent

events

requiring

adjustment

additional

disclosure

the

financial

statements.

Six

Months

Ended

06/30/24

Year

Ended

12/31/23

Fund

Name/Share

Class

Amount

BlackRock

Total

Return

V.I.

Fund

Class

sold

.............................................

716,362‌

7,167,887‌

1,026,269‌

10,391,606‌

issued

reinvestment

distributions

........................

396,908‌

3,987,782‌

713,483‌

7,172,580‌

redeemed

.........................................

(1,074,256‌)

(10,759,787‌)

(2,291,240‌)

(23,078,749‌)

39,014‌

395,882‌

(551,488‌)

(5,514,563‌)

Class

III

sold

.............................................

6,787,160‌

67,117,944‌

10,380,895‌

104,170,985‌

issued

reinvestment

distributions

........................

1,358,778‌

13,476,278‌

2,201,379‌

21,832,525‌

redeemed

.........................................

(3,325,593‌)

(32,908,756‌)

(4,628,069‌)

(46,005,912‌)

4,820,345‌

47,685,466‌

7,954,205‌

79,997,598‌

4,859,359‌

48,081,348‌

7,402,717‌

74,483,035‌

Glossary

Terms

Used

this

Report

Glossary

Terms

Used

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

PEN

Peruvian

Sol

PLN

Polish

Zloty

RUB

New

Russian

Ruble

SEK

Swedish

Krona

THB

Thai

Baht

TRY

Turkish

Lira

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

AMT

Alternative

Minimum

Tax

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CLICP

Chile

Indice

Camara

Promedio

Interbank

Overnight

Index

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

EFFR

Effective

Federal

Funds

Rate

EURIBOR

Euro

Interbank

Offered

Rate

General

Obligation

Bonds

IBR

Colombian

Reference

Banking

Indicator

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

PIK

Payment-In-Kind

PRIBOR

Prague

Interbank

Offered

Rate

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

VRDN

Variable

Rate

Demand

Notes

WIBOR

Warsaw

Interbank

Offered

Rate

Additional

Information

Additional

Information

Changes

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

Directors,

Officers,

and

Others

Compensation

the

independent

directors/trustees

the

Company

paid

the

Company,

behalf

the

Funds.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports

and

other

information

regarding

the

Funds

may

found

BlackRock’s

website,

which

can

accessed

blackrock.com

Any

reference

BlackRock’s

website

this

report

intended

allow

investors

public

access

information

regarding

the

Funds

and

does

not,

and

not

intended

to,

incorporate

BlackRock’s

website

this

report.

Electronic

Delivery

Shareholders

can

sign

for

e-mail

notifications

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

enrolling

the

electronic

delivery

program.

enroll

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

Access

the

BlackRock

website

blackrock.com

Select

"Access

Your

Account"

Next,

select

"eDelivery"

the

"Related

Resources"

box

and

the

sign-up

instructions.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

diverse

lineup

open-end

mutual

funds

crossing

all

investment

styles

and

managed

experts

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

information.

Shareholder

Privileges

Account

Information

Call

(800)

441-7762

from

8:00

6:00

any

business

day

get

information

about

your

account

balances,

recent

transactions

and

prices.

You

can

also

visit

blackrock.com

for

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

invest

regularly

can

arrange

have

$50

automatically

deducted

from

their

checking

savings

account

and

invested

any

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

systematic

withdrawal

plan

and

receive

periodic

payments

$50

from

their

BlackRock

funds,

long

their

account

balance

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

Funds

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

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,

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

Touche

LLP

Boston,

02116

Distributor

BlackRock

Investments,

LLC

New

York,

10001

Legal

Counsel

Sidley

Austin

LLP

(d)

New

York,

10019

Willkie

Farr

Gallagher

LLP

(e)

New

York,

10019

Address

the

Funds

100

Bellevue

Parkway

Wilmington,

19809

(a)

For

BlackRock

Global

Allocation

V.I.

Fund,

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.

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

Directors

(the

“Board,”

the

members

which

are

referred

“Board

Members”)

BlackRock

Variable

Series

Funds,

Inc.

(the

“Corporation”)

met

April

16,

2024

(the

“April

Meeting”)

and

May

16-17,

2024

(the

“May

Meeting”)

consider

the

approval

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Corporation,

behalf

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,

“Fund,”

and

collectively

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

continue

the

sub-advisory

agreement

between

the

Manager

and

(a)

BlackRock

International

Limited

(“BIL”)

with

respect

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

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

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

herein

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

herein

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Board

considers

the

approval

the

continuation

the

Agreements

for

each

Fund

annual

basis.

The

Board

members

who

are

not

“interested

persons”

the

Corporation,

defined

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

each

Fund,

including

through

the

review

written

materials

and

oral

presentations,

and

the

review

additional

information

provided

response

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

which

extended

over

two-day

period,

well

additional

hoc

meetings

and

executive

sessions

throughout

the

year,

needed.

The

committees

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

additional

one-day

meeting

consider

specific

information

regarding

the

renewal

the

Agreement[s].

considering

the

renewal

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

the

services

provided

the

Fund

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

the

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

independent

legal

counsel,

and

met

with

independent

legal

counsel

various

executive

sessions

outside

the

presence

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

its

annual

consideration

the

renewal

the

Agreements,

including

the

services

and

support

provided

BlackRock

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

the

Board

response

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,

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

applicable,

well

BlackRock

senior

management’s

and

portfolio

managers’

investment

performance

analyses

and

the

reasons

for

any

outperformance

underperformance

relative

its

peers,

benchmarks,

and

other

performance

metrics,

applicable;

(b)

fees,

including

advisory,

administration,

applicable,

and

other

amounts

paid

BlackRock

and

its

affiliates

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

the

Fund;

(d)

the

resources

devoted

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

non-investment

management

services

provided

BlackRock

and

its

affiliates

and

the

estimated

cost

such

services,

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

the

proxy

voting

policies

approved

the

Board;

(i)

the

use

brokerage

commissions

and

execution

quality

portfolio

transactions;

(j)

BlackRock’s

implementation

the

Fund’s

valuation

and

liquidity

procedures;

(k)

analysis

management

fees

paid

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,

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

compared

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

creates,

along

with

investment

professionals’

investments

the

fund(s)

they

manage;

and

(m)

periodic

updates

BlackRock’s

business.

Prior

and

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

the

renewal

the

Agreements.

The

Independent

Board

Members

continuously

engaged

process

with

their

independent

legal

counsel

and

BlackRock

review

the

nature

and

scope

the

information

provided

the

Board

better

assist

its

deliberations.

The

materials

provided

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

either

Lipper

classification

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

compared

with

peer

group

funds

determined

Broadridge

(“Expense

Peers”)

and

the

investment

performance

each

Fund

compared

with

peer

group

funds

(“Performance

Peers”);

(b)

information

the

composition

the

Expense

Peers

and

Performance

Peers

and

description

Broadridge’s

methodology;

(c)

information

the

estimated

profits

realized

BlackRock

and

its

affiliates

pursuant

the

Agreements

and

discussion

fall-out

benefits

BlackRock

and

its

affiliates;

(d)

general

analysis

provided

BlackRock

concerning

investment

management

fees

received

connection

with

other

types

investment

products,

such

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts

under

similar

investment

mandates,

well

the

performance

such

other

products,

applicable;

(e)

review

non-management

fees;

(f)

the

existence,

impact

and

sharing

potential

economies

scale,

any,

with

the

Funds;

(g)

summary

aggregate

amounts

paid

each

Fund

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

the

Board

appropriate

regarding

BlackRock’s

and

each

Fund’s

operations.

the

April

Meeting,

the

Board

reviewed

materials

relating

its

consideration

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

these

questions

and

requests

with

additional

written

information

advance

the

May

Meeting,

and

such

responses

were

reviewed

the

Board

Members.

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a) the

nature,

extent

and

quality

the

services

provided

BlackRock;

(b) the

investment

performance

each

Fund

compared

its

Performance

Peers

and

other

metrics,

applicable;

advisory

fee

and

the

estimated

cost

the

services

and

estimated

profits

realized

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d) each

Fund’s

fees

and

expenses

compared

its

Expense

Peers;

(e) the

existence

and

sharing

potential

economies

scale;

(f)

any

fall-out

benefits

BlackRock

and

its

affiliates

result

BlackRock’s

relationship

with

the

Funds;

and

(g) other

factors

deemed

relevant

the

Board

Members.

The

Board

also

considered

other

matters

deemed

important

the

approval

process,

such

other

payments

made

BlackRock

its

affiliates

relating

securities

lending

and

cash

management,

and

BlackRock’s

services

the

valuation

and

pricing

Fund

portfolio

holdings.

The

Board

noted

the

willingness

BlackRock’s

personnel

engage

open,

candid

discussions

with

the

Board.

The

Board

evaluated

the

information

available

fund-by-fund

basis.

The

following

paragraphs

provide

information

about

some

the

primary

factors

that

were

relevant

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

items

and

factors

considered.

Nature,

Extent

and

Quality

the

Services

Provided

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

services

provided

BlackRock,

including

the

investment

advisory

services

and

the

resulting

performance

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

the

performance

comparable

group

mutual

funds,

relevant

benchmark,

and

performance

metrics,

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

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

BlackRock:

the

experience

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

portfolio

managers

the

funds

they

manage;

portfolio

trading

capabilities;

use

technology;

commitment

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

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

BlackRock

and

its

affiliates

address

cybersecurity

risks

and

the

role

BlackRock’s

Risk

Quantitative

Analysis

Group.

The

Board

engaged

review

BlackRock’s

compensation

structure

with

respect

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

attract

and

retain

high-quality

talent

and

create

performance

incentives.

addition

investment

advisory

services,

the

Board

considered

the

nature

and

quality

the

administrative

and

other

non-investment

advisory

services

provided

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

any

such

services

provided

the

Fund

third

parties)

and

officers

and

other

personnel

are

necessary

for

the

operations

the

Funds.

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

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

assist

the

Board

its

consideration

strategic

issues

such

the

merger,

consolidation

repurposing

certain

open-end

funds;

and

(viii)

performing

managing

administrative

functions

necessary

for

the

operation

the

Funds,

such

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

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

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

of,

with

respect

International

V.I.

Fund

and

Managed

Volatility

V.I.

Fund,

BIL,

with

respect

Managed

Volatility

V.I.

Fund

and

Global

Allocation

V.I.

Fund,

BSL

and,

with

respect

Managed

Volatility

V.I.

Fund,

BNA,

facilitates

the

provision

investment

advice

and

trading

investment

personnel

out

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

the

portfolio

management

team,

which

may

benefit

the

Fund

and

its

shareholders.

The

Investment

Performance

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

the

Fund

throughout

the

year

and

the

April

Meeting.

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

Broadridge,

which

included

analysis

the

Fund’s

performance

December

31,

2023,

compared

its

Performance

Peers.

Broadridge

ranks

funds

quartiles,

ranging

from

first

fourth,

where

first

the

most

desirable

quartile

position

and

fourth

the

least

desirable.

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

the

Fund

compared

its

Performance

Peers

and,

with

respect

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

Managed

Volatility

V.I.

Fund,

light

the

Fund’s

outcome-oriented

investment

objective,

certain

performance

metrics

(“Outcome-Oriented

Performance

Metrics”)

and,

with

respect

International

Index

V.I.

Fund,

Small

Cap

Index

V.I.

Fund

and

S&P

500

Index

V.I.

Fund,

the

performance

the

Fund

compared

with

its

benchmark

and,

with

respect

Government

Money

Market

V.I.

Fund,

weighted

average

benchmark

similar

funds,

defined

BlackRock

(“Benchmark

Weighted

Average”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

discuss

the

performance

each

Fund

throughout

the

year.

evaluating

performance,

the

Board

focused

particular

attention

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

found

the

data

provided

Broadridge

generally

useful,

recognized

the

limitations

such

data,

including

particular,

that

notable

differences

may

exist

between

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

snapshot

period

particular

date

and

that

selecting

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

impacted

even

one

period

significant

outperformance

underperformance,

and

that

single

investment

theme

could

have

the

ability

disproportionately

affect

long-term

performance.

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Basic

Value

V.I.

Fund

ranked

the

first,

second

and

second

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

each

Large

Cap

Focus

Growth

V.I.

Fund

and

Capital

Appreciation

V.I.

Fund

ranked

the

first,

third

and

second

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

appropriate

performance

metric

for

each

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

each

Fund’s

underperformance

relative

its

Morningstar

Open-End

Category

during

the

applicable

period.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

International

V.I.

Fund

ranked

the

first,

fourth

and

first

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

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

the

first,

fourth

and

third

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

its

Morningstar

Open-End

Category

during

the

applicable

periods.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

each

Equity

Dividend

V.I.

Fund,

Large

Cap

Core

V.I.

Fund,

Large

Cap

Value

V.I.

Fund

and

60/40

Target

Allocation

ETF

V.I.

Fund

ranked

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

appropriate

performance

metric

for

each

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

each

Fund’s

underperformance

relative

its

Morningstar

Open-End

Category

during

the

applicable

period.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Global

Allocation

V.I.

Fund

ranked

the

second,

fourth

and

first

quartiles,

respectively,

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

its

Morningstar

Open-End

Category

during

the

applicable

period.

The

Board

reviewed

and

considered

Managed

Volatility

V.I.

Fund’s

performance

relative

the

Fund’s

Outcome-Oriented

Performance

Metrics

including

total

return

target.

The

Board

noted

that

for

each

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

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

its

total

return

target

during

the

applicable

periods.

The

Board

noted

that

for

the

one-year

period

reported,

Small

Cap

Index

V.I.

Fund’s

net

performance

was

within

the

tolerance

range

its

benchmark.

The

Board

noted

that

BlackRock

believes

that

net

performance

relative

the

benchmark

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

noted

that

for

the

one-year

period

reported,

each

S&P

500

Index

V.I.

Fund’s

and

International

Index

V.I.

Fund’s

net

performance

was

above

the

tolerance

range

its

benchmark.

The

Board

noted

that

BlackRock

believes

that

net

performance

relative

the

benchmark

appropriate

performance

metric

for

each

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

each

Fund’s

above

tolerance

performance

relative

its

benchmark

over

the

period.

The

Board

reviewed

Government

Money

Market

V.I.

Fund’s

performance

within

the

context

the

low

yield

environment

that

existed

for

portion

the

relative

periods.

addition

reviewing

the

Fund’s

performance

and

current

yield,

also

reviews

the

liquidity,

duration,

credit

quality

and

other

risk

factors

the

Fund’s

portfolio.

The

Board

noted

that

for

the

one-

and

three-year

periods

reported,

the

Fund

underperformed

and

outperformed,

respectively,

its

Benchmark

Weighted

Average.

The

Board

noted

that

BlackRock

believes

that

the

Benchmark

Weighted

Average

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

its

Benchmark

Weighted

Average

during

the

applicable

period.

Consideration

the

Advisory/Management

Fees

and

the

Estimated

Cost

the

Services

and

Estimated

Profits

Realized

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

its

Expense

Peers.

The

contractual

management

fee

rate

represents

combination

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

well

its

actual

management

fee

rate,

those

its

Expense

Peers.

The

total

expense

ratio

represents

fund’s

total

net

operating

expenses,

including

any

12b-1

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

any

expense

reimbursements

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

any

management

fee

reimbursements

waivers.

The

Board

considered

that

the

fee

and

expense

information

the

Broadridge

report

for

the

Fund

reflected

information

for

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

period

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

BlackRock

and

its

affiliates

other

types

clients

with

similar

investment

mandates,

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

third

parties).

The

Board

received

and

reviewed

statements

relating

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

BlackRock

for

services

provided

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2023

compared

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

certain

other

U.S.

fund

complexes

managed

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

allocating

expenses

the

estimated

profitability

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

analysis,

noting

the

inherent

limitations

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

affected

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

the

Manager,

the

types

funds

managed,

precision

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

the

individual

fund

level

difficult.

The

Board

noted

that,

general,

individual

fund

product

line

profitability

other

advisors

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

general,

compared

that

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

technology

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

attract

and

retain

high

quality

investment

management

personnel

perform

its

obligations

under

the

Agreements

and

continue

provide

the

high

quality

services

that

expected

the

Board.

The

Board

further

considered

factors

including

but

not

limited

BlackRock’s

commitment

time

and

resources,

assumption

risk,

and

liability

profile

servicing

the

Funds,

including

contrast

what

required

BlackRock

with

respect

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,

applicable.

The

Board

noted

that

each

S&P

500

Index

V.I.

Fund’s,

International

Index

V.I.

Fund’s

and

Small

Cap

Index

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

the

first

quartile

relative

each

Fund’s

Expense

Peers.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

pertinent

Fund

class-by-class

basis.

The

Board

noted

that

each

Managed

Volatility

V.I.

Fund’s,

SMID

Cap

V.I.

Fund’s

and

Equity

Dividend

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

the

first

quartile

relative

each

Fund’s

Expense

Peers.

The

Board

also

noted

that

each

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

pertinent

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

pertinent

Fund

decreases

below

certain

contractually

specified

levels.

Finally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

pertinent

Fund

class-by-class

basis.

The

Board

noted

that

Large

Cap

Core

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

the

first

and

second

quartiles,

respectively,

relative

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

Fund

class-by-class

basis.

The

Board

noted

that

Basic

Value

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

the

first

and

fourth

quartiles,

respectively,

relative

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

Fund

class-by-class

basis.

BlackRock

has

reviewed

with

the

Board

that

the

varying

fee

structure

for

fund

funds

can

limit

the

value

management

fee

comparisons. The

Board

noted

that

the

60/40

Target

Allocation

ETF

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

the

second

and

first

quartiles,

respectively,

relative

the

Fund’s

Expense

Peers. The

Board

further

noted

that

the

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

Fund

decreases

below

certain

contractually

specified

levels.

The

Board

noted

that

International

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

first

and

second

quartiles,

respectively,

relative

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

Fund

class-by-class

basis.

The

Board

noted

that

each

Capital

Appreciation

V.I.

Fund’s

and

Large

Cap

Focus

Growth

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

second

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

the

second

and

third

quartiles,

respectively,

relative

each

Fund’s

Expense

Peers.

The

Board

also

noted

that

each

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

pertinent

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

pertinent

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

pertinent

Fund

class-by-class

basis.

The

Board

noted

that

the

Global

Allocation

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

the

second

and

third

quartiles,

respectively,

relative

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

Fund

class-by-class

basis.

The

Board

noted

that

Large

Cap

Value

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

the

first

quartile

relative

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

Fund

decreases

below

certain

contractually

specified

levels.

Additionally,

the

Board

noted

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

that

BlackRock

had

voluntarily

agreed

waive

portion

the

advisory

fee

payable

the

Fund.

Finally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

Fund

class-by-class

basis.

The

Board

reviewed

the

expenses

within

the

context

the

low

yield

environment

that

existed

for

portion

the

relative

periods,

and

any

consequent

expense

waivers

and

reimbursements

necessary

maintain

minimum

levels

daily

net

investment

income,

applicable.

The

Board

noted

that

Government

Money

Market

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

the

first

quartile

relative

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

size

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

the

size

the

Fund

decreases

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

each

Fund’s

total

expenses

percentage

the

Fund’s

average

daily

net

assets

class-by-class

basis.

Economies

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

which

any

economies

scale

might

benefit

each

Fund

variety

ways

the

assets

the

Fund

increase.

The

Board

considered

multiple

factors,

including

the

advisory

fee

rate

and

breakpoints,

unitary

fee

structure,

fee

waivers,

and/or

expense

caps,

applicable.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

Other

Factors

Deemed

Relevant

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

“fall-out”

benefits

that

BlackRock

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

BlackRock’s

ability

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

increase

BlackRock’s

profile

the

investment

advisory

community,

and

the

engagement

BlackRock’s

affiliates

service

providers

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

With

respect

securities

lending,

during

the

year

the

Board

also

considered

information

provided

independent

third-party

consultants

the

performance

each

BlackRock

affiliate

securities

lending

agent.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

soft

dollars

generated

certain

registered

fund

transactions

assist

managing

all

number

its

other

client

accounts.

connection

with

its

consideration

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

the

open-end

fund

marketplace,

and

that

shareholders

are

able

redeem

their

Fund

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

they

are

dissatisfied

with

the

performance

the

Fund.

Conclusion

the

May

Meeting,

continuation

the

discussions

that

occurred

during

the

April

Meeting,

and

culmination

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

(i)

the

Advisory

Agreement

between

the

Manager

and

the

Corporation,

behalf

each

Fund,

(ii)

the

BIL

Sub-Advisory

Agreements

between

the

Manager

and

BIL

with

respect

International

V.I.

Fund

and

Managed

Volatility

V.I.

Fund,

(iii)

the

BNA

Sub-Advisory

Agreement

between

the

Manager

and

BNA

with

respect

Managed

Volatility

V.I.

Fund

and

(iv)

BSL

Sub-Advisory

Agreements

between

the

Manager

and

BSL

with

respect

Managed

Volatility

V.I.

Fund

and

Global

Allocation

V.I.

Fund,

each

for

one-year

term

ending

June

30,

2025.

Based

upon

its

evaluation

all

the

aforementioned

factors

their

totality,

well

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

the

Agreements

were

fair

and

reasonable

and,

the

best

interest

each

Fund

and

its

shareholders.

arriving

its

decision

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

group

factors

all-important

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

the

various

factors

considered.

The

Independent

Board

Members

were

advised

independent

legal

counsel

throughout

the

deliberative

process.

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

2024

BlackRock

Semi-Annual

Financial

Statements

The

Board

Directors

(the

“Board,”

the

members

which

are

referred

“Board

Members”)

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

met

May

2024

(the

“May

Meeting”)

and

June

6-7,

2024

(the

“June

Meeting”)

consider

the

approval

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Company,

behalf

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”)

(together,

the

“Funds”

and

each,

“Fund,”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

(1)

the

Manager

and

BlackRock

International

Limited

(“BIL”),

with

respect

each

Fund

and

(2)

BlackRock

(Singapore)

Limited

(“BRS”

and

together

with

BIL,

the

“Sub-Advisors”),

with

respect

the

Total

Return

V.I.

Fund.

The

Manager

and

the

Sub-Advisors

are

referred

herein

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

herein

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Board

considers

the

approval

the

continuation

the

Agreements

for

each

Fund

annual

basis.

The

Board

members

who

are

not

“interested

persons”

the

Company,

defined

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

each

Fund,

including

through

the

review

written

materials

and

oral

presentations,

and

the

review

additional

information

provided

response

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

which

extended

over

two-day

period,

well

additional

hoc

meetings

and

executive

sessions

throughout

the

year,

needed.

The

committees

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

additional

one-day

meeting

consider

specific

information

regarding

the

renewal

the

Agreements.

considering

the

renewal

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

the

services

provided

each

Fund

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

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

independent

legal

counsel,

and

met

with

independent

legal

counsel

various

executive

sessions

outside

the

presence

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

its

annual

consideration

the

renewal

the

Agreements,

including

the

services

and

support

provided

BlackRock

each

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

the

Board

response

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,

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

applicable,

well

BlackRock

senior

management’s

and

portfolio

managers’

investment

performance

analyses,

and

the

reasons

for

any

outperformance

underperformance

relative

its

peers,

benchmarks,

and

other

performance

metrics,

applicable;

(b)

fees,

including

advisory,

administration,

applicable,

and

other

amounts

paid

BlackRock

and

its

affiliates

each

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

each

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

each

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

each

Fund’s

adherence

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

non-investment

management

services

provided

BlackRock

and

its

affiliates

and

the

estimated

cost

such

services,

applicable;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

the

proxy

voting

policies

approved

the

Board;

(i)

execution

quality

portfolio

transactions;

(j)

BlackRock’s

implementation

each

Fund’s

valuation

and

liquidity

procedures;

(k)

analysis

management

fees

paid

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,

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

compared

each

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

creates,

along

with

investment

professionals’

investments

the

fund(s)

they

manage;

and

(m)

periodic

updates

BlackRock’s

business.

Prior

and

preparation

for

the

May

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

the

renewal

the

Agreements.

The

Independent

Board

Members

continuously

engaged

process

with

their

independent

legal

counsel

and

BlackRock

review

the

nature

and

scope

the

information

provided

the

Board

better

assist

its

deliberations.

The

materials

provided

connection

with

the

May

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

either

Lipper

classification

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

compared

with

peer

group

funds

determined

Broadridge

(“Expense

Peers”)

and

the

investment

performance

each

Fund

compared

with

peer

group

funds

(“Performance

Peers”);

(b)

information

the

composition

the

Expense

Peers

and

Performance

Peers

and

description

Broadridge’s

methodology;

(c)

information

the

estimated

profits

realized

BlackRock

and

its

affiliates

pursuant

the

Agreements

and

discussion

fall-out

benefits

BlackRock

and

its

affiliates;

(d)

general

analysis

provided

BlackRock

concerning

investment

management

fees

received

connection

with

other

types

investment

products,

such

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

well

the

performance

such

other

products,

applicable;

(e)

review

non-management

fees;

(f)

the

existence,

impact

and

sharing

potential

economies

scale,

any,

with

each

Fund;

(g)

summary

aggregate

amounts

paid

each

Fund

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

the

Board

appropriate

regarding

BlackRock’s

and

each

Fund’s

operations.

the

May

Meeting,

the

Board

reviewed

materials

relating

its

consideration

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

these

questions

and

requests

with

additional

written

information

advance

the

June

Meeting,

and

such

responses

were

reviewed

the

Board

Members.

the

June

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a) the

nature,

extent

and

quality

the

services

provided

BlackRock;

(b) the

investment

performance

each

Fund

compared

its

Performance

Peers

and

other

metrics,

applicable;

advisory

fee

and

the

estimated

cost

the

services

and

estimated

profits

realized

BlackRock

and

its

affiliates

from

their

relationship

with

each

Fund;

(d) each

Fund’s

fees

and

expenses

compared

its

Expense

Peers;

(e)

the

existence

and

sharing

potential

economies

scale;

(f)

any

fall-out

benefits

BlackRock

and

its

affiliates

result

BlackRock’s

relationship

with

each

Fund;

and

(g) other

factors

deemed

relevant

the

Board

Members.

The

Board

also

considered

other

matters

deemed

important

the

approval

process,

such

other

payments

made

BlackRock

its

affiliates

relating

securities

lending

and

cash

management,

and

BlackRock’s

services

the

valuation

and

pricing

Fund

portfolio

holdings.

The

Board

noted

the

willingness

BlackRock’s

personnel

engage

open,

candid

discussions

with

the

Board.

The

Board

evaluated

the

information

available

fund-by-fund

basis.

The

following

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

paragraphs

provide

information

about

some

the

primary

factors

that

were

relevant

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

any

single

factor

determinative,

and

each

Board

Member

may

have

attributed

different

weights

the

various

items

and

factors

considered.

Nature,

Extent

and

Quality

the

Services

Provided

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

services

provided

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

each

Fund.

Throughout

the

year,

the

Board

compared

Fund

performance

the

performance

comparable

group

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

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

each

Fund’s

portfolio

management

team

discussing

each

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

BlackRock:

the

experience

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

portfolio

managers

the

funds

they

manage;

portfolio

trading

capabilities;

use

technology;

commitment

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

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

BlackRock

and

its

affiliates

address

cybersecurity

risks

and

the

role

BlackRock’s

Risk

Quantitative

Analysis

Group.

The

Board

engaged

review

BlackRock’s

compensation

structure

with

respect

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

attract

and

retain

high-quality

talent

and

create

performance

incentives.

addition

investment

advisory

services,

the

Board

considered

the

nature

and

quality

the

administrative

and

other

non-investment

advisory

services

provided

each

Fund.

BlackRock

and

its

affiliates

provide

each

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

any

such

services

provided

each

Fund

third

parties)

and

officers

and

other

personnel

are

necessary

for

the

operations

each

Fund.

particular,

BlackRock

and

its

affiliates

provide

each

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

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

assist

the

Board

its

consideration

strategic

issues

such

the

merger,

consolidation

repurposing

certain

open-end

funds;

and

(viii)

performing

managing

administrative

functions

necessary

for

the

operation

each

Fund,

such

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

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

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

the

Sub-Advisors

with

respect

each

Fund,

applicable,

facilitates

the

provision

investment

advice

and

trading

investment

personnel

out

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

the

portfolio

management

team,

which

may

benefit

each

Fund

and

its

shareholders.

The

Investment

Performance

each

Fund

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

each

Fund

throughout

the

year

and

the

May

Meeting.

preparation

for

the

May

Meeting,

the

Board

was

provided

with

reports

independently

prepared

Broadridge,

which

included

analysis

each

Fund’s

performance

December

31,

2023,

compared

its

Performance

Peers.

Broadridge

ranks

funds

quartiles,

ranging

from

first

fourth,

where

first

the

most

desirable

quartile

position

and

fourth

the

least

desirable.

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

each

Fund

compared

its

Performance

Peers

and

the

respective

Morningstar

open-end

fund

Category

appropriate

performance

metric

for

the

High

Yield

V.I.

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

noted

that

for

each

the

one-,

three-

and

five-year

periods

reported,

the

Total

Return

V.I.

Fund

ranked

the

third

quartile

against

its

Morningstar

Open-End

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Open-End

Category

appropriate

performance

metric

for

the

Total

Return

V.I.

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

the

Board.

The

Board

and

BlackRock

reviewed

the

Total

Return

V.I.

Fund’s

underperformance

relative

its

Morningstar

Open-End

Category

during

the

applicable

periods.

Consideration

the

Advisory/Management

Fees

and

the

Estimated

Cost

the

Services

and

Estimated

Profits

Realized

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

its

Expense

Peers.

The

contractual

management

fee

rate

represents

combination

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

well

its

actual

management

fee

rate,

those

its

Expense

Peers.

The

total

expense

ratio

represents

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

fund’s

total

net

operating

expenses,

including

any

12b-1

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

any

expense

reimbursements

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

any

management

fee

reimbursements

waivers.

The

Board

considered

that

the

fee

and

expense

information

the

Broadridge

report

for

each

Fund

reflected

information

for

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

period

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

BlackRock

and

its

affiliates

other

types

clients

with

similar

investment

mandates,

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

third

parties).

The

Board

received

and

reviewed

statements

relating

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

BlackRock

for

services

provided

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2023

compared

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

certain

other

U.S.

fund

complexes

managed

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

allocating

expenses

the

estimated

profitability

analysis,

noting

the

inherent

limitations

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

affected

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

the

Manager,

the

types

funds

managed,

precision

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

the

individual

fund

level

difficult.

The

Board

noted

that,

general,

individual

fund

product

line

profitability

other

advisors

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

general,

compared

that

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

technology

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

attract

and

retain

high

quality

investment

management

personnel

perform

its

obligations

under

the

Agreements

and

continue

provide

the

high

quality

services

that

expected

the

Board.

The

Board

further

considered

factors

including

but

not

limited

BlackRock’s

commitment

time

and

resources,

assumption

risk,

and

liability

profile

servicing

each

Fund,

including

contrast

what

required

BlackRock

with

respect

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,

applicable.

The

Board

noted

that

the

High

Yield

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

ranked

the

first

and

second

quartiles,

respectively,

relative

the

High

Yield

V.I.

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

High

Yield

V.I.

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

aggregate

assets

the

High

Yield

V.I.

Fund,

combined

with

the

assets

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

the

size

the

aggregate

assets

High

Yield

V.I.

Fund

and

the

Total

Return

V.I

Fund,

decrease

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

the

High

Yield

V.I.

Fund’s

total

expenses

percentage

the

High

Yield

V.I.

Fund’s

average

daily

net

assets

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

High

Yield

V.I.

Fund

class-by-class

basis.

The

Board

noted

that

the

Total

Return

V.I.

Fund’s

contractual

management

fee

rate

ranked

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

the

first

quartile

relative

the

Total

Return

V.I.

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Total

Return

V.I.

Fund

has

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

the

aggregate

assets

the

Total

Return

V.I.

Fund,

combined

with

the

assets

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

the

size

the

aggregate

assets

Total

Return

V.I.

Fund

and

the

High

Yield

V.I

Fund,

decrease

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

the

Total

Return

V.I.

Fund’s

total

expenses

percentage

the

Total

Return

V.I.

Fund’s

average

daily

net

assets

class-by-class

basis.

Additionally,

the

Board

noted

that

BlackRock

and

the

Board

have

contractually

agreed

cap

certain

operational

and

recordkeeping

fees

for

the

Total

Return

V.I.

Fund

class-by-class

basis.

Economies

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

which

any

economies

scale

might

benefit

each

Fund

variety

ways

the

assets

each

Fund

increase.

The

Board

considered

multiple

factors,

including

the

advisory

fee

rate

and

breakpoints,

unitary

fee

structure,

fee

waivers,

and/or

expense

caps,

applicable.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

Other

Factors

Deemed

Relevant

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

“fall-out”

benefits

that

BlackRock

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

each

Fund,

both

tangible

and

intangible,

such

BlackRock’s

ability

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

increase

BlackRock’s

profile

the

investment

advisory

community,

and

the

engagement

BlackRock’s

affiliates

service

providers

each

Fund,

including

for

administrative,

distribution,

securities

lending,

and

cash

management

services.

With

respect

securities

lending,

during

the

year

the

Board

also

considered

information

provided

independent

third-party

consultants

the

performance

each

BlackRock

affiliate

securities

lending

agent.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

soft

dollars

generated

certain

registered

fund

transactions

assist

managing

all

number

its

other

client

accounts.

connection

with

its

consideration

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

the

open-end

fund

marketplace,

and

that

shareholders

are

able

redeem

their

Fund

they

believe

that

each

Fund’s

fees

and

expenses

are

too

high

they

are

dissatisfied

with

the

performance

each

Fund.

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

Conclusion

the

June

Meeting,

continuation

the

discussions

that

occurred

during

the

May

Meeting,

and

culmination

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

the

Advisory

Agreement

between

the

Manager

and

the

Company,

behalf

each

Fund,

for

one-year

term

ending

June

30,

2025,

and

the

Sub-Advisory

Agreements

between

(1)

the

Manager

and

BIL,

with

respect

each

Fund,

and

(2)

the

Manager

and

BRS,

with

respect

the

Total

Return

V.I.

Fund,

for

one-year

term

ending

June

30,

2025.

Based

upon

its

evaluation

all

the

aforementioned

factors

their

totality,

well

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

the

Agreements

were

fair

and

reasonable

and

the

best

interest

each

Fund

and

its

shareholders.

arriving

its

decision

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

group

factors

all-important

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

the

various

factors

considered.

The

Independent

Board

Members

were

advised

independent

legal

counsel

throughout

the

deliberative

process.

Disclosure

Investment

Sub-Advisory

Agreement

2024

BlackRock

Semi-Annual

Financial

Statements

The

Board

Directors

(the

“Board,”

the

members

which

are

referred

“Board

Members”)

BlackRock

Variable

Series

Funds,

Inc.

(the

“Corporation”)

met

March

5-7,

2024

(the

“Meeting”)

consider

the

initial

approval

the

proposed

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Corporation’s

investment

advisor,

and

BlackRock

International

Limited

(the

“Sub-Advisor”)

with

respect

BlackRock

Global

Allocation

V.I.

Fund

(the

“Fund”),

series

the

Corporation.

Consistent

with

the

requirements

the

Investment

Company

Act

1940

(the

“1940

Act”),

the

Meeting,

the

Board

reviewed

materials

relating

its

consideration

the

Sub-Advisory

Agreement.

The

Board

Members

who

are

not

“interested

persons”

the

Corporation,

defined

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board

previously

met

May

23-24,

2023

(the

“May

2023

Meeting”)

consider

the

approval

the

continuation

the

Corporation’s

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Corporation

and

the

Manager,

behalf

the

Fund.

the

May

2023

Meeting,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

the

Advisory

Agreement

for

one-year

term

ending

June

30,

2024.

discussion

the

basis

for

the

Board’s

approval

the

Advisory

Agreement

the

May

2023

Meeting

included

the

semi-annual

shareholder

report

for

the

Fund

for

the

period

ended

June

30,

2023.

The

factors

considered

the

Board

the

Meeting

connection

with

the

approval

the

proposed

Sub-Advisory

Agreement

were

substantially

the

same

the

factors

considered

the

May

2023

Meeting

with

respect

approval

the

Advisory

Agreement.

Following

discussion,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

Sub-Advisory

Agreement

between

the

Manager

and

the

Sub-Advisor,

with

respect

the

Fund,

for

two-year

term

beginning

the

effective

date

the

Sub-Advisory

Agreement.

Based

upon

its

evaluation

all

the

aforementioned

factors

their

totality,

well

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

the

Sub-Advisory

Agreement

were

fair

and

reasonable

and

the

best

interest

the

Fund

and

its

shareholders.

arriving

its

decision

approve

the

Sub-Advisory

Agreement,

the

Board

did

not

identify

any

single

factor

group

factors

all-important

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

the

advice

independent

legal

counsel

making

this

determination.

Want

know

more?

blackrock.com

800-441-7762

This

report

only

for

distribution

shareholders

the

Funds

BlackRock

Variable

Series

Funds,

Inc.

and

BlackRock

Variable

Series

Funds

II,

Inc.

Past

performance

results

shown

this

report

should

not

considered

representation

future

performance.

Investment

return

and

principal

value

non-money

market

fund

will

fluctuate

that

shares,

when

redeemed,

may

worth

less

than

their

original

cost.

You

could

lose

money

investing

the

Funds.

Although

BlackRock

Government

Money

Market

V.I.

Fund

seeks

preserve

the

value

your

investment

$1.00

per

share,

cannot

guarantee

will

so.

investment

BlackRock

Government

Money

Market

V.I.

Fund

not

bank

account

and

not

insured

guaranteed

the

Federal

Deposit

Insurance

Corporation

any

other

government

agency.

BlackRock

Government

Money

Market

V.I.

Fund’s

sponsor

not

required

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

the

Fund

any

time,

including

during

periods

market

stress.

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Total

return

information

assumes

reinvestment

all

distributions.

Current

performance

may

higher

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

closely

reflects

the

current

earnings

the

Fund

than

the

total

returns

quoted.

Statements

and

other

information

herein

are

dated

and

are

subject

change.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable.

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable.

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable.

(a)(3) Section 302 Certifications are attached.

<<section302>>

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a)(5) 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, 2024

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, 2024

By: /s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Variable Series Funds II, Inc.

Date: August 14, 2024