N-CSRS 1 primary-document.htm
 
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: 811-03290
 
Name of Fund: BlackRock Variable Series Funds, Inc.
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 Index V.I. Fund
BlackRock International 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
BlackRock Small Cap Index 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, Inc., 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2023
 
Date of reporting period: 06/30/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
 
Not Applicable
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Variable
Series
Funds
II,
Inc.
Dear
Shareholder,
Despite
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
June
30,
2023,
the
resilience
of
the
U.S.
economy
in
the
face
of
ever
tighter
financial
conditions
provided
an
encouraging
backdrop
for
investors.
Inflation
remained
elevated
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
substantially
as
the
period
continued,
while
ongoing
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
were
strong,
as
continued
job
growth
eased
investors’
concerns
about
the
economy’s
durability.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
Most
major
classes
of
equities
advanced
significantly,
including
large-
and
small-capitalization
U.S.
stocks
and
international
equities
from
developed
markets.
Emerging
market
equities
also
gained,
although
at
a
substantially
slower
pace,
pressured
by
high
interest
rates
and
falling
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-
grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
its
June
2023
meeting,
which
made
it
the
first
meeting
without
a
rate
increase
since
the
tightening
cycle
began
in
early
2022.
Supply
constraints
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
exacerbate
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
most
recently
opted
for
a
pause,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
to
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
in
the
near-term
as
growth
trends
for
emerging
markets
appear
brighter.
We
also
believe
that
stocks
with
an
A.I.
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
We
are
neutral
on
credit
overall
amid
tightening
credit
and
financial
conditions,
however
there
are
selective
opportunities
in
the
near
term.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
U.S.
mortgage-backed
securities,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
June
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
16.89%
19.59%
U.S.
small
cap
equities
(Russell
2000
®
Index)
8.09
12.31
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
11.67
18.77
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.89
1.75
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.25
3.60
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.70
(3.97)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
2.09
(0.94)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.67
3.19
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
5.38
9.07
This
Page
is
not
Part
of
Your
Fund
Report
JUNE
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
Investment
Objective
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
provide
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
outperformed
its
blended
benchmark
(60%
MSCI
All
Country
World
Index
/
40%
Bloomberg
U.S.
Aggregate
Bond
Index).
What
factors
influenced
performance?
The
largest
positive
contributors
to
the
Fund’s
performance
relative
to
the
benchmark
for
the
reporting
period
included
the
Fund’s
exposure
to
U.S.
large-cap
stocks
and
U.S.
information
technology
stocks.
In
factor
terms,
holdings
of
high
quality
U.S.
stocks
proved
additive.
The
largest
detractor
from
performance
relative
to
the
benchmark
within
the
equity
allocation
was
the
Fund’s
allocation
to
momentum
factor
equities.
Within
the
fixed
income
allocation,
exposure
to
U.S.Treasury
bonds
weighed
on
relative
return.
Finally,
broad
emerging
market
exposure
detracted
from
performance
for
the
period.
Describe
recent
portfolio
activity.
As
the
period
opened,
the
portfolio
was
rebalanced
to
position
for
an
environment
in
which
inflation,
the
U.S.
dollar
and
long-term
Treasury
yields
may
have
peaked.
The
Fund
moved
to
slightly
overweight
equities
and
removed
inflation-oriented
hedges
that
contributed
positively
to
performance.
As
the
regional
bank
headlines
came
out
in
March
2023,
the
portfolio
was
again
rebalanced,
this
time
to
enhance
its
overall
quality
and
resilience
to
economic
stress.
In
this
vein,
the
Fund
reduced
exposure
to
both
stocks
and
credit
amid
unusually
elevated
uncertainty.
In
addition,
within
the
equity
allocation
the
Fund
tilted
into
growth-oriented
and
technology
stocks
with
healthy
balance
sheets
that
can
withstand
a
volatile
environment.
Throughout
the
period
the
portfolio
maintained
an
overweight
to
duration
and
corresponding
interest
rate
sensitivity
as
ballast
in
the
event
of
recession.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund
was
positioned
defensively
with
a
preference
for
quality
factor
U.S.
equities
and
U.S.
technology
stocks.
The
Fund
was
slightly
overweight
duration
and
held
a
neutral
weighting
to
equities
relative
to
the
benchmark.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
Since
Inception
(b)
Class
I
(c)(d)
..................................................................
9.32‌%
9.69‌%
6.65‌%
5.59‌%
Class
III
(c)(d)
.................................................................
9.22‌
9.44‌
6.38‌
5.33‌
60%
MSCI
All
Country
World
Index
/
40%
Bloomberg
U.S.
Aggregate
Bond
Index
(e)
.............
9.11‌
9.44‌
5.45‌
5.29‌
MSCI
All
Country
World
Index
(f)
..................................................
13.93‌
16.53‌
8.10‌
7.61‌
Bloomberg
U.S.
Aggregate
Bond
Index
(g)
...........................................
2.09‌
(0.94‌)
0.77‌
1.31‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
The
Fund
commenced
operations
on
April
30,
2014.
(c)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
The
Fund’s
total
returns
prior
to
May
1,
2019
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
BlackRock
iShares
®
Dynamic
Allocation
V.I.
Fund.
(d)
The
Fund,
which
is
a
fund
of
funds,
invests
in
a
portfolio
of
underlying
exchange-traded
funds
that
seek
to
track
equity
and
fixed-income
indices.
(e)
A
customized
weighted
index
comprised
of
60%
MSCI
All
Country
World
Index
and
40%
Bloomberg
U.S.
Aggregate
Bond
Index.
(f)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
(g)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,093.20‌
$
0.99‌
$
1,000.00‌
$
1,023.85‌
$
0.95‌
0.19‌%
Class
III
..................................
1,000.00‌
1,092.20‌
2.28‌
1,000.00‌
1,022.61‌
2.21‌
0.44‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
–%
–%
Asset
Type
 Percent
of
Affiliated
Investment
Companies
–%
–%
Equity
Funds
....................................
48.8‌
%
Fixed-Income
Funds
...............................
30.5‌
Short-Term
Securities
..............................
20.7‌
–%
–‌
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Value
Investment
Companies
(a)
Equity
Funds
—
61.5%
iShares
Core
MSCI
Emerging
Markets
ETF
(b)
.
392,603
$
19,351,402
iShares
Core
S&P
500
ETF
.............
235,306
104,878,237
iShares
ESG
Aware
MSCI
USA
ETF
(b)
......
141,198
13,761,157
iShares
MSCI
EAFE
Growth
ETF
(b)
........
333,875
31,855,014
iShares
MSCI
EAFE
Value
ETF
(b)
.........
448,545
21,951,792
iShares
MSCI
USA
Min
Vol
Factor
ETF
.....
127,896
9,506,510
iShares
MSCI
USA
Quality
Factor
ETF
(b)
....
278,282
37,531,893
iShares
U.S.
Infrastructure
ETF
(b)
.........
110,769
4,328,853
iShares
U.S.
Technology
ETF
(b)
..........
152,751
16,630,001
259,794,859
Fixed-Income
Funds
—
38.3%
iShares
10-20
Year
Treasury
Bond
ETF
(b)
....
73,934
8,189,669
iShares
Core
Total
USD
Bond
Market
ETF
(b)
..
1,905,869
86,659,864
iShares
Fallen
Angels
USD
Bond
ETF
(b)
.....
181,241
4,598,084
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(b)
......................
53,454
4,625,909
iShares
MBS
ETF
...................
310,804
28,987,135
iShares
U.S.
Treasury
Bond
ETF
(b)
........
1,260,842
28,873,282
161,933,943
Total
Long-Term
Investments
—
99.8%
(Cost:
$408,727,772)
..............................
421,728,802
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
26.1%
(a)(c)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
.....................
1,196,401
$
1,196,401
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(d
)
........................
109,072,621
109,083,528
Total
Short-Term
Securities
—
26.1%
(Cost:
$110,279,244)
..............................
110,279,929
Total
Investments
—
125.9%
(Cost:
$519,007,016)
..............................
532,008,731
Liabilities
in
Excess
of
Other
Assets
—
(25.9)
%
............
(109,321,297)
Net
Assets
—
100.0%
...............................
$
422,687,434
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
848,962
$
347,439
(a)
$
—
$
—
$
—
$
1,196,401
1,196,401
$
18,832
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
14,522,958
94,548,272
(a)
—
11,612
686
109,083,528
109,072,621
145,268
(b)
—
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
(c)
.....
11,051,463
85,408
(11,276,403)
282,204
(142,672)
—
—
49,964
—
iShares
10-20
Year
Treasury
Bond
ETF
..................
8,777,725
2,682,265
(3,529,489)
(850,294)
1,109,462
8,189,669
73,934
138,345
—
iShares
Convertible
Bond
ETF
(c)
.
3,767,497
—
(3,860,623)
(45,511)
138,637
—
—
—
—
iShares
Core
MSCI
Emerging
Markets
ETF
............
—
22,064,991
(2,398,946)
(146,349)
(168,294)
19,351,402
392,603
187,061
—
iShares
Core
S&P
500
ETF
....
89,563,193
4,447,660
(3,425,208)
881,256
13,411,336
104,878,237
235,306
689,732
—
iShares
Core
S&P
Small-Cap
ETF
(c)
................
6,080,809
53,311
(6,029,875)
(313,993)
209,748
—
—
—
—
iShares
Core
Total
USD
Bond
Market
ETF
............
81,250,963
11,391,902
(6,917,181)
(949,204)
1,883,384
86,659,864
1,905,869
1,203,734
—
iShares
ESG
Aware
MSCI
USA
ETF
..................
43,368,270
835,706
(32,951,502)
495,269
2,013,414
13,761,157
141,198
106,214
—
iShares
Fallen
Angels
USD
Bond
ETF
..................
4,286,594
256,961
(80,631)
531
134,629
4,598,084
181,241
98,051
—
iShares
GSCI
Commodity
Dynamic
Roll
Strategy
ETF
(c)
.
3,382,293
—
(3,311,800)
(858,544)
788,051
—
—
—
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
—
11,914,301
(7,106,847)
(179,570)
(1,975)
4,625,909
53,454
147,492
—
iShares
MBS
ETF
..........
22,385,584
7,193,977
(589,441)
40,428
(43,413)
28,987,135
310,804
384,226
—
iShares
MSCI
EAFE
Growth
ETF
18,759,978
10,283,994
(523,562)
40,314
3,294,290
31,855,014
333,875
302,521
—
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
6
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
MSCI
EAFE
Value
ETF
.
$
26,536,441
$
1,405,175
$
(7,386,516)
$
(359,562)
$
1,756,254
$
21,951,792
448,545
$
572,348
$
—
iShares
MSCI
Emerging
Markets
Min
Vol
Factor
ETF
(c)
......
16,666,400
—
(17,063,802)
(597,826)
995,228
—
—
—
—
iShares
MSCI
USA
Min
Vol
Factor
ETF
..................
7,221,752
2,235,176
(197,093)
(6,737)
253,412
9,506,510
127,896
75,235
—
iShares
MSCI
USA
Momentum
Factor
ETF
(c)
............
7,602,807
71,056
(7,015,738)
(262,036)
(396,089)
—
—
—
—
iShares
MSCI
USA
Quality
Factor
ETF
..................
—
33,478,924
(320,880)
2,220
4,371,629
37,531,893
278,282
205,160
—
iShares
U.S.
Infrastructure
ETF
.
3,903,063
197,004
(81,006)
(227)
310,019
4,328,853
110,769
36,892
—
iShares
U.S.
Technology
ETF
..
8,986,474
3,115,560
(238,953)
29,097
4,737,823
16,630,001
152,751
25,347
—
iShares
U.S.
Treasury
Bond
ETF
13,365,472
29,812,752
(13,920,010)
(397,990)
13,058
28,873,282
1,260,842
177,720
—
$
(3,184,912)
$
34,668,617
$
532,008,731
$
4,564,142
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
421,728,802
$
—
$
—
$
421,728,802
Short-Term
Securities
Money
Market
Funds
......................................
1,196,401
—
—
1,196,401
$
422,925,203
$
—
$
—
$
422,925,203
Investments
valued
at
NAV
(a)
......................................
109,083,528
$
—
$
532,008,731
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
7
Financial
Statements
See
notes
to
financial
statements.
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
.........................................................................................
$
532,008,731‌
Receivables:
–‌
Securities
lending
income
—
affiliated
......................................................................................
29,928‌
Capital
shares
sold
...................................................................................................
581,657‌
Dividends
—
affiliated
.................................................................................................
4,034‌
Prepaid
expenses
.....................................................................................................
1,737‌
Total
assets
.........................................................................................................
532,626,087‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
109,111,918‌
Payables:
–‌
Investments
purchased
................................................................................................
389,466‌
Capital
shares
redeemed
...............................................................................................
36,053‌
Distribution
fees
.....................................................................................................
12,727‌
Investment
advisory
fees
..............................................................................................
51,169‌
Printing
and
postage
fees
..............................................................................................
63,778‌
Professional
fees
....................................................................................................
53,642‌
Transfer
agent
fees
..................................................................................................
184,473‌
Other
accrued
expenses
...............................................................................................
35,427‌
Total
liabilities
........................................................................................................
109,938,653‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
422,687,434‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
410,797,498‌
Accumulated
earnings
..................................................................................................
11,889,936‌
NET
ASSETS
........................................................................................................
$
422,687,434‌
(a)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
519,007,016‌
(b)
  Securities
loaned,
at
value
—
affiliated
.....................................................................................
$
107,762,504‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
8
See
notes
to
financial
statements.
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
356,306,903‌
Shares
outstanding
..................................................................................................
27,872,175‌
Net
asset
value
.....................................................................................................
$
12.78‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
66,380,531‌
Shares
outstanding
..................................................................................................
5,234,326‌
Net
asset
value
.....................................................................................................
$
12.68‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
9
Financial
Statements
See
notes
to
financial
statements.
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
4,418,874‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
145,268‌
Total
investment
income
.................................................................................................
4,564,142‌
EXPENSES
Transfer
agent
—
class
specific
..........................................................................................
378,785‌
Investment
advisory
..................................................................................................
295,631‌
Distribution
—
class
specific
............................................................................................
74,446‌
Accounting
services
..................................................................................................
32,408‌
Professional
.......................................................................................................
16,901‌
Printing
and
postage
.................................................................................................
11,252‌
Custodian
.........................................................................................................
6,786‌
Directors
and
Officer
.................................................................................................
4,602‌
Transfer
agent
......................................................................................................
1,614‌
Miscellaneous
......................................................................................................
2,585‌
Total
expenses
.......................................................................................................
825,010‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(3,973‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(372,124‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
448,913‌
Net
investment
income
..................................................................................................
4,115,229‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
31,483,705‌
Net
realized
loss
from
investments
-
affiliated
.................................................................................
(3,184,912‌)
Net
change
in
unrealized
appreciation
on
investments
-
affiliated
....................................................................
34,668,617‌
Net
realized
and
unrealized
gain
...........................................................................................
31,483,705‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
35,598,934‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
4,115,229
‌
$
8,424,740
‌
Net
realized
loss
..................................................................................
(3,184,912
)
(2,392,260
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
34,668,617
‌
(65,606,720
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
35,598,934
‌
(59,574,240
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(7,056,187
)
  Class
III
.......................................................................................
—
‌
(1,071,502
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(8,127,689
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
10,129,287
‌
61,587,775
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
45,728,221
‌
(6,114,154
)
Beginning
of
period
..................................................................................
376,959,213
‌
383,073,367
‌
End
of
period
......................................................................................
$
422,687,434
‌
$
376,959,213
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
11
Financial
Highlights
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
(a)
Year
Ended
12/31/18
(a)
Net
asset
value,
beginning
of
period
.................
$
11.69
‌
$
14.03
‌
$
13.72
‌
$
12.17
‌
$
10.32
‌
$
11.13
‌
Net
investment
income
(b)
.........................
0.13
‌
0.29
‌
0.31
‌
0.22
‌
0.28
‌
0.33
‌
Net
realized
and
unrealized
gain
(loss)
................
0.96
‌
(2.37
)
1.33
‌
1.57
‌
1.93
‌
(0.88
)
Net
increase
(decrease)
from
investment
operations
........
1.09
‌
(2.08
)
1.64
‌
1.79
‌
2.21
‌
(0.55
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
—
‌
(0.26
)
(0.28
)
(0.21
)
(0.24
)
(0.11
)
From
net
realized
gain
...........................
—
‌
(0.00
)
(d)
(1.05
)
(0.03
)
(0.12
)
(0.15
)
Total
distributions
...............................
—
‌
(0.26
)
(1.33
)
(0.24
)
(0.36
)
(0.26
)
Net
asset
value,
end
of
period
......................
$
12.78
‌
$
11.69
‌
$
14.03
‌
$
13.72
‌
$
12.17
‌
$
10.32
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
9.32
%
(f)
(14.82
)%
11.99
%
14.67
%
21.41
%
(4.94
)%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.................................
0.38
%
(h)
0.41
%
0.46
%
0.53
%
0.57
%
1.00
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.19
%
(h)
0.19
%
0.19
%
0.19
%
0.19
%
0.37
%
(i)
Net
investment
income
...........................
2.12
%
(h)
2.32
%
2.10
%
1.78
%
2.45
%
3.01
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
356,307
‌
$
322,847
‌
$
338,569
‌
$
243,296
‌
$
173,351
‌
$
117,502
‌
Portfolio
turnover
rate
.............................
32
%
57
%
62
%
89
%
61
%
54
%
(a)
Consolidated
Financial
Highlights.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.76%
and
0.37%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
(a)
Year
Ended
12/31/18
(a)
Net
asset
value,
beginning
of
period
.................
$
11.61
‌
$
13.94
‌
$
13.65
‌
$
12.12
‌
$
10.28
‌
$
11.09
‌
Net
investment
income
(b)
.........................
0.11
‌
0.26
‌
0.30
‌
0.19
‌
0.28
‌
0.20
‌
Net
realized
and
unrealized
gain
(loss)
................
0.96
‌
(2.36
)
1.30
‌
1.55
‌
1.90
‌
(0.77
)
Net
increase
(decrease)
from
investment
operations
........
1.07
‌
(2.10
)
1.60
‌
1.74
‌
2.18
‌
(0.57
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
......................
—
‌
(0.23
)
(0.26
)
(0.18
)
(0.22
)
(0.09
)
From
net
realized
gain
...........................
—
‌
(0.00
)
(d)
(1.05
)
(0.03
)
(0.12
)
(0.15
)
Total
distributions
...............................
—
‌
(0.23
)
(1.31
)
(0.21
)
(0.34
)
(0.24
)
Net
asset
value,
end
of
period
......................
$
12.68
‌
$
11.61
‌
$
13.94
‌
$
13.65
‌
$
12.12
‌
$
10.28
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
9.22
%
(f)
(15.04
)%
11.70
%
14.35
%
21.22
%
(5.18
)%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.................................
0.62
%
(h)
0.63
%
0.71
%
0.77
%
0.86
%
1.38
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.44
%
(h)
0.44
%
0.44
%
0.44
%
0.44
%
0.72
%
(i)
Net
investment
income
...........................
1.90
%
(h)
2.14
%
2.05
%
1.56
%
2.38
%
1.83
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
66,381
‌
$
54,112
‌
$
44,504
‌
$
20,623
‌
$
11,094
‌
$
4,181
‌
Portfolio
turnover
rate
.............................
32
%
57
%
62
%
89
%
61
%
54
%
(a)
Consolidated
Financial
Highlights.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.14%
and
0.72%,
respectively.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
13
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Exchange-traded
funds
(“ETFs”)
and
closed-end
funds traded
on
a
recognized
securities
exchange
are
valued at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
ETFs
and
closed-end
funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price. 
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
affiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Barclays
Capital,
Inc.
..............................
$
885,361‌
$
(885,361‌)
$
—‌
$
—‌
BNP
Paribas
SA
.................................
1,564,070‌
(1,564,070‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................
28,030,748‌
(28,030,748‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................
25,924‌
(25,924‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
..........................
60,400,302‌
(60,400,302‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
16,296,218‌
(16,296,218‌)
—‌
—‌
UBS
Securities
LLC
...............................
559,881‌
(559,881‌)
—‌
—‌
$
107,762,504‌
$
(107,762,504‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
15
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual rate
of 
0.25
%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
class
specific
distribution
fees
borne
directly
by Class III were
$74,446.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$311.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund's
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days'
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
and/
or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$3,662
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.150%
$1
billion
-
$3
billion
.....................................................................................................
0.140
$3
billion
-
$5
billion
.....................................................................................................
0.135
Greater
than
$5
billion
...................................................................................................
0.130
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
325,251‌
$
53,534‌
$
378,785‌
Class
I
Class
III
Expense
Limitations
..................................................................................
0.19‌%
0.44‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements were as
follows: 
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold, the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses. 
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $31,719
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
6.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $141,526,125
and
$128,225,509,
respectively.
7.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
319,603‌
Class
III
......................................................................................................
52,521‌
$
372,124‌
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
As
of
December
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$2,010,091. 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
8.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
9.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
............................
$
519,532,274‌
$
23,668,433‌
$
(11,191,976‌)
$
12,476,457‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
11.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
Class
I
Shares
sold
.............................................
1,453,759‌
$
17,888,654‌
4,903,380‌
$
61,270,743‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
600,959‌
7,056,187‌
Shares
redeemed
.........................................
(1,201,404‌)
(14,751,126‌)
(2,017,741‌)
(25,003,940‌)
252,355‌
$
3,137,528‌
3,486,598‌
$
43,322,990‌
Class
III
Shares
sold
.............................................
940,907‌
$
11,454,145‌
2,688,971‌
$
33,357,837‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
91,884‌
1,071,502‌
Shares
redeemed
.........................................
(367,319‌)
(4,462,386‌)
(1,312,403‌)
(16,164,554‌)
573,588‌
$
6,991,759‌
1,468,452‌
$
18,264,785‌
825,943‌
$
10,129,287‌
4,955,050‌
$
61,587,775‌
Glossary
of
Terms
Used
in
this
Report
19
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
EAFE
Europe,
Australasia
and
Far
East
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
MBS
Mortgage-Backed
Securities
MSCI
Morgan
Stanley
Capital
International
S&P
Standard
&
Poor's
Currency
Abbreviation
USD
United
States
Dollar
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Investment
Objective
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
high
total
investment
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
underperformed
its
benchmark,
the
Russell
1000
®
Index.
What
factors
influenced
performance?
Equity
markets
continued
to
be
marked
by
heightened
volatility,
but
saw
strong
gains
during
the
first
half
of
2023.
Equities
saw
a
strong
start
to
the
year,
supported
by
economic
growth,
falling
inflation,
and
China's
reopening.
However,
increasing
volatility
emerged
as
stubbornly
high
core
inflation
and
hawkish
rhetoric
from
policymakers
led
to
market
contractions
and
rising
bond
yields
in
February
2023.
Financial
system
vulnerabilities
were
exposed
in
March
2023
by
the
failure
of
SVB
Financial's
Silicon
Valley
Bank,
resulting
in
a
sell-off
across
financials
that
raised
recession
expectations.
Despite
these
concerns,
growth
stocks
outperformed
value
stocks,
as
market
leadership
moved
toward
large-cap
tech
stocks,
supported
by
falling
bond
yields.
Later,
equities
officially
entered
a
bull
market,
recovering
more
than
20%
from
October
2022's
lows,
despite
the
ongoing
monetary
tightening
cycle
having
an
impact
on
global
economic
momentum.
Concentration
in
longer-duration
growth
names
in
information
technology
("IT")
initially
prevailed,
later
broadening
to
include
cyclicals.
Although
central
banks
maintained
a
cautious
approach,
the
markets
exhibited
resilience
and
potential
for
further
growth.
Sentiment
and
macro-related
insights
detracted
from
relative
performance
during
the
period.
In
particular,
positioning
around
healthcare
stocks
proved
wrongfooted
in
light
of
merger
and
acquisition
activity
and
regulatory
outcomes
concerning
clinical
trials
during
the
period.
Text-based
measures
gathering
sentiment
from
conference
calls
and
analyst
reports
struggled
among
life
sciences
and
pharmaceutical
companies.
Further,
sentiment
measures
looking
at
bond
market
data
incorrectly
positioned
the
portfolio
within
industrials.
Macro-related
insights
struggled
to
capture
evolving
market
dynamics.
An
insight
capturing
investor
interest
at
the
industry
level
drove
an
unsuccessful
overweight
to
insurance
stocks
that
undermined
the
Fund's
performance.
Despite
the
Fund's
underperformance,
certain
fundamental
insights
provided
ballast.
Traditional
valuation
measures
worked
well.
In
particular,
insights
looking
at
company
cash
flows
and
revenues
motivated
a
successful
underweight
to
banks
that
contributed
to
performance
in
the
wake
of
the
banking
crisis.
Elsewhere,
although
macro-thematic
insights
broadly
struggled
during
the
period,
an
insight
looking
at
news
sentiment
at
the
industry
level
motivated
an
overweight
to
IT
stocks
that
also
worked
amid
the
artificial
intelligence
(“AI”)-fueled
market
rally.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
drivers
of
return
during
the
period.
However,
there
were
several
new
stock
selection
insights
added
to
the
Fund.
The
Fund
built
upon
its
existing
alternative
data
capabilities
with
enhanced
data
sets
to
capture
informed
investor
positioning
as
well
as
news
flow.
Additionally,
the
Fund
developed
a
new
bank
quality
insight
to
better
identify
firms
with
less
exposure
to
uninsured
deposits
and
commercial
real
estate
amid
the
emerging
industry
crisis
in
March
2023.
Finally,
in
light
of
the
emergent
AI
theme
in
the
market,
the
Fund
developed
a
new
insight
aiming
to
identify
companies
likely
to
benefit
from
this
trend.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
Russell
1000
®
Index,
the
Fund's
positioning
remained
largely
sector-neutral.
The
Fund
had
slight
overweight
positions
in
the
industrials
and
consumer
staples
sectors,
while
maintaining
slight
underweight
positions
in
financials
and
utilities
stocks.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)(c)
.................................................................
15.53‌%
17.89‌%
10.89‌%
12.20‌%
Class
II
(b)(c)
................................................................
15.49‌
17.68‌
10.70‌
12.01‌
Class
III
(b)(c)
................................................................
15.38‌
17.57‌
10.59‌
11.90‌
Russell
1000
®
Index
(d)
........................................................
16.68‌
19.36‌
11.92‌
12.64‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
large
cap
equity
securities
and
derivatives
that
have
similar
economic
characteristics
to
such
securities.
The
Fund’s
total
returns
prior
to
June
12,
2017
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
“BlackRock
Large
Cap
Core
V.I.
Fund”.
(d)
An
index
that
measures
the
performance
of
the
large-cap
segment
of
the
U.S.
equity
universe.
It
is
a
subset
of
the
Russell
3000
®
Index
and
includes
approximately
1,000
of
the
largest
securities
based
on
a
combination
of
their
market
capitalization
and
current
index
membership.
The
index
represents
approximately
93%
of
the
U.S.
market.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,155.30‌
$
3.53‌
$
1,000.00‌
$
1,021.52‌
$
3.31‌
0.66‌%
Class
II
..................................
1,000.00‌
1,154.90‌
4.43‌
1,000.00‌
1,020.68‌
4.16‌
0.83‌
Class
III
..................................
1,000.00‌
1,153.80‌
4.86‌
1,000.00‌
1,020.28‌
4.56‌
0.91‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
27.8‌
%
Health
Care
.....................................
14.1‌
Financials
.......................................
12.0‌
Consumer
Discretionary
.............................
11.8‌
Industrials
.......................................
10.5‌
Communication
Services
.............................
7.8‌
Consumer
Staples
.................................
6.5‌
Energy
.........................................
3.1‌
Real
Estate
......................................
2.3‌
Materials
.......................................
1.6‌
Utilities
.........................................
1.
4‌
Short-Term
Securities
...............................
3.4‌
Liabilities
in
Excess
of
Other
Assets
.....................
(2.3‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.3%
Axon
Enterprise,
Inc.
(a)
...............
713
$
139,120
General
Dynamics
Corp.
..............
3,206
689,771
Lockheed
Martin
Corp.
...............
3,210
1,477,820
Textron,
Inc.
......................
644
43,554
2,350,265
Automobile
Components
—
0.1%
Lear
Corp.
.......................
1,660
238,293
Automobiles
—
2.1%
General
Motors
Co.
.................
31,579
1,217,686
Tesla,
Inc.
(a)
.......................
9,543
2,498,071
3,715,757
Banks
—
1.8%
Bank
of
America
Corp.
...............
60,630
1,739,475
Citigroup,
Inc.
.....................
17,577
809,245
JPMorgan
Chase
&
Co.
..............
1,373
199,689
KeyCorp
.........................
10,796
99,755
NU
Holdings
Ltd.,
Class
A
(a)
............
2,741
21,626
US
Bancorp
......................
8,195
270,763
Wells
Fargo
&
Co.
..................
1,173
50,064
3,190,617
Beverages
—
1.7%
PepsiCo,
Inc.
.....................
15,756
2,918,326
Biotechnology
—
3.5%
AbbVie,
Inc.
......................
3,471
467,648
Amgen,
Inc.
......................
9,152
2,031,927
Exelixis,
Inc.
(a)
.....................
12,349
235,989
Gilead
Sciences,
Inc.
................
4,253
327,779
Horizon
Therapeutics
plc
(a)
............
938
96,473
Incyte
Corp.
(a)
.....................
21,488
1,337,628
Neurocrine
Biosciences,
Inc.
(a)
..........
4,873
459,524
Regeneron
Pharmaceuticals,
Inc.
(a)
.......
971
697,702
Seagen,
Inc.
(a)
.....................
367
70,633
Ultragenyx
Pharmaceutical,
Inc.
(a)
........
7,575
349,435
6,074,738
Broadline
Retail
—
4.3%
Amazon.com,
Inc.
(a)
.................
46,240
6,027,847
eBay,
Inc.
........................
31,732
1,418,103
Etsy,
Inc.
(a)
.......................
1,253
106,016
7,551,966
Building
Products
—
0.7%
Allegion
plc
.......................
7,687
922,594
Trane
Technologies
plc
...............
1,307
249,977
1,172,571
Capital
Markets
—
1.4%
Bank
of
New
York
Mellon
Corp.
(The)
.....
3,626
161,430
Intercontinental
Exchange,
Inc.
.........
2,966
335,395
Moody's
Corp.
.....................
238
82,757
Nasdaq,
Inc.
......................
30,874
1,539,069
S&P
Global,
Inc.
...................
837
335,545
2,454,196
Chemicals
—
1.5%
Ecolab,
Inc.
......................
11,456
2,138,721
FMC
Corp.
.......................
1,597
166,631
LyondellBasell
Industries
NV,
Class
A
.....
3,487
320,211
Westlake
Corp.
....................
287
34,288
2,659,851
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
......................
1,600
$
795,328
Construction
&
Engineering
—
1.1%
AECOM
.........................
20,196
1,710,399
EMCOR
Group,
Inc.
.................
1,049
193,834
1,904,233
Construction
Materials
—
0.0%
Vulcan
Materials
Co.
................
315
71,014
Consumer
Finance
—
0.8%
American
Express
Co.
...............
8,274
1,441,331
Consumer
Staples
Distribution
&
Retail
—
1.7%
Target
Corp.
......................
1,732
228,451
Walmart,
Inc.
......................
17,814
2,800,004
3,028,455
Electric
Utilities
—
0.8%
IDACORP,
Inc.
(b)
...................
604
61,971
PPL
Corp.
.......................
48,094
1,272,567
1,334,538
Electrical
Equipment
—
0.7%
AMETEK,
Inc.
.....................
3,229
522,711
Eaton
Corp.
plc
....................
3,823
768,805
1,291,516
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Flex
Ltd.
(a)
........................
16,944
468,332
Energy
Equipment
&
Services
—
0.1%
Halliburton
Co.
....................
4,683
154,492
Entertainment
—
0.3%
Activision
Blizzard,
Inc.
(a)
..............
1,310
110,433
Electronic
Arts,
Inc.
.................
276
35,797
Netflix,
Inc.
(a)
......................
215
94,705
ROBLOX
Corp.,
Class
A
(a)
.............
2,848
114,775
Spotify
Technology
SA
(a)
..............
275
44,151
Warner
Bros
Discovery,
Inc.
(a)
..........
3,700
46,398
446,259
Financial
Services
—
4.1%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
2,203
751,223
Block,
Inc.,
Class
A
(a)
................
6,355
423,052
Mastercard,
Inc.,
Class
A
..............
5,556
2,185,175
PayPal
Holdings,
Inc.
(a)
...............
16,302
1,087,832
Visa,
Inc.,
Class
A
..................
11,562
2,745,744
7,193,026
Food
Products
—
1.1%
Hershey
Co.
(The)
..................
7,479
1,867,506
JM
Smucker
Co.
(The)
...............
283
41,791
1,909,297
Ground
Transportation
—
0.2%
CSX
Corp.
.......................
519
17,698
Lyft,
Inc.,
Class
A
(a)
..................
2,259
21,664
Norfolk
Southern
Corp.
...............
1,306
296,148
Ryder
System,
Inc.
..................
205
17,382
Uber
Technologies,
Inc.
(a)
.............
1,241
53,574
406,466
Health
Care
Equipment
&
Supplies
—
2.7%
Abbott
Laboratories
.................
4,908
535,070
Becton
Dickinson
&
Co.
..............
732
193,255
Boston
Scientific
Corp.
(a)
..............
41,542
2,247,007
Hologic,
Inc.
(a)
.....................
455
36,841
IDEXX
Laboratories,
Inc.
(a)
.............
339
170,256
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
ResMed,
Inc.
.....................
447
$
97,670
Stryker
Corp.
.....................
4,625
1,411,041
4,691,140
Health
Care
Providers
&
Services
—
3.5%
Cigna
Group
(The)
..................
2,485
697,291
CVS
Health
Corp.
..................
30,301
2,094,708
Elevance
Health,
Inc.
................
3,872
1,720,291
UnitedHealth
Group,
Inc.
..............
3,494
1,679,356
6,191,646
Health
Care
Technology
—
0.1%
Teladoc
Health,
Inc.
(a)
................
9,256
234,362
Hotels,
Restaurants
&
Leisure
—
1.5%
Boyd
Gaming
Corp.
.................
5,641
391,316
Caesars
Entertainment,
Inc.
(a)
..........
7,171
365,506
Darden
Restaurants,
Inc.
(b)
............
1,000
167,080
Domino's
Pizza,
Inc.
.................
290
97,727
McDonald's
Corp.
..................
317
94,596
MGM
Resorts
International
............
4,394
192,985
Starbucks
Corp.
....................
2,117
209,710
Travel
+
Leisure
Co.
.................
22,147
893,410
Wingstop,
Inc.
.....................
165
33,026
Yum!
Brands,
Inc.
..................
1,642
227,499
2,672,855
Household
Durables
—
0.4%
Taylor
Morrison
Home
Corp.
(a)
..........
919
44,820
Toll
Brothers,
Inc.
...................
3,336
263,778
TopBuild
Corp.
(a)
...................
554
147,375
Whirlpool
Corp.
....................
1,412
210,091
666,064
Household
Products
—
2.0%
Kimberly-Clark
Corp.
................
10,675
1,473,790
Procter
&
Gamble
Co.
(The)
...........
12,697
1,926,643
3,400,433
Industrial
Conglomerates
—
1.0%
Honeywell
International,
Inc.
...........
8,129
1,686,768
Industrial
REITs
—
0.1%
Prologis,
Inc.
......................
923
113,187
Insurance
—
3.8%
Allstate
Corp.
(The)
.................
7,734
843,315
American
Financial
Group,
Inc.
.........
298
35,388
Everest
Re
Group
Ltd.
...............
307
104,951
Marsh
&
McLennan
Cos.,
Inc.
..........
11,793
2,218,028
MetLife,
Inc.
(b)
.....................
38,402
2,170,865
Travelers
Cos.,
Inc.
(The)
.............
7,090
1,231,249
WR
Berkley
Corp.
..................
599
35,676
6,639,472
Interactive
Media
&
Services
—
6.2%
(a)
Alphabet,
Inc.,
Class
A
...............
39,797
4,763,701
Alphabet,
Inc.,
Class
C
...............
21,736
2,629,404
Meta
Platforms,
Inc.,
Class
A
...........
11,542
3,312,323
Snap,
Inc.,
Class
A
..................
15,950
188,848
10,894,276
IT
Services
—
0.0%
Okta,
Inc.,
Class
A
(a)
.................
1,163
80,654
Life
Sciences
Tools
&
Services
—
1.7%
Agilent
Technologies,
Inc.
.............
12,291
1,477,993
Danaher
Corp.
....................
5,984
1,436,160
2,914,153
Security
Shares
Shares
Value
Machinery
—
3.6%
Cummins,
Inc.
.....................
3,335
$
817,609
Deere
&
Co.
(b)
.....................
4,230
1,713,954
Illinois
Tool
Works,
Inc.
...............
4,475
1,119,466
Oshkosh
Corp.
....................
182
15,759
Snap-on,
Inc.
.....................
3,722
1,072,643
Timken
Co.
(The)
...................
3,261
298,479
Xylem,
Inc.
.......................
11,624
1,309,095
6,347,005
Media
—
1.3%
Comcast
Corp.,
Class
A
..............
21,717
902,341
Fox
Corp.,
Class
A
(b)
.................
38,308
1,302,472
Fox
Corp.,
Class
B
..................
746
23,790
2,228,603
Metals
&
Mining
—
0.1%
Steel
Dynamics,
Inc.
.................
1,276
138,995
Multi-Utilities
—
0.7%
DTE
Energy
Co.
...................
10,885
1,197,568
Oil,
Gas
&
Consumable
Fuels
—
3.0%
Cheniere
Energy,
Inc.
................
935
142,457
Chevron
Corp.
.....................
17,438
2,743,869
ConocoPhillips
....................
10,335
1,070,809
EOG
Resources,
Inc.
................
4,227
483,738
Exxon
Mobil
Corp.
..................
706
75,718
Phillips
66
........................
3,010
287,094
Targa
Resources
Corp.
...............
2,010
152,961
Valero
Energy
Corp.
.................
2,993
351,079
5,307,725
Pharmaceuticals
—
2.6%
Bristol-Myers
Squibb
Co.
..............
36,361
2,325,286
Eli
Lilly
&
Co.
.....................
2,453
1,150,408
Johnson
&
Johnson
.................
5,525
914,498
Pfizer,
Inc.
.......................
1,998
73,287
4,463,479
Professional
Services
—
0.2%
ExlService
Holdings,
Inc.
(a)
............
247
37,312
Insperity,
Inc.
......................
1,951
232,091
269,403
Residential
REITs
—
0.6%
Equity
Residential
..................
16,328
1,077,158
Retail
REITs
—
0.9%
Brixmor
Property
Group,
Inc.
...........
879
19,338
Simon
Property
Group,
Inc.
............
12,700
1,466,596
1,485,934
Semiconductors
&
Semiconductor
Equipment
—
6.7%
Applied
Materials,
Inc.
...............
16,597
2,398,931
Intel
Corp.
.......................
37,926
1,268,246
Lam
Research
Corp.
................
69
44,357
Lattice
Semiconductor
Corp.
(a)
..........
3,970
381,398
MaxLinear,
Inc.
(a)
...................
8,119
256,236
Microchip
Technology,
Inc.
.............
1,675
150,063
Micron
Technology,
Inc.
...............
7,300
460,703
NVIDIA
Corp.
.....................
14,414
6,097,410
NXP
Semiconductors
NV
.............
659
134,884
QUALCOMM,
Inc.
..................
4,184
498,063
11,690,291
Software
—
12.0%
Adobe,
Inc.
(a)
......................
2,847
1,392,155
Autodesk,
Inc.
(a)
....................
2,066
422,724
Box,
Inc.,
Class
A
(a)
.................
1,744
51,239
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Software
(continued)
Cadence
Design
Systems,
Inc.
(a)
........
369
$
86,538
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
249
36,571
Dropbox,
Inc.,
Class
A
(a)
..............
22,845
609,276
Fortinet,
Inc.
(a)
.....................
7,900
597,161
Intuit,
Inc.
........................
949
434,822
Manhattan
Associates,
Inc.
(a)
...........
7,869
1,572,856
Microsoft
Corp.
....................
36,845
12,547,196
Palo
Alto
Networks,
Inc.
(a)
.............
573
146,407
RingCentral,
Inc.,
Class
A
(a)
............
5,201
170,229
Salesforce,
Inc.
(a)
...................
5,719
1,208,196
ServiceNow,
Inc.
(a)
..................
548
307,960
Splunk,
Inc.
(a)
.....................
2,744
291,111
Synopsys,
Inc.
(a)
...................
283
123,221
Teradata
Corp.
(a)
...................
7,840
418,734
VMware,
Inc.,
Class
A
(a)
..............
905
130,039
Zoom
Video
Communications,
Inc.,
Class
A
(a)
4,719
320,326
20,866,761
Specialized
REITs
—
0.8%
SBA
Communications
Corp.
...........
5,766
1,336,328
Specialty
Retail
—
2.5%
AutoNation,
Inc.
(a)
...................
2,977
490,044
Best
Buy
Co.,
Inc.
..................
2,306
188,977
Chewy,
Inc.,
Class
A
(a)
...............
803
31,694
Dick's
Sporting
Goods,
Inc.
(b)
...........
553
73,101
Five
Below,
Inc.
(a)(b)
..................
2,522
495,674
Home
Depot,
Inc.
(The)
..............
4,489
1,394,463
Penske
Automotive
Group,
Inc.
(b)
........
1,330
221,618
TJX
Cos.,
Inc.
(The)
.................
16,560
1,404,122
4,299,693
Technology
Hardware,
Storage
&
Peripherals
—
8.8%
Apple,
Inc.
.......................
67,775
13,146,316
Dell
Technologies,
Inc.,
Class
C
.........
6,772
366,433
Hewlett
Packard
Enterprise
Co.
.........
102,846
1,727,813
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
HP,
Inc.
.........................
6,318
$
194,026
15,434,588
Textiles,
Apparel
&
Luxury
Goods
—
0.8%
Crocs,
Inc.
(a)
......................
1,371
154,155
Lululemon
Athletica,
Inc.
(a)
.............
2,775
1,050,338
NIKE,
Inc.,
Class
B
.................
1,665
183,766
1,388,259
Trading
Companies
&
Distributors
—
1.2%
Herc
Holdings,
Inc.
..................
853
116,733
WW
Grainger,
Inc.
(b)
.................
2,447
1,929,680
2,046,413
Total
Long-Term
Investments
—
98.9%
(Cost:
$156,937,301)
.............................
172,534,080
Short-Term
Securities
Money
Market
Funds
—
3.4%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
1,957,959
1,957,959
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(e)
.......................
3,938,235
3,938,628
Total
Short-Term
Securities
—
3.4%
(Cost:
$5,896,355)
..............................
5,896,587
Total
Investments
—
102.3%
(Cost:
$162,833,656
)
.............................
178,430,667
Liabilities
in
Excess
of
Other
Assets
—
(2.3)%
............
(3,944,991)
Net
Assets
—
100.0%
..............................
$
174,485,676
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,988,821
$
—
$
(30,862)
(a)
$
—
$
—
$
1,957,959
1,957,959
$
41,943
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
852,127
3,085,157
(a)
—
1,197
147
3,938,628
3,938,235
5,583
(b)
—
$
1,197
$
147
$
5,896,587
$
47,526
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
8
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Schedule
of
Investments
9
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
10
09/15/23
$
2,244
$
31,285
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
31,285
$
—
$
—
$
—
$
31,285
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
108,328
$
—
$
—
$
—
$
108,328
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
85,744
$
—
$
—
$
—
$
85,744
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,053,057
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
10
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
172,534,080
$
—
$
—
$
172,534,080
Short-Term
Securities
Money
Market
Funds
......................................
1,957,959
—
—
1,957,959
$
174,492,039
$
—
$
—
$
174,492,039
Investments
valued
at
NAV
(a)
......................................
3,938,628
$
—
$
178,430,667
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
31,285
$
—
$
—
$
31,285
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
11
Financial
Statements
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
172,534,080‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
5,896,587‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
91,000‌
Receivables:
–‌
Investments
sold
....................................................................................................
1,736,837‌
Securities
lending
income
—
affiliated
......................................................................................
391‌
Capital
shares
sold
...................................................................................................
3,955‌
Dividends
—
unaffiliated
...............................................................................................
109,145‌
Dividends
—
affiliated
.................................................................................................
6,602‌
Variation
margin
on
futures
contracts
.......................................................................................
21,688‌
Prepaid
expenses
.....................................................................................................
2,588‌
Total
assets
.........................................................................................................
180,402,873‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
3,953,050‌
Payables:
–‌
Investments
purchased
................................................................................................
1,604,249‌
Capital
shares
redeemed
...............................................................................................
52,232‌
Distribution
fees
.....................................................................................................
4,686‌
Investment
advisory
fees
..............................................................................................
70,038‌
Professional
fees
....................................................................................................
35,386‌
Transfer
agent
fees
..................................................................................................
111,015‌
Other
accrued
expenses
...............................................................................................
86,541‌
Total
liabilities
........................................................................................................
5,917,197‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
174,485,676‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
167,209,409‌
Accumulated
earnings
..................................................................................................
7,276,267‌
NET
ASSETS
........................................................................................................
$
174,485,676‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
156,937,301‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
3,877,443‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
5,896,355‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
154,422,082‌
Shares
outstanding
..................................................................................................
8,111,524‌
Net
asset
value
.....................................................................................................
$
19.04‌
Shares
authorized
...................................................................................................
200
million
Par
value
.........................................................................................................
$
0.10‌
Class
II
Net
assets
.........................................................................................................
$
4,025,813‌
Shares
outstanding
..................................................................................................
210,898‌
Net
asset
value
.....................................................................................................
$
19.09‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
16,037,781‌
Shares
outstanding
..................................................................................................
785,669‌
Net
asset
value
.....................................................................................................
$
20.41‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
13
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
1,227,328‌
Dividends
—
affiliated
.................................................................................................
41,943‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
5,583‌
Foreign
taxes
withheld
................................................................................................
(100‌)
Total
investment
income
.................................................................................................
1,274,754‌
EXPENSES
Investment
advisory
..................................................................................................
415,310‌
Transfer
agent
—
class
specific
..........................................................................................
147,562‌
Professional
.......................................................................................................
35,576‌
Accounting
services
..................................................................................................
27,982‌
Distribution
—
class
specific
............................................................................................
21,793‌
Custodian
.........................................................................................................
18,410‌
Directors
and
Officer
.................................................................................................
3,877‌
Transfer
agent
......................................................................................................
2,482‌
Miscellaneous
......................................................................................................
1,897‌
Total
expenses
.......................................................................................................
674,889‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(679‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(105,586‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
568,624‌
Net
investment
income
..................................................................................................
706,130‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
23,487,506‌
Net
realized
gain
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
597,117‌
Investments
—
affiliated
.............................................................................................
1,197‌
Futures
contracts
..................................................................................................
108,328‌
A
706,642‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
22,694,973‌
Investments
—
affiliated
.............................................................................................
147‌
Futures
contracts
..................................................................................................
85,744‌
A
22,780,864‌
Net
realized
and
unrealized
gain
...........................................................................................
23,487,506‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
24,193,636‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
706,130
‌
$
1,764,189
‌
Net
realized
gain
(loss)
..............................................................................
706,642
‌
(9,755,698
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
22,780,864
‌
(35,893,013
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
24,193,636
‌
(43,884,522
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(4,014,177
)
  Class
II
.......................................................................................
—
‌
(90,421
)
  Class
III
.......................................................................................
—
‌
(319,351
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(4,423,949
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(11,930,620
)
(13,609,944
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
12,263,016
‌
(61,918,415
)
Beginning
of
period
..................................................................................
162,222,660
‌
224,141,075
‌
End
of
period
......................................................................................
$
174,485,676
‌
$
162,222,660
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...............
$
16.48
‌
$
21.17
‌
$
29.89
‌
$
27.48
‌
$
22.80
‌
$
28.45
‌
Net
investment
income
(a)
.......................
0.08
‌
0.18
‌
0.25
‌
0.31
‌
0.38
‌
0.42
(b)
Net
realized
and
unrealized
gain
(loss)
..............
2.48
‌
(4.42
)
7.78
‌
5.04
‌
6.20
‌
(1.90
)
Net
increase
(decrease)
from
investment
operations
......
2.56
‌
(4.24
)
8.03
‌
5.35
‌
6.58
‌
(1.48
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
—
‌
(0.17
)
(0.51
)
(0.33
)
(0.39
)
(0.44
)
From
net
realized
gain
.........................
—
‌
(0.28
)
(16.24
)
(2.61
)
(1.51
)
(3.73
)
Total
distributions
.............................
—
‌
(0.45
)
(16.75
)
(2.94
)
(1.90
)
(4.17
)
Net
asset
value,
end
of
period
....................
$
19.04
‌
$
16.48
‌
$
21.17
‌
$
29.89
‌
$
27.48
‌
$
22.80
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
........................
15.53
%
(e)
(19.99
)%
28.44
%
19.80
%
28.92
%
(5.22
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.80
%
(g)
0.80
%
0.71
%
0.71
%
0.72
%
0.74
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.66
%
(g)
0.65
%
0.56
%
0.56
%
0.57
%
0.58
%
Net
investment
income
.........................
0.88
%
(g)
0.99
%
0.76
%
1.12
%
1.43
%
1.45
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
154,422
‌
$
144,437
‌
$
203,609
‌
$
177,977
‌
$
169,743
‌
$
152,717
‌
Portfolio
turnover
rate
...........................
59
%
117
%
116
%
(h)
121
%
129
%
149
%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.02
per
share
and
0.06%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Class
II
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...............
$
16.53
‌
$
21.24
‌
$
29.95
‌
$
27.51
‌
$
22.83
‌
$
28.47
‌
Net
investment
income
(a)
.......................
0.06
‌
0.15
‌
0.19
‌
0.26
‌
0.34
‌
0.37
(b)
Net
realized
and
unrealized
gain
(loss)
..............
2.50
‌
(4.44
)
7.79
‌
5.06
‌
6.19
‌
(1.89
)
Net
increase
(decrease)
from
investment
operations
......
2.56
‌
(4.29
)
7.98
‌
5.32
‌
6.53
‌
(1.52
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
—
‌
(0.14
)
(0.45
)
(0.27
)
(0.34
)
(0.39
)
From
net
realized
gain
.........................
—
‌
(0.28
)
(16.24
)
(2.61
)
(1.51
)
(3.73
)
Total
distributions
.............................
—
‌
(0.42
)
(16.69
)
(2.88
)
(1.85
)
(4.12
)
Net
asset
value,
end
of
period
....................
$
19.09
‌
$
16.53
‌
$
21.24
‌
$
29.95
‌
$
27.51
‌
$
22.83
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
........................
15.49
%
(e)
(20.17
)%
28.20
%
19.66
%
28.67
%
(5.37
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.95
%
(g)
0.95
%
0.86
%
0.86
%
0.87
%
0.89
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.83
%
(g)
0.82
%
0.73
%
0.73
%
0.74
%
0.75
%
Net
investment
income
.........................
0.71
%
(g)
0.82
%
0.59
%
0.96
%
1.26
%
1.28
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
4,026
‌
$
3,464
‌
$
4,570
‌
$
3,771
‌
$
4,986
‌
$
4,390
‌
Portfolio
turnover
rate
...........................
59
%
117
%
116
%
(h)
121
%
129
%
149
%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.02
per
share
and
0.06%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...............
$
17.69
‌
$
22.68
‌
$
29.58
‌
$
27.22
‌
$
22.60
‌
$
28.23
‌
Net
investment
income
(a)
.......................
0.06
‌
0.15
‌
0.15
‌
0.23
‌
0.30
‌
0.34
(b)
Net
realized
and
unrealized
gain
(loss)
..............
2.66
‌
(4.73
)
7.73
‌
4.99
‌
6.14
‌
(1.89
)
Net
increase
(decrease)
from
investment
operations
......
2.72
‌
(4.58
)
7.88
‌
5.22
‌
6.44
‌
(1.55
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
—
‌
(0.13
)
(0.02
)
(0.25
)
(0.31
)
(0.35
)
From
net
realized
gain
.........................
—
‌
(0.28
)
(14.76
)
(2.61
)
(1.51
)
(3.73
)
Total
distributions
.............................
—
‌
(0.41
)
(14.78
)
(2.86
)
(1.82
)
(4.08
)
Net
asset
value,
end
of
period
....................
$
20.41
‌
$
17.69
‌
$
22.68
‌
$
29.58
‌
$
27.22
‌
$
22.60
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
........................
15.38
%
(e)
(20.16
)%
28.06
%
19.50
%
28.56
%
(5.51
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.92
%
(g)
0.87
%
0.95
%
0.96
%
0.97
%
0.99
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.91
%
(g)
0.86
%
0.83
%
0.84
%
0.85
%
0.86
%
Net
investment
income
.........................
0.63
%
(g)
0.79
%
0.46
%
0.83
%
1.15
%
1.17
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
16,038
‌
$
14,322
‌
$
15,962
‌
$
310,785
‌
$
309,530
‌
$
278,913
‌
Portfolio
turnover
rate
...........................
59
%
117
%
116
%
(h)
121
%
129
%
149
%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.02
per
share
and
0.06%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I,
Class
II
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
II
and
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the New
York
Stock
Exchange ("NYSE").
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter
(“OTC”).
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Citigroup
Global
Markets,
Inc.
........................
$
185,991‌
$
(185,991‌)
$
—‌
$
—‌
Goldman
Sachs
&
Co.
LLC
..........................
357,200‌
(357,200‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
989,140‌
(989,140‌)
—‌
—‌
Morgan
Stanley
..................................
2,345,112‌
(2,345,112‌)
—‌
—‌
$
3,877,443‌
$
(3,877,443‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$250
million
.......................................................................................................
0.500%
$250
million
-
$300
million
.................................................................................................
0.450
$300
million
-
$400
million
.................................................................................................
0.425
Greater
than
$400
million
.................................................................................................
0.400
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual
rate
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
following
table
shows
the
class
specific
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$679.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
reimbursements
were
as
follows: 
Share
Class
Distribution
Fees
Class
II
...............................................................................................................
0.15‌%
Class
III
...............................................................................................................
0.25‌
Share
Class
Distribution
Fees
Class
II
.........................................................................................................
$
2,800‌
Class
III
.........................................................................................................
18,993‌
$
21,793‌
Class
I
Class
II
Class
III
Total
Transfer
agent
fees
-
class
specific
.......................................................
$
139,376‌
$
3,580‌
$
4,606‌
$
147,562‌
Class
I
................................................................................................................
0.05‌%
Class
II
...............................................................................................................
0.07‌
Class
III
...............................................................................................................
0.08‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
102,576‌
Class
II
......................................................................................................
2,274‌
Class
III
......................................................................................................
736‌
$
105,586‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the six
months
ended
June
30,
2023,
there
were
no
investment
advisory
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $1,194
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $97,367,164
and
$108,460,113,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Class
I
Class
II
Class
III
Expense
Limitations
.................................................................
1.25‌%
1.40‌%
1.50‌%
Purchases
...............................................................................................................
$
7,217,343‌
Sales
...................................................................................................................
10,356,759‌
Net
Realized
Loss
..........................................................................................................
(201,127‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
December
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$9,639,634. 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
............................
$
163,139,439‌
$
20,992,010‌
$
(5,669,497‌)
$
15,322,513‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
Class
I
Shares
sold
.............................................
68,869‌
$
1,210,646‌
256,851‌
$
4,795,090‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
245,316‌
4,014,177‌
Shares
redeemed
.........................................
(723,832‌)
(12,715,798‌)
(1,354,455‌)
(24,591,663‌)
(654,963‌)
$
(11,505,152‌)
(852,288‌)
$
(15,782,396‌)
Class
II
Shares
sold
.............................................
22,792‌
$
396,999‌
60,218‌
$
1,089,936‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
5,515‌
90,421‌
Shares
redeemed
.........................................
(21,370‌)
(378,382‌)
(71,451‌)
(1,260,392‌)
1,422‌
$
18,617‌
(5,718‌)
$
(80,035‌)
Class
III
Shares
sold
.............................................
154,531‌
$
2,923,267‌
326,039‌
$
6,522,777‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
18,213‌
319,351‌
Shares
redeemed
.........................................
(178,547‌)
(3,367,352‌)
(238,262‌)
(4,589,641‌)
(24,016‌)
$
(444,085‌)
105,990‌
$
2,252,487‌
(677,557‌)
$
(11,930,620‌)
(752,016‌)
$
(13,609,944‌)
Glossary
of
Terms
Used
in
this
Report
25
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Investment
Objective
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
long-term
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
outperformed
its
benchmark,
the
Russell
1000
®
Value
Index.
What
factors
influenced
performance?
Equity
markets
continued
to
be
marked
by
heightened
volatility,
but
they
saw
strong
gains
during
the
first
half
of
2023.
Equities
saw
a
strong
start
to
the
year,
supported
by
economic
growth,
falling
inflation,
and
China's
reopening.
However,
increasing
volatility
emerged
as
stubbornly
high
core
inflation
and
hawkish
rhetoric
from
policymakers
led
to
market
contractions
and
rising
bond
yields
in
February.
Financial
system
vulnerabilities
were
exposed
in
March
2023
by
the
failure
of
SVB
Financial's
Silicon
Valley
Bank,
resulting
in
a
sell-off
across
financials
that
raised
recession
expectations.
Despite
these
concerns,
growth
stocks
outperformed
value
stocks,
as
market
leadership
moved
toward
large-cap
tech
stocks,
supported
by
falling
bond
yields.
Later,
equities
officially
entered
a
bull
market,
recovering
more
than
20%
from
October
2022's
lows,
despite
the
ongoing
monetary
tightening
cycle
having
an
impact
on
global
economic
momentum.
Concentration
in
longer-duration
growth
names
in
information
technology
("IT")
initially
prevailed,
later
broadening
to
include
cyclicals.
Although
central
banks
maintained
a
cautious
approach,
the
markets
exhibited
resilience
and
potential
for
further
growth.
Value-related
fundamental
insights
were
the
primary
contributors
to
relative
performance
during
the
reporting
period.
In
particular,
insights
looking
at
company
cash
flows
and
revenues
motivated
a
successful
underweight
to
banks
that
contributed
to
performance
in
the
wake
of
the
banking
crisis.
Elsewhere,
sentiment
insights
worked
well
in
the
second
half
of
the
period.
Evaluating
companies
based
on
online
search
activity
and
mobile
app
usage
had
a
positive
impact
on
performance.
Lastly,
although
macro-
thematic
insights
broadly
struggled
during
the
period,
an
insight
looking
at
news
sentiment
at
the
industry
level
motivated
an
overweight
to
IT
stocks
that
also
worked
amid
the
artificial
intelligence
(“AI”)-fueled
market
rally.
Sentiment
and
macro-related
insights
detracted
from
relative
performance
during
the
period.
In
particular,
positioning
around
healthcare
stocks
proved
wrongfooted
in
light
of
merger
and
acquisition
activity
and
regulatory
outcomes
concerning
clinical
trials
during
the
period.
Moreover,
human
capital
insights
favoring
companies
with
a
higher
number
of
employee
benefits
and
those
with
better
levels
of
employee
satisfaction
motivated
unsuccessful
stock
selection
in
the
sector.
Further,
macro-related
insights
notably
detracted
in
the
later
months
of
the
period,
as
they
struggled
to
capture
evolving
market
dynamics.
An
insight
looking
at
supply
chain
dynamics
at
the
industry
level
incorrectly
drove
an
overweight
to
healthcare
stocks
and
struggling
industrial
stocks.
Additionally,
capturing
investor
interest
at
the
industry
level
drove
an
unsuccessful
overweight
to
life
sciences
stocks
that
undermined
the
Fund's
performance.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
drivers
of
return
during
the
reporting
period.
However,
there
were
several
new
stock
selection
insights
added
to
the
Fund.
The
Fund
built
upon
its
existing
alternative
data
capabilities
with
enhanced
data
sets
to
capture
informed
investor
positioning
as
well
as
news
flow.
Additionally,
the
Fund
developed
a
new
bank
quality
insight
to
better
identify
firms
with
less
exposure
to
uninsured
deposits
and
commercial
real
estate
amid
the
emerging
industry
crisis
in
March
2023.
Finally,
in
light
of
the
emergent
AI
theme
in
the
market,
the
Fund
developed
a
new
insight
aiming
to
identify
companies
likely
to
benefit
from
this
trend.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
Russell
1000
®
Value
Index,
the
Fund's
positioning
remained
largely
sector-neutral.
The
Fund
had
slight
overweight
positions
in
the
consumer
discretionary
and
healthcare
sectors,
while
maintaining
slight
underweight
positions
in
financials
and
materials
stocks.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)
(c)
.................................................................
5.22‌%
11.87‌%
7.90‌%
9.55‌%
Class
III
(b)
(c)
................................................................
5.26‌
11.57‌
7.66‌
9.23‌
Russell
1000
®
Value
Index
(d)
....................................................
5.12‌
11.54‌
8.11‌
9.22‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
large
cap
equity
securities
of
U.S.
issuers
and
derivatives
that
have
similar
economic
characteristics
to
such
securities.
The
Fund’s
total
returns
prior
to
June
12,
2017
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
under
the
name
“BlackRock
Large
Cap
Value
V.I.
Fund”.
(d)
An
index
that
measures
the
performance
of
the
large-cap
value
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
1000
®
companies
with
lower
price-to-book
ratios
and
lower
expected
growth
values.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,052.20‌
$
3.05‌
$
1,000.00‌
$
1,021.82‌
$
3.01‌
0.60‌%
Class
III
..................................
1,000.00‌
1,052.60‌
4.33‌
1,000.00‌
1,020.58‌
4.26‌
0.85‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Financials
.......................................
19.1‌
%
Health
Care
.....................................
16.6‌
Industrials
.......................................
14.0‌
Information
Technology
..............................
9.9‌
Consumer
Staples
.................................
8.
9‌
Energy
.........................................
7.0‌
Consumer
Discretionary
.............................
6.2‌
Real
Estate
......................................
4.7‌
Communication
Services
.............................
4.5‌
Utilities
.........................................
4.1‌
Materials
.......................................
3.8‌
Short-Term
Securities
...............................
3.0‌
Liabilities
in
Excess
of
Other
Assets
.....................
(1.8‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.0%
General
Dynamics
Corp.
..............
3,054
$
657,068
Lockheed
Martin
Corp.
...............
1,544
710,827
Northrop
Grumman
Corp.
.............
77
35,097
Textron,
Inc.
......................
7,067
477,941
1,880,933
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.
......................
40
9,916
Automobiles
—
1.5%
Ford
Motor
Co.
....................
15,155
229,295
General
Motors
Co.
.................
31,904
1,230,218
1,459,513
Banks
—
5.1%
Bank
of
America
Corp.
...............
40,479
1,161,343
Citigroup,
Inc.
.....................
22,401
1,031,342
JPMorgan
Chase
&
Co.
..............
7,801
1,134,577
KeyCorp
.........................
50,438
466,047
Truist
Financial
Corp.
................
2,200
66,770
US
Bancorp
(a)
.....................
13,803
456,051
Wells
Fargo
&
Co.
..................
11,941
509,642
4,825,772
Beverages
—
1.9%
Coca-Cola
Co.
(The)
................
5,397
325,007
Keurig
Dr
Pepper,
Inc.
...............
4,921
153,880
PepsiCo,
Inc.
.....................
7,244
1,341,734
1,820,621
Biotechnology
—
3.3%
ACELYRIN,
Inc.
(b)
...................
1,563
32,667
Amgen,
Inc.
......................
5,006
1,111,432
Exelixis,
Inc.
(b)
.....................
7,229
138,146
Gilead
Sciences,
Inc.
................
6,350
489,395
Horizon
Therapeutics
plc
(b)
............
78
8,022
Incyte
Corp.
(b)
.....................
11,486
715,003
Neurocrine
Biosciences,
Inc.
(b)
..........
1,793
169,080
Regeneron
Pharmaceuticals,
Inc.
(b)
.......
567
407,412
Ultragenyx
Pharmaceutical,
Inc.
(b)
........
666
30,723
3,101,880
Broadline
Retail
—
1.6%
Amazon.com,
Inc.
(b)
.................
4,196
546,990
eBay,
Inc.
........................
20,782
928,748
Savers
Value
Village,
Inc.
(b)
............
1,589
37,659
1,513,397
Building
Products
—
1.1%
Allegion
plc
.......................
3,480
417,670
AO
Smith
Corp.
(a)
...................
2,959
215,356
Johnson
Controls
International
plc
.......
1,672
113,930
Trane
Technologies
plc
...............
1,647
315,005
1,061,961
Capital
Markets
—
3.2%
Bank
of
New
York
Mellon
Corp.
(The)
.....
18,472
822,373
Intercontinental
Exchange,
Inc.
.........
5,206
588,695
Invesco
Ltd.
......................
6,794
114,207
Moody's
Corp.
.....................
253
87,973
Nasdaq,
Inc.
......................
20,373
1,015,594
S&P
Global,
Inc.
...................
913
366,013
2,994,855
Chemicals
—
2.8%
DuPont
de
Nemours,
Inc.
.............
554
39,578
Ecolab,
Inc.
......................
6,172
1,152,251
Security
Shares
Shares
Value
Chemicals
(continued)
FMC
Corp.
.......................
1,386
$
144,615
Huntsman
Corp.
...................
3,644
98,461
LyondellBasell
Industries
NV,
Class
A
.....
7,708
707,825
Westlake
Corp.
....................
4,378
523,040
2,665,770
Commercial
Services
&
Supplies
—
0.8%
Cintas
Corp.
......................
1,581
785,883
Rollins,
Inc.
.......................
383
16,404
802,287
Communications
Equipment
—
0.5%
Cisco
Systems,
Inc.
.................
860
44,496
Juniper
Networks,
Inc.
...............
14,359
449,868
494,364
Construction
&
Engineering
—
1.2%
AECOM
.........................
12,554
1,063,198
EMCOR
Group,
Inc.
.................
577
106,618
1,169,816
Construction
Materials
—
0.2%
Vulcan
Materials
Co.
................
1,025
231,076
Consumer
Finance
—
1.2%
American
Express
Co.
...............
5,206
906,885
Synchrony
Financial
.................
6,744
228,757
1,135,642
Consumer
Staples
Distribution
&
Retail
—
2.5%
Target
Corp.
......................
1,704
224,758
Walmart,
Inc.
......................
13,496
2,121,301
2,346,059
Containers
&
Packaging
—
0.1%
AptarGroup,
Inc.
...................
567
65,693
Diversified
Telecommunication
Services
—
0.4%
AT&T,
Inc.
........................
26,364
420,506
Electric
Utilities
—
2.2%
Entergy
Corp.
.....................
308
29,990
Evergy,
Inc.
.......................
10,519
614,520
Exelon
Corp.
......................
613
24,973
IDACORP,
Inc.
(a)
...................
509
52,223
Portland
General
Electric
Co.
(a)
..........
1,412
66,124
PPL
Corp.
.......................
41,806
1,106,187
Xcel
Energy,
Inc.
...................
3,657
227,356
2,121,373
Electrical
Equipment
—
1.1%
AMETEK,
Inc.
.....................
3,503
567,066
Eaton
Corp.
plc
....................
2,334
469,367
1,036,433
Electronic
Equipment,
Instruments
&
Components
—
0.8%
Flex
Ltd.
(b)
........................
15,574
430,465
TD
SYNNEX
Corp.
(a)
................
3,471
326,274
756,739
Energy
Equipment
&
Services
—
0.2%
Halliburton
Co.
....................
4,808
158,616
Entertainment
—
0.5%
Activision
Blizzard,
Inc.
(b)
..............
1,848
155,786
Electronic
Arts,
Inc.
.................
2,065
267,831
Warner
Bros
Discovery,
Inc.
(b)
..........
3,079
38,611
462,228
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Financial
Services
—
4.3%
Berkshire
Hathaway,
Inc.,
Class
B
(b)
......
5,807
$
1,980,187
Block,
Inc.,
Class
A
(b)
................
4,748
316,074
Fidelity
National
Information
Services,
Inc.
..
4,151
227,060
Global
Payments,
Inc.
...............
619
60,984
Mastercard,
Inc.,
Class
A
..............
976
383,861
PayPal
Holdings,
Inc.
(b)
...............
7,822
521,962
StoneCo
Ltd.,
Class
A
(b)
..............
2,827
36,016
Visa,
Inc.,
Class
A
(a)
.................
2,401
570,189
4,096,333
Food
Products
—
2.1%
Archer-Daniels-Midland
Co.
............
7,163
541,236
General
Mills,
Inc.
..................
2,379
182,469
Hershey
Co.
(The)
..................
3,791
946,613
JM
Smucker
Co.
(The)
...............
1,455
214,860
Kellogg
Co.
.......................
1,298
87,485
1,972,663
Gas
Utilities
—
0.1%
New
Jersey
Resources
Corp.
...........
409
19,305
ONE
Gas,
Inc.
.....................
610
46,854
66,159
Ground
Transportation
—
0.4%
Norfolk
Southern
Corp.
...............
1,635
370,753
Ryder
System,
Inc.
..................
245
20,773
391,526
Health
Care
Equipment
&
Supplies
—
4.1%
Abbott
Laboratories
.................
6,860
747,877
Becton
Dickinson
&
Co.
..............
2,211
583,726
Boston
Scientific
Corp.
(b)
..............
26,418
1,428,950
Hologic,
Inc.
(b)
.....................
658
53,278
Medtronic
plc
.....................
2,229
196,375
Stryker
Corp.
.....................
2,839
866,151
3,876,357
Health
Care
Providers
&
Services
—
3.7%
Cardinal
Health,
Inc.
.................
273
25,818
Cigna
Group
(The)
..................
3,166
888,380
CVS
Health
Corp.
..................
20,854
1,441,637
Elevance
Health,
Inc.
................
2,522
1,120,499
3,476,334
Health
Care
REITs
—
0.0%
Ventas,
Inc.
......................
762
36,020
Health
Care
Technology
—
0.2%
Teladoc
Health,
Inc.
(a)(b)
...............
6,256
158,402
Hotel
&
Resort
REITs
—
0.2%
Apple
Hospitality
REIT,
Inc.
............
608
9,187
Park
Hotels
&
Resorts,
Inc.
(a)
...........
10,874
139,405
148,592
Hotels,
Restaurants
&
Leisure
—
1.2%
Boyd
Gaming
Corp.
(a)
................
4,294
297,875
Caesars
Entertainment,
Inc.
(b)
..........
1,198
61,062
Cava
Group,
Inc.
(b)
..................
1,222
50,041
McDonald's
Corp.
..................
787
234,848
MGM
Resorts
International
............
5,187
227,813
Penn
Entertainment,
Inc.
(a)(b)
...........
404
9,708
Travel
+
Leisure
Co.
.................
5,271
212,632
Yum!
Brands,
Inc.
..................
154
21,337
1,115,316
Household
Durables
—
0.8%
Lennar
Corp.,
Class
A
................
279
34,961
Taylor
Morrison
Home
Corp.
(b)
..........
7,006
341,683
Security
Shares
Shares
Value
Household
Durables
(continued)
Toll
Brothers,
Inc.
...................
1,600
$
126,512
TopBuild
Corp.
(b)
...................
57
15,163
Whirlpool
Corp.
(a)
...................
1,661
247,140
765,459
Household
Products
—
2.4%
Kimberly-Clark
Corp.
................
7,474
1,031,861
Procter
&
Gamble
Co.
(The)
...........
8,033
1,218,927
2,250,788
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
AES
Corp.
(The)
...................
7,555
156,615
Industrial
Conglomerates
—
1.7%
Honeywell
International,
Inc.
...........
7,859
1,630,743
Industrial
REITs
—
0.4%
Prologis,
Inc.
......................
3,288
403,207
Insurance
—
5.3%
Allstate
Corp.
(The)
.................
6,760
737,110
American
Financial
Group,
Inc.
.........
339
40,256
Everest
Re
Group
Ltd.
...............
727
248,532
Hartford
Financial
Services
Group,
Inc.
(The)
5,645
406,553
Marsh
&
McLennan
Cos.,
Inc.
..........
4,646
873,820
MetLife,
Inc.
......................
22,796
1,288,658
Prudential
Financial,
Inc.
..............
1,807
159,414
Reinsurance
Group
of
America,
Inc.
......
145
20,110
Travelers
Cos.,
Inc.
(The)
.............
6,926
1,202,769
WR
Berkley
Corp.
..................
870
51,817
5,029,039
Interactive
Media
&
Services
—
1.3%
(b)
Alphabet,
Inc.,
Class
A
...............
8,455
1,012,063
Meta
Platforms,
Inc.,
Class
A
...........
617
177,067
Snap,
Inc.,
Class
A
..................
1,209
14,315
1,203,445
IT
Services
—
0.0%
(b)
Akamai
Technologies,
Inc.
.............
97
8,717
Okta,
Inc.,
Class
A
..................
486
33,704
42,421
Life
Sciences
Tools
&
Services
—
1.7%
Agilent
Technologies,
Inc.
.............
5,306
638,046
Danaher
Corp.
....................
3,354
804,960
Thermo
Fisher
Scientific,
Inc.
...........
256
133,568
1,576,574
Machinery
—
4.7%
Cummins,
Inc.
.....................
2,121
519,985
Deere
&
Co.
......................
1,301
527,152
Graco,
Inc.
.......................
654
56,473
Illinois
Tool
Works,
Inc.
...............
1,402
350,724
Oshkosh
Corp.
....................
5,724
495,641
Snap-on,
Inc.
.....................
3,881
1,118,466
Timken
Co.
(The)
...................
3,895
356,509
Xylem,
Inc.
.......................
8,950
1,007,949
4,432,899
Media
—
2.2%
Comcast
Corp.,
Class
A
..............
26,973
1,120,728
Fox
Corp.,
Class
A
..................
27,628
939,352
Fox
Corp.,
Class
B
..................
724
23,089
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(b)
273
8,957
2,092,126
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
—
0.7%
Newmont
Corp.
....................
4,221
$
180,068
Reliance
Steel
&
Aluminum
Co.
.........
362
98,316
Southern
Copper
Corp.
...............
804
57,679
Steel
Dynamics,
Inc.
.................
1,959
213,394
United
States
Steel
Corp.
.............
4,927
123,224
672,681
Multi-Utilities
—
1.7%
CMS
Energy
Corp.
..................
9,644
566,585
DTE
Energy
Co.
...................
9,113
1,002,612
1,569,197
Office
REITs
—
0.5%
Alexandria
Real
Estate
Equities,
Inc.
......
3,863
438,412
Hudson
Pacific
Properties,
Inc.
..........
2,835
11,964
Kilroy
Realty
Corp.
..................
829
24,944
475,320
Oil,
Gas
&
Consumable
Fuels
—
6.8%
Chevron
Corp.
.....................
13,709
2,157,111
ConocoPhillips
....................
14,177
1,468,879
EOG
Resources,
Inc.
................
2,669
305,441
Exxon
Mobil
Corp.
..................
10,951
1,174,495
Marathon
Oil
Corp.
..................
1,437
33,080
Phillips
66
........................
4,414
421,007
Pioneer
Natural
Resources
Co.
.........
528
109,391
Targa
Resources
Corp.
...............
572
43,529
Valero
Energy
Corp.
.................
4,561
535,005
Williams
Cos.,
Inc.
(The)
..............
7,524
245,508
6,493,446
Passenger
Airlines
—
0.1%
JetBlue
Airways
Corp.
(b)
..............
6,356
56,314
Pharmaceuticals
—
3.7%
Bristol-Myers
Squibb
Co.
..............
25,405
1,624,650
Johnson
&
Johnson
.................
6,332
1,048,073
Merck
&
Co.,
Inc.
...................
868
100,158
Pfizer,
Inc.
.......................
20,794
762,724
3,535,605
Professional
Services
—
0.1%
ExlService
Holdings,
Inc.
(b)
............
139
20,997
Insperity,
Inc.
......................
823
97,904
118,901
Real
Estate
Management
&
Development
—
0.0%
Zillow
Group,
Inc.,
Class
A
(b)
...........
279
13,727
Residential
REITs
—
1.2%
Equity
Residential
..................
15,074
994,432
Invitation
Homes,
Inc.
................
4,602
158,309
1,152,741
Retail
REITs
—
1.8%
Brixmor
Property
Group,
Inc.
...........
12,511
275,242
Kimco
Realty
Corp.
.................
22,998
453,521
Regency
Centers
Corp.
..............
1,385
85,551
Simon
Property
Group,
Inc.
............
7,674
886,194
1,700,508
Semiconductors
&
Semiconductor
Equipment
—
3.9%
Analog
Devices,
Inc.
.................
87
16,948
Applied
Materials,
Inc.
...............
7,382
1,066,994
Intel
Corp.
.......................
31,642
1,058,109
Micron
Technology,
Inc.
...............
9,807
618,920
NVIDIA
Corp.
.....................
1,722
728,440
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
QUALCOMM,
Inc.
..................
2,097
$
249,627
3,739,038
Software
—
3.0%
Dropbox,
Inc.,
Class
A
(b)
..............
5,195
138,551
Fortinet,
Inc.
(b)
.....................
450
34,016
Manhattan
Associates,
Inc.
(b)
...........
3,632
725,964
Microsoft
Corp.
....................
3,021
1,028,771
Salesforce,
Inc.
(b)
...................
3,148
665,046
Teradata
Corp.
(b)
...................
1,052
56,187
Zoom
Video
Communications,
Inc.,
Class
A
(b)
2,392
162,369
2,810,904
Specialized
REITs
—
0.5%
SBA
Communications
Corp.
...........
1,759
407,666
VICI
Properties,
Inc.
.................
2,495
78,418
486,084
Specialty
Retail
—
0.7%
AutoNation,
Inc.
(b)
...................
1,073
176,626
Best
Buy
Co.,
Inc.
..................
785
64,331
Dick's
Sporting
Goods,
Inc.
(a)
...........
141
18,639
Penske
Automotive
Group,
Inc.
(a)
........
1,451
241,780
TJX
Cos.,
Inc.
(The)
.................
2,259
191,541
692,917
Technology
Hardware,
Storage
&
Peripherals
—
1.6%
Apple,
Inc.
.......................
1,565
303,563
Dell
Technologies,
Inc.,
Class
C
.........
841
45,506
Hewlett
Packard
Enterprise
Co.
.........
66,861
1,123,265
HP,
Inc.
.........................
2,679
82,272
1,554,606
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
(b)
Lululemon
Athletica,
Inc.
..............
984
372,444
Under
Armour,
Inc.,
Class
C
...........
931
6,247
378,691
Trading
Companies
&
Distributors
—
0.8%
WW
Grainger,
Inc.
..................
907
715,251
Wireless
Telecommunication
Services
—
0.1%
United
States
Cellular
Corp.
(b)
..........
2,799
49,346
Total
Long-Term
Investments
—
98.8%
(Cost:
$92,639,730)
..............................
93,671,745
Short-Term
Securities
Money
Market
Funds
—
3.0%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
1,169,944
1,169,944
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(e)
.......................
1,680,038
1,680,206
Total
Short-Term
Securities
—
3.0%
(Cost:
$2,850,110)
..............................
2,850,150
Total
Investments
—
101.8%
(Cost:
$95,489,840
)
..............................
96,521,895
Liabilities
in
Excess
of
Other
Assets
—
(1.8)%
............
(1,708,584)
Net
Assets
—
100.0%
..............................
$
94,813,311
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
8
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
780,892
$
389,052
(a)
$
—
$
—
$
—
$
1,169,944
1,169,944
$
18,302
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
1,924,169
—
(244,565)
(a)
654
(52)
1,680,206
1,680,038
4,088
(b)
—
$
654
$
(52)
$
2,850,150
$
22,390
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Schedule
of
Investments
9
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
5
09/15/23
$
1,122
$
19,893
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
19,893
$
—
$
—
$
—
$
19,893
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
119,340
$
—
$
—
$
—
$
119,340
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
16,550
$
—
$
—
$
—
$
16,550
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
871,363
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
10
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
93,671,745
$
—
$
—
$
93,671,745
Short-Term
Securities
Money
Market
Funds
......................................
1,169,944
—
—
1,169,944
$
94,841,689
$
—
$
—
$
94,841,689
Investments
valued
at
NAV
(a)
......................................
1,680,206
$
—
$
96,521,895
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
19,893
$
—
$
—
$
19,893
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
11
Financial
Statements
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
93,671,745‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
2,850,150‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
46,000‌
Receivables:
–‌
Securities
lending
income
—
affiliated
......................................................................................
579‌
Capital
shares
sold
...................................................................................................
17,830‌
Dividends
—
unaffiliated
...............................................................................................
98,335‌
Dividends
—
affiliated
.................................................................................................
3,714‌
Variation
margin
on
futures
contracts
.......................................................................................
10,991‌
Prepaid
expenses
.....................................................................................................
1,491‌
Total
assets
.........................................................................................................
96,700,835‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
1,688,865‌
Payables:
–‌
Investments
purchased
................................................................................................
28,602‌
Accounting
services
fees
...............................................................................................
22,074‌
Capital
shares
redeemed
...............................................................................................
28,040‌
Custodian
fees
......................................................................................................
13,846‌
Distribution
fees
.....................................................................................................
2,258‌
Investment
advisory
fees
..............................................................................................
28,862‌
Printing
and
postage
fees
..............................................................................................
15,144‌
Professional
fees
....................................................................................................
10,039‌
Transfer
agent
fees
..................................................................................................
49,455‌
Other
accrued
expenses
...............................................................................................
339‌
Total
liabilities
........................................................................................................
1,887,524‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
94,813,311‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
90,476,111‌
Accumulated
earnings
..................................................................................................
4,337,200‌
NET
ASSETS
........................................................................................................
$
94,813,311‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
92,639,730‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
1,542,819‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
2,850,110‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
82,851,249‌
Shares
outstanding
..................................................................................................
8,564,827‌
Net
asset
value
.....................................................................................................
$
9.67‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
II
Net
assets
.........................................................................................................
$
—‌
Shares
outstanding
..................................................................................................
—‌
Net
asset
value
.....................................................................................................
$
—‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
11,962,062‌
Shares
outstanding
..................................................................................................
1,272,937‌
Net
asset
value
.....................................................................................................
$
9.40‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
13
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
959,677‌
Dividends
—
affiliated
.................................................................................................
18,302‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
4,088‌
Total
investment
income
.................................................................................................
982,067‌
EXPENSES
Investment
advisory
..................................................................................................
347,888‌
Transfer
agent
—
class
specific
..........................................................................................
77,065‌
Professional
.......................................................................................................
32,217‌
Accounting
services
..................................................................................................
26,218‌
Distribution
—
class
specific
............................................................................................
13,952‌
Custodian
.........................................................................................................
13,768‌
Printing
and
postage
.................................................................................................
7,966‌
Directors
and
Officer
.................................................................................................
3,611‌
Transfer
agent
......................................................................................................
1,612‌
Miscellaneous
......................................................................................................
1,265‌
Total
expenses
.......................................................................................................
525,562‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(156,239‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(77,065‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
292,258‌
Net
investment
income
..................................................................................................
689,809‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
4,144,768‌
Net
realized
gain
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
2,145,742‌
Investments
—
affiliated
.............................................................................................
654‌
Futures
contracts
..................................................................................................
119,340‌
A
2,265,736‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
1,862,534‌
Investments
—
affiliated
.............................................................................................
(52‌)
Futures
contracts
..................................................................................................
16,550‌
A
1,879,032‌
Net
realized
and
unrealized
gain
...........................................................................................
4,144,768‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
4,834,577‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
689,809
‌
$
1,646,698
‌
Net
realized
gain
..................................................................................
2,265,736
‌
1,030,328
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
1,879,032
‌
(11,733,658
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
4,834,577
‌
(9,056,632
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(3,347,549
)
  Class
III
.......................................................................................
—
‌
(433,144
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(3,780,693
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(3,760,892
)
(4,277,057
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
1,073,685
‌
(17,114,382
)
Beginning
of
period
..................................................................................
93,739,626
‌
110,854,008
‌
End
of
period
......................................................................................
$
94,813,311
‌
$
93,739,626
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
9.19
‌
$
10.43
‌
$
9.94
‌
$
9.86
‌
$
8.40
‌
$
10.63
‌
Net
investment
income
(a)
........................
0.07
‌
0.16
‌
0.16
‌
0.16
‌
0.20
‌
0.20
(b)
Net
realized
and
unrealized
gain
(loss)
...............
0.41
‌
(1.03
)
2.44
‌
0.18
‌
1.88
‌
(1.08
)
Net
increase
(decrease)
from
investment
operations
.......
0.48
‌
(0.87
)
2.60
‌
0.34
‌
2.08
‌
(0.88
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.16
)
(0.19
)
(0.16
)
(0.20
)
(0.21
)
From
net
realized
gain
..........................
—
‌
(0.21
)
(1.92
)
(0.10
)
(0.42
)
(1.14
)
Total
distributions
..............................
—
‌
(0.37
)
(2.11
)
(0.26
)
(0.62
)
(1.35
)
Net
asset
value,
end
of
period
.....................
$
9.67
‌
$
9.19
‌
$
10.43
‌
$
9.94
‌
$
9.86
‌
$
8.40
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
5.22
%
(e)
(8.16
)%
26.52
%
3.66
%
24.89
%
(8.20
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
1.10
%
(g)
1.09
%
1.08
%
1.11
%
1.13
%
1.17
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.60
%
(g)
0.60
%
0.60
%
0.60
%
0.60
%
0.61
%
Net
investment
income
..........................
1.52
%
(g)
1.69
%
1.37
%
1.85
%
2.12
%
1.90
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
82,851
‌
$
82,509
‌
$
98,863
‌
$
81,864
‌
$
87,984
‌
$
78,685
‌
Portfolio
turnover
rate
............................
69
%
128
%
131
%
139
%
144
%
164
%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.01
per
share
and
0.09%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
8.93
‌
$
10.16
‌
$
9.73
‌
$
9.66
‌
$
8.24
‌
$
10.46
‌
Net
investment
income
(a)
........................
0.06
‌
0.14
‌
0.12
‌
0.14
‌
0.18
‌
0.18
(b)
Net
realized
and
unrealized
gain
(loss)
...............
0.41
‌
(1.02
)
2.39
‌
0.17
‌
1.84
‌
(1.07
)
Net
increase
(decrease)
from
investment
operations
.......
0.47
‌
(0.88
)
2.51
‌
0.31
‌
2.02
‌
(0.89
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.14
)
(0.16
)
(0.14
)
(0.18
)
(0.19
)
From
net
realized
gain
..........................
—
‌
(0.21
)
(1.92
)
(0.10
)
(0.42
)
(1.14
)
Total
distributions
..............................
—
‌
(0.35
)
(2.08
)
(0.24
)
(0.60
)
(1.33
)
Net
asset
value,
end
of
period
.....................
$
9.40
‌
$
8.93
‌
$
10.16
‌
$
9.73
‌
$
9.66
‌
$
8.24
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
5.26
%
(e)
(8.51
)%
26.22
%
3.42
%
24.60
%
(8.46
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
1.39
%
(g)
1.37
%
1.34
%
1.36
%
1.38
%
1.42
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.85
%
(g)
0.85
%
0.85
%
0.85
%
0.85
%
0.86
%
Net
investment
income
..........................
1.27
%
(g)
1.45
%
1.11
%
1.60
%
1.88
%
1.70
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
11,962
‌
$
11,230
‌
$
11,308
‌
$
5,872
‌
$
4,976
‌
$
3,876
‌
Portfolio
turnover
rate
............................
69
%
128
%
131
%
139
%
144
%
164
%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.01
per
share
and
0.09%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
17
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Distribution
Fees:
 The
Company,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual
rate
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of the
Fund
as
follows:
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
BofA
Securities,
Inc.
...............................
$
60,381‌
$
(60,381‌)
$
—‌
$
—‌
Citigroup
Global
Markets,
Inc.
........................
62,003‌
(62,003‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
..........................
899,435‌
(899,435‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
13,874‌
(13,874‌)
—‌
—‌
Morgan
Stanley
..................................
507,126‌
(507,126‌)
—‌
—‌
$
1,542,819‌
$
(1,542,819‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.75%
$1
billion
-
$3
billion
.....................................................................................................
0.71
$3
billion
-
$5
billion
.....................................................................................................
0.68
$5
billion
-
$10
billion
....................................................................................................
0.65
Greater
than
$10
billion
...................................................................................................
0.64
Share
Class
Distribution
Fees
Class
II
...............................................................................................................
0.15‌%
Class
III
...............................................................................................................
0.25‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
following
table
shows
the
class
specific
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
has
agreed
to
voluntarily
waive
0.05%
of
its
investment
advisory
fee
payable
by
the
Fund.
This
voluntary
waiver
may
be
reduced
or
discontinued
at
any
time
without
notice.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$23,193.
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
amount
waived
was
$294. 
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$132,752
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
Share
Class
Distribution
Fees
Class
III
.........................................................................................................
$
13,952‌
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
65,528‌
$
11,537‌
$
77,065‌
Class
I
................................................................................................................
0.00‌%
Class
II
...............................................................................................................
0.05‌
Class
III
...............................................................................................................
0.11‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
65,528‌
Class
III
......................................................................................................
5,398‌
$
7
0
,
92
6‌
Class
I
Class
II
Class
III
Expense
Limitations
.................................................................
0.60‌%
0.75‌%
0.85‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements
were
as
follows: 
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $863
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $64,327,204
and
$67,526,363,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
III
......................................................................................................
$
6,139‌
Purchases
...............................................................................................................
$
5,407,263‌
Sales
...................................................................................................................
6,278,100‌
Net
Realized
Gain
..........................................................................................................
351,879‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
............................
$
95,624,419‌
$
5,377,664‌
$
(4,460,295‌)
$
917,369‌
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
(a)
There
were
no
Class
II
Shares
outstanding
as
of
June
30,
2023.
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
Class
I
Shares
sold
.............................................
269,214‌
$
2,530,048‌
2,015,141‌
$
18,766,622‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
375,390‌
3,347,549‌
Shares
redeemed
.........................................
(686,369‌)
(6,430,537‌)
(2,888,885‌)
(27,226,503‌)
(417,155‌)
$
(3,900,489‌)
(498,354‌)
$
(5,112,332‌)
Class
II
(a)
Shares
redeemed
.........................................
—‌
$
—‌
(64,846‌)
$
(667,230‌)
—‌
$
—‌
(64,846‌)
$
(667,230‌)
Class
III
Shares
sold
.............................................
132,533‌
$
1,208,129‌
845,886‌
$
8,152,086‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
49,913‌
433,144‌
Shares
redeemed
.........................................
(116,472‌)
(1,068,532‌)
(752,420‌)
(7,082,725‌)
16,061‌
$
139,597‌
143,379‌
$
1,502,505‌
(401,094‌)
$
(3,760,892‌)
(419,821‌)
$
(4,277,057‌)
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
Portfolio
Abbreviation
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Investment
Objective
BlackRock
Advantage
SMID
Cap
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
long-term
growth
of
capital.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
underperformed
its
benchmark,
the
Russell
2500
TM
Index.
What
factors
influenced
performance?
After
performing
well
early
in
the
reporting
period,
the
Fund
struggled
in
the
second
quarter
of
2023,
leading
to
the
Fund's
underperformance.
Equities
saw
strong
gains
initially,
driven
by
economic
growth,
falling
inflation,
and
China's
reopening.
However,
increasing
volatility
emerged
as
stubbornly
high
core
inflation
and
hawkish
rhetoric
from
policymakers
led
to
market
contractions
and
rising
bond
yields
in
February
2023.
Financial
system
vulnerabilities
were
exposed
in
March
2023
by
the
failure
of
Silicon
Valley
Bank,
resulting
in
a
sell-off
across
financials
that
raised
recession
expectations.
Despite
these
concerns,
growth
stocks
outperformed
value
stocks,
aided
by
falling
bond
yields
later
in
the
period
and
large-cap
tech
leadership.
Equities
officially
entered
a
bull
market,
recovering
more
than
20%
from
October
2022's
lows,
despite
the
ongoing
monetary
tightening
cycle
having
an
impact
on
global
economic
momentum.
Concentration
in
longer-duration
growth
names
in
information
technology
("IT")
initially
prevailed,
later
broadening
to
include
cyclicals.
Although
central
banks
maintained
a
cautious
approach,
the
markets
exhibited
resilience
and
potential
for
further
growth.
Fundamental
insights
detracted
the
most
from
the
Fund's
performance.
Specifically,
value-related
views
that
favored
stocks
with
substantial
investments
in
research
and
development
supported
an
ineffective
overweight
positioning
in
the
healthcare
sector.
Similarly,
insights
supporting
firms
with
longer
debt
maturities
to
reduce
refinancing
risk
also
failed
to
generate
positive
results.
Additionally,
the
inclination
toward
companies
with
favorable
book-to-price
ratios
detracted,
especially
as
applied
to
the
healthcare
and
real
estate
sectors.
Insights
advocating
for
positioning
against
companies
with
high
levels
of
total
risk
as
measured
by
the
Barra
risk
model
resulted
in
significant
underperformance
within
the
financials
sector.
Despite
the
underperformance
driven
by
fundamental
insights,
sentiment
and
macro-thematic
insights
provided
some
ballast
during
the
reporting
period.
Views
on
retail
flows
favoring
short
sellers
were
the
primary
contributors
to
relative
performance,
motivating
an
underweight
position
in
the
financials
sector.
Additionally,
extracting
sentiment
from
conference
calls
proved
beneficial
across
numerous
sectors,
particularly
as
they
prompted
an
underweight
allocation
in
the
consumer
discretionary
sector.
Furthermore,
sentiment
insights
derived
from
evaluating
social
media
engagement
had
a
positive
impact
on
performance.
Macro-thematic
insights
also
contributed
positively
to
the
Fund's
relative
performance.
Utilizing
information
from
online
news
sources
to
time
industry
trends
resulted
in
a
favorable
underweight
position
in
the
energy
sector.
Additionally,
insightful
decisions
supporting
banks
with
healthier
fundamentals
proved
advantageous
amid
a
challenging
period
for
the
financial
industry.
Lastly,
positioning
in
favor
of
IT
stocks
involved
in
the
artificial
intelligence
(“AI”)
ecosystem
led
to
significant
gains
amid
an
AI-fueled
rally.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
drivers
of
return
during
the
reporting
period.
However,
there
were
several
new
stock
selection
insights
added
to
the
Fund.
The
Fund
built
upon
its
existing
alternative
data
capabilities
with
enhanced
data
sets
to
capture
informed
investor
positioning
as
well
as
news
flow.
Additionally,
the
Fund
developed
a
new
bank
quality
insight
to
better
identify
firms
with
less
exposure
to
uninsured
deposits
and
commercial
real
estate
amid
the
emerging
industry
crisis
in
March
2023.
Describe
portfolio
positioning
at
period
end.
From
a
sector
positioning
perspective,
relative
to
the
Russell
2500
®
Index,
the
Fund's
positioning
remained
largely
sector-neutral.
The
Fund
maintained
slight
overweights
to
industrials
and
consumer
discretionary
stocks,
and
maintained
slight
underweight
positions
in
the
materials,
financials,
and
consumer
staples
sectors.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)
(c)
.................................................................
8.34‌%
15.19‌%
7.77‌%
9.59‌%
Class
III
(b)
(c)
................................................................
8.24‌
14.85‌
7.50‌
9.34‌
Russell
2500™
Index
(d)
.......................................................
8.79‌
13.58‌
6.55‌
9.38‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
equity
securities
of
U.S.
small
and
medium
capitalization
companies,
and
derivatives
that
have
similar
economic
characteristics
to
such
securities.
The
Fund
primarily
intends
to
invest
in
equity
securities
or
other
financial
instruments
that
are
components
of,
or
have
characteristics
similar
to,
the
securities
included
in
the
Russell
2500™
Index.
The
Fund’s
total
returns
for
the
period
between
June
12,
2017
and
February
8,
2021
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
“BlackRock
Advantage
U.S.
Total
Market
V.I.
Fund”.
The
Fund’s
total
returns
for
the
period
prior
to
June
12,
2017
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
“BlackRock
Value
Opportunities
V.I.
Fund”.
(d)
An
index
that
measures
the
performance
of
the
small
to
mid-cap
segment
of
the
U.S.
equity
universe,
commonly
referred
to
as
“smid”
cap.
The
Russell
2500™
Index
is
a
subset
of
the
Russell
3000
®
Index.
It
includes
approximately
2,500
of
the
smallest
securities
based
on
a
combination
of
their
market
cap
and
current
index
membership.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,083.40‌
$
2.84‌
$
1,000.00‌
$
1,022.07‌
$
2.76‌
0.55‌%
Class
III
..................................
1,000.00‌
1,082.40‌
4.13‌
1,000.00‌
1,020.83‌
4.01‌
0.80‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Industrials
.......................................
20.8‌
%
Financials
.......................................
14.0‌
Consumer
Discretionary
.............................
13.9‌
Information
Technology
..............................
13.0‌
Health
Care
.....................................
12.9‌
Real
Estate
......................................
7.8‌
Energy
.........................................
4.4‌
Materials
.......................................
4.3‌
Communication
Services
.............................
3.6‌
Consumer
Staples
.................................
2.4‌
Utilities
.........................................
2.0‌
Short-Term
Securities
...............................
16.7‌
Liabilities
in
Excess
of
Other
Assets
.....................
(15.8‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.6%
Axon
Enterprise,
Inc.
(a)(b)
..............
4,560
$
889,747
Curtiss-Wright
Corp.
.................
5,687
1,044,474
Textron,
Inc.
......................
5,012
338,962
2,273,183
Air
Freight
&
Logistics
—
0.4%
Hub
Group,
Inc.,
Class
A
(b)
.............
6,357
510,594
Automobile
Components
—
1.3%
Cooper-Standard
Holdings,
Inc.
(b)
........
9,124
130,108
Dana,
Inc.
........................
3,275
55,675
Goodyear
Tire
&
Rubber
Co.
(The)
(b)
......
5,681
77,716
Lear
Corp.
.......................
9,417
1,351,811
Modine
Manufacturing
Co.
(b)
...........
3,185
105,169
Visteon
Corp.
(b)
....................
1,348
193,586
1,914,065
Automobiles
—
0.0%
Winnebago
Industries,
Inc.
(a)
...........
551
36,746
Banks
—
4.3%
Amalgamated
Financial
Corp.
(a)
.........
12,870
207,078
Bank
of
Marin
Bancorp
...............
274
4,842
BankFinancial
Corp.
.................
3,238
26,487
Bar
Harbor
Bankshares
..............
2,403
59,210
Capital
City
Bank
Group,
Inc.
...........
1,274
39,035
Comerica,
Inc.
.....................
12,433
526,662
East
West
Bancorp,
Inc.
..............
5,691
300,428
Enterprise
Financial
Services
Corp.
......
4,360
170,476
FB
Financial
Corp.
..................
4,121
115,594
First
Bank
(a)
.......................
9,277
96,295
First
Busey
Corp.
...................
1,301
26,150
First
Business
Financial
Services,
Inc.
.....
899
26,512
First
Internet
Bancorp
................
3,849
57,158
First
Merchants
Corp.
................
275
7,763
First
Northwest
Bancorp
..............
662
7,534
FNCB
Bancorp,
Inc.
.................
2,151
12,755
Hancock
Whitney
Corp.
..............
15,576
597,807
Heartland
Financial
USA,
Inc.
..........
14,347
399,851
Heritage
Commerce
Corp.
.............
20,757
171,868
HomeTrust
Bancshares,
Inc.
...........
2,907
60,727
Horizon
Bancorp,
Inc.
(a)
...............
16,628
173,097
Independent
Bank
Corp.
..............
36,413
617,565
Lakeland
Bancorp,
Inc.
(a)
..............
4,415
59,117
Mercantile
Bank
Corp.
...............
2,127
58,748
Midland
States
Bancorp,
Inc.
...........
11,301
225,003
MidWestOne
Financial
Group,
Inc.
.......
162
3,462
Northrim
BanCorp,
Inc.
...............
1,220
47,983
OceanFirst
Financial
Corp.
............
29,728
464,351
Pinnacle
Financial
Partners,
Inc.
.........
16,873
955,855
Republic
First
Bancorp,
Inc.
(b)
...........
36,013
32,412
Seacoast
Banking
Corp.
of
Florida
.......
1,361
30,078
Shore
Bancshares,
Inc.
(a)
.............
2,789
32,241
Southern
First
Bancshares,
Inc.
(b)
........
1,370
33,908
Summit
Financial
Group,
Inc.
...........
2,834
58,550
Univest
Financial
Corp.
...............
3,668
66,317
Washington
Trust
Bancorp,
Inc.
.........
1,478
39,625
Western
New
England
Bancorp,
Inc.
......
8,799
51,386
Zions
Bancorp
NA
..................
11,042
296,588
6,160,518
Beverages
—
0.5%
MGP
Ingredients,
Inc.
................
286
30,396
Primo
Water
Corp.
..................
58,601
734,857
765,253
Security
Shares
Shares
Value
Biotechnology
—
5.9%
(b)
ACELYRIN,
Inc.
....................
2,330
$
48,697
Agenus,
Inc.
(a)
.....................
13,901
22,242
Alector,
Inc.
......................
23,938
143,867
Aligos
Therapeutics,
Inc.
..............
1,131
1,098
Alkermes
plc
......................
2,789
87,296
ALX
Oncology
Holdings,
Inc.
...........
2,234
16,777
Applied
Molecular
Transport,
Inc.
........
10,991
2,836
Arcus
Biosciences,
Inc.
...............
4,693
95,315
Atreca,
Inc.,
Class
A
(a)
................
20,866
20,449
Beyondspring,
Inc.
..................
240
283
Black
Diamond
Therapeutics,
Inc.
........
7,896
39,875
Blueprint
Medicines
Corp.
.............
2,589
163,625
C4
Therapeutics,
Inc.
................
17,099
47,022
CareDx,
Inc.
(a)
.....................
8,924
75,854
Coherus
Biosciences,
Inc.
.............
40,093
171,197
CRISPR
Therapeutics
AG
(a)
............
9,082
509,863
Denali
Therapeutics,
Inc.
..............
4,128
121,817
Dyne
Therapeutics,
Inc.
..............
3,092
34,785
Editas
Medicine,
Inc.
(a)
...............
6,654
54,762
Emergent
BioSolutions,
Inc.
............
12,538
92,154
Exact
Sciences
Corp.
................
409
38,405
Exelixis,
Inc.
......................
71,658
1,369,384
Fate
Therapeutics,
Inc.
(a)
..............
38,371
182,646
Foghorn
Therapeutics,
Inc.
............
3,141
22,113
Halozyme
Therapeutics,
Inc.
...........
23,485
847,104
Impel
Pharmaceuticals,
Inc.
(a)
...........
2,621
3,329
Intercept
Pharmaceuticals,
Inc.
.........
1,630
18,028
Ironwood
Pharmaceuticals,
Inc.,
Class
A
...
2,769
29,462
Karyopharm
Therapeutics,
Inc.
..........
17,656
31,604
Kodiak
Sciences,
Inc.
................
26,946
185,927
Kronos
Bio,
Inc.
(a)
...................
45,468
78,205
Natera,
Inc.
.......................
7,217
351,179
Neurocrine
Biosciences,
Inc.
...........
8,399
792,026
NextCure,
Inc.
.....................
6,717
12,091
Nkarta,
Inc.
.......................
4,572
10,013
Olema
Pharmaceuticals,
Inc.
(a)
..........
19,320
174,460
Oncorus,
Inc.
.....................
1,319
53
PMV
Pharmaceuticals,
Inc.
............
22,669
141,908
PTC
Therapeutics,
Inc.
...............
1,850
75,240
Quince
Therapeutics,
Inc.
.............
3,368
5,069
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)
.
7,096
53,007
REGENXBIO,
Inc.
(a)
.................
34,915
697,951
Relay
Therapeutics,
Inc.
..............
3,483
43,746
Sangamo
Therapeutics,
Inc.
...........
36,151
46,996
SQZ
Biotechnologies
Co.
.............
601
162
Sutro
Biopharma,
Inc.
................
8,905
41,408
Twist
Bioscience
Corp.
...............
20,347
416,300
Ultragenyx
Pharmaceutical,
Inc.
.........
9,055
417,707
United
Therapeutics
Corp.
.............
2,720
600,440
Veracyte,
Inc.
.....................
3,716
94,647
Vir
Biotechnology,
Inc.
...............
2,420
59,363
8,589,787
Broadline
Retail
—
0.8%
Dillard's,
Inc.,
Class
A
................
1,210
394,799
Kohl's
Corp.
......................
1,616
37,249
Macy's,
Inc.
......................
10,752
172,570
Nordstrom,
Inc.
(a)
...................
20,690
423,524
Savers
Value
Village,
Inc.
(b)
............
2,396
56,785
1,084,927
Building
Products
—
2.9%
Allegion
plc
.......................
7,823
938,916
AO
Smith
Corp.
....................
17,888
1,301,889
Builders
FirstSource,
Inc.
(b)
............
5,173
703,528
Caesarstone
Ltd.
...................
10,845
56,828
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
(continued)
Owens
Corning
....................
645
$
84,173
UFP
Industries,
Inc.
.................
11,463
1,112,484
4,197,818
Capital
Markets
—
2.8%
Carlyle
Group,
Inc.
(The)
(a)
.............
29,728
949,810
Cboe
Global
Markets,
Inc.
.............
8,236
1,136,650
FactSet
Research
Systems,
Inc.
.........
578
231,576
Houlihan
Lokey,
Inc.,
Class
A
(a)
..........
7,159
703,801
Invesco
Ltd.
......................
39,888
670,517
MarketAxess
Holdings,
Inc.
............
52
13,594
Raymond
James
Financial,
Inc.
.........
199
20,650
Robinhood
Markets,
Inc.,
Class
A
(b)
.......
21,105
210,628
Victory
Capital
Holdings,
Inc.,
Class
A
.....
4,987
157,290
4,094,516
Chemicals
—
1.4%
Cabot
Corp.
......................
1,811
121,138
CF
Industries
Holdings,
Inc.
............
270
18,743
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
22,474
41,801
Huntsman
Corp.
...................
31,594
853,670
Livent
Corp.
(a)(b)
....................
25,176
690,578
Quaker
Chemical
Corp.
(a)
.............
950
185,155
Scotts
Miracle-Gro
Co.
(The)
(a)
..........
2,781
174,341
2,085,426
Commercial
Services
&
Supplies
—
0.1%
BrightView
Holdings,
Inc.
(b)
............
17,454
125,320
Healthcare
Services
Group,
Inc.
.........
2,212
33,025
158,345
Communications
Equipment
—
0.1%
Juniper
Networks,
Inc.
...............
4,432
138,855
Viasat,
Inc.
(b)
......................
517
21,331
160,186
Construction
&
Engineering
—
2.7%
AECOM
.........................
21,238
1,798,646
Comfort
Systems
USA,
Inc.
............
216
35,467
EMCOR
Group,
Inc.
.................
3,607
666,502
Matrix
Service
Co.
(b)
.................
18,613
109,631
Valmont
Industries,
Inc.
...............
4,389
1,277,418
3,887,664
Consumer
Finance
—
1.1%
Enova
International,
Inc.
(b)
.............
9,287
493,325
EZCORP,
Inc.,
Class
A
(b)
..............
664
5,564
LendingClub
Corp.
(b)
.................
13,706
133,634
LendingTree,
Inc.
(b)
..................
12,896
285,131
OneMain
Holdings,
Inc.
...............
14,910
651,418
Oportun
Financial
Corp.
(b)
.............
12,391
73,974
1,643,046
Consumer
Staples
Distribution
&
Retail
—
1.3%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)(b)
.....
349
21,991
Casey's
General
Stores,
Inc.
...........
7,315
1,783,982
1,805,973
Containers
&
Packaging
—
0.3%
Graphic
Packaging
Holding
Co.
.........
15,286
367,323
Diversified
Consumer
Services
—
0.3%
American
Public
Education,
Inc.
(b)
........
1,213
5,749
Duolingo,
Inc.,
Class
A
(b)
..............
256
36,593
Laureate
Education,
Inc.
..............
18,376
222,166
Mister
Car
Wash,
Inc.
(b)
...............
18,116
174,819
439,327
Security
Shares
Shares
Value
Diversified
REITs
—
0.1%
American
Assets
Trust,
Inc.
............
6,061
$
116,371
Diversified
Telecommunication
Services
—
1.0%
Bandwidth,
Inc.,
Class
A
(b)
.............
4,155
56,840
EchoStar
Corp.,
Class
A
(b)
.............
69,702
1,208,633
Lumen
Technologies,
Inc.
(a)
............
9,853
22,268
Ooma,
Inc.
(b)
......................
11,128
166,586
1,454,327
Electric
Utilities
—
0.8%
Portland
General
Electric
Co.
(a)
..........
23,872
1,117,926
Electrical
Equipment
—
1.5%
Atkore,
Inc.
(a)(b)
.....................
11,524
1,797,053
nVent
Electric
plc
...................
3,266
168,754
Sunrun,
Inc.
(a)(b)
....................
14,190
253,433
2,219,240
Electronic
Equipment,
Instruments
&
Components
—
1.7%
Arrow
Electronics,
Inc.
(b)
..............
1,363
195,223
Flex
Ltd.
(b)
........................
6,869
189,859
Insight
Enterprises,
Inc.
(b)
.............
2,819
412,532
Sanmina
Corp.
(b)
...................
1,525
91,912
TD
SYNNEX
Corp.
..................
16,839
1,582,866
2,472,392
Energy
Equipment
&
Services
—
1.2%
Borr
Drilling
Ltd.
(b)
..................
4,568
34,397
ChampionX
Corp.
..................
462
14,340
Helmerich
&
Payne,
Inc.
..............
8,246
292,321
Liberty
Energy,
Inc.,
Class
A
...........
18,443
246,583
Newpark
Resources,
Inc.
(b)
............
12,441
65,066
Patterson-UTI
Energy,
Inc.
............
43,947
526,046
ProPetro
Holding
Corp.
(b)
..............
25,592
210,878
Schlumberger
NV
..................
1,004
49,316
TechnipFMC
plc
(b)
..................
13,213
219,600
Transocean
Ltd.
(a)(b)
.................
9,849
69,042
1,727,589
Entertainment
—
0.2%
Endeavor
Group
Holdings,
Inc.,
Class
A
(b)
..
1,581
37,818
Gaia,
Inc.,
Class
A
(b)
.................
1,508
3,483
Lions
Gate
Entertainment
Corp.,
Class
A
(b)
..
5,736
50,649
Roku,
Inc.,
Class
A
(b)
................
251
16,054
World
Wrestling
Entertainment,
Inc.,
Class
A
1,910
207,178
315,182
Financial
Services
—
1.4%
Euronet
Worldwide,
Inc.
(b)
.............
1,328
155,867
Federal
Agricultural
Mortgage
Corp.,
Class
C
2,734
392,985
Jack
Henry
&
Associates,
Inc.
..........
1,203
201,298
Pagseguro
Digital
Ltd.,
Class
A
(b)
........
29,748
280,821
Paysafe
Ltd.
(b)
.....................
16,821
169,724
Repay
Holdings
Corp.,
Class
A
(b)
........
10,551
82,614
StoneCo
Ltd.,
Class
A
(b)
..............
47,042
599,315
Toast,
Inc.,
Class
A
(b)
................
4,322
97,548
1,980,172
Food
Products
—
0.1%
Kellogg
Co.
.......................
474
31,947
Sovos
Brands,
Inc.
(b)
.................
7,096
138,798
Vital
Farms,
Inc.
(b)
..................
2,804
33,620
204,365
Gas
Utilities
—
0.7%
New
Jersey
Resources
Corp.
...........
17,784
839,405
Spire,
Inc.
(a)
.......................
2,907
184,420
1,023,825
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Ground
Transportation
—
0.3%
Covenant
Logistics
Group,
Inc.,
Class
A
....
1,942
$
85,118
Ryder
System,
Inc.
..................
1,258
106,666
Saia,
Inc.
(b)
.......................
487
166,753
Schneider
National,
Inc.,
Class
B
........
3,444
98,912
457,449
Health
Care
Equipment
&
Supplies
—
2.5%
(b)
Accuray,
Inc.
(a)
.....................
14,060
54,412
Enovis
Corp.
......................
12,479
800,153
Globus
Medical,
Inc.,
Class
A
...........
4,753
282,994
Haemonetics
Corp.
.................
274
23,328
Inari
Medical,
Inc.
..................
3,133
182,153
Merit
Medical
Systems,
Inc.
............
19,440
1,625,961
Nevro
Corp.
......................
809
20,565
NuVasive,
Inc.
.....................
1,172
48,743
Omnicell,
Inc.
.....................
531
39,119
Penumbra,
Inc.
....................
444
152,763
STAAR
Surgical
Co.
(a)
................
3,852
202,500
Tactile
Systems
Technology,
Inc.
........
3,054
76,136
Varex
Imaging
Corp.
.................
3,398
80,091
3,588,918
Health
Care
Providers
&
Services
—
1.7%
Accolade,
Inc.
(b)
....................
7,153
96,351
CareMax,
Inc.,
Class
A
(b)
..............
4,418
13,740
Ensign
Group,
Inc.
(The)
(a)
.............
18,006
1,718,853
HealthEquity,
Inc.
(b)
..................
928
58,594
Henry
Schein,
Inc.
(b)
.................
3,155
255,870
Privia
Health
Group,
Inc.
(b)
.............
6,962
181,778
Progyny,
Inc.
(b)
.....................
2,322
91,347
R1
RCM,
Inc.
(b)
....................
5,658
104,390
2,520,923
Health
Care
Technology
—
1.1%
(b)
American
Well
Corp.,
Class
A
..........
57,295
120,320
GoodRx
Holdings,
Inc.,
Class
A
.........
2,955
16,312
Health
Catalyst,
Inc.
.................
13,770
172,125
NextGen
Healthcare,
Inc.
.............
1,963
31,840
Tabula
Rasa
HealthCare,
Inc.
..........
5,153
42,512
Teladoc
Health,
Inc.
(a)
................
35,198
891,213
Veradigm,
Inc.
.....................
27,057
340,918
1,615,240
Hotel
&
Resort
REITs
—
0.7%
Braemar
Hotels
&
Resorts,
Inc.
(a)
........
30,968
124,491
Park
Hotels
&
Resorts,
Inc.
............
68,544
878,734
1,003,225
Hotels,
Restaurants
&
Leisure
—
3.9%
Bally's
Corp.
(a)(b)
....................
10,275
159,879
Boyd
Gaming
Corp.
(a)
................
24,906
1,727,729
Cava
Group,
Inc.
(b)
..................
1,868
76,495
Choice
Hotels
International,
Inc.
(a)
........
1,510
177,455
Penn
Entertainment,
Inc.
(a)(b)
...........
15,660
376,310
PlayAGS,
Inc.
(b)
....................
3,494
19,741
Texas
Roadhouse,
Inc.
...............
8,637
969,762
Wendy's
Co.
(The)
(a)
.................
43,307
941,927
Wingstop,
Inc.
.....................
5,547
1,110,288
Wyndham
Hotels
&
Resorts,
Inc.
........
1,913
131,174
5,690,760
Household
Durables
—
1.7%
Century
Communities,
Inc.
............
935
71,639
GoPro,
Inc.,
Class
A
(b)
................
27,598
114,256
Helen
of
Troy
Ltd.
(a)(b)
................
939
101,431
Installed
Building
Products,
Inc.
(a)
........
5,280
740,045
iRobot
Corp.
(b)
.....................
691
31,268
Security
Shares
Shares
Value
Household
Durables
(continued)
Taylor
Morrison
Home
Corp.
(a)(b)
.........
13,023
$
635,132
Toll
Brothers,
Inc.
...................
1,186
93,777
TopBuild
Corp.
(a)(b)
..................
2,261
601,471
Universal
Electronics,
Inc.
(b)
............
2,866
27,571
2,416,590
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.,
Class
A
(b)
......
8,138
296,711
Independent
Power
and
Renewable
Electricity
Producers
—
0.6%
Brookfield
Renewable
Corp.
(a)
..........
22,409
706,332
Clearway
Energy,
Inc.,
Class
A
..........
5,662
152,874
859,206
Industrial
REITs
—
0.9%
EastGroup
Properties,
Inc.
(a)
...........
1,861
323,070
First
Industrial
Realty
Trust,
Inc.
(a)
........
10,722
564,406
Rexford
Industrial
Realty,
Inc.
..........
7,398
386,323
1,273,799
Insurance
—
4.3%
American
Financial
Group,
Inc.
.........
2,931
348,056
Assured
Guaranty
Ltd.
...............
1,984
110,707
Brighthouse
Financial,
Inc.
(b)
...........
16,674
789,514
Crawford
&
Co.,
Class
A
..............
1,185
13,142
Everest
Re
Group
Ltd.
...............
2,194
750,041
Hanover
Insurance
Group,
Inc.
(The)
.....
1,519
171,693
Hippo
Holdings,
Inc.
(a)(b)
...............
3,957
65,409
Investors
Title
Co.
..................
60
8,760
Kinsale
Capital
Group,
Inc.
............
2,581
965,810
Lincoln
National
Corp.
...............
10,215
263,138
Oscar
Health,
Inc.,
Class
A
(b)
...........
12,512
100,847
Reinsurance
Group
of
America,
Inc.
......
7,745
1,074,154
Selective
Insurance
Group,
Inc.
.........
5,093
488,673
Unum
Group
(a)
.....................
22,363
1,066,715
6,216,659
Interactive
Media
&
Services
—
1.5%
Bumble,
Inc.,
Class
A
(b)
...............
32,749
549,528
Eventbrite,
Inc.,
Class
A
(b)
.............
23,890
228,149
IAC,
Inc.
(b)
........................
605
37,994
Outbrain,
Inc.
(b)
....................
9,264
45,579
Shutterstock,
Inc.
...................
6,487
315,722
Yelp,
Inc.
(b)
.......................
23,187
844,239
Ziff
Davis,
Inc.
(b)
....................
2,664
186,640
2,207,851
IT
Services
—
0.3%
(b)
Fastly,
Inc.,
Class
A
.................
3,631
57,261
Kyndryl
Holdings,
Inc.
(a)
...............
10,914
144,938
Unisys
Corp.
......................
5,276
20,999
Wix.com
Ltd.
......................
2,464
192,783
415,981
Leisure
Products
—
1.0%
Brunswick
Corp.
(a)
..................
7,173
621,469
Topgolf
Callaway
Brands
Corp.
(b)
........
43,856
870,541
1,492,010
Life
Sciences
Tools
&
Services
—
0.7%
Bruker
Corp.
......................
7,122
526,458
Medpace
Holdings,
Inc.
(b)
.............
293
70,370
NanoString
Technologies,
Inc.
(b)
.........
4,748
19,229
Personalis,
Inc.
(a)(b)
..................
90,166
169,512
QIAGEN
NV
(b)
.....................
3,990
179,670
Seer,
Inc.,
Class
A
(b)
.................
23,969
102,348
Singular
Genomics
Systems,
Inc.
(a)(b)
......
4,854
4,029
1,071,616
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
—
4.3%
AGCO
Corp.
......................
3,409
$
448,011
Astec
Industries,
Inc.
................
254
11,542
Graco,
Inc.
.......................
22,819
1,970,421
Mueller
Industries,
Inc.
(a)
..............
1,495
130,483
Oshkosh
Corp.
....................
10,536
912,312
Snap-on,
Inc.
.....................
6,808
1,961,997
Timken
Co.
(The)
(a)
..................
7,520
688,306
Trinity
Industries,
Inc.
................
6,228
160,122
6,283,194
Marine
Transportation
—
0.1%
Matson,
Inc.
......................
1,440
111,931
Media
—
0.4%
Cardlytics,
Inc.
(b)
...................
23,151
146,314
comScore,
Inc.
(a)(b)
..................
6,511
5,274
DISH
Network
Corp.,
Class
A
(b)
.........
6,005
39,573
Entravision
Communications
Corp.,
Class
A
.
1,638
7,191
Gray
Television,
Inc.
.................
9,051
71,322
iHeartMedia,
Inc.,
Class
A
(b)
............
9,197
33,477
PubMatic,
Inc.,
Class
A
(a)(b)
.............
6,591
120,483
TEGNA,
Inc.
......................
5,240
85,098
508,732
Metals
&
Mining
—
2.6%
Reliance
Steel
&
Aluminum
Co.
.........
5,828
1,582,827
Royal
Gold,
Inc.
....................
6,020
690,976
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
557
16,704
Steel
Dynamics,
Inc.
.................
4,114
448,138
United
States
Steel
Corp.
.............
38,828
971,088
3,709,733
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Great
Ajax
Corp.
...................
14,590
89,437
Office
REITs
—
0.4%
Brandywine
Realty
Trust
(a)
.............
4,513
20,985
Hudson
Pacific
Properties,
Inc.
..........
15,404
65,005
Kilroy
Realty
Corp.
(a)
.................
11,545
347,389
Paramount
Group,
Inc.
(a)
..............
18,728
82,965
516,344
Oil,
Gas
&
Consumable
Fuels
—
3.2%
Ardmore
Shipping
Corp.
..............
12,741
157,351
Callon
Petroleum
Co.
(b)
...............
1,643
57,620
CVR
Energy,
Inc.
...................
561
16,808
EOG
Resources,
Inc.
................
5,048
577,693
Magnolia
Oil
&
Gas
Corp.,
Class
A
(a)
......
74,275
1,552,348
Murphy
Oil
Corp.
...................
4,004
153,353
Ovintiv,
Inc.
(a)
......................
12,232
465,672
PDC
Energy,
Inc.
...................
9,360
665,871
SM
Energy
Co.
....................
2,757
87,204
Targa
Resources
Corp.
...............
1,113
84,699
Texas
Pacific
Land
Corp.
(a)
............
412
542,398
World
Kinect
Corp.
..................
14,450
298,826
4,659,843
Passenger
Airlines
—
0.4%
Alaska
Air
Group,
Inc.
(b)
...............
6,520
346,733
Copa
Holdings
SA,
Class
A
(a)
...........
917
101,402
JetBlue
Airways
Corp.
(b)
..............
11,308
100,189
548,324
Personal
Care
Products
—
0.3%
(b)
elf
Beauty,
Inc.
(a)
...................
3,107
354,913
Nature's
Sunshine
Products,
Inc.
........
1,667
22,754
377,667
Security
Shares
Shares
Value
Pharmaceuticals
—
0.9%
Corcept
Therapeutics,
Inc.
(b)
...........
1,076
$
23,941
Elanco
Animal
Health,
Inc.
(b)
............
9,894
99,534
Harmony
Biosciences
Holdings,
Inc.
(b)
.....
2,334
82,133
Jazz
Pharmaceuticals
plc
(b)
............
5,862
726,712
Nektar
Therapeutics
(b)
................
88,684
51,011
NGM
Biopharmaceuticals,
Inc.
(b)
.........
13,765
35,651
Perrigo
Co.
plc
....................
6,765
229,672
Scilex
Holding
Co.(Acquired
01/06/23,
cost
$17,290)
(a)(b)(c)
...................
1,650
9,029
Tarsus
Pharmaceuticals,
Inc.
(b)
..........
1,165
21,052
Tricida,
Inc.
(a)(b)(d)
...................
14,390
—
1,278,735
Professional
Services
—
3.7%
ExlService
Holdings,
Inc.
(a)(b)
...........
7,515
1,135,216
Genpact
Ltd.
......................
21,646
813,240
Insperity,
Inc.
......................
13,630
1,621,425
KBR,
Inc.
(a)
.......................
22,110
1,438,477
Kelly
Services,
Inc.,
Class
A
............
5,396
95,023
Kforce,
Inc.
(a)
......................
1,926
120,683
Mistras
Group,
Inc.
(b)
................
8,655
66,817
TaskUS,
Inc.,
Class
A
(b)
...............
8,896
100,703
5,391,584
Real
Estate
Management
&
Development
—
0.7%
Anywhere
Real
Estate,
Inc.
(b)
...........
5,375
35,905
Compass,
Inc.,
Class
A
(b)
..............
7,105
24,867
eXp
World
Holdings,
Inc.
(a)
.............
1,724
34,963
Opendoor
Technologies,
Inc.
(b)
..........
10,787
43,364
Zillow
Group,
Inc.,
Class
A
(b)
...........
1,488
73,210
Zillow
Group,
Inc.,
Class
C
(b)
...........
16,267
817,579
1,029,888
Residential
REITs
—
1.7%
Equity
LifeStyle
Properties,
Inc.
(a)
........
22,002
1,471,714
Independence
Realty
Trust,
Inc.
.........
53,095
967,391
2,439,105
Retail
REITs
—
2.3%
Acadia
Realty
Trust
.................
717
10,318
Agree
Realty
Corp.
.................
758
49,566
Brixmor
Property
Group,
Inc.
...........
74,834
1,646,348
Kimco
Realty
Corp.
.................
13,553
267,265
Regency
Centers
Corp.
(a)
.............
22,881
1,413,359
3,386,856
Semiconductors
&
Semiconductor
Equipment
—
3.1%
Allegro
MicroSystems,
Inc.
(b)
...........
610
27,535
Amkor
Technology,
Inc.
(a)
..............
10,014
297,917
Cirrus
Logic,
Inc.
(b)
..................
6,790
550,058
Lattice
Semiconductor
Corp.
(b)
..........
20,896
2,007,479
MaxLinear,
Inc.
(b)
...................
19,233
606,993
Photronics,
Inc.
(b)
...................
2,185
56,351
Power
Integrations,
Inc.
(a)
.............
10,124
958,439
Semtech
Corp.
(b)
...................
124
3,157
Silicon
Laboratories,
Inc.
(a)(b)
............
197
31,075
4,539,004
Software
—
7.1%
(b)
8x8,
Inc.
.........................
46,300
195,849
ACI
Worldwide,
Inc.
.................
9,103
210,917
Appfolio,
Inc.,
Class
A
................
200
34,428
Box,
Inc.,
Class
A
...................
9,034
265,419
Domo,
Inc.,
Class
B
.................
14,938
218,991
Dropbox,
Inc.,
Class
A
(a)
..............
23,724
632,719
Everbridge,
Inc.
....................
3,225
86,752
Expensify,
Inc.,
Class
A
...............
10,303
82,218
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Fair
Isaac
Corp.
....................
1,118
$
904,697
Guidewire
Software,
Inc.
..............
3,166
240,869
LivePerson,
Inc.
....................
35,654
161,156
Manhattan
Associates,
Inc.
(a)
...........
9,657
1,930,241
PagerDuty,
Inc.
....................
4,054
91,134
PROS
Holdings,
Inc.
................
1,386
42,689
Q2
Holdings,
Inc.
...................
27,786
858,587
Qualys,
Inc.
......................
6,553
846,451
Rapid7,
Inc.
......................
7,421
336,023
RingCentral,
Inc.,
Class
A
.............
17,474
571,924
SEMrush
Holdings,
Inc.,
Class
A
.........
12,925
123,692
Teradata
Corp.
....................
27,674
1,478,068
UiPath,
Inc.,
Class
A
.................
21,643
358,625
Upland
Software,
Inc.
................
39,360
141,696
Varonis
Systems,
Inc.
................
5,995
159,767
Workiva,
Inc.,
Class
A
................
295
29,990
Zuora,
Inc.,
Class
A
.................
16,628
182,409
10,185,311
Specialized
REITs
—
1.1%
CubeSmart
.......................
34,027
1,519,646
Life
Storage,
Inc.
...................
146
19,412
1,539,058
Specialty
Retail
—
3.9%
1-800-Flowers.com,
Inc.,
Class
A
(b)
.......
2,057
16,045
Aaron's
Co.,
Inc.
(The)
...............
6,626
93,692
Asbury
Automotive
Group,
Inc.
(b)
.........
1,120
269,270
AutoNation,
Inc.
(b)
...................
645
106,174
Chico's
FAS,
Inc.
(a)(b)
.................
14,091
75,387
Conn's,
Inc.
(b)
.....................
19,847
73,434
Dick's
Sporting
Goods,
Inc.
(a)
...........
3,661
483,948
Five
Below,
Inc.
(a)(b)
..................
4,398
864,383
Gap,
Inc.
(The)
(a)
...................
92,056
822,060
Group
1
Automotive,
Inc.
..............
119
30,714
LL
Flooring
Holdings,
Inc.
(b)
............
1,280
4,902
Murphy
USA,
Inc.
..................
3,013
937,374
Petco
Health
&
Wellness
Co.,
Inc.
(a)(b)
.....
50,018
445,160
Revolve
Group,
Inc.,
Class
A
(b)
..........
11,711
192,060
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
40,780
157,003
Urban
Outfitters,
Inc.
(a)(b)
..............
18,259
604,921
Wayfair,
Inc.,
Class
A
(a)(b)
..............
5,044
327,910
Williams-Sonoma,
Inc.
(a)
..............
955
119,509
5,623,946
Technology
Hardware,
Storage
&
Peripherals
—
0.7%
(b)
Pure
Storage,
Inc.,
Class
A
............
4,578
168,562
Super
Micro
Computer,
Inc.
............
3,313
825,765
994,327
Textiles,
Apparel
&
Luxury
Goods
—
0.9%
Crocs,
Inc.
(b)
......................
6,102
686,109
Ralph
Lauren
Corp.,
Class
A
(a)
..........
4,746
585,182
Skechers
USA,
Inc.,
Class
A
(b)
..........
1,677
88,311
1,359,602
Trading
Companies
&
Distributors
—
2.8%
GATX
Corp.
......................
13,345
1,718,035
H&E
Equipment
Services,
Inc.
..........
716
32,757
Herc
Holdings,
Inc.
..................
3,421
468,164
MRC
Global,
Inc.
(b)
..................
5,267
53,039
Rush
Enterprises,
Inc.,
Class
A
.........
18,292
1,111,056
Watsco,
Inc.
(a)
.....................
1,553
592,423
3,975,474
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.5%
United
States
Cellular
Corp.
(a)(b)
.........
36,935
$
651,164
Total
Long-Term
Investments
—
99.1%
(Cost:
$140,166,900)
.............................
143,132,283
Short-Term
Securities
Money
Market
Funds
—
16.7%
(e)(f)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
1,245,437
1,245,437
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(g)
.......................
22,880,216
22,882,504
Total
Short-Term
Securities
—
16.7%
(Cost:
$24,127,340)
..............................
24,127,941
Total
Investments
—
115.8%
(Cost:
$164,294,240
)
.............................
167,260,224
Liabilities
in
Excess
of
Other
Assets
—
(15.8)%
...........
(22,833,278)
Net
Assets
—
100.0%
..............................
$
144,426,946
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$9,029,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$17,290.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
10
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,262,746
$
—
$
(17,309)
(a)
$
—
$
—
$
1,245,437
1,245,437
$
29,079
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
16,286,903
6,592,998
(a)
—
5,333
(2,730)
22,882,504
22,880,216
32,775
(b)
—
$
5,333
$
(2,730)
$
24,127,941
$
61,854
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Schedule
of
Investments
11
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
6
09/15/23
$
1,346
$
33,578
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
33,578
$
—
$
—
$
—
$
33,578
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
106,571
$
—
$
—
$
—
$
106,571
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
65,780
$
—
$
—
$
—
$
65,780
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,500,788
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
12
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
2,273,183
$
—
$
—
$
2,273,183
Air
Freight
&
Logistics
....................................
510,594
—
—
510,594
Automobile
Components
..................................
1,914,065
—
—
1,914,065
Automobiles
..........................................
36,746
—
—
36,746
Banks
...............................................
6,160,518
—
—
6,160,518
Beverages
...........................................
765,253
—
—
765,253
Biotechnology
.........................................
8,589,787
—
—
8,589,787
Broadline
Retail
........................................
1,084,927
—
—
1,084,927
Building
Products
.......................................
4,197,818
—
—
4,197,818
Capital
Markets
........................................
4,094,516
—
—
4,094,516
Chemicals
............................................
2,085,426
—
—
2,085,426
Commercial
Services
&
Supplies
.............................
158,345
—
—
158,345
Communications
Equipment
................................
160,186
—
—
160,186
Construction
&
Engineering
................................
3,887,664
—
—
3,887,664
Consumer
Finance
......................................
1,643,046
—
—
1,643,046
Consumer
Staples
Distribution
&
Retail
........................
1,805,973
—
—
1,805,973
Containers
&
Packaging
..................................
367,323
—
—
367,323
Diversified
Consumer
Services
..............................
439,327
—
—
439,327
Diversified
REITs
.......................................
116,371
—
—
116,371
Diversified
Telecommunication
Services
........................
1,454,327
—
—
1,454,327
Electric
Utilities
........................................
1,117,926
—
—
1,117,926
Electrical
Equipment
.....................................
2,219,240
—
—
2,219,240
Electronic
Equipment,
Instruments
&
Components
.................
2,472,392
—
—
2,472,392
Energy
Equipment
&
Services
..............................
1,727,589
—
—
1,727,589
Entertainment
.........................................
315,182
—
—
315,182
Financial
Services
......................................
1,980,172
—
—
1,980,172
Food
Products
.........................................
204,365
—
—
204,365
Gas
Utilities
...........................................
1,023,825
—
—
1,023,825
Ground
Transportation
...................................
457,449
—
—
457,449
Health
Care
Equipment
&
Supplies
...........................
3,588,918
—
—
3,588,918
Health
Care
Providers
&
Services
............................
2,520,923
—
—
2,520,923
Health
Care
Technology
..................................
1,615,240
—
—
1,615,240
Hotel
&
Resort
REITs
....................................
1,003,225
—
—
1,003,225
Hotels,
Restaurants
&
Leisure
..............................
5,690,760
—
—
5,690,760
Household
Durables
.....................................
2,416,590
—
—
2,416,590
Household
Products
.....................................
296,711
—
—
296,711
Independent
Power
and
Renewable
Electricity
Producers
............
859,206
—
—
859,206
Industrial
REITs
........................................
1,273,799
—
—
1,273,799
Insurance
............................................
6,216,659
—
—
6,216,659
Interactive
Media
&
Services
...............................
2,207,851
—
—
2,207,851
IT
Services
...........................................
415,981
—
—
415,981
Leisure
Products
.......................................
1,492,010
—
—
1,492,010
Life
Sciences
Tools
&
Services
..............................
1,071,616
—
—
1,071,616
Machinery
............................................
5,835,183
—
—
5,835,183
Marine
Transportation
....................................
111,931
—
—
111,931
Media
...............................................
508,732
—
—
508,732
Metals
&
Mining
........................................
3,709,733
—
—
3,709,733
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
89,437
—
—
89,437
Office
REITs
..........................................
516,344
—
—
516,344
Oil,
Gas
&
Consumable
Fuels
...............................
4,659,843
—
—
4,659,843
Passenger
Airlines
......................................
548,324
—
—
548,324
Personal
Care
Products
..................................
377,667
—
—
377,667
Pharmaceuticals
.......................................
1,269,706
9,029
—
1,278,735
Professional
Services
....................................
5,391,584
—
—
5,391,584
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Schedule
of
Investments
13
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Real
Estate
Management
&
Development
.......................
$
1,029,888
$
—
$
—
$
1,029,888
Residential
REITs
.......................................
2,439,105
—
—
2,439,105
Retail
REITs
..........................................
3,386,856
—
—
3,386,856
Semiconductors
&
Semiconductor
Equipment
....................
4,539,004
—
—
4,539,004
Software
.............................................
10,185,311
—
—
10,185,311
Specialized
REITs
......................................
1,539,058
—
—
1,539,058
Specialty
Retail
........................................
5,623,946
—
—
5,623,946
Technology
Hardware,
Storage
&
Peripherals
....................
994,327
—
—
994,327
Textiles,
Apparel
&
Luxury
Goods
............................
1,359,602
—
—
1,359,602
Trading
Companies
&
Distributors
............................
3,975,474
—
—
3,975,474
Wireless
Telecommunication
Services
.........................
651,164
—
—
651,164
Short-Term
Securities
Money
Market
Funds
......................................
1,245,437
—
—
1,245,437
$
143,920,680
$
9,029
$
—
$
143,929,709
Investments
valued
at
NAV
(a)
......................................
23,330,515
$
—
$
167,260,224
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
33,578
$
—
$
—
$
33,578
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
Advantage
SMID
Cap
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
143,132,283‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
24,127,941‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
80,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
736‌
Receivables:
–‌
Investments
sold
....................................................................................................
1,477,303‌
Securities
lending
income
—
affiliated
......................................................................................
8,824‌
Swaps  
..........................................................................................................
6,663‌
Capital
shares
sold
...................................................................................................
10,719‌
Dividends
—
unaffiliated
...............................................................................................
132,144‌
Dividends
—
affiliated
.................................................................................................
5,253‌
Variation
margin
on
futures
contracts
.......................................................................................
11,379‌
Prepaid
expenses
.....................................................................................................
1,790‌
Total
assets
.........................................................................................................
168,995,035‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
22,883,799‌
Payables:
–‌
Investments
purchased
................................................................................................
1,416,613‌
Capital
shares
redeemed
...............................................................................................
49,753‌
Distribution
fees
.....................................................................................................
1,436‌
Investment
advisory
fees
..............................................................................................
43,804‌
Professional
fees
....................................................................................................
14,129‌
Other
accrued
expenses
...............................................................................................
158,555‌
Total
liabilities
........................................................................................................
24,568,089‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
144,426,946‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
161,151,157‌
Accumulated
loss
.....................................................................................................
(16,724,211‌)
NET
ASSETS
........................................................................................................
$
144,426,946‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
140,166,900‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
22,495,403‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
24,127,340‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
769‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
15
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
SMID
Cap
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
137,510,057‌
Shares
outstanding
..................................................................................................
7,058,910‌
Net
asset
value
.....................................................................................................
$
19.48‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
II
Net
assets
.........................................................................................................
$
—‌
Shares
outstanding
..................................................................................................
—‌
Net
asset
value
.....................................................................................................
$
—‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
6,916,889‌
Shares
outstanding
..................................................................................................
751,775‌
Net
asset
value
.....................................................................................................
$
9.20‌
Shares
authorized
...................................................................................................
10
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
See
notes
to
financial
statements.
BlackRock
Advantage
SMID
Cap
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
1,027,074‌
Dividends
—
affiliated
.................................................................................................
29,079‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
32,775‌
Foreign
taxes
withheld
................................................................................................
(4,751‌)
Total
investment
income
.................................................................................................
1,084,177‌
EXPENSES
Investment
advisory
..................................................................................................
537,266‌
Transfer
agent
—
class
specific
..........................................................................................
135,756‌
Professional
.......................................................................................................
34,382‌
Accounting
services
..................................................................................................
27,571‌
Printing
and
postage
.................................................................................................
20,296‌
Custodian
.........................................................................................................
19,953‌
Distribution
—
class
specific
............................................................................................
9,029‌
Directors
and
Officer
.................................................................................................
3,800‌
Transfer
agent
......................................................................................................
2,482‌
Miscellaneous
......................................................................................................
2,068‌
Total
expenses
.......................................................................................................
792,603‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(253,838‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(135,742‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
403,023‌
Net
investment
income
..................................................................................................
681,154‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
10,822,324‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(3,113,286‌)
Investments
—
affiliated
.............................................................................................
5,333‌
Futures
contracts
..................................................................................................
106,571‌
A
(3,001,382‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
13,760,639‌
Investments
—
affiliated
.............................................................................................
(2,730‌)
Foreign
currency
translations
..........................................................................................
16‌
Futures
contracts
..................................................................................................
65,780‌
A
13,823,705‌
Net
realized
and
unrealized
gain
...........................................................................................
10,822,323‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
11,503,477‌
Statements
of
Changes
in
Net
Assets

17
Financial
Statements
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
681,154
‌
$
1,653,317
‌
Net
realized
loss
..................................................................................
(3,001,382
)
(17,018,419
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
13,823,705
‌
(15,314,741
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
11,503,477
‌
(30,679,843
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(2,420,852
)
  Class
II
.......................................................................................
—
‌
(34,139
)
  Class
III
.......................................................................................
—
‌
(205,131
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(2,660,122
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(10,556,159
)
(12,015,735
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
947,318
‌
(45,355,700
)
Beginning
of
period
..................................................................................
143,479,628
‌
188,835,328
‌
End
of
period
......................................................................................
$
144,426,946
‌
$
143,479,628
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
17.98
‌
$
21.92
‌
$
27.49
‌
$
24.65
‌
$
21.11
‌
$
25.63
‌
Net
investment
income
(a)
........................
0.09
‌
0.20
‌
0.23
‌
0.28
‌
0.35
‌
0.34
‌
Net
realized
and
unrealized
gain
(loss)
...............
1.41
‌
(3.82
)
3.13
‌
4.57
‌
5.74
‌
(2.00
)
Net
increase
(decrease)
from
investment
operations
.......
1.50
‌
(3.62
)
3.36
‌
4.85
‌
6.09
‌
(1.66
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.18
)
(0.26
)
(0.30
)
(0.44
)
(0.34
)
From
net
realized
gain
..........................
—
‌
(0.14
)
(8.67
)
(1.71
)
(2.11
)
(2.52
)
Total
distributions
..............................
—
‌
(0.32
)
(8.93
)
(2.01
)
(2.55
)
(2.86
)
Net
asset
value,
end
of
period
.....................
$
19.48
‌
$
17.98
‌
$
21.92
‌
$
27.49
‌
$
24.65
‌
$
21.11
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
8.34
%
(d)
(16.48
)%
13.64
%
19.96
%
28.98
%
(6.39
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
1.09
%
(f)
1.07
%
1.09
%
1.06
%
1.02
%
1.03
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.55
%
(f)
0.55
%
0.55
%
0.55
%
0.55
%
0.55
%
Net
investment
income
..........................
0.96
%
(f)
1.07
%
0.80
%
1.12
%
1.45
%
1.31
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
137,510
‌
$
135,137
‌
$
179,034
‌
$
177,134
‌
$
168,415
‌
$
218,976
‌
Portfolio
turnover
rate
............................
61
%
124
%
216
%
119
%
135
%
150
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
8.50
‌
$
10.57
‌
$
17.50
‌
$
16.33
‌
$
14.66
‌
$
18.74
‌
Net
investment
income
(a)
........................
0.03
‌
0.08
‌
0.10
‌
0.14
‌
0.20
‌
0.20
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.67
‌
(1.86
)
1.85
‌
3.00
‌
3.97
‌
(1.46
)
Net
increase
(decrease)
from
investment
operations
.......
0.70
‌
(1.78
)
1.95
‌
3.14
‌
4.17
‌
(1.26
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.15
)
(0.21
)
(0.26
)
(0.39
)
(0.30
)
From
net
realized
gain
..........................
—
‌
(0.14
)
(8.67
)
(1.71
)
(2.11
)
(2.52
)
Total
distributions
..............................
—
‌
(0.29
)
(8.88
)
(1.97
)
(2.50
)
(2.82
)
Net
asset
value,
end
of
period
.....................
$
9.20
‌
$
8.50
‌
$
10.57
‌
$
17.50
‌
$
16.33
‌
$
14.66
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
8.24
%
(d)
(16.68
)%
13.35
%
19.65
%
28.65
%
(6.65
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
1.35
%
(f)
1.33
%
1.34
%
1.29
%
1.31
%
1.32
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.80
%
(f)
0.80
%
0.80
%
0.80
%
0.80
%
0.80
%
Net
investment
income
..........................
0.72
%
(f)
0.83
%
0.56
%
0.87
%
1.19
%
1.06
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
6,917
‌
$
6,301
‌
$
7,027
‌
$
6,553
‌
$
5,829
‌
$
5,073
‌
Portfolio
turnover
rate
............................
61
%
124
%
216
%
119
%
135
%
150
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Advantage
SMID
Cap
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I,
Class
II
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
II
and
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
BofA
Securities,
Inc.
...............................
$
1,087,306‌
$
(1,087,306‌)
$
—‌
$
—‌
Citigroup
Global
Markets,
Inc.
........................
2,913,103‌
(2,913,103‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
..........................
11,913,226‌
(11,913,226‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
4,114,094‌
(4,114,094‌)
—‌
—‌
Jefferies
LLC
....................................
223,770‌
(223,770‌)
—‌
—‌
National
Financial
Services
LLC
.......................
1,039,762‌
(1,039,762‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................
382,213‌
(382,213‌)
—‌
—‌
Toronto-Dominion
Bank
............................
821,929‌
(821,929‌)
—‌
—‌
$
22,495,403‌
$
(22,495,403‌)
$
—‌
$
—‌
(a)
  Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual
rate
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
following
table
shows
the
class
specific
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.75%
$1
billion
-
$3
billion
.....................................................................................................
0.71
$3
billion
-
$5
billion
.....................................................................................................
0.68
$5
billion
-
$10
billion
....................................................................................................
0.65
Greater
than
$10
billion
...................................................................................................
0.64
Share
Class
Distribution
Fees
Class
II
...............................................................................................................
0.15‌%
Class
III
...............................................................................................................
0.25‌
Share
Class
Distribution
Fees
Class
II
.........................................................................................................
$
918‌
Class
III
.........................................................................................................
8,111‌
$
9,029‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$464.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$253,374
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements
were
as
follows: 
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Class
I
Class
II
Class
III
Total
Transfer
agent
fees
-
class
specific
.......................................................
$
128,105‌
$
1,177‌
$
6,474‌
$
135,756‌
Class
I
................................................................................................................
0.07‌%
Class
II
...............................................................................................................
0.09‌
Class
III
...............................................................................................................
0.01‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
80,659‌
Class
II
......................................................................................................
627‌
Class
III
......................................................................................................
6,
149‌
$
87,435‌
Class
I
Class
II
Class
III
Expense
Limitations
.................................................................
0.55‌%
0.70‌%
0.80‌%
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
47,432‌
Class
II
......................................................................................................
551‌
Class
III
......................................................................................................
324‌
$
48,307‌
Notes
to
Financial
Statements
(unaudited)
(continued)
25
Notes
to
Financial
Statements
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $7,460
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $87,861,411
and
$97,558,324,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
December
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$17,278,149. 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
Purchases
...............................................................................................................
$
1,696,550‌
Sales
...................................................................................................................
3,754,114‌
Net
Realized
Gain
..........................................................................................................
97,871‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Advantage
SMID
Cap
V.I.
Fund
................................
$
164,686,176‌
$
13,519,413‌
$
(10,911,787‌)
$
2,607,626‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
Notes
to
Financial
Statements
(unaudited)
(continued)
27
Notes
to
Financial
Statements
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
(a)
There
were
no
Class
II
Shares
outstanding
as
of
June
30,
2023.
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Advantage
SMID
Cap
V.I.
Fund
Class
I
Shares
sold
.............................................
75,908‌
$
1,430,711‌
193,187‌
$
3,819,123‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
138,289‌
2,420,852‌
Shares
redeemed
.........................................
(533,803‌)
(9,966,060‌)
(983,300‌)
(18,643,422‌)
(457,895‌)
$
(8,535,349‌)
(651,824‌)
$
(12,403,447‌)
Class
II
(a)
Shares
sold
.............................................
172‌
$
3,071‌
1,792‌
$
33,091‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
1,964‌
34,139‌
Shares
redeemed
.........................................
(114,183‌)
(2,107,348‌)
(16,837‌)
(313,761‌)
(114,011‌)
$
(2,104,277‌)
(13,081‌)
$
(246,531‌)
Class
III
Shares
sold
.............................................
77,645‌
$
677,562‌
159,099‌
$
1,417,316‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
24,660‌
205,131‌
Shares
redeemed
.........................................
(67,030‌)
(594,095‌)
(107,218‌)
(988,204‌)
10,615‌
$
83,467‌
76,541‌
$
634,243‌
(561,291‌)
$
(10,556,159‌)
(588,364‌)
$
(12,015,735‌)
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
28
Portfolio
Abbreviation
S&P
Standard
&
Poor's
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Basic
Value
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Basic
Value
V.I.
Fund
Investment
Objective
BlackRock
Basic
Value
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
capital
appreciation
and,
secondarily,
income.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
outperformed
its
benchmark,
the
Russell
1000
®
Value
Index.
What
factors
influenced
performance?
The
largest
contribution
to
the
Fund's
relative
performance
came
from
stock
selection
in
the
healthcare
sector.
Notably,
stock
selection
within
the
pharmaceuticals
industry
lifted
relative
return.
Selection
decisions
in
the
energy
sector,
particularly
in
the
oil,
gas
and
consumable
fuels
industry,
proved
beneficial.
Lastly,
stock
selection
in
the
financials
sector
also
contributed
positively
to
relative
performance.
Conversely,
investment
decisions
within
the
industrials
sector
detracted
the
most
from
the
Fund's
relative
performance.
Specifically,
the
Fund's
lack
of
exposure
to
the
building
products
industry
was
the
most
significant
detractor.
Stock
selection
within
information
technology
also
weighed
on
relative
results,
most
notably
through
allocation
decisions
within
the
semiconductors
&
semiconductor
equipment
industry.
Other
detractors
included
stock
selection
within
consumer
staples.
Describe
recent
portfolio
activity.
During
the
period,
a
combination
of
portfolio
trading
activity
and
market
price
changes
resulted
in
the
Fund
increasing
its
exposure
to
the
industrials,
utilities,
and
consumer
staples
sectors.
The
Fund
reduced
its
allocations
to
the
financials,
consumer
discretionary,
and
healthcare
sectors.
Describe
portfolio
positioning
at
period
end.
The
Fund's
largest
absolute
allocations
were
to
the
healthcare,
financials,
and
industrials
sectors.
Relative
to
the
Russell
1000
®
Value
Index,
the
Fund
ended
the
period
with
the
most
significant
overweight
exposures
to
the
consumer
discretionary,
healthcare,
and
communication
services
sectors.
The
Fund
maintained
its
most
significant
underweight
sector
exposures
to
real
estate,
industrials,
and
utilities.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)
(c)
.................................................................
9.62‌%
14.90‌%
8.36‌%
8.71‌%
Class
III
(b)
(c)
................................................................
9.39‌
14.55‌
8.06‌
8.40‌
Russell
1000
®
Value
Index
(d)
....................................................
5.12‌
11.54‌
8.11‌
9.22‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
The
Fund
invests
primarily
in
equity
securities
that
Fund
management
believes
are
undervalued,
which
means
that
their
prices
are
less
than
Fund
management
believes
they
are
worth.
(d)
An
index
that
measures
the
performance
of
the
large-cap
value
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
1000
®
companies
with
lower
price-to-book
ratios
and
lower
expected
growth
values.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Basic
Value
V.I.
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,096.20‌
$
3.74‌
$
1,000.00‌
$
1,021.22‌
$
3.61‌
0.72‌%
Class
III
..................................
1,000.00‌
1,093.90‌
5.19‌
1,000.00‌
1,019.84‌
5.01‌
1.00‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Health
Care
.....................................
20.5‌
%
Financials
.......................................
19.3‌
Industrials
.......................................
10.7‌
Consumer
Discretionary
.............................
10.7‌
Communication
Services
.............................
8.2‌
Consumer
Staples
.................................
7.9‌
Information
Technology
..............................
7.9‌
Energy
.........................................
7.2‌
Materials
.......................................
3.3‌
Utilities
.........................................
2.6‌
Short-Term
Securities
...............................
17.2‌
Liabilities
in
Excess
of
Other
Assets
.....................
(15.5‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Basic
Value
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.6%
L3Harris
Technologies,
Inc.
............
32,990
$
6,458,452
Raytheon
Technologies
Corp.
..........
16,220
1,588,911
8,047,363
Automobile
Components
—
0.5%
Lear
Corp.
.......................
11,493
1,649,820
Automobiles
—
2.1%
General
Motors
Co.
.................
168,333
6,490,920
Banks
—
9.7%
Citigroup,
Inc.
.....................
191,061
8,796,449
Citizens
Financial
Group,
Inc.
(a)
.........
124,390
3,244,091
First
Citizens
BancShares,
Inc.,
Class
A
....
4,946
6,347,944
JPMorgan
Chase
&
Co.
..............
27,760
4,037,414
Wells
Fargo
&
Co.
..................
195,749
8,354,567
30,780,465
Broadline
Retail
—
1.6%
(b)
Alibaba
Group
Holding
Ltd.,
ADR
(a)
.......
37,800
3,150,630
Amazon.com,
Inc.
..................
15,630
2,037,527
5,188,157
Capital
Markets
—
1.5%
Carlyle
Group,
Inc.
(The)
(a)
.............
151,630
4,844,579
Chemicals
—
1.6%
Axalta
Coating
Systems
Ltd.
(b)
..........
152,750
5,011,728
Communications
Equipment
—
1.3%
Ciena
Corp.
(a)(b)
....................
59,030
2,508,185
Cisco
Systems,
Inc.
.................
32,739
1,693,916
4,202,101
Consumer
Staples
Distribution
&
Retail
—
2.0%
Dollar
General
Corp.
................
7,542
1,280,481
Dollar
Tree,
Inc.
(b)
...................
35,539
5,099,846
6,380,327
Containers
&
Packaging
—
1.7%
Sealed
Air
Corp.
...................
135,101
5,404,040
Diversified
Telecommunication
Services
—
1.6%
Verizon
Communications,
Inc.
..........
137,959
5,130,695
Electric
Utilities
—
0.6%
American
Electric
Power
Co.,
Inc.
........
20,701
1,743,024
Financial
Services
—
3.1%
Equitable
Holdings,
Inc.
..............
69,954
1,899,951
Fidelity
National
Information
Services,
Inc.
..
108,099
5,913,015
Visa,
Inc.,
Class
A
(a)
.................
8,940
2,123,071
9,936,037
Food
Products
—
3.1%
Kraft
Heinz
Co.
(The)
................
202,120
7,175,260
Mondelez
International,
Inc.,
Class
A
......
37,390
2,727,227
9,902,487
Ground
Transportation
—
0.5%
Union
Pacific
Corp.
.................
7,590
1,553,066
Health
Care
Equipment
&
Supplies
—
8.0%
Baxter
International,
Inc.
..............
188,390
8,583,048
Koninklijke
Philips
NV,
NYRS,
ADR
(a)(b)
....
91,928
1,993,918
Medtronic
plc
.....................
84,870
7,477,047
Zimmer
Biomet
Holdings,
Inc.
(a)
.........
51,021
7,428,658
25,482,671
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
—
7.7%
Cardinal
Health,
Inc.
.................
84,020
$
7,945,771
Cigna
Group
(The)
..................
28,522
8,003,273
Humana,
Inc.
.....................
3,066
1,370,901
Laboratory
Corp.
of
America
Holdings
.....
29,804
7,192,599
24,512,544
Household
Durables
—
2.6%
Panasonic
Holdings
Corp.
.............
459,700
5,636,810
Sony
Group
Corp.,
ADR
(a)
.............
28,630
2,577,845
8,214,655
Insurance
—
5.0%
American
International
Group,
Inc.
.......
107,787
6,202,064
Fidelity
National
Financial,
Inc.,
Class
A
(a)
...
141,815
5,105,340
Prudential
plc,
ADR
(a)
................
65,710
1,860,907
Willis
Towers
Watson
plc
..............
11,830
2,785,965
15,954,276
Interactive
Media
&
Services
—
3.6%
(b)
Alphabet,
Inc.,
Class
A
...............
32,920
3,940,524
Meta
Platforms,
Inc.,
Class
A
...........
26,040
7,472,959
11,413,483
IT
Services
—
2.6%
Cognizant
Technology
Solutions
Corp.,
Class
A
126,988
8,289,777
Machinery
—
2.7%
Fortive
Corp.
......................
23,800
1,779,526
Komatsu
Ltd.
.....................
244,300
6,607,830
8,387,356
Media
—
2.5%
Comcast
Corp.,
Class
A
..............
151,998
6,315,517
Fox
Corp.,
Class
A
..................
47,670
1,620,780
7,936,297
Multi-Utilities
—
2.0%
Public
Service
Enterprise
Group,
Inc.
.....
63,594
3,981,620
Sempra
Energy
....................
16,290
2,371,661
6,353,281
Oil,
Gas
&
Consumable
Fuels
—
7.2%
BP
plc,
ADR
(a)
.....................
211,871
7,476,928
Enterprise
Products
Partners
LP
(a)
.......
159,180
4,194,393
EQT
Corp.
.......................
98,245
4,040,817
Hess
Corp.
.......................
10,950
1,488,652
Shell
plc
.........................
192,900
5,754,532
22,955,322
Personal
Care
Products
—
1.5%
Unilever
plc,
ADR
(a)
.................
91,291
4,759,000
Pharmaceuticals
—
3.7%
AstraZeneca
plc
...................
11,111
1,592,809
Bayer
AG
(Registered)
...............
88,238
4,884,421
Sanofi,
ADR
(a)
.....................
95,985
5,173,592
11,650,822
Professional
Services
—
5.1%
Dun
&
Bradstreet
Holdings,
Inc.
(a)
........
306,420
3,545,280
Leidos
Holdings,
Inc.
................
76,240
6,745,715
SS&C
Technologies
Holdings,
Inc.
.......
95,667
5,797,420
16,088,415
Specialty
Retail
—
0.5%
Ross
Stores,
Inc.
...................
13,996
1,569,371
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Basic
Value
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
—
3.9%
Samsung
Electronics
Co.
Ltd.
..........
127,220
$
7,005,151
Western
Digital
Corp.
(b)
...............
142,930
5,421,335
12,426,486
Textiles,
Apparel
&
Luxury
Goods
—
3.4%
(a)
Gildan
Activewear,
Inc.
...............
147,470
4,754,433
Ralph
Lauren
Corp.,
Class
A
...........
49,291
6,077,580
10,832,013
Tobacco
—
1.2%
British
American
Tobacco
plc,
ADR
.......
117,160
3,889,712
Wireless
Telecommunication
Services
—
0.5%
Rogers
Communications,
Inc.,
Class
B
....
33,007
1,505,902
Total
Common
Stocks
—
97.2%
(Cost:
$297,817,702)
.............................
308,486,192
Investment
Companies
SPDR
S&P
Biotech
ETF
(a)
.............
41,510
3,453,632
Total
Investment
Companies
—
1.1%
(Cost:
$3,254,180)
..............................
3,453,632
Total
Long-Term
Investments
—
98.3%
(Cost:
$301,071,882)
.............................
311,939,824
Short-Term
Securities
Money
Market
Funds
—
17.2%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
5,281,743
5,281,743
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(e)
.......................
49,103,145
49,108,055
Total
Short-Term
Securities
—
17.2%
(Cost:
$54,386,553)
..............................
54,389,798
Total
Investments
—
115.5%
(Cost:
$355,458,435
)
.............................
366,329,622
Liabilities
in
Excess
of
Other
Assets
—
(15.5)%
...........
(49,082,867)
Net
Assets
—
100.0%
..............................
$
317,246,755
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Basic
Value
V.I.
Fund
Schedule
of
Investments
7
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,055,906
$
4,225,837
(a)
$
—
$
—
$
—
$
5,281,743
5,281,743
$
63,822
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
25,043,206
24,061,432
(a)
—
3,045
372
49,108,055
49,103,145
124,054
(b)
—
$
3,045
$
372
$
54,389,798
$
187,876
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Basic
Value
V.I.
Fund
8
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
8,047,363
$
—
$
—
$
8,047,363
Automobile
Components
..................................
1,649,820
—
—
1,649,820
Automobiles
..........................................
6,490,920
—
—
6,490,920
Banks
...............................................
30,780,465
—
—
30,780,465
Broadline
Retail
........................................
5,188,157
—
—
5,188,157
Capital
Markets
........................................
4,844,579
—
—
4,844,579
Chemicals
............................................
5,011,728
—
—
5,011,728
Communications
Equipment
................................
4,202,101
—
—
4,202,101
Consumer
Staples
Distribution
&
Retail
........................
6,380,327
—
—
6,380,327
Containers
&
Packaging
..................................
5,404,040
—
—
5,404,040
Diversified
Telecommunication
Services
........................
5,130,695
—
—
5,130,695
Electric
Utilities
........................................
1,743,024
—
—
1,743,024
Financial
Services
......................................
9,936,037
—
—
9,936,037
Food
Products
.........................................
9,902,487
—
—
9,902,487
Ground
Transportation
...................................
1,553,066
—
—
1,553,066
Health
Care
Equipment
&
Supplies
...........................
25,482,671
—
—
25,482,671
Health
Care
Providers
&
Services
............................
24,512,544
—
—
24,512,544
Household
Durables
.....................................
2,577,845
5,636,810
—
8,214,655
Insurance
............................................
15,954,276
—
—
15,954,276
Interactive
Media
&
Services
...............................
11,413,483
—
—
11,413,483
IT
Services
...........................................
8,289,777
—
—
8,289,777
Machinery
............................................
1,779,526
6,607,830
—
8,387,356
Media
...............................................
7,936,297
—
—
7,936,297
Multi-Utilities
..........................................
6,353,281
—
—
6,353,281
Oil,
Gas
&
Consumable
Fuels
...............................
17,200,790
5,754,532
—
22,955,322
Personal
Care
Products
..................................
4,759,000
—
—
4,759,000
Pharmaceuticals
.......................................
5,173,592
6,477,230
—
11,650,822
Professional
Services
....................................
16,088,415
—
—
16,088,415
Specialty
Retail
........................................
1,569,371
—
—
1,569,371
Technology
Hardware,
Storage
&
Peripherals
....................
5,421,335
7,005,151
—
12,426,486
Textiles,
Apparel
&
Luxury
Goods
............................
10,832,013
—
—
10,832,013
Tobacco
.............................................
3,889,712
—
—
3,889,712
Wireless
Telecommunication
Services
.........................
1,505,902
—
—
1,505,902
Investment
Companies
....................................
3,453,632
—
—
3,453,632
Short-Term
Securities
Money
Market
Funds
......................................
5,281,743
—
—
5,281,743
$
285,740,014
$
31,481,553
$
—
$
317,221,567
Investments
valued
at
NAV
(a)
......................................
49,108,055
$
—
$
366,329,622
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
9
Financial
Statements
BlackRock
Basic
Value
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
311,939,824‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
54,389,798‌
Foreign
currency,
at
value
(d)
...............................................................................................
9‌
Receivables:
–‌
Investments
sold
....................................................................................................
774,592‌
Securities
lending
income
—
affiliated
......................................................................................
24,895‌
Capital
shares
sold
...................................................................................................
66‌
Dividends
—
unaffiliated
...............................................................................................
374,877‌
Dividends
—
affiliated
.................................................................................................
18,284‌
Prepaid
expenses
.....................................................................................................
2,682‌
Total
assets
.........................................................................................................
367,525,027‌
LIABILITIES
Bank
overdraft
........................................................................................................
1,411‌
Collateral
on
securities
loaned
.............................................................................................
49,143,914‌
Payables:
–‌
Capital
shares
redeemed
...............................................................................................
711,211‌
Distribution
fees
.....................................................................................................
13,423‌
Investment
advisory
fees
..............................................................................................
152,734‌
Professional
fees
....................................................................................................
11,576‌
Transfer
agent
fees
..................................................................................................
184,073‌
Other
accrued
expenses
...............................................................................................
59,930‌
Total
liabilities
........................................................................................................
50,278,272‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
317,246,755‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
295,646,168‌
Accumulated
earnings
..................................................................................................
21,600,587‌
NET
ASSETS
........................................................................................................
$
317,246,755‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
301,071,882‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
47,745,887‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
54,386,553‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
9‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
BlackRock
Basic
Value
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
249,477,064‌
Shares
outstanding
..................................................................................................
19,371,240‌
Net
asset
value
.....................................................................................................
$
12.88‌
Shares
authorized
...................................................................................................
300
million
Par
value
.........................................................................................................
$
0.10‌
Class
II
Net
assets
.........................................................................................................
$
—‌
Shares
outstanding
..................................................................................................
—‌
Net
asset
value
.....................................................................................................
$
—‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
67,769,691‌
Shares
outstanding
..................................................................................................
5,335,392‌
Net
asset
value
.....................................................................................................
$
12.70‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
11
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Basic
Value
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
3,964,141‌
Dividends
—
affiliated
.................................................................................................
63,822‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
124,054‌
Foreign
taxes
withheld
................................................................................................
(109,955‌)
Total
investment
income
.................................................................................................
4,042,062‌
EXPENSES
Investment
advisory
..................................................................................................
930,604‌
Transfer
agent
—
class
specific
..........................................................................................
288,438‌
Distribution
—
class
specific
............................................................................................
82,075‌
Professional
.......................................................................................................
34,715‌
Accounting
services
..................................................................................................
31,456‌
Printing
and
postage
.................................................................................................
15,016‌
Custodian
.........................................................................................................
8,801‌
Directors
and
Officer
.................................................................................................
4,404‌
Transfer
agent
......................................................................................................
2,482‌
Miscellaneous
......................................................................................................
2,778‌
Total
expenses
.......................................................................................................
1,400,769‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(1,006‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(185,511‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
1,214,252‌
Net
investment
income
..................................................................................................
2,827,810‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
25,861,179‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
7,204,763‌
Investments
—
affiliated
.............................................................................................
3,045‌
Foreign
currency
transactions
.........................................................................................
(10,712‌)
A
7,197,096‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
18,661,783‌
Investments
—
affiliated
.............................................................................................
372‌
Foreign
currency
translations
..........................................................................................
1,927‌
A
18,664,082‌
Net
realized
and
unrealized
gain
...........................................................................................
25,861,178‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
28,688,988‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
BlackRock
Basic
Value
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
2,827,810
‌
$
4,643,164
‌
Net
realized
gain
..................................................................................
7,197,096
‌
31,570,244
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
18,664,082
‌
(54,102,881
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
28,688,988
‌
(17,889,473
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(28,722,009
)
  Class
II
.......................................................................................
—
‌
(354,145
)
  Class
III
.......................................................................................
—
‌
(7,411,948
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(36,488,102
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(21,190,797
)
(988,457
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
7,498,191
‌
(55,366,032
)
Beginning
of
period
..................................................................................
309,748,564
‌
365,114,596
‌
End
of
period
......................................................................................
$
317,246,755
‌
$
309,748,564
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
BlackRock
Basic
Value
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
11.75
‌
$
13.99
‌
$
13.58
‌
$
13.75
‌
$
12.39
‌
$
15.60
‌
Net
investment
income
(a)
........................
0.11
‌
0.19
‌
0.20
‌
0.26
‌
0.31
‌
0.28
‌
Net
realized
and
unrealized
gain
(loss)
...............
1.02
‌
(0.90
)
2.68
‌
0.18
‌
2.63
‌
(1.51
)
Net
increase
(decrease)
from
investment
operations
.......
1.13
‌
(0.71
)
2.88
‌
0.44
‌
2.94
‌
(1.23
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.19
)
(0.20
)
(0.30
)
(0.35
)
(0.29
)
From
net
realized
gain
..........................
—
‌
(1.34
)
(2.27
)
(0.31
)
(1.23
)
(1.69
)
Total
distributions
..............................
—
‌
(1.53
)
(2.47
)
(0.61
)
(1.58
)
(1.98
)
Net
asset
value,
end
of
period
.....................
$
12.88
‌
$
11.75
‌
$
13.99
‌
$
13.58
‌
$
13.75
‌
$
12.39
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
9.62
%
(d)
(4.92
)%
21.67
%
3.43
%
23.91
%
(7.85
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
0.85
%
(f)
0.84
%
0.85
%
0.87
%
0.84
%
0.85
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.72
%
(f)
0.71
%
0.72
%
0.73
%
0.73
%
0.72
%
Net
investment
income
..........................
1.88
%
(f)
1.44
%
1.32
%
2.14
%
2.20
%
1.80
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
249,477
‌
$
243,526
‌
$
287,095
‌
$
270,007
‌
$
288,543
‌
$
326,873
‌
Portfolio
turnover
rate
............................
18
%
63
%
67
%
89
%
45
%
32
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
Basic
Value
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
11.61
‌
$
13.83
‌
$
13.46
‌
$
13.62
‌
$
12.29
‌
$
15.48
‌
Net
investment
income
(a)
........................
0.10
‌
0.15
‌
0.16
‌
0.23
‌
0.26
‌
0.24
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.99
‌
(0.88
)
2.65
‌
0.16
‌
2.61
‌
(1.50
)
Net
increase
(decrease)
from
investment
operations
.......
1.09
‌
(0.73
)
2.81
‌
0.39
‌
2.87
‌
(1.26
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.15
)
(0.17
)
(0.24
)
(0.31
)
(0.24
)
From
net
realized
gain
..........................
—
‌
(1.34
)
(2.27
)
(0.31
)
(1.23
)
(1.69
)
Total
distributions
..............................
—
‌
(1.49
)
(2.44
)
(0.55
)
(1.54
)
(1.93
)
Net
asset
value,
end
of
period
.....................
$
12.70
‌
$
11.61
‌
$
13.83
‌
$
13.46
‌
$
13.62
‌
$
12.29
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
9.39
%
(d)
(5.12
)%
21.34
%
3.13
%
23.53
%
(8.11
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
1.11
%
(f)
1.11
%
1.11
%
1.12
%
1.13
%
1.15
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
1.00
%
(f)
0.99
%
0.99
%
1.01
%
1.01
%
1.00
%
Net
investment
income
..........................
1.61
%
(f)
1.16
%
1.04
%
1.94
%
1.86
%
1.52
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
67,770
‌
$
63,262
‌
$
74,157
‌
$
33,584
‌
$
63,378
‌
$
57,661
‌
Portfolio
turnover
rate
............................
18
%
63
%
67
%
89
%
45
%
32
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
15
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Basic
Value
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I,
Class
II
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
II
and
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual
rate
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Barclays
Capital,
Inc.
..............................
$
2,335,362‌
$
(2,335,362‌)
$
—‌
$
—‌
Citigroup
Global
Markets,
Inc.
........................
5,207,233‌
(5,207,233‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
..........................
12,912,353‌
(12,912,353‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
11,248,094‌
(11,248,094‌)
—‌
—‌
Morgan
Stanley
..................................
10,420,663‌
(10,420,663‌)
—‌
—‌
National
Financial
Services
LLC
.......................
95,850‌
(95,850‌)
—‌
—‌
SG
Americas
Securities
LLC
.........................
3,133,752‌
(3,133,752‌)
—‌
—‌
Toronto-Dominion
Bank
............................
2,392,580‌
(2,392,580‌)
—‌
—‌
$
47,745,887‌
$
(47,745,887‌)
$
—‌
$
—‌
(a)
  Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.60%
$1
billion
-
$3
billion
.....................................................................................................
0.56
$3
billion
-
$5
billion
.....................................................................................................
0.54
$5
billion
-
$10
billion
....................................................................................................
0.52
Greater
than
$10
billion
...................................................................................................
0.51
Share
Class
Distribution
Fees
Class
II
...............................................................................................................
0.15‌%
Class
III
...............................................................................................................
0.25‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
For
the six
months
ended
June
30,
2023,
the
following
table
shows
the
class
specific
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$1,006.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the six
months ended
June
30,
2023,
there
were
no fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Share
Class
Distribution
Fees
Class
II
.........................................................................................................
$
1,320‌
Class
III
.........................................................................................................
80,755‌
$
82,075‌
Class
I
Class
II
Class
III
Total
Transfer
agent
fees
-
class
specific
.......................................................
$
224,778‌
$
1,700‌
$
61,960‌
$
288,438‌
Class
I
................................................................................................................
0.06‌%
Class
II
...............................................................................................................
0.08‌
Class
III
...............................................................................................................
0.09‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
151,627‌
Class
II
......................................................................................................
996‌
Class
III
......................................................................................................
32,888‌
$
185,511‌
Class
I
Class
II
Class
III
Expense
Limitations
.................................................................
1.25‌%
1.40‌%
1.50‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $28,911
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
6.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $57,393,044
and
$80,968,824,
respectively.
7.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
8.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Basic
Value
V.I.
Fund
.......................................
$
356,131,014‌
$
30,418,984‌
$
(20,220,376‌)
$
10,198,608‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
9.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
10.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
(a)
There
were
no
Class
II
Shares
outstanding
as
of
June
30,
2023.
11.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Basic
Value
V.I.
Fund
Class
I
Shares
sold
.............................................
425,000‌
$
5,227,820‌
644,774‌
$
8,730,930‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
2,446,283‌
28,722,009‌
Shares
redeemed
.........................................
(1,774,760‌)
(21,846,547‌)
(2,889,874‌)
(38,456,354‌)
(1,349,760‌)
$
(16,618,727‌)
201,183‌
$
(1,003,415‌)
Class
II
(a)
Shares
sold
.............................................
1,292‌
$
15,167‌
4,168‌
$
52,882‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
30,276‌
354,145‌
Shares
redeemed
.........................................
(254,389‌)
(3,130,460‌)
(58,720‌)
(762,352‌)
(253,097‌)
$
(3,115,293‌)
(24,276‌)
$
(355,325‌)
Class
III
Shares
sold
.............................................
308,824‌
$
3,718,532‌
978,901‌
$
13,182,119‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
638,546‌
7,411,948‌
Shares
redeemed
.........................................
(423,546‌)
(5,175,309‌)
(1,527,720‌)
(20,223,784‌)
(114,722‌)
$
(1,456,777‌)
89,727‌
$
370,283‌
(1,717,579‌)
$
(21,190,797‌)
266,634‌
$
(988,457‌)
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
ETF
Exchange-Traded
Fund
NYRS
New
York
Registered
Shares
S&P
Standard
&
Poor's
SPDR
Standard
&
Poor’s
Depositary
Receipts
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Capital
Appreciation
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Capital
Appreciation
V.I.
Fund
Investment
Objective
BlackRock
Capital
Appreciation
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
long-term
growth
of
capital.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
each
of
the
Fund’s
share
classes
outperformed
the
Fund’s
benchmark,
the
Russell
1000
®
Growth
Index,
and
the
broad-market
S&P
500
®
Index.
The
following
discussion
of
relative
performance
pertains
to
the
Russell
1000
®
Growth
Index.
What
factors
influenced
performance?
From
a
sector
perspective,
the
largest
contributor
to
relative
performance
was
positioning
within
the
consumer
staples
sector.
Avoiding
exposure
to
any
consumer
staples
stocks
benefited
the
portfolio.
Elsewhere,
security
selection
in
the
aerospace
and
defense
industry
within
industrials
contributed,
specifically
through
an
overweight
position
in
TransDigm
Group,
Inc.
Lastly,
maintaining
an
underweight
position
in
the
specialty
retail
sub-sector
within
the
consumer
discretionary
sector
proved
beneficial,
particularly
in
avoiding
exposure
to
Home
Depot
Inc.
Conversely,
the
largest
detractors
from
the
Fund's
relative
performance
were
stock
selection
in
communication
services
and
positioning
in
the
financials
sector.
Within
communication
services,
a
slight
overweight
allocation
to
the
interactive
media
and
service
industry,
most
notably
through
an
overweight
position
in
Match
Group
Inc.,
detracted
from
relative
performance.
Positioning
in
the
financial
services
industry
within
the
financial
sector
also
detracted,
specifically
due
to
an
overweight
position
in
Visa
Inc.
Lastly,
selection
within
the
software
industry
within
information
technology
("IT")
weighed
on
relative
performance,
most
notably
because
of
the
Fund's
overweight
position
in
Intuit
Inc.
Describe
recent
portfolio
activity.
During
the
reporting
period,
the
most
notable
increase
in
the
Fund’s
sector
weightings
was
to
IT,
with
an
increased
allocation
to
the
semiconductors
and
semiconductor
equipment
industry.
Exposure
to
communication
services
increased
as
well.
Conversely,
the
Fund's
exposure
to
healthcare
decreased
the
most,
due
to
a
reduced
allocation
to
the
life
sciences
tools
and
services
industry.
Exposure
to
the
financials
sector
decreased
as
well.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
benchmark,
the
Fund
ended
the
period
with
its
largest
overweight
positions
relative
to
the
benchmark
in
the
financials
sector,
followed
by
healthcare
and
consumer
discretionary.
The
Fund’s
largest
underweight
position
was
in
consumer
staples,
followed
by
communication
services
and
industrials.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)
(c)
.................................................................
33.72‌%
25.34‌%
11.00‌%
14.04‌%
Class
III
(b)(c)
................................................................
33.51‌
24.99‌
10.71‌
13.73‌
Russell
1000
®
Growth
Index
(d)
..................................................
29.02‌
27.11‌
15.14‌
15.74‌
S&P
500
®
Index
(
e
)
...........................................................
16.89‌
19.59‌
12.31‌
12.86‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower
.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
The
Fund
invests
primarily
in
a
diversified
portfolio
consisting
primarily
of
common
stock
of
U.S.
companies
that
Fund
management
believes
have
exhibited
above-average
growth
rates
in
earnings
over
the
long-term.
(d)
An
index
that
measures
the
performance
of
the
large-cap
growth
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
1000
®
companies
with
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
(e)
An
unmanaged
index
that
covers
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Capital
Appreciation
V.I.
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,337.20‌
$
4.69‌
$
1,000.00‌
$
1,020.78‌
$
4.06‌
0.81‌%
Class
III
..................................
1,000.00‌
1,335.10‌
6.20‌
1,000.00‌
1,019.49‌
5.36‌
1.07‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
42.9‌
%
Consumer
Discretionary
.............................
18.2‌
Health
Care
.....................................
13.5‌
Financials
.......................................
11.4‌
Communication
Services
.............................
8.6‌
Industrials
.......................................
4.6‌
Energy
.........................................
1.2‌
Materials
.......................................
1.1‌
Short-Term
Securities
...............................
0.1‌
Liabilities
in
Excess
of
Other
Assets
.....................
(1.6‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Capital
Appreciation
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.6%
TransDigm
Group,
Inc.
...............
5,378
$
4,808,846
Automobiles
—
3.0%
Tesla,
Inc.
(a)
.......................
21,147
5,535,650
Broadline
Retail
—
8.0%
Amazon.com,
Inc.
(a)
.................
113,814
14,836,793
Capital
Markets
—
4.3%
Blackstone,
Inc.
....................
22,752
2,115,253
MSCI,
Inc.
.......................
4,726
2,217,865
S&P
Global,
Inc.
...................
9,301
3,728,678
8,061,796
Chemicals
—
1.1%
Sherwin-Williams
Co.
(The)
............
8,041
2,135,046
Commercial
Services
&
Supplies
—
2.0%
Cintas
Corp.
......................
4,104
2,040,016
Waste
Connections,
Inc.
..............
11,659
1,666,421
3,706,437
Entertainment
—
2.4%
Netflix,
Inc.
(a)
......................
10,246
4,513,261
Financial
Services
—
7.1%
Adyen
NV,
ADR
(a)
...................
68,413
1,182,861
Mastercard,
Inc.,
Class
A
..............
11,064
4,351,471
Visa,
Inc.,
Class
A
..................
32,553
7,730,687
13,265,019
Health
Care
Equipment
&
Supplies
—
4.4%
(a)
Boston
Scientific
Corp.
...............
38,284
2,070,782
IDEXX
Laboratories,
Inc.
..............
4,226
2,122,424
Intuitive
Surgical,
Inc.
................
11,663
3,988,046
8,181,252
Health
Care
Providers
&
Services
—
2.7%
UnitedHealth
Group,
Inc.
..............
10,408
5,002,501
Hotels,
Restaurants
&
Leisure
—
3.2%
Chipotle
Mexican
Grill,
Inc.
(a)
...........
1,333
2,851,287
Evolution
AB
(b)(c)
....................
24,998
3,167,842
6,019,129
Interactive
Media
&
Services
—
5.3%
(a)
Alphabet,
Inc.,
Class
A
...............
75,842
9,078,288
Match
Group,
Inc.
..................
17,351
726,139
9,804,427
IT
Services
—
0.3%
MongoDB,
Inc.,
Class
A
(a)
.............
1,375
565,111
Life
Sciences
Tools
&
Services
—
2.6%
Danaher
Corp.
....................
13,153
3,156,720
Thermo
Fisher
Scientific,
Inc.
...........
3,363
1,754,645
4,911,365
Oil,
Gas
&
Consumable
Fuels
—
1.2%
Cheniere
Energy,
Inc.
................
12,390
1,887,741
EQT
Corp.
.......................
9,603
394,971
2,282,712
Pharmaceuticals
—
3.8%
Eli
Lilly
&
Co.
.....................
10,293
4,827,211
Zoetis,
Inc.,
Class
A
.................
13,054
2,248,030
7,075,241
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
14.2%
ASML
Holding
NV
(Registered),
ADR
.....
8,162
$
5,915,409
Broadcom,
Inc.
....................
6,953
6,031,241
KLA
Corp.
........................
7,905
3,834,083
NVIDIA
Corp.
.....................
25,491
10,783,203
26,563,936
Software
—
19.0%
Cadence
Design
Systems,
Inc.
(a)
........
16,131
3,783,042
Intuit,
Inc.
........................
15,256
6,990,147
Microsoft
Corp.
....................
51,063
17,388,994
Palo
Alto
Networks,
Inc.
(a)
.............
6,430
1,642,929
Roper
Technologies,
Inc.
..............
5,412
2,602,090
ServiceNow,
Inc.
(a)
..................
5,291
2,973,383
35,380,585
Specialty
Retail
—
0.5%
Ross
Stores,
Inc.
...................
7,718
865,419
Technology
Hardware,
Storage
&
Peripherals
—
9.3%
Apple,
Inc.
.......................
89,479
17,356,242
Textiles,
Apparel
&
Luxury
Goods
—
3.6%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
3,532
3,330,366
NIKE,
Inc.,
Class
B
.................
30,384
3,353,482
6,683,848
Total
Common
Stocks
—
100.6%
(Cost:
$134,813,825)
.............................
187,554,616
Preferred
Securities
Preferred
Stocks
—
0.9%
IT
Services
—
0.9%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$1,061,774)
(a)(d)(e)
..............
9,690
1,703,541
Total
Preferred
Securities
—
0.9%
(Cost:
$1,061,774)
..............................
1,703,541
Total
Long-Term
Investments
—
101.5%
(Cost:
$135,875,599)
.............................
189,258,157
Short-Term
Securities
Money
Market
Funds
—
0.1%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
(f)(g)
.................
115,157
115,157
Total
Short-Term
Securities
—
0.1%
(Cost:
$115,157)
................................
115,157
Total
Investments
—
101.6%
(Cost:
$135,990,756
)
.............................
189,373,314
Liabilities
in
Excess
of
Other
Assets
—
(1.6)%
............
(2,897,678)
Net
Assets
—
100.0%
..............................
$
186,475,636
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Capital
Appreciation
V.I.
Fund
6
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,703,541,
representing
0.91%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,061,774.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
411,048
$
—
$
(295,891)
(a)
$
—
$
—
$
115,157
115,157
$
7,810
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
..........
577,041
—
(577,572)
(a)
531
—
—
—
5,201
(c)
—
$
531
$
—
$
115,157
$
13,011
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Capital
Appreciation
V.I.
Fund
Schedule
of
Investments
7
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
4,808,846
$
—
$
—
$
4,808,846
Automobiles
..........................................
5,535,650
—
—
5,535,650
Broadline
Retail
........................................
14,836,793
—
—
14,836,793
Capital
Markets
........................................
8,061,796
—
—
8,061,796
Chemicals
............................................
2,135,046
—
—
2,135,046
Commercial
Services
&
Supplies
.............................
3,706,437
—
—
3,706,437
Entertainment
.........................................
4,513,261
—
—
4,513,261
Financial
Services
......................................
13,265,019
—
—
13,265,019
Health
Care
Equipment
&
Supplies
...........................
8,181,252
—
—
8,181,252
Health
Care
Providers
&
Services
............................
5,002,501
—
—
5,002,501
Hotels,
Restaurants
&
Leisure
..............................
2,851,287
3,167,842
—
6,019,129
Interactive
Media
&
Services
...............................
9,804,427
—
—
9,804,427
IT
Services
...........................................
565,111
—
—
565,111
Life
Sciences
Tools
&
Services
..............................
4,911,365
—
—
4,911,365
Oil,
Gas
&
Consumable
Fuels
...............................
2,282,712
—
—
2,282,712
Pharmaceuticals
.......................................
7,075,241
—
—
7,075,241
Semiconductors
&
Semiconductor
Equipment
....................
26,563,936
—
—
26,563,936
Software
.............................................
35,380,585
—
—
35,380,585
Specialty
Retail
........................................
865,419
—
—
865,419
Technology
Hardware,
Storage
&
Peripherals
....................
17,356,242
—
—
17,356,242
Textiles,
Apparel
&
Luxury
Goods
............................
3,353,482
3,330,366
—
6,683,848
Preferred
Securities
.......................................
—
—
1,703,541
1,703,541
Short-Term
Securities
Money
Market
Funds
......................................
115,157
—
—
115,157
$
181,171,565
$
6,498,208
$
1,703,541
$
189,373,314
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Preferred
Securities
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2022
...................................................................................
$
1,596,979
$
1,596,979
Transfers
into
Level
3
.................................................................................................
—
—
Transfers
out
of
Level
3
................................................................................................
—
—
Accrued
discounts/premiums
.............................................................................................
—
—
Net
realized
gain
....................................................................................................
—
—
Net
change
in
unrealized
appreciation
(a)(b)
....................................................................................
106,562
106,562
Purchases
.........................................................................................................
—
—
Sales
............................................................................................................
—
—
Closing
balance,
as
of
June
30,
2023
.......................................................................................
$
1,703,541
$
1,703,541
Net
change
in
unrealized
appreciation
on
investments
still
held
at
June
30,
2023
(b)
..........................................................
$
106,562
$
106,562
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statement
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Capital
Appreciation
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
189,258,157‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
115,157‌
Cash
.............................................................................................................
3,069‌
Receivables:
–‌
Securities
lending
income
—
affiliated
......................................................................................
730‌
Capital
shares
sold
...................................................................................................
75,424‌
Dividends
—
unaffiliated
...............................................................................................
20,455‌
Dividends
—
affiliated
.................................................................................................
1,002‌
Prepaid
expenses
.....................................................................................................
3,440‌
Total
assets
.........................................................................................................
189,477,434‌
LIABILITIES
Payables:
–‌
Capital
shares
redeemed
...............................................................................................
2,705,871‌
Distribution
fees
.....................................................................................................
17,878‌
Investment
advisory
fees
..............................................................................................
98,484‌
Professional
fees
....................................................................................................
16,093‌
Other
accrued
expenses
...............................................................................................
163,472‌
Total
liabilities
........................................................................................................
3,001,798‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
186,475,636‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
129,144,253‌
Accumulated
earnings
..................................................................................................
57,331,383‌
NET
ASSETS
........................................................................................................
$
186,475,636‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
135,875,599‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
115,157‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
9
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Capital
Appreciation
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
118,730,256‌
Shares
outstanding
..................................................................................................
14,751,817‌
Net
asset
value
.....................................................................................................
$
8.05‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
67,745,380‌
Shares
outstanding
..................................................................................................
8,807,592‌
Net
asset
value
.....................................................................................................
$
7.69‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
BlackRock
Capital
Appreciation
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
599,057‌
Dividends
—
affiliated
.................................................................................................
7,810‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
5,201‌
Foreign
taxes
withheld
................................................................................................
(19,836‌)
Total
investment
income
.................................................................................................
592,232‌
EXPENSES
Investment
advisory
..................................................................................................
556,368‌
Transfer
agent
—
class
specific
..........................................................................................
161,579‌
Distribution
—
class
specific
............................................................................................
78,291‌
Professional
.......................................................................................................
32,400‌
Accounting
services
..................................................................................................
27,203‌
Printing
and
postage
.................................................................................................
8,768‌
Custodian
.........................................................................................................
5,165‌
Directors
and
Officer
.................................................................................................
3,877‌
Transfer
agent
......................................................................................................
1,809‌
Miscellaneous
......................................................................................................
1,554‌
Total
expenses
.......................................................................................................
877,014‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(131‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(98,531‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
778,352‌
Net
investment
loss
....................................................................................................
(186,120‌)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
50,489,592‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
4,625,404‌
Investments
—
affiliated
.............................................................................................
531‌
Foreign
currency
transactions
.........................................................................................
(731‌)
A
4,625,204‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
45,864,384‌
Foreign
currency
translations
..........................................................................................
4‌
A
45,864,388‌
Net
realized
and
unrealized
gain
...........................................................................................
50,489,592‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
50,303,472‌
Statements
of
Changes
in
Net
Assets

11
Financial
Statements
BlackRock
Capital
Appreciation
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
loss
................................................................................
$
(186,120
)
$
(322,330
)
Net
realized
gain
..................................................................................
4,625,204
‌
3,493,410
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
45,864,388
‌
(98,580,536
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
50,303,472
‌
(95,409,456
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(5,657,960
)
  Class
III
.......................................................................................
—
‌
(3,389,500
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(9,047,460
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(22,766,392
)
9,828,889
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
27,537,080
‌
(94,628,027
)
Beginning
of
period
..................................................................................
158,938,556
‌
253,566,583
‌
End
of
period
......................................................................................
$
186,475,636
‌
$
158,938,556
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
BlackRock
Capital
Appreciation
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
6.02
‌
$
10.19
‌
$
10.35
‌
$
7.99
‌
$
7.25
‌
$
10.26
‌
Net
investment
loss
(a)
..........................
(
0.00
)
(b)
(0.01
)
(0.04
)
(0.03
)
(0.02
)
0.00
(c)(d)
Net
realized
and
unrealized
gain
(loss)
...............
2.03
‌
(3.81
)
2.16
‌
3.36
‌
2.31
‌
0.23
‌
Net
increase
(decrease)
from
investment
operations
.......
2.03
‌
(3.82
)
2.12
‌
3.33
‌
2.29
‌
0.23
‌
Distributions
from
net
realized
gain
(e)
................
—
‌
(0.35
)
(2.28
)
(0.97
)
(1.55
)
(3.24
)
Net
asset
value,
end
of
period
.....................
$
8.05
‌
$
6.02
‌
$
10.19
‌
$
10.35
‌
$
7.99
‌
$
7.25
‌
Total
Return
(f)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
33.72
%
(g)
(37.64
)%
21.16
%
41.91
%
31.99
%
2.39
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
................................
0.93
%
(i)
0.93
%
0.92
%
0.95
%
0.93
%
0.94
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.81
%
(i)
0.80
%
0.79
%
0.82
%
0.80
%
0.80
%
Net
investment
income
(loss)
......................
(0.12
)%
(i)
(0.08
)%
(0.35
)%
(0.33
)%
(0.20
)%
0.01
%
(d)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
118,730
‌
$
100,146
‌
$
170,539
‌
$
162,334
‌
$
135,871
‌
$
119,220
‌
Portfolio
turnover
rate
............................
13
%
66
%
42
%
37
%
43
%
45
%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
greater
than
$(0.005)
per
share.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.02
per
share
and
0.21%,
respectively,
resulting
from
a
non-recurring
dividend.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
BlackRock
Capital
Appreciation
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...............
$
5.76
‌
$
9.80
‌
$
10.05
‌
$
7.80
‌
$
7.13
‌
$
10.17
‌
Net
investment
loss
(a)
.........................
(0.01
)
(0.02
)
(0.07
)
(0.05
)
(0.04
)
(0.03
)
(b)
Net
realized
and
unrealized
gain
(loss)
..............
1.94
‌
(3.67
)
2.10
‌
3.27
‌
2.26
‌
0.23
‌
Net
increase
(decrease)
from
investment
operations
......
1.93
‌
(3.69
)
2.03
‌
3.22
‌
2.22
‌
0.20
‌
Distributions
from
net
realized
gain
(c)
...............
—
‌
(0.35
)
(2.28
)
(0.97
)
(1.55
)
(3.24
)
Net
asset
value,
end
of
period
....................
$
7.69
‌
$
5.76
‌
$
9.80
‌
$
10.05
‌
$
7.80
‌
$
7.13
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
........................
33.51
%
(e)
(37.81
)%
20.89
%
41.52
%
31.55
%
2.13
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
1.19
%
(g)
1.18
%
1.17
%
1.19
%
1.17
%
1.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.07
%
(g)
1.06
%
1.05
%
1.08
%
1.05
%
1.06
%
Net
investment
loss
............................
(0.38
)%
(g)
(0.34
)%
(0.61
)%
(0.59
)%
(0.47
)%
(0.28
)%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
67,745
‌
$
58,793
‌
$
83,028
‌
$
73,627
‌
$
64,102
‌
$
145,559
‌
Portfolio
turnover
rate
...........................
13
%
66
%
42
%
37
%
43
%
45
%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.02
per
share
and
0.19%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Capital
Appreciation
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
Notes
to
Financial
Statements
(unaudited)
(continued)
15
Notes
to
Financial
Statements
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual rate
of 
0.25
%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
class
specific
distribution
fees
borne
directly
by Class III were
$78,291.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$131.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024, unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements
were
as
follows:
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.65%
$1
billion
-
$3
billion
.....................................................................................................
0.61
$3
billion
-
$5
billion
.....................................................................................................
0.59
$5
billion
-
$10
billion
....................................................................................................
0.57
Greater
than
$10
billion
...................................................................................................
0.55
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
100,677‌
$
60,902‌
$
161,579‌
Class
I
................................................................................................................
0.07‌%
Class
III
...............................................................................................................
0.08‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
62,682‌
Class
III
......................................................................................................
35,849‌
$
98,531‌
Class
I
Class
III
Expense
Limitations
..................................................................................
1.25‌%
1.50‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund. For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $1,115
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
6.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $22,631,604
and
$41,558,690,
respectively.
7.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
December
31,
2022, the Fund
had
qualified
late-year
losses of
$197,491. 
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
8.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
9.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Capital
Appreciation
V.I.
Fund
.................................
$
136,292,358‌
$
54,788,331‌
$
(1,707,375‌)
$
53,080,956‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features. 
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
11.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Fund’s
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
On
July
25,
2023,
the
Board
of
Directors
of
the
Company
approved
the
reorganization
of
the
Fund
into
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund.
The
reorganization
is
expected
to
occur
during
the fourth
quarter
of
2023.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Capital
Appreciation
V.I.
Fund
Class
I
Shares
sold
.............................................
152,578‌
$
1,124,877‌
1,533,900‌
$
11,079,783‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
887,440‌
5,657,960‌
Shares
redeemed
.........................................
(2,047,413‌)
(14,496,173‌)
(2,511,021‌)
(18,834,079‌)
(1,894,835‌)
$
(13,371,296‌)
(89,681‌)
$
(2,096,336‌)
Class
III
Shares
sold
.............................................
355,506‌
$
2,361,021‌
1,981,322‌
$
14,198,683‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
555,215‌
3,389,500‌
Shares
redeemed
.........................................
(1,761,296‌)
(11,756,117‌)
(796,676‌)
(5,662,958‌)
(1,405,790‌)
$
(9,395,096‌)
1,739,861‌
$
11,925,225‌
(3,300,625‌)
$
(22,766,392‌)
1,650,180‌
$
9,828,889‌
Glossary
of
Terms
Used
in
this
Report
21
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
MSCI
Morgan
Stanley
Capital
International
S&P
Standard
&
Poor's
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Equity
Dividend
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Equity
Dividend
V.I.
Fund
Investment
Objective
BlackRock
Equity
Dividend
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
long-term
total
return
and
current
income.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
outperformed
its
benchmark,
the
Russell
1000
®
Value
Index.
For
the
same
period,
the
Fund
underperformed
the
broad-market
S&P
500
®
Index.
The
following
discussion
of
relative
performance
pertains
to
the
Russell
1000
®
Value
Index.”
What
factors
influenced
performance?
The
largest
contribution
to
the
Fund's
relative
performance
came
from
stock
selection
within
the
healthcare
sector.
Notably,
stock
selection
within
the
pharmaceuticals
industry
benefited
relative
return.
Selection
decisions
in
the
energy
sector,
particularly
within
the
oil,
gas
and
consumable
fuels
industry,
also
provided
beneficial.
Lastly,
stock
selection
in
the
financials
sector
also
boosted
relative
return.
By
contrast,
investment
decisions
in
communication
services
detracted
the
most
from
the
Fund's
relative
performance,
with
an
underweight
allocation
to
the
sector
hurting
overall
return.
Stock
selection
within
consumer
staples
also
weighed
on
relative
results,
mostly
due
to
selection
decisions
in
the
consumer
staples
distribution
and
retail
industry.
An
underweight
allocation
to
industrials,
along
with
stock
selection
within
the
sector,
was
another
notable
detractor.
Describe
recent
portfolio
activity.
During
the
reporting
period,
a
combination
of
portfolio
trading
activity
and
market
price
changes
resulted
in
the
Fund
increasing
its
exposure
to
the
industrials,
financials,
and
consumer
staples
sectors.
The
Fund
saw
decreased
exposure
to
the
information
technology,
consumer
discretionary,
and
healthcare
sectors.
Describe
portfolio
positioning
at
period
end.
The
Fund's
largest
absolute
allocations
were
to
the
healthcare,
financials,
and
industrials
sectors.
Relative
to
the
Russell
1000
®
Value
Index,
the
Fund
ended
the
period
with
the
most
significant
overweight
exposures
to
healthcare,
financials,
and
communication
services
stocks.
Conversely,
the
Fund
maintained
its
most
significant
underweight
sector
exposures
to
real
estate,
industrials,
and
materials.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)(c)
.................................................................
6.26‌%
11.71‌%
8.78‌%
9.74‌%
Class
III
(b)(c)
................................................................
6.11‌
11.45‌
8.50‌
9.47‌
Russell
1000
®
Value
Index
(d)
....................................................
5.12‌
11.54‌
8.11‌
9.22‌
S&P
500
®
Index
(e)
...........................................................
16.89‌
19.59‌
12.31‌
12.86‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
The
Fund
seeks
to
achieve
its
objective
by
investing
primarily
in
a
diversified
portfolio
of
equity
securities.
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
assets
in
equity
securities
and
at
least
80%
of
its
assets
in
dividend
paying
securities.
(d)
An
index
that
measures
the
performance
of
the
large-cap
value
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
1000
®
companies
with
lower
price-to-book
ratios
and
lower
expected
growth
values.
(e)
An
unmanaged
index
that
covers
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Equity
Dividend
V.I.
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,062.60‌
$
3.32‌
$
1,000.00‌
$
1,021.57‌
$
3.26‌
0.65‌%
Class
III
..................................
1,000.00‌
1,061.10‌
4.60‌
1,000.00‌
1,020.33‌
4.51‌
0.90‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Financials
.......................................
22.7‌
%
Health
Care
.....................................
21.4‌
Industrials
.......................................
9.0‌
Consumer
Staples
.................................
8.8‌
Information
Technology
..............................
8.7‌
Energy
.........................................
8.2‌
Communication
Services
.............................
5.9‌
Consumer
Discretionary
.............................
5.6‌
Utilities
.........................................
3.4‌
Materials
.......................................
1.9‌
Short-Term
Securities
...............................
10.0‌
Liabilities
in
Excess
of
Other
Assets
.....................
(5.6‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Equity
Dividend
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.8%
L3Harris
Technologies,
Inc.
............
32,959
$
6,452,383
Raytheon
Technologies
Corp.
..........
24,857
2,434,992
8,887,375
Automobile
Components
—
0.4%
Lear
Corp.
.......................
9,380
1,346,499
Automobiles
—
2.2%
General
Motors
Co.
.................
179,556
6,923,679
Banks
—
9.9%
Bank
of
America
Corp.
...............
29,650
850,658
Citigroup,
Inc.
.....................
174,678
8,042,175
Citizens
Financial
Group,
Inc.
..........
75,232
1,962,051
First
Citizens
BancShares,
Inc.,
Class
A
(a)
..
4,887
6,272,220
JPMorgan
Chase
&
Co.
..............
35,188
5,117,743
Wells
Fargo
&
Co.
..................
227,918
9,727,540
31,972,387
Beverages
—
1.0%
Constellation
Brands,
Inc.,
Class
A
.......
12,561
3,091,639
Capital
Markets
—
2.3%
Carlyle
Group,
Inc.
(The)
(a)
.............
69,364
2,216,180
Charles
Schwab
Corp.
(The)
...........
13,271
752,200
Intercontinental
Exchange,
Inc.
.........
14,887
1,683,422
Raymond
James
Financial,
Inc.
.........
27,372
2,840,392
7,492,194
Chemicals
—
0.5%
PPG
Industries,
Inc.
.................
11,859
1,758,690
Communications
Equipment
—
2.2%
Cisco
Systems,
Inc.
.................
134,144
6,940,610
Consumer
Staples
Distribution
&
Retail
—
1.9%
Dollar
General
Corp.
................
35,860
6,088,311
Containers
&
Packaging
—
1.4%
Sealed
Air
Corp.
(a)
..................
111,761
4,470,440
Diversified
Telecommunication
Services
—
1.7%
AT&T,
Inc.
........................
131,517
2,097,696
Verizon
Communications,
Inc.
..........
89,024
3,310,803
5,408,499
Electric
Utilities
—
1.9%
American
Electric
Power
Co.,
Inc.
........
20,818
1,752,876
Exelon
Corp.
......................
46,556
1,896,691
PG&E
Corp.
(b)
.....................
149,495
2,583,274
6,232,841
Entertainment
—
0.5%
Activision
Blizzard,
Inc.
(b)
..............
19,129
1,612,575
Financial
Services
—
3.8%
Apollo
Global
Management,
Inc.
.........
18,322
1,407,313
Equitable
Holdings,
Inc.
..............
43,160
1,172,226
Fidelity
National
Information
Services,
Inc.
..
111,379
6,092,431
Visa,
Inc.,
Class
A
(a)
.................
15,503
3,681,652
12,353,622
Food
Products
—
2.6%
Kraft
Heinz
Co.
(The)
................
213,761
7,588,516
Mondelez
International,
Inc.,
Class
A
(a)
.....
12,499
911,677
8,500,193
Ground
Transportation
—
0.5%
Union
Pacific
Corp.
.................
7,956
1,627,957
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
—
7.4%
Baxter
International,
Inc.
..............
179,627
$
8,183,806
Koninklijke
Philips
NV
(b)
...............
188,025
4,074,061
Medtronic
plc
.....................
83,532
7,359,169
Zimmer
Biomet
Holdings,
Inc.
..........
29,816
4,341,210
23,958,246
Health
Care
Providers
&
Services
—
8.6%
AmerisourceBergen
Corp.
.............
8,660
1,666,444
Cardinal
Health,
Inc.
.................
60,060
5,679,874
Cigna
Group
(The)
..................
15,701
4,405,701
Elevance
Health,
Inc.
................
9,911
4,403,358
Humana,
Inc.
.....................
4,481
2,003,589
Laboratory
Corp.
of
America
Holdings
(a)
....
39,658
9,570,665
27,729,631
Household
Durables
—
2.0%
Newell
Brands,
Inc.
(a)
................
131,527
1,144,285
Panasonic
Holdings
Corp.
.............
274,700
3,368,353
Sony
Group
Corp.
..................
20,500
1,850,539
6,363,177
Industrial
Conglomerates
—
0.4%
Siemens
AG
(Registered)
.............
8,157
1,359,779
Insurance
—
6.6%
Allstate
Corp.
(The)
(a)
................
16,761
1,827,620
American
International
Group,
Inc.
.......
128,806
7,411,497
Fidelity
National
Financial,
Inc.,
Class
A
....
90,497
3,257,892
First
American
Financial
Corp.
..........
5,618
320,338
Prudential
plc
.....................
186,051
2,627,672
Willis
Towers
Watson
plc
..............
24,930
5,871,015
21,316,034
Interactive
Media
&
Services
—
0.7%
Alphabet,
Inc.,
Class
A
(b)
..............
18,182
2,176,385
IT
Services
—
2.6%
Cognizant
Technology
Solutions
Corp.,
Class
A
127,095
8,296,762
Machinery
—
1.2%
Fortive
Corp.
......................
11,803
882,510
Komatsu
Ltd.
.....................
97,400
2,634,477
Pentair
plc
.......................
3,622
233,981
3,750,968
Media
—
2.6%
Comcast
Corp.,
Class
A
..............
139,129
5,780,810
Fox
Corp.,
Class
A
..................
74,631
2,537,454
8,318,264
Multi-Utilities
—
1.4%
Public
Service
Enterprise
Group,
Inc.
.....
40,600
2,541,966
Sempra
Energy
....................
14,169
2,062,865
4,604,831
Oil,
Gas
&
Consumable
Fuels
—
8.2%
BP
plc
..........................
1,101,119
6,411,131
ConocoPhillips
....................
18,805
1,948,386
Enterprise
Products
Partners
LP
(a)
.......
236,957
6,243,817
EQT
Corp.
.......................
57,418
2,361,602
Hess
Corp.
.......................
14,970
2,035,172
Shell
plc
.........................
243,601
7,267,029
26,267,137
Personal
Care
Products
—
2.1%
Unilever
plc,
ADR
(a)
.................
126,796
6,609,875
Pharmaceuticals
—
5.4%
AstraZeneca
plc
...................
19,904
2,853,323
Bayer
AG
(Registered)
...............
78,758
4,359,655
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Equity
Dividend
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Eli
Lilly
&
Co.
.....................
4,449
$
2,086,492
Novo
Nordisk
A/S,
ADR
..............
11,714
1,895,677
Sanofi
..........................
56,875
6,122,923
17,318,070
Professional
Services
—
4.1%
Leidos
Holdings,
Inc.
................
66,967
5,925,240
Robert
Half
International,
Inc.
...........
10,682
803,500
SS&C
Technologies
Holdings,
Inc.
.......
108,549
6,578,070
13,306,810
Semiconductors
&
Semiconductor
Equipment
—
0.5%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
(a)
........................
15,629
1,577,279
Software
—
2.1%
Microsoft
Corp.
....................
19,728
6,718,173
Specialty
Retail
—
0.5%
Ross
Stores,
Inc.
...................
15,578
1,746,761
Technology
Hardware,
Storage
&
Peripherals
—
1.3%
Samsung
Electronics
Co.
Ltd.,
GDR
(c)(d)
....
3,124
4,330,329
Textiles,
Apparel
&
Luxury
Goods
—
0.5%
Ralph
Lauren
Corp.,
Class
A
(a)
..........
13,081
1,612,887
Security
Shares
Shares
Value
Tobacco
—
1.3%
British
American
Tobacco
plc,
ADR
.......
129,953
$
4,314,440
Wireless
Telecommunication
Services
—
0.5%
Rogers
Communications,
Inc.,
Class
B
....
31,639
1,443,488
Total
Long-Term
Investments
—
95.6%
(Cost:
$296,473,255)
.............................
307,826,837
Short-Term
Securities
Money
Market
Funds
—
10.0%
(e)(f)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
14,779,250
14,779,250
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(g)
.......................
17,370,081
17,371,817
Total
Short-Term
Securities
—
10.0%
(Cost:
$32,151,067)
..............................
32,151,067
Total
Investments
—
105.6%
(Cost:
$328,624,322
)
.............................
339,977,904
Liabilities
in
Excess
of
Other
Assets
—
(5.6)%
............
(18,137,726)
Net
Assets
—
100.0%
..............................
$
321,840,178
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
15,577,964
$
—
$
(798,714)
(a)
$
—
$
—
$
14,779,250
14,779,250
$
330,176
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
25,605,216
—
(8,233,751)
(a)
3,352
(3,000)
17,371,817
17,370,081
24,676
(b)
—
$
3,352
$
(3,000)
$
32,151,067
$
354,852
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Equity
Dividend
V.I.
Fund
Schedule
of
Investments
7
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
8,887,375
$
—
$
—
$
8,887,375
Automobile
Components
..................................
1,346,499
—
—
1,346,499
Automobiles
..........................................
6,923,679
—
—
6,923,679
Banks
...............................................
31,972,387
—
—
31,972,387
Beverages
...........................................
3,091,639
—
—
3,091,639
Capital
Markets
........................................
7,492,194
—
—
7,492,194
Chemicals
............................................
1,758,690
—
—
1,758,690
Communications
Equipment
................................
6,940,610
—
—
6,940,610
Consumer
Staples
Distribution
&
Retail
........................
6,088,311
—
—
6,088,311
Containers
&
Packaging
..................................
4,470,440
—
—
4,470,440
Diversified
Telecommunication
Services
........................
5,408,499
—
—
5,408,499
Electric
Utilities
........................................
6,232,841
—
—
6,232,841
Entertainment
.........................................
1,612,575
—
—
1,612,575
Financial
Services
......................................
12,353,622
—
—
12,353,622
Food
Products
.........................................
8,500,193
—
—
8,500,193
Ground
Transportation
...................................
1,627,957
—
—
1,627,957
Health
Care
Equipment
&
Supplies
...........................
19,884,185
4,074,061
—
23,958,246
Health
Care
Providers
&
Services
............................
27,729,631
—
—
27,729,631
Household
Durables
.....................................
1,144,285
5,218,892
—
6,363,177
Industrial
Conglomerates
..................................
—
1,359,779
—
1,359,779
Insurance
............................................
18,688,362
2,627,672
—
21,316,034
Interactive
Media
&
Services
...............................
2,176,385
—
—
2,176,385
IT
Services
...........................................
8,296,762
—
—
8,296,762
Machinery
............................................
1,116,491
2,634,477
—
3,750,968
Media
...............................................
8,318,264
—
—
8,318,264
Multi-Utilities
..........................................
4,604,831
—
—
4,604,831
Oil,
Gas
&
Consumable
Fuels
...............................
12,588,977
13,678,160
—
26,267,137
Personal
Care
Products
..................................
6,609,875
—
—
6,609,875
Pharmaceuticals
.......................................
3,982,169
13,335,901
—
17,318,070
Professional
Services
....................................
13,306,810
—
—
13,306,810
Semiconductors
&
Semiconductor
Equipment
....................
1,577,279
—
—
1,577,279
Software
.............................................
6,718,173
—
—
6,718,173
Specialty
Retail
........................................
1,746,761
—
—
1,746,761
Technology
Hardware,
Storage
&
Peripherals
....................
—
4,330,329
—
4,330,329
Textiles,
Apparel
&
Luxury
Goods
............................
1,612,887
—
—
1,612,887
Tobacco
.............................................
4,314,440
—
—
4,314,440
Wireless
Telecommunication
Services
.........................
1,443,488
—
—
1,443,488
Short-Term
Securities
Money
Market
Funds
......................................
14,779,250
—
—
14,779,250
$
275,346,816
$
47,259,271
$
—
$
322,606,087
Investments
valued
at
NAV
(a)
......................................
17,371,817
$
—
$
339,977,904
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
8
See
notes
to
financial
statements.
BlackRock
Equity
Dividend
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
307,826,837‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
32,151,067‌
Foreign
currency,
at
value
(d)
...............................................................................................
548‌
Receivables:
–‌
Investments
sold
....................................................................................................
394,871‌
Securities
lending
income
—
affiliated
......................................................................................
4,484‌
Capital
shares
sold
...................................................................................................
142,914‌
Dividends
—
unaffiliated
...............................................................................................
311,456‌
Dividends
—
affiliated
.................................................................................................
57,789‌
Prepaid
expenses
.....................................................................................................
2,478‌
Total
assets
.........................................................................................................
340,892,444‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
17,380,901‌
Payables:
–‌
Investments
purchased
................................................................................................
970,568‌
Capital
shares
redeemed
...............................................................................................
238,620‌
Distribution
fees
.....................................................................................................
53,615‌
Investment
advisory
fees
..............................................................................................
155,030‌
Professional
fees
....................................................................................................
21,704‌
Transfer
agent
fees
..................................................................................................
171,689‌
Other
accrued
expenses
...............................................................................................
60,139‌
Total
liabilities
........................................................................................................
19,052,266‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
321,840,178‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
297,124,370‌
Accumulated
earnings
..................................................................................................
24,715,808‌
NET
ASSETS
........................................................................................................
$
321,840,178‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
296,473,255‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
17,096,265‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
32,151,067‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
627‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
9
Financial
Statements
BlackRock
Equity
Dividend
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
41,184,149‌
Shares
outstanding
..................................................................................................
3,838,640‌
Net
asset
value
.....................................................................................................
$
10.73‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
280,656,029‌
Shares
outstanding
..................................................................................................
26,252,172‌
Net
asset
value
.....................................................................................................
$
10.69‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
See
notes
to
financial
statements.
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
BlackRock
Equity
Dividend
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
4,379,143‌
Dividends
—
affiliated
.................................................................................................
330,176‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
24,676‌
Foreign
taxes
withheld
................................................................................................
(110,126‌)
Total
investment
income
.................................................................................................
4,623,869‌
EXPENSES
Investment
advisory
..................................................................................................
968,382‌
Distribution
—
class
specific
............................................................................................
352,985‌
Transfer
agent
—
class
specific
..........................................................................................
309,265‌
Accounting
services
..................................................................................................
31,172‌
Professional
.......................................................................................................
27,686‌
Custodian
.........................................................................................................
13,305‌
Printing
and
postage
.................................................................................................
6,637‌
Directors
and
Officer
.................................................................................................
4,469‌
Transfer
agent
......................................................................................................
2,824‌
Miscellaneous
......................................................................................................
2,668‌
Total
expenses
.......................................................................................................
1,719,393‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(5,240‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(309,265‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
1,404,888‌
Net
investment
income
..................................................................................................
3,218,981‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
16,243,436‌
Net
realized
gain
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
10,215,203‌
Investments
—
affiliated
.............................................................................................
3,352‌
Foreign
currency
transactions
.........................................................................................
4,724‌
A
10,223,279‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
6,024,983‌
Investments
—
affiliated
.............................................................................................
(3,000‌)
Foreign
currency
translations
..........................................................................................
(1,826‌)
A
6,020,157‌
Net
realized
and
unrealized
gain
...........................................................................................
16,243,436‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
19,462,417‌
Statements
of
Changes
in
Net
Assets

11
Financial
Statements
BlackRock
Equity
Dividend
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
3,218,981
‌
$
5,371,966
‌
Net
realized
gain
..................................................................................
10,223,279
‌
37,325,462
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
6,020,157
‌
(57,445,767
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
19,462,417
‌
(14,748,339
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
(211,876
)
(5,512,167
)
  Class
III
.......................................................................................
(1,288,144
)
(38,920,964
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(1,500,020
)
(44,433,131
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(29,464,900
)
22,037,219
‌
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(11,502,503
)
(37,144,251
)
Beginning
of
period
..................................................................................
333,342,681
‌
370,486,932
‌
End
of
period
......................................................................................
$
321,840,178
‌
$
333,342,681
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
BlackRock
Equity
Dividend
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
10.15
‌
$
12.17
‌
$
11.68
‌
$
11.90
‌
$
10.17
‌
$
12.14
‌
Net
investment
income
(a)
........................
0.11
‌
0.20
‌
0.21
‌
0.22
‌
0.25
‌
0.24
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.52
‌
(0.69
)
2.15
‌
0.20
‌
2.53
‌
(1.09
)
Net
increase
(decrease)
from
investment
operations
.......
0.63
‌
(0.49
)
2.36
‌
0.42
‌
2.78
‌
(0.85
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.05
)
(0.20
)
(0.20
)
(0.24
)
(0.24
)
(0.24
)
From
net
realized
gain
..........................
—
‌
(1.33
)
(1.67
)
(0.40
)
(0.81
)
(0.88
)
Total
distributions
..............................
(0.05
)
(1.53
)
(1.87
)
(0.64
)
(1.05
)
(1.12
)
Net
asset
value,
end
of
period
.....................
$
10.73
‌
$
10.15
‌
$
12.17
‌
$
11.68
‌
$
11.90
‌
$
10.17
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
6.26
%
(d)
(3.85
)%
20.54
%
3.91
%
27.71
%
(7.16
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
0.84
%
(f)
0.86
%
0.86
%
0.85
%
0.86
%
0.87
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.65
%
(f)
0.65
%
0.65
%
0.65
%
0.65
%
0.66
%
Net
investment
income
..........................
2.21
%
(f)
1.77
%
1.59
%
2.08
%
2.17
%
2.00
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
41,184
‌
$
41,534
‌
$
39,837
‌
$
31,361
‌
$
33,881
‌
$
30,655
‌
Portfolio
turnover
rate
............................
24
%
54
%
42
%
51
%
45
%
37
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
BlackRock
Equity
Dividend
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
10.12
‌
$
12.14
‌
$
11.65
‌
$
11.88
‌
$
10.15
‌
$
12.12
‌
Net
investment
income
(a)
........................
0.10
‌
0.18
‌
0.18
‌
0.19
‌
0.22
‌
0.21
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.52
‌
(0.70
)
2.15
‌
0.19
‌
2.53
‌
(1.09
)
Net
increase
(decrease)
from
investment
operations
.......
0.62
‌
(0.52
)
2.33
‌
0.38
‌
2.75
‌
(0.88
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.05
)
(0.17
)
(0.17
)
(0.21
)
(0.21
)
(0.21
)
From
net
realized
gain
..........................
—
‌
(1.33
)
(1.67
)
(0.40
)
(0.81
)
(0.88
)
Total
distributions
..............................
(0.05
)
(1.50
)
(1.84
)
(0.61
)
(1.02
)
(1.09
)
Net
asset
value,
end
of
period
.....................
$
10.69
‌
$
10.12
‌
$
12.14
‌
$
11.65
‌
$
11.88
‌
$
10.15
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
6.11
%
(d)
(4.10
)%
20.30
%
3.57
%
27.46
%
(7.42
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
1.10
%
(f)
1.11
%
1.11
%
1.11
%
1.12
%
1.12
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.90
%
(f)
0.90
%
0.90
%
0.90
%
0.90
%
0.91
%
Net
investment
income
..........................
1.96
%
(f)
1.52
%
1.36
%
1.83
%
1.91
%
1.75
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
280,656
‌
$
291,809
‌
$
330,650
‌
$
310,222
‌
$
306,365
‌
$
250,255
‌
Portfolio
turnover
rate
............................
24
%
54
%
42
%
51
%
45
%
37
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Equity
Dividend
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
Notes
to
Financial
Statements
(unaudited)
(continued)
15
Notes
to
Financial
Statements
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
 Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
and
the
value
of
related
collateral,
if
any,
 are
shown
separately
in
the
 Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual rate
of 
0.25
%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
class
specific
distribution
fees
borne
directly
by Class III were
$352,985.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Credit
Suisse
Securities
(USA)
LLC
....................
$
105‌
$
(105‌)
$
—‌
$
—‌
Goldman
Sachs
&
Co.
LLC
..........................
3,786,185‌
(3,786,185‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
7,225,244‌
(7,225,244‌)
—‌
—‌
Morgan
Stanley
..................................
4,206,939‌
(4,206,939‌)
—‌
—‌
National
Financial
Services
LLC
.......................
96,532‌
(96,532‌)
—‌
—‌
Toronto-Dominion
Bank
............................
1,781,260‌
(1,781,260‌)
—‌
—‌
$
17,096,265‌
$
(17,096,265‌)
$
—‌
$
—‌
(a)
  Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.60%
$1
billion
-
$3
billion
.....................................................................................................
0.56
$3
billion
-
$5
billion
.....................................................................................................
0.54
$5
billion
-
$10
billion
....................................................................................................
0.52
Greater
than
$10
billion
...................................................................................................
0.51
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$5,240.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
certain
expenses
to
0.00%
of
average
daily
net
assets
for
Class
I
and
Class
III
shares.
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the six
months ended
June
30,
2023,
there
were
no fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $5,303
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
36,723‌
$
272,542‌
$
309,265‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
36,723‌
Class
III
......................................................................................................
272,542‌
$
309,265‌
Class
I
Class
III
Expense
Limitations
..................................................................................
1.25‌%
1.50‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
6.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $74,411,174
and
$100,695,640,
respectively.
7.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
8.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
9.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Equity
Dividend
V.I.
Fund
....................................
$
327,271,389‌
$
32,558,644‌
$
(19,852,129‌)
$
12,706,515‌
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
11.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Equity
Dividend
V.I.
Fund
Class
I
Shares
sold
.............................................
284,854‌
$
2,969,224‌
968,282‌
$
11,218,490‌
Shares
issued
in
reinvestment
of
distributions
........................
20,393‌
211,876‌
539,716‌
5,512,167‌
Shares
redeemed
.........................................
(559,532‌)
(5,847,560‌)
(687,928‌)
(7,828,309‌)
(254,285‌)
$
(2,666,460‌)
820,070‌
$
8,902,348‌
Class
III
Shares
sold
.............................................
609,578‌
$
6,354,446‌
3,190,532‌
$
37,429,545‌
Shares
issued
in
reinvestment
of
distributions
........................
124,338‌
1,288,144‌
3,822,287‌
38,920,964‌
Shares
redeemed
.........................................
(3,322,350‌)
(34,441,030‌)
(5,409,561‌)
(63,215,638‌)
(2,588,434‌)
$
(26,798,440‌)
1,603,258‌
$
13,134,871‌
(2,842,719‌)
$
(29,464,900‌)
2,423,328‌
$
22,037,219‌
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Global
Allocation
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Global
Allocation
V.I.
Fund
Investment
Objective
BlackRock
Global
Allocation
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
high
total
investment
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
underperformed
its
reference
benchmark,
which
is
comprised
of
the
S&P
500
®
Index
(36%),
FTSE
World
(ex
US)
Index
(24%),
ICE
BofA
Current
5-Year
U.S.
Treasury
Index
(24%)
and
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index
(16%)
(the
“Reference
Benchmark”),
as
well
as
the
broad-based
all-equity
benchmark,
the
FTSE
World
Index.
The
Fund
invests
in
both
equities
and
bonds;
therefore,
Fund
management
believes
that
the
Reference
Benchmark
provides
a
more
accurate
representation
of
the
Fund’s
composition
and
a
more
comparable
means
for
measurement.
The
following
discussion
of
relative
performance
pertains
to
the
Reference
Benchmark.
The
following
commentary
(and
referenced
allocation
percentages)
are
based
on
the
economic
exposures
of
the
Fund,
which
reflect
adjustments
for
futures,
swaps
and
options
(except
with
respect
to
fixed
income
securities)
and
convertible
bonds
and
may
vary
relative
to
the
market
value.
What
factors
influenced
performance?
A
broad
underweight
to
duration
and
corresponding
interest
rate
sensitivity
via
exposure
to
cash
and
cash
equivalents
which
was
largely
held
in
lieu
of
additional
fixed
income
as
a
risk
mitigant
(i.e.,
as
zero
duration
U.S.
fixed
income
exposure)
detracted
from
performance.
Within
equities,
security
selection
within
information
technology,
communication
services,
consumer
discretionary,
materials
and
industrials
weighed
on
performance.
Tactical
short
positioning
within
U.S.
equity
index
futures
implemented
to
help
manage
the
overall
beta
(market
sensitivity)
of
the
portfolio
detracted
as
well.
An
overweight
to
the
energy
sector
also
detracted.
Within
fixed
income,
exposure
to
agency
mortgage-backed
securities
negatively
impacted
performance.
The
largest
positive
contributor
to
performance
was
exposure
to
corporate
credit,
most
notably
high
yield
corporate
bonds.
Security
selection
within
healthcare
positively
impacted
performance,
although
this
contribution
was
partially
offset
by
an
overweight
to
the
sector.
An
underweight
to
the
real
estate
and
financials
sectors
also
contributed
to
performance
over
the
period.
The
Fund’s
aggregate
exposure
to
private
securities
contributed
modestly
to
performance,
driven
by
holdings
of
private
debt.
The
Fund
used
derivatives,
which
may
include
options,
futures,
swaps
and
forward
contracts
both
to
seek
to
enhance
returns
of
the
Fund
and
to
hedge
(or
protect)
against
adverse
movements
in
currency
exchange
rates,
interest
rates
and
movements
in
the
securities
markets.
During
the
period,
the
Fund’s
use
of
derivatives,
in
aggregate,
modestly
detracted
from
performance.
Describe
recent
portfolio
activity.
During
the
six-month
period,
the
Fund’s
overall
equity
exposure
increased
from
53%
to
62%
of
net
assets.
From
a
regional
perspective,
the
Fund
increased
equity
exposure
the
most
in
the
United
States
and
Japan,
and
decreased
exposure
in
Europe.
From
a
sector
perspective,
the
Fund
increased
exposure
to
information
technology,
industrials,
financials,
consumer
discretionary,
consumer
staples
and
healthcare,
and
reduced
exposure
to
energy
and
materials.
The
Fund’s
allocation
to
fixed
income
increased
from
32%
to
34%
of
net
assets.
Within
fixed
income,
the
Fund
increased
exposure
to
both
developed
non-U.S.
and
emerging
market
sovereign
debt,
as
well
as
to
high
yield
corporate
bonds.
The
Fund
decreased
exposure
to
investment
grade
corporate
credit,
securitized
assets
and,
to
a
lesser
extent,
U.S.
interest
rates.
The
Fund’s
overall
portfolio
duration
was
tactically
managed
and
ended
the
period
at
1.9
years,
similar
to
the
level
at
the
beginning
of
the
period.
The
Fund’s
allocation
to
commodity-related
securities
increased
to
slightly
more
than
1%
of
net
assets.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
Reference
Benchmark,
the
Fund
was
overweight
equities
and
underweight
fixed
income,
with
modest
exposure
to
commodity-related
assets
and
cash
equivalents.
Within
equities,
the
Fund
was
overweight
healthcare,
industrials,
information
technology,
consumer
discretionary
and
energy,
and
underweight
real
estate,
financials,
materials,
consumer
staples,
utilities
and
communication
services.
The
Fund’s
largest
regional
overweight
was
to
the
United
States
followed
by
Europe,
and
largest
regional
underweight
was
to
Australia
followed
by
Japan.
Within
fixed
income,
the
Fund
was
underweight
developed
market
government
bonds
and
overweight
corporate
bonds,
securitized
debt
and
bank
loans.
Portfolio
duration
was
1.9
years
vs.
a
benchmark
duration
of
2.4
years
(total
portfolio
duration
assumes
equity
duration
of
0).
From
a
currency
perspective,
the
Fund
was
modestly
overweight
the
Swiss
franc
and
Japanese
yen
and
underweight
the
U.S.
dollar.
The
Fund
had
approximately
5.6%
of
net
assets
invested
in
private
securities
(including
commitments),
with
exposure
spread
across
a
diversified
group
of
private
equity
and
private
debt
securities.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Global
Allocation
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)(c)
.................................................................
7.18‌%
7.82‌%
5.26‌%
5.33‌%
Class
II
(b)(c)
................................................................
7.09‌
7.58‌
5.09‌
5.16‌
Class
III
(b)(c)
................................................................
6.99‌
7.51‌
4.99‌
5.07‌
FTSE
World
Index
(d)
.........................................................
15.08‌
18.78‌
9.26‌
9.69‌
Reference
Benchmark
(e)
......................................................
9.12‌
10.08‌
5.46‌
6.15‌
U.S.
Stocks:
S&P
500
®
Index
(f)
..................................................
16.89‌
19.59‌
12.31‌
12.86‌
Non-U.S.
Stocks:
FTSE
World
(ex
U.S.)
Index
(g)
......................................
11.54‌
17.37‌
5.17‌
5.84‌
U.S.
Bonds:
ICE
BofA
Current
5
-
Y
ear
U.S.
Treasury
Index
(h)
.............................
0.62‌
(2.40‌)
0.54‌
0.71‌
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index
(
i
)
................................
1.52‌
(2.63‌)
(3.75‌)
(1.40‌)
(a)
For
a
portion
of
the
period,
the
Fund's
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fees.
Without
such
waiver
and/or
reimbursement,
the
Fund's
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
for
the
periods
shown
and
assume
reinvestment
of
all
distributions
at
net
asset
value
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
The
Fund
invests
in
a
portfolio
of
equity,
debt
and
money
market
securities.
Generally,
the
Fund’s
portfolio
will
include
both
equity
and
debt
securities.
The
Fund
generally
seeks
diversification
across
markets,
industries
and
issuers
as
one
of
its
strategies
to
reduce
volatility.
The
Fund
has
no
geographic
limits
on
where
it
may
invest.
(d)
A
market
cap
weighted
index
representing
the
performance
of
the
large-
and
mid-cap
stocks
from
the
Developed
and
Advanced
Emerging
segments
of
the
FTSE
Global
Equity
Index
Series
and
covers
approximately
90-95%
of
the
investable
market
capitalization.
(e)
An
unmanaged
weighted
index
comprised
as
follows:
36%
S&P
500
®
Index;
24%
FTSE
World
(ex
U.S.)
Index;
24%
ICE
BofA
Current
5-Year
U.S.
Treasury
Index;
and
16%
FTSE
Non-U.S.
Dollar
World
Government
Bond
Index.
(f)
An
unmanaged
index
that
covers
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
(g)
An
index
comprised
of
large-
and
mid-cap
stocks,
providing
coverage
of
developed
and
emerging
markets
excluding
the
United
States.
The
index
is
derived
from
the
FTSE
Global
Equity
Index
Series,
which
covers
approximately
98%
of
the
world’s
investable
market
capitalization.
(h)
An
unmanaged
index
designed
to
track
the
total
return
of
the
current
coupon
5-year
U.S.
Treasury
bond.
(
i
)
An
unmanaged
market
capitalization-weighted
index
that
tracks
certain
government
bond
indexes,
excluding
the
United
States.
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Dividend
Expense
Excluding
Dividend
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Including
Dividend
Expense
(a)
Excluding
Dividend
Expense
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Including
Dividend
Expense
Excluding
Dividend
Expense
Class
I
..........
$
1,000.00‌
$
1,071.80‌
$
3.90‌
$
3.90‌
$
1,000.00‌
$
1,021.03‌
$
3.81‌
$
1,021.03‌
$
3.81‌
0.76‌%
0.76‌%
Class
II
.........
1,000.00‌
1,070.90‌
4.72‌
4.72‌
1,000.00‌
1,020.23‌
4.61‌
1,020.23‌
4.61‌
0.92‌
0.92‌
Class
III
.........
1,000.00‌
1,069.90‌
5.23‌
5.23‌
1,000.00‌
1,019.74‌
5.11‌
1,019.74‌
5.11‌
1.02‌
1.02‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Fund
Summary
as
of
June
30,
2023
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Global
Allocation
V.I.
Fund
GEOGRAPHIC
ALLOCATION
Percent
of
Total
Investments
(a)
Country/Geographic
Region
Long
Short
Total
United
States
...........................
62.4‌
%
0.1‌
%
62.5‌
%
United
Kingdom
..........................
3.9‌
—‌
3.9‌
Japan
................................
3.8‌
—‌
3.8‌
Spain
.................................
3.7‌
—‌
3.7‌
France
................................
3.6‌
—‌
3.6‌
Germany
..............................
3.1‌
—‌
3.1‌
Netherlands
............................
3.0‌
—‌
3.0‌
Canada
...............................
2.6‌
—‌
2.6‌
Switzerland
.............................
2.3‌
—‌
2.3‌
China
.................................
1.5‌
—‌
1.5‌
Mexico
................................
1.1‌
—‌
1.1‌
Other
(b)
................................
8.9‌
—‌
8.9‌
Total
.................................
99.9‌%
0.1‌%
100.0‌%
(a)
Total
investments
include
the
gross
market
values
of
long
and
short
positions
and
exclude
Short-Term
Securities,
Options
Purchased
and
Options
Written.
(b)
Includes
holdings
within
countries
that
are
1%
or
less
of
long-term
investments.
Please
refer
to
the
Consolidated
Schedule
of
Investments
for
such
countries.
Disclosure
of
Expenses
5
Disclosure
of
Expenses
/
Derivative
Financial
Instruments
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Consolidated
Financial
Statements.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
0.6%
(a)(b)
AGL
CLO
5
Ltd.
Series
2020-5A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.65%,
07/20/34
....
USD
411
$
393,798
Series
2020-5A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.95%,
07/20/34
....
574
555,273
AIMCO
CLO,
Series
2018-AA,
Class
B,
(3-mo.
LIBOR
USD
+
1.40%),
6.66%,
04/17/31
............
256
252,596
Allegro
CLO
IV
Ltd.,
Series
2016-1A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
6.81%,
01/15/30
.................
252
247,354
Allegro
CLO
VIII
Ltd.,
Series
2018-2A,
Class
A,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.36%,
07/15/31
.................
250
247,496
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(3-mo.
LIBOR
USD
+
1.85%),
7.11%,
10/15/29
............
252
249,356
AMMC
CLO
22
Ltd.,
Series
2018-
22A,
Class
B,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.71%,
04/25/31
.................
125
123,674
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(3-mo.
LIBOR
USD
at
1.01%
Floor
+
1.01%),
6.26%,
04/20/31
.................
620
615,235
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.00%,
05/15/37
.................
1,919
1,893,195
Ares
LV
CLO
Ltd.,
Series
2020-55A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
07/15/34
.................
790
763,407
Assurant
CLO
I
Ltd.,
Series
2017-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.40%,
10/20/34
.................
280
267,906
Bain
Capital
Credit
CLO
Ltd.,
Series
2020-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
07/19/34
............
575
559,762
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
A2R2,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
6.82%,
01/25/35
.................
485
462,819
Battalion
CLO
XI
Ltd.,
Series
2017-11A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.72%
Floor
+
1.72%),
6.99%,
04/24/34
.................
288
274,970
Benefit
Street
Partners
CLO
II
Ltd.,
Series
2013-IIA,
Class
A2R2,
(3-
mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.71%,
07/15/29
.......
610
613,056
Benefit
Street
Partners
CLO
III
Ltd.,
Series
2013-IIIA,
Class
A2R2,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
07/20/29
.......
283
282,518
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
BlueMountain
CLO
Ltd.
Series
2013-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.87%,
10/22/30
....
USD
250
$
245,379
Series
2014-2A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.00%,
10/20/30
....
256
248,528
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
B,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.76%,
07/15/31
............
502
497,966
Canyon
CLO
Ltd.,
Series
2020-3A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
01/15/34
.................
250
247,159
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
A1B,
(3-mo.
LIBOR
USD
+
1.35%),
6.60%,
04/20/29
.......
313
309,535
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.81%,
05/29/32
............
250
245,668
Chenango
Park
CLO
Ltd.,
Series
2018-
1A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
6.81%,
04/15/30
.................
401
396,069
CIFC
Funding
Ltd.
Series
2015-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.41%,
04/19/29
....
288
282,329
Series
2017-3A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
07/20/30
....
276
272,182
Series
2020-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
07/15/36
....
875
862,368
Cook
Park
CLO
Ltd.,
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.66%,
04/17/30
.................
402
392,878
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
07/18/30
............
250
242,061
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
04/20/34
.................
475
465,128
Elmwood
CLO
IV
Ltd.,
Series
2020-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.24%
Floor
+
1.24%),
6.50%,
04/15/33
.................
300
297,454
FS
Rialto,
Series
2021-FL3,
Class
A,
(1-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.41%,
11/16/36
.......
111
107,698
Galaxy
XV
CLO
Ltd.,
Series
2013-15A,
Class
ARR,
(3-mo.
LIBOR
USD
at
0.97%
Floor
+
0.97%),
6.23%,
10/15/30
.................
268
263,968
Generate
CLO
3
Ltd.,
Series
3A,
Class
BR,
(3-mo.
LIBOR
USD
+
1.75%),
7.00%,
10/20/29
............
725
715,218
GoldenTree
Loan
Opportunities
XI
Ltd.,
Series
2015-11A,
Class
AR2,
(3-mo.
LIBOR
USD
at
1.07%
Floor
+
1.07%),
6.33%,
01/18/31
.......
250
249,089
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Gracie
Point
International
Funding
Series
2021-1A,
Class
B,
(1-mo.
LIBOR
USD
+
1.40%),
6.57%,
11/01/23
...............
USD
410
$
410,001
Series
2021-1A,
Class
C,
(1-mo.
LIBOR
USD
+
2.40%),
7.57%,
11/01/23
...............
428
428,002
Greystone
CRE
Notes
Ltd.,
Series
2021-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
6.28%,
07/15/39
.......
863
839,015
Gulf
Stream
Meridian
1
Ltd.,
Series
2020-IA,
Class
A1,
(3-mo.
LIBOR
USD
at
1.37%
Floor
+
1.37%),
6.63%,
04/15/33
............
1,354
1,335,747
Jamestown
CLO
XII
Ltd.,
Series
2019-
1A,
Class
A2,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.40%,
04/20/32
.................
258
253,727
Madison
Park
Funding
XIII
Ltd.,
Series
2014-13A,
Class
BR2,
(3-mo.
LIBOR
USD
+
1.50%),
6.77%,
04/19/30
.................
250
247,505
Madison
Park
Funding
XLI
Ltd.,
Series
12A,
Class
BR,
(3-mo.
LIBOR
USD
+
1.35%),
6.62%,
04/22/27
.....
287
284,503
Madison
Park
Funding
XXV
Ltd.,
Series
2017-25A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
04/25/29
............
288
282,363
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-26A,
Class
AR,
(3-mo.
LIBOR
USD
+
1.20%),
6.50%,
07/29/30
.................
255
254,578
Neuberger
Berman
CLO
XXII
Ltd.,
Series
2016-22A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
10/17/30
.......
250
248,821
OCP
CLO
Ltd.,
Series
2014-5A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.67%,
04/26/31
.
300
294,062
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
07/15/36
.......
300
294,166
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A2R,
(3-mo.
LIBOR
USD
+
1.35%),
6.62%,
07/19/30
.................
263
262,314
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
07/02/35
............
308
303,237
OHA
Credit
Funding
7
Ltd.,
Series
2020-7A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
6.33%,
02/24/37
.......
250
245,797
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2016-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.19%,
08/23/31
.......
269
261,857
Pikes
Peak
CLO
1,
Series
2018-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.45%,
07/24/31
.................
278
275,231
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
A,
(3-mo.
LIBOR
USD
at
1.17%
Floor
+
1.17%),
6.42%,
07/20/34
.................
USD
250
$
247,420
Recette
CLO
Ltd.,
Series
2015-1A,
Class
BRR,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.65%,
04/20/34
.................
250
238,281
Regatta
XVIII
Funding
Ltd.,
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.71%,
01/15/34
............
250
244,467
Rockford
Tower
CLO
Ltd.
Series
2017-1A,
Class
BR2A,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
04/20/34
....
250
241,105
Series
2018-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.48%,
05/20/31
....
250
247,684
Signal
Peak
CLO
8
Ltd.
Series
2020-8A,
Class
A,
(3-mo.
LIBOR
USD
at
1.27%
Floor
+
1.27%),
6.52%,
04/20/33
....
250
246,875
Series
2020-8A,
Class
B,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
04/20/33
....
250
246,269
Sixth
Street
CLO
XVI
Ltd.
Series
2020-16A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.32%
Floor
+
1.32%),
6.57%,
10/20/32
....
302
299,472
Series
2020-16A,
Class
B,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.10%,
10/20/32
....
290
287,967
TICP
CLO
IX
Ltd.,
Series
2017-9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.85%,
01/20/31
.................
250
246,251
TICP
CLO
VI
Ltd.
Series
2016-6A,
Class
AR2,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.38%,
01/15/34
....
250
247,584
Series
2016-6A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.76%,
01/15/34
....
250
242,694
TICP
CLO
XII
Ltd.,
Series
2018-12A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
07/15/34
.................
300
292,222
Trestles
CLO
III
Ltd.,
Series
2020-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.33%
Floor
+
1.33%),
6.58%,
01/20/33
.................
870
862,036
Trinitas
CLO
XIV
Ltd.
Series
2020-14A,
Class
B,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
01/25/34
....
452
441,457
Series
2020-14A,
Class
C,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.26%,
01/25/34
....
343
340,548
Voya
CLO
Ltd.,
Series
2017-3A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.04%),
6.29%,
04/20/34
............
300
294,000
Whitebox
CLO
II
Ltd.
Series
2020-2A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.49%,
10/24/34
....
397
390,872
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2020-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.02%,
10/24/34
....
USD
274
$
265,269
York
CLO
1
Ltd.,
Series
2014-1A,
Class
BRR,
(3-mo.
LIBOR
USD
+
1.65%),
6.92%,
10/22/29
............
256
253,128
26,839,619
Ireland
—
0.0%
(b)
CIFC
European
Funding
CLO
II
DAC,
Series
2X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
4.78%,
04/15/33
(c)
...........
EUR
207
216,908
Harvest
CLO
XVIII
DAC,
Series
18X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
4.38%,
10/15/30
(c)
231
242,436
Holland
Park
CLO
DAC,
Series
1X,
Class
A1RR,
(3-mo.
EURIBOR
at
0.92%
Floor
+
0.92%),
4.24%,
11/14/32
(c)
.................
135
143,777
OAK
Hill
European
Credit
Partners
VI
DAC,
Series
2017-6X,
Class
B1,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
4.40%,
01/20/32
(c)
.....
160
168,600
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
4.53%,
01/15/32
(c)
268
283,104
Prodigy
Finance
DAC
(a)
Series
2021-1A,
Class
B,
(1-mo.
LIBOR
USD
+
2.50%),
7.70%,
07/25/51
...............
USD
233
230,974
Series
2021-1A,
Class
C,
(1-mo.
LIBOR
USD
+
3.75%),
8.95%,
07/25/51
...............
190
188,265
Series
2021-1A,
Class
D,
(1-mo.
LIBOR
USD
+
5.90%),
11.10%,
07/25/51
...............
250
247,598
Rockford
Tower
Europe
CLO
DAC,
Series
2018-1X,
Class
B,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
5.42%,
12/20/31
(c)
...........
EUR
207
220,670
1,942,332
Jersey,
Channel
Islands
—
0.0%
AGL
Static
CLO
18
Ltd.,
Series
2022-
18A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
7.06%,
04/21/31
(a)(b)
..........
USD
949
929,440
United
States
—
0.8%
AccessLex
Institute,
Series
2007-A,
Class
A3,
(3-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.70%,
05/25/36
(b)
................
431
416,555
Ajax
Mortgage
Loan
Trust
(a)(b)
Series
2021-E,
Class
A1,
1.74%,
12/25/60
...............
4,932
4,170,461
Series
2021-E,
Class
A2,
2.69%,
12/25/60
...............
726
589,348
Series
2021-E,
Class
B1,
3.73%,
12/25/60
...............
480
384,692
Series
2021-E,
Class
M1,
2.94%,
12/25/60
...............
377
297,631
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2021-FL4,
Class
A,
(1-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.54%,
11/15/36
(a)(b)
194
190,120
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Bankers
Healthcare
Group
Securitization
Trust,
Series
2020-A,
Class
C,
5.17%,
09/17/31
(a)
.....
USD
240
$
223,667
Battalion
CLO
XX
Ltd.,
Series
2021-
20A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.44%,
07/15/34
(a)(b)
...............
612
594,759
College
Avenue
Student
Loans
LLC,
Series
2021-B,
Class
D,
3.78%,
06/25/52
(a)
................
100
84,048
FS
Rialto
Issuer
LLC,
Series
2022-FL6,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.58%
Floor
+
2.58%),
7.66%,
08/17/37
(a)(b)
...............
1,997
1,992,509
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(a)
...........
1,415
1,085,396
Lendmark
Funding
Trust,
Series
2021-
2A,
Class
D,
4.46%,
04/20/32
(a)
..
640
481,949
Mariner
Finance
Issuance
Trust,
Series
2020-AA,
Class
A,
2.19%,
08/21/34
(a)
................
1,594
1,532,653
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-FL6,
Class
A,
(1-mo.
LIBOR
USD
at
1.21%
Floor
+
1.10%),
6.32%,
07/16/36
(a)(b)
754
735,457
Navient
Private
Education
Refi
Loan
Trust
(a)
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
6.26%,
04/15/60
(b)
2,693
2,515,452
Series
2021-DA,
Class
B,
2.61%,
04/15/60
...............
747
667,314
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
1,926
1,690,836
Series
2021-DA,
Class
D,
4.00%,
04/15/60
...............
614
548,839
Nelnet
Student
Loan
Trust
(a)
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
1,554
1,309,010
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
1,640
1,349,111
Oportun
Issuance
Trust
(a)
Series
2021-B,
Class
A,
1.47%,
05/08/31
...............
1,827
1,655,421
Series
2021-B,
Class
B,
1.96%,
05/08/31
...............
440
393,440
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(a)
................
1,241
1,191,129
Progress
Residential,
Series
2021-
SFR3,
Class
F,
3.44%,
05/17/26
(a)
699
617,531
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
3.88%,
10/17/33
(a)
(d)
......................
5,969
5,156,022
SMB
Private
Education
Loan
Trust
(a)
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
3,225
2,762,747
Series
2021-A,
Class
D2,
3.86%,
01/15/53
...............
1,026
933,096
Series
2021-C,
Class
B,
2.30%,
01/15/53
...............
389
347,182
Series
2021-C,
Class
C,
3.00%,
01/15/53
...............
410
356,283
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-C,
Class
D,
3.93%,
01/15/53
...............
USD
190
$
174,250
34,446,908
Total
Asset-Backed
Securities
—
1.4%
(Cost:
$69,007,763)
..............................
64,158,299
Shares
Shares
Common
Stocks
Australia
—
0.4%
AGL
Energy
Ltd.
..............
154,425
1,115,297
Aurizon
Holdings
Ltd.
...........
115,703
302,703
BHP
Group
Ltd.
...............
67,343
2,024,463
CSL
Ltd.
....................
2,388
442,207
Endeavour
Group
Ltd.
..........
110,915
466,806
Glencore
plc
.................
2,242,703
12,715,870
Medibank
Pvt
Ltd.
.............
207,214
486,740
Metcash
Ltd.
.................
116,761
293,104
Origin
Energy
Ltd.
.............
98,236
552,141
Qantas
Airways
Ltd.
(e)
...........
80,194
332,333
Quintis
HoldCo
Pty.
Ltd.
(d)(e)(f)
......
7,642,509
51
South32
Ltd.
.................
183,016
460,760
19,192,475
Belgium
—
0.0%
KBC
Group
NV
...............
20,642
1,440,828
Brazil
—
0.1%
Ambev
SA
..................
706,938
2,276,635
Cielo
SA
(e)
..................
304,052
290,196
Embraer
SA
(e)
................
174,359
675,486
Engie
Brasil
Energia
SA
.........
13,104
125,151
Lojas
Renner
SA
..............
96,975
406,273
Petroreconcavo
S/A
............
48,391
194,243
Telefonica
Brasil
SA
............
59,929
543,944
Transmissora
Alianca
de
Energia
Eletrica
SA
................
47,975
377,332
4,889,260
Canada
—
1.4%
Barrick
Gold
Corp.
.............
86,950
1,470,881
Brookfield
Corp.,
Class
A
.........
18,579
625,494
Cameco
Corp.
................
198,997
6,234,576
Canadian
National
Railway
Co.
....
18,539
2,244,972
Enbridge,
Inc.
................
824,322
30,639,453
George
Weston
Ltd.
............
2,767
327,132
Imperial
Oil
Ltd.
...............
12,808
655,313
Loblaw
Cos.
Ltd.
..............
3,659
334,979
Metro,
Inc.
..................
12,323
695,985
Pembina
Pipeline
Corp.
.........
30,110
946,655
Rogers
Communications,
Inc.,
Class
B
27,829
1,269,662
Royal
Bank
of
Canada
..........
20,585
1,965,967
Shopify,
Inc.,
Class
A
(e)
..........
10,857
701,699
Suncor
Energy,
Inc.
............
296,166
8,687,685
TC
Energy
Corp.
..............
63,728
2,575,578
Teck
Resources
Ltd.,
Class
B
.....
50,067
2,107,821
TELUS
Corp.
................
181,517
3,532,371
65,016,223
Cayman
Islands
—
0.0%
Teya
Services
Ltd.,
Series
C
(Acquired
11/16/21,
cost
$2,251,184)
(d)(e)(g)
..
1,159
768,730
Security
Shares
Shares
Value
China
—
1.1%
Agricultural
Bank
of
China
Ltd.,
Class
H
990,000
$
389,891
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
......................
262,605
671,556
Amoy
Diagnostics
Co.
Ltd.,
Class
A
.
269,010
899,656
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
B
(e)
.....................
4,200
72,424
Baidu,
Inc.,
Class
A
(e)
...........
88,400
1,507,731
Bank
of
Chengdu
Co.
Ltd.,
Class
A
(e)
.
603,200
1,014,378
BOC
Hong
Kong
Holdings
Ltd.
.....
45,500
139,381
BYD
Co.
Ltd.,
Class
H
..........
30,000
961,940
BYD
Electronic
International
Co.
Ltd.
6,500
19,773
China
Construction
Bank
Corp.,
Class
H
(e)
.....................
2,420,000
1,566,765
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
100,000
456,109
China
Tower
Corp.
Ltd.,
Class
H
(a)(c)
.
2,284,000
254,368
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.
(e)
.......
65,100
113,189
Dali
Foods
Group
Co.
Ltd.
(a)(c)
......
92,500
41,379
Dongfang
Electric
Corp.
Ltd.,
Class
A
86,500
222,293
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
...............
143,088
923,764
Glodon
Co.
Ltd.,
Class
A
.........
192,206
860,305
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
.............
289,800
1,457,546
Guangzhou
Baiyun
International
Airport
Co.
Ltd.,
Class
A
(e)
...........
537,000
1,061,230
Haidilao
International
Holding
Ltd.
(a)(c)
343,000
758,514
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
563,000
1,962,436
Hundsun
Technologies,
Inc.,
Class
A
.
146,082
891,694
Hygeia
Healthcare
Holdings
Co.
Ltd.
(a)(c)
114,000
619,205
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
2,540,000
1,357,405
JD
Health
International,
Inc.
(a)(c)(e)
...
236,850
1,504,434
JD.com,
Inc.,
Class
A
...........
24,704
421,316
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
...............
131,300
866,124
Kindstar
Globalgene
Technology,
Inc.
(a)
(c)(d)(e)
....................
1,655,500
372,939
Kingsoft
Corp.
Ltd.
.............
131,000
517,785
Kweichow
Moutai
Co.
Ltd.,
Class
A
..
5,200
1,211,183
Lenovo
Group
Ltd.
.............
258,000
270,352
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
...............
507,700
2,007,179
Meituan
(a)(c)(e)
.................
109,010
1,709,377
Microport
Cardioflow
Medtech
Corp.
(a)(c)
(e)
......................
2,890,000
655,874
Ningbo
Deye
Technology
Co.
Ltd.,
Class
A
..................
65,600
1,353,514
Nongfu
Spring
Co.
Ltd.,
Class
H
(a)(c)
..
36,800
203,671
NXP
Semiconductors
NV
........
6,915
1,415,362
PetroChina
Co.
Ltd.,
Class
H
......
768,000
533,267
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(a)(c)
(e)
......................
29,950
92,863
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
...............
112,100
716,190
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
(e)
...........
83,500
223,699
Shanghai
Jinjiang
International
Hotels
Co.
Ltd.,
Class
A
............
99,600
581,046
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
............
10,900
277,835
SITC
International
Holdings
Co.
Ltd.
.
160,000
292,987
StarPower
Semiconductor
Ltd.,
Class
A
28,500
846,079
Tencent
Holdings
Ltd.
...........
244,800
10,379,809
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
China
(continued)
Trina
Solar
Co.
Ltd.,
Class
A
......
153,452
$
901,112
Trip.com
Group
Ltd.
(e)
...........
6,600
230,402
Want
Want
China
Holdings
Ltd.
....
146,000
97,104
Wilmar
International
Ltd.
.........
106,900
301,160
Wuliangye
Yibin
Co.
Ltd.,
Class
A
...
45,700
1,030,880
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
..................
403,914
1,140,249
48,376,724
Denmark
—
0.3%
AP
Moller
-
Maersk
A/S,
Class
B
....
397
698,024
Coloplast
A/S,
Class
B
..........
2,322
290,566
Novo
Nordisk
A/S,
Class
B
.......
61,035
9,859,584
Novozymes
A/S,
Class
B
.........
14,774
689,342
11,537,516
Finland
—
0.0%
Elisa
OYJ
...................
10,068
537,474
Kesko
OYJ,
Class
B
............
12,317
231,956
Kone
OYJ,
Class
B
............
17,854
932,775
1,702,205
France
—
3.1%
Accor
SA
...................
109,399
4,070,893
BNP
Paribas
SA
..............
462,887
29,210,927
Bollore
SE
..................
48,811
304,399
Carrefour
SA
.................
19,457
368,724
Cie
de
Saint-Gobain
............
284,829
17,342,211
Dassault
Systemes
SE
..........
29,850
1,322,683
EssilorLuxottica
SA
............
62,158
11,721,153
Hermes
International
...........
1,508
3,277,969
Kering
SA
...................
23,908
13,201,975
La
Francaise
des
Jeux
SAEM
(a)(c)
...
21,435
843,654
L'Oreal
SA
..................
6,943
3,238,744
LVMH
Moet
Hennessy
Louis
Vuitton
SE
28,857
27,209,620
Remy
Cointreau
SA
............
1,088
174,647
Sanofi
.....................
85,756
9,232,130
SCOR
SE
...................
10,367
304,763
Societe
Generale
SA
...........
31,419
817,090
Teleperformance
..............
1,255
210,531
TotalEnergies
SE
..............
121,407
6,969,324
Vinci
SA
....................
104,637
12,158,338
141,979,775
Germany
—
2.1%
BASF
SE
...................
6,631
322,155
Bayer
AG
(Registered)
..........
162,429
8,991,269
Bayerische
Motoren
Werke
AG
....
18,469
2,271,818
Brenntag
SE
.................
4,050
315,973
Caresyntax,
Inc.
(d)(e)
............
6,330
570,459
Caresyntax,
Inc.
,
Series
C-3
(e)
.....
2,170
265,354
Commerzbank
AG
.............
341,768
3,788,790
Continental
AG
...............
8,881
670,963
Fresenius
SE
&
Co.
KGaA
........
16,678
462,594
LANXESS
AG
................
4,366
131,724
Mercedes-Benz
Group
AG
........
207,464
16,699,045
Merck
KGaA
.................
9,510
1,574,189
SAP
SE
....................
199,668
27,276,127
SAP
SE,
ADR
................
17,100
2,339,451
Scout24
SE
(a)(c)
...............
4,051
256,695
Siemens
AG
(Registered)
........
153,400
25,571,912
Symrise
AG
.................
19,376
2,031,622
Telefonica
Deutschland
Holding
AG
.
166,893
469,722
United
Internet
AG
(Registered)
....
30,064
423,315
Zalando
SE
(a)(c)(e)
..............
37,671
1,086,401
95,519,578
Security
Shares
Shares
Value
Hong
Kong
—
0.3%
AIA
Group
Ltd.
...............
1,092,000
$
11,090,898
ASMPT
Ltd.
.................
30,400
300,339
CK
Asset
Holdings
Ltd.
..........
90,500
502,887
Hang
Seng
Bank
Ltd.
...........
21,900
312,198
Hongkong
Land
Holdings
Ltd.
.....
53,200
208,025
MTR
Corp.
Ltd.
...............
69,000
317,646
Orient
Overseas
International
Ltd.
..
41,000
550,740
WH
Group
Ltd.
(a)(c)
.............
503,000
267,885
13,550,618
India
—
0.1%
Bajaj
Auto
Ltd.
................
9,055
518,837
Eicher
Motors
Ltd.
.............
5,792
253,235
HCL
Technologies
Ltd.
..........
50,344
731,878
Indian
Oil
Corp.
Ltd.
............
137,387
153,117
Infosys
Ltd.
..................
22,306
363,318
Kotak
Mahindra
Bank
Ltd.
........
17,773
400,843
Tata
Consultancy
Services
Ltd.
....
5,577
225,352
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$2,928,536)
(d)(e)(g)
............
1,951
1,427,001
Vedanta
Ltd.
.................
57,241
194,963
4,268,544
Indonesia
—
0.0%
Bank
Central
Asia
Tbk.
PT
........
964,000
591,220
Ireland
—
0.0%
Kingspan
Group
plc
............
23,849
1,587,481
Israel
—
0.3%
Nice
Ltd.,
ADR
(e)
..............
59,556
12,298,314
Italy
—
0.4%
Coca-Cola
HBC
AG
............
27,557
822,022
Enel
SpA
...................
102,738
692,703
Ferrari
NV
..................
16,620
5,433,873
FinecoBank
Banca
Fineco
SpA
....
32,844
442,101
Intesa
Sanpaolo
SpA
...........
3,710,675
9,728,463
Snam
SpA
..................
111,077
580,528
UniCredit
SpA
................
30,489
708,978
18,408,668
Japan
—
3.7%
AGC,
Inc.
...................
2,100
75,549
Alfresa
Holdings
Corp.
..........
13,900
207,930
Aozora
Bank
Ltd.
..............
25,600
476,005
Astellas
Pharma,
Inc.
...........
89,465
1,332,356
BayCurrent
Consulting,
Inc.
.......
40,200
1,511,599
Capcom
Co.
Ltd.
..............
300
11,892
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
.....................
16,100
170,785
CyberAgent,
Inc.
..............
66,300
484,669
East
Japan
Railway
Co.
.........
3,300
182,996
FANUC
Corp.
................
573,800
20,143,621
Heiwa
Corp.
.................
5,400
93,917
Honda
Motor
Co.
Ltd.
...........
250,400
7,585,583
Hoya
Corp.
..................
83,393
9,979,328
Ibiden
Co.
Ltd.
................
3,500
199,141
Ito
En
Ltd.
...................
8,000
221,240
Japan
Airlines
Co.
Ltd.
..........
541,300
11,737,254
Japan
Post
Bank
Co.
Ltd.
........
118,000
920,193
Jeol
Ltd.
....................
10,300
367,702
Kamigumi
Co.
Ltd.
.............
9,000
204,065
Kawasaki
Heavy
Industries
Ltd.
....
21,900
560,696
Kawasaki
Kisen
Kaisha
Ltd.
.......
52,800
1,294,656
Kewpie
Corp.
................
10,200
166,757
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Japan
(continued)
Keyence
Corp.
...............
44,098
$
20,953,461
Kose
Corp.
..................
52,500
5,046,796
Lixil
Corp.
...................
41,800
532,035
Mazda
Motor
Corp.
............
105,900
1,023,438
Medipal
Holdings
Corp.
..........
14,100
230,553
MEIJI
Holdings
Co.
Ltd.
.........
10,500
234,474
Mitsubishi
Heavy
Industries
Ltd.
....
19,000
887,400
Mitsubishi
Motors
Corp.
.........
207,400
725,222
Mitsubishi
UFJ
Financial
Group,
Inc.
.
2,765,400
20,383,968
Mitsui
&
Co.
Ltd.
..............
203,200
7,690,679
Mitsui
OSK
Lines
Ltd.
...........
20,900
502,836
Nihon
M&A
Center
Holdings,
Inc.
...
34,200
263,135
Nintendo
Co.
Ltd.
..............
45,900
2,092,504
Nippon
Yusen
KK
..............
76,100
1,690,078
Nitto
Denko
Corp.
.............
3,700
274,635
Nomura
Research
Institute
Ltd.
....
59,900
1,654,884
Oracle
Corp.
Japan
............
1,300
96,686
Oriental
Land
Co.
Ltd.
..........
2,700
105,262
Rakus
Co.
Ltd.
...............
17,200
293,219
Recruit
Holdings
Co.
Ltd.
........
27
862
Santen
Pharmaceutical
Co.
Ltd.
....
18,000
153,311
Sega
Sammy
Holdings,
Inc.
.......
37,100
794,785
SG
Holdings
Co.
Ltd.
...........
18,300
261,036
Shin-Etsu
Chemical
Co.
Ltd.
......
23,800
795,347
Shiseido
Co.
Ltd.
..............
17,600
797,803
Skylark
Holdings
Co.
Ltd.
(e)
.......
19,800
247,610
SMC
Corp.
..................
19,500
10,837,358
SoftBank
Corp.
...............
33,200
354,752
Suzuken
Co.
Ltd.
..............
5,400
146,872
Sysmex
Corp.
................
177,800
12,178,765
Takeda
Pharmaceutical
Co.
Ltd.
....
36,900
1,159,492
Terumo
Corp.
................
38,300
1,219,842
Tokyo
Electron
Ltd.
............
11,900
1,713,939
TOTO
Ltd.
..................
8,400
253,986
Toyota
Motor
Corp.
............
759,100
12,200,323
ZOZO,
Inc.
..................
55,000
1,140,955
166,866,237
Jordan
—
0.0%
Hikma
Pharmaceuticals
plc
.......
7,937
191,002
Mexico
—
0.1%
Fomento
Economico
Mexicano
SAB
de
CV
.....................
60,070
664,711
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
.............
16,624
464,709
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
..................
71,157
585,402
Southern
Copper
Corp.
..........
10,849
778,307
Wal-Mart
de
Mexico
SAB
de
CV
....
570,495
2,262,716
4,755,845
Netherlands
—
2.5%
ABN
AMRO
Bank
NV,
CVA
(a)(c)
.....
72,367
1,124,818
Adyen
NV
(a)(c)(e)
...............
5,213
9,027,184
Argenx
SE
(e)
.................
675
263,247
ASML
Holding
NV
.............
47,420
34,395,079
ING
Groep
NV
................
2,164,081
29,175,269
Koninklijke
Ahold
Delhaize
NV
.....
23,442
799,209
Koninklijke
Vopak
NV
...........
29,305
1,045,997
Shell
plc
....................
843,357
25,404,622
Shell
plc,
ADR
................
173,559
10,479,492
111,714,917
Norway
—
0.1%
Equinor
ASA
.................
95,578
2,783,124
Security
Shares
Shares
Value
Peru
—
0.0%
Credicorp
Ltd.
................
2,474
$
365,261
Saudi
Arabia
—
0.0%
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
................
3,192
244,219
Saudi
Arabian
Oil
Co.
(a)(c)
.........
17,960
155,571
Saudi
Telecom
Co.
.............
48,119
561,055
960,845
Singapore
—
0.1%
DBS
Group
Holdings
Ltd.
........
12,300
287,239
Genting
Singapore
Ltd.
..........
614,200
428,266
Keppel
Corp.
Ltd.
..............
70,800
352,354
NetLink
NBN
Trust
(c)
............
141,900
89,808
Oversea-Chinese
Banking
Corp.
Ltd.
30,000
272,910
Sembcorp
Marine
Ltd.
(e)
.........
2,805,834
260,242
Singapore
Airlines
Ltd.
..........
66,000
349,670
Singapore
Technologies
Engineering
Ltd.
.....................
128,100
349,542
Singapore
Telecommunications
Ltd.
.
273,600
506,754
2,896,785
South
Africa
—
0.0%
Anglo
American
Platinum
Ltd.
.....
5,543
250,563
Anglo
American
plc
............
19,518
555,746
Capitec
Bank
Holdings
Ltd.
.......
5,307
442,079
Kumba
Iron
Ore
Ltd.
............
19,822
466,070
1,714,458
South
Korea
—
0.4%
Amorepacific
Corp.
............
39,152
2,914,293
Celltrion
Healthcare
Co.
Ltd.
......
6,281
314,465
DB
Insurance
Co.
Ltd.
..........
1,283
72,871
Fila
Holdings
Corp.
............
6,310
192,172
Hana
Financial
Group,
Inc.
.......
6,874
205,206
Hanwha
Aerospace
Co.
Ltd.
......
3,268
316,504
HD
Hyundai
Infracore
Co.
Ltd.
.....
153,586
1,400,449
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
.....................
9,654
227,785
KB
Financial
Group,
Inc.
.........
14,535
527,543
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(e)
........
2,446
217,437
NCSoft
Corp.
................
5,999
1,350,942
Samsung
Electronics
Co.
Ltd.
.....
40,118
2,209,029
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.....................
5,340
931,859
SK
Hynix,
Inc.
................
72,589
6,377,990
SK
Telecom
Co.
Ltd.
............
13,864
490,588
17,749,133
Spain
—
0.6%
Aena
SME
SA
(a)(c)
..............
2,165
350,398
Cellnex
Telecom
SA
(a)(c)
..........
572,568
23,133,909
Endesa
SA
..................
11,126
239,071
Industria
de
Diseno
Textil
SA
......
26,088
1,011,896
24,735,274
Sweden
—
0.2%
Assa
Abloy
AB,
Class
B
.........
113,188
2,720,696
Hexagon
AB,
Class
B
...........
200,451
2,465,612
Industrivarden
AB,
Class
A
.......
11,042
306,242
Investor
AB,
Class
B
............
28,975
579,648
Nibe
Industrier
AB,
Class
B
.......
78,957
750,751
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
299,377
1,626,604
Telia
Co.
AB
.................
666,032
1,461,177
9,910,730
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Switzerland
—
2.0%
Alcon,
Inc.
..................
221,959
$
18,414,248
Barry
Callebaut
AG
(Registered)
....
165
318,793
Clariant
AG
(Registered)
.........
48,475
701,266
Flughafen
Zurich
AG
(Registered)
...
1,424
296,197
Geberit
AG
(Registered)
.........
666
349,040
Givaudan
SA
(Registered)
........
47
155,896
Kuehne
+
Nagel
International
AG
(Registered)
...............
4,665
1,381,898
Lonza
Group
AG
(Registered)
.....
8,771
5,242,539
Nestle
SA
(Registered)
..........
315,720
37,978,466
Novartis
AG
(Registered)
........
37,231
3,753,609
Roche
Holding
AG
.............
25,644
7,833,474
STMicroelectronics
NV
..........
52,356
2,611,172
Swisscom
AG
(Registered)
.......
836
521,782
TE
Connectivity
Ltd.
............
91,510
12,826,042
VAT
Group
AG
(a)(c)
.............
1,015
420,427
92,804,849
Taiwan
—
0.5%
Chunghwa
Telecom
Co.
Ltd.
......
217,000
812,755
Far
EasTone
Telecommunications
Co.
Ltd.
.....................
127,000
320,742
MediaTek,
Inc.
................
20,000
442,717
Oneness
Biotech
Co.
Ltd.
........
28,994
201,921
Quanta
Computer,
Inc.
..........
102,000
498,154
Taiwan
Mobile
Co.
Ltd.
..........
99,000
304,090
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
985,000
18,196,233
Wiwynn
Corp.
................
15,000
685,537
21,462,149
United
Arab
Emirates
—
0.0%
NMC
Health
plc
(d)(e)
.............
284,408
4
United
Kingdom
—
2.3%
AstraZeneca
plc
..............
84,600
12,127,772
AstraZeneca
plc,
ADR
..........
75,692
5,417,276
Auto
Trader
Group
plc
(a)(c)
........
188,614
1,464,498
BAE
Systems
plc
..............
1,315,907
15,516,186
Barclays
plc
.................
1,054,580
2,060,219
BP
plc
.....................
171,006
995,662
British
American
Tobacco
plc
......
21,925
728,468
Burberry
Group
plc
.............
23,409
631,657
CNH
Industrial
NV
.............
92,005
1,326,952
Compass
Group
plc
............
461,356
12,919,421
Direct
Line
Insurance
Group
plc
....
154,867
267,762
Experian
plc
.................
20,927
803,199
Genius
Sports
Ltd.
(e)
............
154,301
955,123
Kingfisher
plc
................
135,698
399,934
Legal
&
General
Group
plc
.......
104,125
301,473
Lloyds
Banking
Group
plc
........
11,733,512
6,504,457
London
Stock
Exchange
Group
plc
..
27,016
2,875,405
National
Grid
plc
..............
14,850
196,887
NatWest
Group
plc
.............
314,857
962,358
Pearson
plc
.................
38,103
399,465
RELX
plc
...................
277,934
9,272,080
Spirax-Sarco
Engineering
plc
......
31,361
4,133,512
Standard
Chartered
plc
..........
26,719
232,458
Unilever
plc
..................
480,256
25,008,966
105,501,190
United
States
—
35.4%
3M
Co.
.....................
25,507
2,552,996
Abbott
Laboratories
............
198,991
21,693,999
AbbVie,
Inc.
.................
45,997
6,197,176
Activision
Blizzard,
Inc.
(e)
.........
71,392
6,018,346
Adobe,
Inc.
(e)
.................
7,044
3,444,446
Security
Shares
Shares
Value
United
States
(continued)
Advance
Auto
Parts,
Inc.
.........
23,290
$
1,637,287
Advanced
Micro
Devices,
Inc.
(e)
....
123,117
14,024,257
Air
Products
&
Chemicals,
Inc.
.....
58,938
17,653,699
Akamai
Technologies,
Inc.
(e)
.......
1,754
157,632
Albemarle
Corp.
..............
64,302
14,345,133
Allegion
plc
..................
16,536
1,984,651
Allstate
Corp.
(The)
............
18,149
1,978,967
Alphabet,
Inc.,
Class
C
(e)
.........
569,498
68,892,173
Amazon.com,
Inc.
(e)
............
410,384
53,497,658
American
International
Group,
Inc.
..
21,627
1,244,418
American
Tower
Corp.
..........
80,298
15,572,994
AmerisourceBergen
Corp.
........
7,919
1,523,853
Amgen,
Inc.
.................
5,732
1,272,619
ANSYS,
Inc.
(e)
................
19,807
6,541,658
Aon
plc,
Class
A
..............
2,198
758,750
APA
Corp.
..................
8,883
303,532
Apple,
Inc.
(h)
.................
478,039
92,725,225
Applied
Materials,
Inc.
..........
71,322
10,308,882
Aptiv
plc
(e)
...................
103,048
10,520,170
Archer-Daniels-Midland
Co.
.......
179,847
13,589,239
Assurant,
Inc.
................
5,592
703,026
Astra
Space,
Inc.,
Class
A
(e)
.......
249,521
91,973
AT&T,
Inc.
...................
45,685
728,676
Atlas
Energy
Solutions,
Inc.,
Class
A
.
18,193
315,830
Atlassian
Corp.,
Class
A
(e)
........
5,816
975,983
Autodesk,
Inc.
(e)
...............
7,539
1,542,555
Automatic
Data
Processing,
Inc.
....
2,462
541,123
AutoZone,
Inc.
(e)
..............
672
1,675,538
Ball
Corp.
...................
5,565
323,939
Bank
of
America
Corp.
..........
94,965
2,724,546
Berkshire
Hathaway,
Inc.,
Class
B
(e)
.
8,173
2,786,993
BioMarin
Pharmaceutical,
Inc.
(e)
....
7,018
608,320
Booking
Holdings,
Inc.
(e)
.........
1,945
5,252,142
Boston
Scientific
Corp.
(e)
.........
519,185
28,082,717
Brown-Forman
Corp.,
Class
B
.....
1,842
123,009
Bunge
Ltd.
..................
100,399
9,472,646
Cadence
Design
Systems,
Inc.
(e)
...
38,832
9,106,881
California
Resources
Corp.
.......
23,249
1,052,947
Campbell
Soup
Co.
............
3,572
163,276
Cardinal
Health,
Inc.
............
6,130
579,714
CF
Industries
Holdings,
Inc.
.......
143,388
9,953,995
Charles
Schwab
Corp.
(The)
......
5,069
287,311
Charter
Communications,
Inc.,
Class
A
(e)
.....................
22,686
8,334,156
Cheniere
Energy,
Inc.
...........
2,208
336,411
Chesapeake
Energy
Corp.
.......
16,152
1,351,599
Chevron
Corp.
................
8,900
1,400,415
Chipotle
Mexican
Grill,
Inc.
(e)
......
1,430
3,058,770
Chubb
Ltd.
..................
91,799
17,676,815
Cigna
Group
(The)
.............
6,729
1,888,157
Cintas
Corp.
.................
3,401
1,690,569
Cisco
Systems,
Inc.
............
22,590
1,168,807
Clorox
Co.
(The)
..............
4,861
773,093
CME
Group,
Inc.,
Class
A
........
7,308
1,354,099
Coca-Cola
Co.
(The)
...........
30,658
1,846,225
Colgate-Palmolive
Co.
..........
29,781
2,294,328
Comcast
Corp.,
Class
A
.........
219,156
9,105,932
ConocoPhillips
...............
86,802
8,993,555
Constellation
Brands,
Inc.,
Class
A
..
7,567
1,862,466
Copart,
Inc.
(e)
................
5,145
469,275
Costco
Wholesale
Corp.
.........
42,899
23,095,964
Crowdstrike
Holdings,
Inc.,
Class
A
(e)
.
34,516
5,069,365
Crown
Holdings,
Inc.
...........
4,710
409,158
Crown
PropTech
Acquisitions
(e)
.....
28,147
287,944
Crown
PropTech
Acquisitions
(d)(e)
...
62,472
42,481
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
CVS
Health
Corp.
.............
34,543
$
2,387,958
Davidson
Kempner
Merchant
Co-
Invest
Fund
LP,
(Acquired
04/07/21,
cost
$1,598,895)
(e)(g)(i)
.........
—
(j)
7,651,160
Deere
&
Co.
.................
26,161
10,600,176
Dell
Technologies,
Inc.,
Class
C
....
8,602
465,454
Delta
Air
Lines,
Inc.
(e)
...........
280,214
13,321,374
Dexcom,
Inc.
(e)
...............
64,051
8,231,194
Domino's
Pizza,
Inc.
............
851
286,778
Dow,
Inc.
...................
8,293
441,685
Duke
Energy
Corp.
............
13,912
1,248,463
Dynatrace,
Inc.
(e)
..............
199,689
10,277,993
eBay,
Inc.
...................
17,457
780,153
Edison
International
............
11,216
778,951
Edwards
Lifesciences
Corp.
(e)
.....
74,038
6,984,005
Electronic
Arts,
Inc.
............
8,004
1,038,119
Element
Solutions,
Inc.
..........
40,785
783,072
Eli
Lilly
&
Co.
................
36,791
17,254,243
EOG
Resources,
Inc.
...........
10,104
1,156,302
Epic
Games,
Inc.,
(Acquired
07/02/20,
cost
$6,386,525)
(d)(e)(g)
.........
11,107
7,981,268
EQT
Corp.
..................
40,694
1,673,744
Equitrans
Midstream
Corp.
.......
6,723
64,272
Equity
Residential
.............
29,191
1,925,730
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
7,823
1,536,281
Eversource
Energy
............
34,254
2,429,294
Expedia
Group,
Inc.
(e)
...........
4,332
473,877
Exxon
Mobil
Corp.
.............
8,610
923,422
F5,
Inc.
(e)
...................
71,356
10,436,529
FactSet
Research
Systems,
Inc.
....
675
270,439
Fair
Isaac
Corp.
(e)
..............
1,357
1,098,098
Fanatics
Holdings
Inc.,
Class
A,
(Acquired
08/17/22,
cost
$9,001,757)
(d)(e)(g)
............
132,691
10,424,205
Fastenal
Co.
.................
13,214
779,494
Ferguson
plc
.................
4,292
677,928
Fidelity
National
Information
Services,
Inc.
.....................
32,675
1,787,322
First
Solar,
Inc.
(e)
..............
13,471
2,560,702
Floor
&
Decor
Holdings,
Inc.,
Class
A
(e)
33,795
3,513,328
Ford
Motor
Co.
...............
151,397
2,290,637
Fortinet,
Inc.
(e)
................
107,313
8,111,790
Fortive
Corp.
.................
329,491
24,636,042
Freeport-McMoRan,
Inc.
.........
317,181
12,687,240
Gen
Digital,
Inc.
...............
14,320
265,636
General
Dynamics
Corp.
.........
13,686
2,944,543
General
Motors
Co.
............
129,716
5,001,849
Gilead
Sciences,
Inc.
...........
26,018
2,005,207
Global
Payments,
Inc.
..........
4,828
475,655
Goldman
Sachs
Group,
Inc.
(The)
..
4,279
1,380,149
Grand
Rounds,
Inc.,
(Acquired
02/11/22,
cost
$6,542,036)
(d)(e)(g)
..
2,434,345
2,896,871
Green
Plains,
Inc.
(e)
............
32,948
1,062,243
GSK
plc
....................
44,758
793,226
Halliburton
Co.
...............
22,471
741,318
Hartford
Financial
Services
Group,
Inc.
(The)
....................
25,265
1,819,585
Healthpeak
Properties,
Inc.
.......
75,257
1,512,666
Hewlett
Packard
Enterprise
Co.
....
83,663
1,405,538
Hilton
Worldwide
Holdings,
Inc.
....
68,834
10,018,789
Humana,
Inc.
................
46,124
20,623,424
IDEX
Corp.
..................
919
197,824
iHeartMedia,
Inc.,
Class
A
(e)
.......
2,519
9,169
Illinois
Tool
Works,
Inc.
..........
5,160
1,290,826
Incyte
Corp.
(e)
................
1,402
87,274
Security
Shares
Shares
Value
United
States
(continued)
Informatica,
Inc.,
Class
A
(e)
.......
70,494
$
1,304,139
Intel
Corp.
..................
13,370
447,093
Intercontinental
Exchange,
Inc.
....
3,726
421,336
International
Flavors
&
Fragrances,
Inc.
1,651
131,403
Intuit,
Inc.
...................
12,629
5,786,481
Intuitive
Surgical,
Inc.
(e)
..........
53,613
18,332,429
Jawbone
Health
Hub,
Inc.,
(Acquired
01/24/17,
cost
$0)
(d)(e)(g)
........
301,223
3
JBS
SA
....................
121,740
445,192
Johnson
&
Johnson
............
102,307
16,933,855
Johnson
Controls
International
plc
..
17,101
1,165,262
JPMorgan
Chase
&
Co.
.........
103,818
15,099,290
Kellogg
Co.
..................
7,138
481,101
Kenvue,
Inc.
(e)
................
311,086
8,218,892
Keurig
Dr
Pepper,
Inc.
..........
54,936
1,717,849
Keysight
Technologies,
Inc.
(e)
......
16,678
2,792,731
Kimberly-Clark
Corp.
...........
10,040
1,386,122
Kinder
Morgan,
Inc.
............
45,266
779,481
KLA
Corp.
...................
18,087
8,772,557
Kraft
Heinz
Co.
(The)
...........
3,364
119,422
Kroger
Co.
(The)
..............
16,023
753,081
Lam
Research
Corp.
...........
1,316
846,004
Latch,
Inc.
(e)
.................
174,273
242,239
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(e)
.................
158,942
5,214,887
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C
(e)
.................
110,298
3,610,054
Linde
plc
...................
6,062
2,310,107
Lions
Gate
Entertainment
Corp.,
Class
A
(e)
.....................
96,598
852,960
Lockheed
Martin
Corp.
..........
40,436
18,615,926
Lookout,
Inc.,
(Acquired
03/04/15,
cost
$656,885)
(d)(e)(g)
.............
57,505
149,513
Lowe's
Cos.,
Inc.
..............
6,747
1,522,798
LPL
Financial
Holdings,
Inc.
.......
101,347
22,035,878
Lululemon
Athletica,
Inc.
(e)
........
1,828
691,898
LyondellBasell
Industries
NV,
Class
A
22,036
2,023,566
M&T
Bank
Corp.
..............
2,038
252,223
M/I
Homes,
Inc.
(e)
..............
13,804
1,203,571
Marathon
Oil
Corp.
.............
254,788
5,865,220
Marathon
Petroleum
Corp.
.......
13,893
1,619,924
MarketAxess
Holdings,
Inc.
.......
4,680
1,223,446
Marsh
&
McLennan
Cos.,
Inc.
.....
192,362
36,179,445
Masco
Corp.
.................
27,477
1,576,630
Masimo
Corp.
(e)
...............
15,469
2,545,424
Mastercard,
Inc.,
Class
A
.........
79,128
31,121,042
McDonald's
Corp.
.............
45,162
13,476,792
McKesson
Corp.
..............
6,294
2,689,489
Merck
&
Co.,
Inc.
..............
206,696
23,850,651
Meritage
Homes
Corp.
..........
8,272
1,176,857
Meta
Platforms,
Inc.,
Class
A
(e)
.....
6,681
1,917,313
MetLife,
Inc.
.................
43,816
2,476,918
Mettler-Toledo
International,
Inc.
(e)
..
1,140
1,495,270
MGM
Resorts
International
.......
55,988
2,458,993
Microchip
Technology,
Inc.
........
14,413
1,291,261
Micron
Technology,
Inc.
..........
125,338
7,910,081
Microsoft
Corp.
...............
336,923
114,735,758
Mirion
Technologies,
Inc.,
Class
A
(e)
.
61,353
518,433
Mirion
Technologies,
Inc.,
Class
A
(e)
.
756,990
6,396,565
Moderna,
Inc.
(e)
...............
8,148
989,982
Moody's
Corp.
................
4,042
1,405,484
Morgan
Stanley
...............
10,900
930,860
Mr
Cooper
Group,
Inc.
(e)
.........
24,501
1,240,731
NextEra
Energy,
Inc.
...........
345,750
25,654,650
NIKE,
Inc.,
Class
B
............
26,054
2,875,580
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Northern
Trust
Corp.
............
6,379
$
472,939
Northrop
Grumman
Corp.
........
54,361
24,777,744
Nucor
Corp.
.................
3,189
522,932
NVIDIA
Corp.
................
46,274
19,574,827
NVR,
Inc.
(e)
..................
95
603,309
Opendoor
Technologies,
Inc.
(e)
.....
192,781
774,980
Otis
Worldwide
Corp.
...........
38,741
3,448,336
Palo
Alto
Networks,
Inc.
(e)
........
30,588
7,815,540
Park
Hotels
&
Resorts,
Inc.
.......
29,763
381,562
Paycom
Software,
Inc.
..........
6,249
2,007,429
Peloton
Interactive,
Inc.,
Class
A
(e)
..
142,125
1,092,941
PepsiCo,
Inc.
................
17,200
3,185,784
Pfizer,
Inc.
..................
185,505
6,804,323
Philip
Morris
International,
Inc.
.....
9,732
950,038
Phillips
66
...................
8,418
802,909
Playstudios,
Inc.
(e)
.............
277,748
1,363,743
Procter
&
Gamble
Co.
(The)
......
11,667
1,770,351
Progressive
Corp.
(The)
.........
59,494
7,875,221
Proof
Acquisition
Corp.
I
(d)(e)
.......
30,948
34,662
Public
Service
Enterprise
Group,
Inc.
12,876
806,166
Public
Storage
................
2,879
840,323
Rockwell
Automation,
Inc.
........
24,705
8,139,062
Rollins,
Inc.
..................
51,824
2,219,622
Royal
Caribbean
Cruises
Ltd.
(e)
....
6,515
675,866
RXO,
Inc.
(e)
..................
12,855
291,423
S&P
Global,
Inc.
..............
14,795
5,931,168
Salesforce,
Inc.
(e)
..............
59,609
12,592,997
Sarcos
Technology
&
Robotics
Corp.
(e)
29,189
11,092
Sarcos
Technology
&
Robotics
Corp.
(e)
42,794
13,758
Sarcos
Technology
&
Robotics
Corp.
(e)
1,176,652
378,294
Schlumberger
NV
.............
51,623
2,535,722
Schneider
Electric
SE
...........
4,226
767,766
Seagate
Technology
Holdings
plc
...
23,489
1,453,264
Sealed
Air
Corp.
..............
30,285
1,211,400
Sempra
Energy
...............
182,038
26,502,912
ServiceNow,
Inc.
(e)
.............
792
445,080
Snorkel
AI,
Inc.,
Series
B
(Acquired
06/30/21,
cost
$234,442)
(d)(e)(g)
...
15,609
172,792
Sonder
Holdings,
Inc.,
Class
A
(e)
....
275,263
146,027
Starbucks
Corp.
...............
116,552
11,545,641
Sun
Country
Airlines
Holdings,
Inc.
(e)
.
323,187
7,265,244
Symbotic
Corp.,
Class
A
(e)
........
34,971
1,449,548
Synchrony
Financial
............
17,527
594,516
Tapestry,
Inc.
.................
21,902
937,406
Tesla,
Inc.
(e)
..................
89,974
23,552,494
Texas
Capital
Bancshares,
Inc.
(e)
...
4,970
255,955
Texas
Instruments,
Inc.
..........
4,649
836,913
Thermo
Fisher
Scientific,
Inc.
......
40,127
20,936,262
TJX
Cos.,
Inc.
(The)
............
119,924
10,168,356
Trane
Technologies
plc
..........
2,740
524,052
TransDigm
Group,
Inc.
..........
3,335
2,982,057
Transocean
Ltd.
(e)
.............
206,009
1,444,123
Travelers
Cos.,
Inc.
(The)
........
6,151
1,068,183
Uber
Technologies,
Inc.
(e)
........
11,775
508,327
United
Airlines
Holdings,
Inc.
(e)
.....
151,908
8,335,192
United
Parcel
Service,
Inc.,
Class
B
.
86,981
15,591,344
UnitedHealth
Group,
Inc.
.........
78,646
37,800,413
Valero
Energy
Corp.
............
100,611
11,801,670
VeriSign,
Inc.
(e)
...............
27,276
6,163,558
Verisk
Analytics,
Inc.
............
21,746
4,915,248
VF
Corp.
...................
41,184
786,203
Visa,
Inc.,
Class
A
.............
39,793
9,450,042
Vulcan
Materials
Co.
...........
45,543
10,267,214
Walgreens
Boots
Alliance,
Inc.
.....
28,577
814,159
Walmart,
Inc.
.................
73,525
11,556,659
Security
Shares
Shares
Value
United
States
(continued)
Walt
Disney
Co.
(The)
(e)
.........
202,166
$
18,049,380
Waters
Corp.
(e)
...............
3,261
869,187
WEC
Energy
Group,
Inc.
.........
11,492
1,014,054
Wells
Fargo
&
Co.
.............
253,882
10,835,684
West
Pharmaceutical
Services,
Inc.
.
877
335,426
Western
Digital
Corp.
(e)
..........
15,728
596,563
Whirlpool
Corp.
...............
3,457
514,367
Williams
Cos.,
Inc.
(The)
.........
9,533
311,062
Willis
Towers
Watson
plc
.........
6,801
1,601,635
Wintrust
Financial
Corp.
.........
3,847
279,369
Workday,
Inc.,
Class
A
(e)
.........
3,597
812,526
Yum!
Brands,
Inc.
.............
10,976
1,520,725
Zoetis,
Inc.,
Class
A
............
38,303
6,596,160
Zscaler,
Inc.
(e)
................
26,350
3,855,005
1,608,961,366
Total
Common
Stocks
—
57.5%
(Cost:
$2,445,251,002)
...........................
2,614,501,328
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Australia
—
0.4%
AngloGold
Ashanti
Holdings
plc,
3.75%
,
10/01/30
.................
USD
455
387,828
OA
Leasing
Corp.,
8.00%
,
01/21/24
(d)
AUD
428
280,658
Oceana
Australian
Fixed
Income
Trust
(d)
10.00%,
08/31/23
...........
1,547
1,031,754
10.25%,
08/31/25
...........
2,870
1,921,708
0.00%,
03/28/26
............
2,290
1,462,819
Quintis
Australia
Pty.
Ltd.
(a)(d)(f)(k)
13.51%,
(13.51%
Cash
or
8.00%
PIK),
10/01/26
...........
USD
16,145
14,641,778
0.00%,
(0.00%
Cash
or
12.00%
PIK),
10/01/28
(b)
..........
14,449
1
19,726,546
Austria
—
0.0%
Benteler
International
AG,
9.38%
,
05/15/28
(a)
................
EUR
1,957
2,154,164
Belgium
—
0.1%
Anheuser-Busch
Cos.
LLC,
3.65%
,
02/01/26
.................
USD
915
886,239
Anheuser-Busch
InBev
SA,
4.00%
,
09/24/25
(c)
................
GBP
300
363,055
Anheuser-Busch
InBev
Worldwide,
Inc.,
3.50%
,
06/01/30
............
USD
1,508
1,402,268
KBC
Group
NV,
(GUKG1
+
0.92%),
1.25%
,
09/21/27
(b)(c)
..........
GBP
300
319,308
2,970,870
Brazil
—
0.1%
Atento
Luxco
1
SA,
8.00%
,
02/10/26
(a)
USD
202
31,805
Banco
do
Brasil
SA,
6.25%
,
04/18/30
(a)
346
343,924
Braskem
Netherlands
Finance
BV
(a)
7.25%,
02/13/33
............
375
366,684
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
8.22%),
8.50%,
01/23/81
(b)
...
202
204,333
BRF
SA,
4.88%
,
01/24/30
(c)
.......
404
325,725
Klabin
Austria
GmbH,
3.20%
,
01/12/31
(a)
................
303
242,249
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Brazil
(continued)
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/31
(c)
...........
USD
193
$
128,881
7.25%,
06/30/31
(a)
...........
195
130,169
Suzano
Austria
GmbH
3.75%,
01/15/31
............
346
293,512
Series
DM3N,
3.13%,
01/15/32
..
412
328,343
2,395,625
Canada
—
0.3%
Garda
World
Security
Corp.,
7.75%
,
02/15/28
(a)
................
197
195,546
HR
Ottawa
LP,
11.00%
,
03/31/31
(a)
..
12,118
11,754,460
Nutrien
Ltd.,
4.90%
,
03/27/28
.....
415
407,028
Rogers
Communications,
Inc.
(a)
2.95%,
03/15/25
............
1,908
1,810,976
3.80%,
03/15/32
............
503
439,683
Toronto-Dominion
Bank
(The),
2.88%
,
04/05/27
(c)
................
GBP
300
332,491
14,940,184
Chile
—
0.0%
Engie
Energia
Chile
SA,
3.40%
,
01/28/30
(c)
................
USD
283
233,865
Kenbourne
Invest
SA,
6.88%
,
11/26/24
(a)
................
314
272,546
506,411
China
—
0.1%
Agile
Group
Holdings
Ltd.,
5.50%
,
04/21/25
(c)
................
215
52,944
China
Evergrande
Group,
10.00%
,
04/11/23
(b)(c)(e)(l)
..............
322
19,330
China
SCE
Group
Holdings
Ltd.,
5.95%
,
09/29/24
(c)
...........
323
50,088
Easy
Tactic
Ltd.,
7.50%
,
(7.50%
Cash
or
7.50%
PIK),
07/11/28
(k)
......
313
22,981
Fantasia
Holdings
Group
Co.
Ltd.
(b)(c)(e)(l)
11.75%,
04/17/22
...........
716
42,960
10.88%,
01/09/23
...........
815
48,900
Jingrui
Holdings
Ltd.,
12.00%
,
07/25/23
(b)(c)(e)(l)
.............
470
30,550
Modern
Land
China
Co.
Ltd.
(b)(c)(e)(k)(l)
8.00%,
(8.00%
Cash
or
10.00%
PIK),
12/30/24
...........
303
16,575
9.00%,
(9.00%
Cash
or
11.00%
PIK),
12/30/26
...........
675
33,562
9.00%,
(9.00%
Cash
or
11.00%
PIK),
12/30/27
...........
315
17,271
New
Metro
Global
Ltd.,
4.50%
,
05/02/26
(c)
................
237
93,615
NXP
BV
4.40%,
06/01/27
............
1,150
1,109,002
3.40%,
05/01/30
............
503
444,873
5.00%,
01/15/33
............
923
886,551
Redsun
Properties
Group
Ltd.,
10.50%
,
10/03/22
(b)(c)(e)(l)
.............
400
32,000
RKPF
Overseas
2019
A
Ltd.,
6.00%
,
09/04/25
(c)
................
220
125,120
Ronshine
China
Holdings
Ltd.
(b)(c)(e)(l)
6.75%,
08/05/24
............
440
19,800
7.10%,
01/25/25
............
723
32,535
Sinic
Holdings
Group
Co.
Ltd.
(b)(c)(e)(l)
8.50%,
01/24/22
............
270
2,700
10.50%,
06/18/22
...........
250
2,500
Yango
Justice
International
Ltd.
(b)(e)(l)
10.25%,
09/15/22
...........
286
2,860
Security
Par
(000)
Par
(000)
Value
China
(continued)
9.25%,
04/15/23
(c)
...........
USD
327
$
3,270
7.88%,
09/04/24
(c)
...........
403
4,030
3,094,017
Colombia
—
0.0%
AI
Candelaria
Spain
SA,
7.50%
,
12/15/28
(c)
................
241
225,092
Promigas
SA
ESP,
3.75%
,
10/16/29
(a)
220
183,700
SURA
Asset
Management
SA,
4.88%
,
04/17/24
(c)
................
524
516,140
924,932
Costa
Rica
—
0.0%
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%
,
01/15/31
(a)
....
206
203,503
Dominican
Republic
—
0.0%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%
,
03/30/29
(a)
........
303
291,604
France
—
0.2%
BNP
Paribas
SA
(c)
3.38%,
01/23/26
............
GBP
300
350,177
(3-mo.
EURIBOR
+
1.80%),
2.13%,
01/23/27
(b)
..............
EUR
900
919,692
1.88%,
12/14/27
............
GBP
300
310,458
Faurecia
SE,
2.75%
,
02/15/27
(c)
....
EUR
3,019
2,979,691
Sabena
Technics
SAS
(Acquired
10/28/22,
cost
$1,932,595)
,
0.00%,
09/30/29
(b)(d)(g)
..............
1,969
2,148,573
Societe
Generale
SA,
1.88%
,
10/03/24
(c)
................
GBP
300
358,507
TotalEnergies
Capital
Canada
Ltd.,
2.13%
,
09/18/29
(c)
...........
EUR
1,300
1,287,528
TotalEnergies
Capital
International
SA,
1.66%
,
07/22/26
(c)
...........
GBP
300
335,699
8,690,325
Germany
—
0.5%
Adler
Pelzer
Holding
GmbH,
9.50%
,
04/01/27
(a)
................
EUR
4,477
4,512,798
APCOA
Parking
Holdings
GmbH,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
8.18%
,
01/15/27
(a)(b)
....
2,093
2,221,564
Bayer
AG,
0.05%
,
01/12/25
(c)
......
900
922,375
Caresyntax,
Inc.,
0.00%
,
12/31/24
(d)(m)
USD
246
259,907
Deutsche
Telekom
International
Finance
BV,
2.49%
,
09/19/23
(a)
..
510
509,219
Douglas
GmbH,
6.00%
,
04/08/26
(a)
..
EUR
1,698
1,694,438
Lanxess
AG,
12.25%
,
03/31/31
(b)(d)
..
2,200
2,361,630
Mercedes-Benz
Finance
North
America
LLC,
5.25%
,
11/29/27
(a)
........
USD
879
884,680
Mercedes-Benz
International
Finance
BV,
1.38%
,
06/26/26
(c)
........
EUR
881
899,821
Siemens
Financieringsmaatschappij
NV,
0.65%
,
03/11/24
(a)
........
USD
1,190
1,151,311
TK
Elevator
Midco
GmbH,
4.38%
,
07/15/27
(c)
................
EUR
3,019
2,940,291
Volkswagen
Bank
GmbH,
2.50%
,
07/31/26
(c)
................
1,500
1,549,195
Volkswagen
Financial
Services
AG,
0.88%
,
01/31/28
(c)
...........
974
908,158
Volkswagen
Financial
Services
NV
(c)
1.88%,
12/03/24
............
GBP
100
118,677
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
4.25%,
10/09/25
............
GBP
200
$
239,389
21,173,453
Guatemala
—
0.0%
Millicom
International
Cellular
SA,
5.13%
,
01/15/28
(c)
...........
USD
364
317,026
Hong
Kong
—
0.0%
(c)
AIA
Group
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.76%),
2.70%
(b)(n)
....
400
354,088
HKT
Capital
No.
6
Ltd.,
3.00%
,
01/18/32
.................
350
294,560
Melco
Resorts
Finance
Ltd.,
5.38%
,
12/04/29
.................
200
164,750
813,398
India
—
0.1%
ABJA
Investment
Co.
Pte.
Ltd.,
5.45%
,
01/24/28
(c)
................
200
198,046
CA
Magnum
Holdings,
5.38%
,
10/31/26
(c)
................
300
267,948
Diamond
II
Ltd.,
7.95%
,
07/28/26
(a)
..
200
196,278
Greenko
Dutch
BV,
3.85%
,
03/29/26
(c)
188
168,502
India
Green
Energy
Holdings,
5.38%
,
04/29/24
(a)
................
250
244,375
India
Green
Power
Holdings,
4.00%
,
02/22/27
(c)
................
282
246,186
REC
Ltd.,
2.75%
,
01/13/27
(c)
......
330
298,142
REI
Agro
Ltd.
(e)(l)(o)
5.50%,
11/13/14
(a)
...........
5,549
27,745
5.50%,
11/13/14
(b)(c)(d)
.........
2,291
—
ReNew
Power
Pvt
Ltd.,
5.88%
,
03/05/27
(c)
................
110
102,631
Vedanta
Resources
Finance
II
plc
13.88%,
01/21/24
(c)
..........
200
182,074
8.95%,
03/11/25
(a)
...........
359
270,934
2,202,861
Indonesia
—
0.0%
(c)
Freeport
Indonesia
PT,
4.76%
,
04/14/27
.................
539
518,939
LLPL
Capital
Pte.
Ltd.,
6.88%
,
02/04/39
165
148,992
Minejesa
Capital
BV,
4.63%
,
08/10/30
416
372,004
Star
Energy
Geothermal
Darajat
II,
4.85%
,
10/14/38
............
200
180,400
Theta
Capital
Pte.
Ltd.,
8.13%
,
01/22/25
.................
323
268,487
1,488,822
Ireland
—
0.0%
AerCap
Ireland
Capital
DAC,
5.75%
,
06/06/28
.................
616
610,905
Dell
Bank
International
DAC,
0.50%
,
10/27/26
(c)
................
EUR
469
452,407
1,063,312
Israel
—
0.1%
Bank
Leumi
Le-Israel
BM,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.47%),
7.13%
,
07/18/33
(a)(b)(c)
..............
USD
229
226,172
Energean
Israel
Finance
Ltd.,
8.50%
,
09/30/33
(a)(c)
...............
507
505,695
Leviathan
Bond
Ltd.,
6.75%
,
06/30/30
(a)
(c)
......................
404
374,847
Security
Par
(000)
Par
(000)
Value
Israel
(continued)
Teva
Pharmaceutical
Finance
Netherlands
II
BV
7.38%,
09/15/29
............
EUR
1,221
$
1,359,309
7.88%,
09/15/31
............
889
1,002,341
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
8.13%
,
09/15/31
USD
240
250,020
3,718,384
Italy
—
0.4%
Azzurra
Aeroporti
SpA,
2.13%
,
05/30/24
(c)
................
EUR
4,034
4,256,154
Castor
SpA
(a)
6.00%,
02/15/29
............
628
587,526
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
8.78%,
02/15/29
(b)
...
2,003
2,032,677
Forno
d'Asolo
SpA,
(3-mo.
EURIBOR
at
5.50%
Floor
+
5.50%),
9.10%
,
04/30/27
(a)(b)
...............
5,566
5,402,484
Marcolin
SpA,
6.13%
,
11/15/26
(a)
...
2,281
2,221,457
Shiba
Bidco
SpA,
4.50%
,
10/31/28
(a)
.
2,304
2,218,715
16,719,013
Japan
—
0.0%
Nissan
Motor
Co.
Ltd.,
2.65%
,
03/17/26
(c)
................
535
545,693
Rakuten
Group,
Inc.,
10.25%
,
11/30/24
(a)
................
USD
455
448,170
Takeda
Pharmaceutical
Co.
Ltd.,
5.00%
,
11/26/28
............
1,091
1,084,546
2,078,409
Kuwait
—
0.0%
Equate
Petrochemical
BV
4.25%,
11/03/26
(c)
...........
267
255,848
2.63%,
04/28/28
(a)
...........
289
251,603
MEGlobal
BV,
2.63%
,
04/28/28
(c)
...
260
226,356
733,807
Luxembourg
—
0.2%
Herens
Midco
SARL,
5.25%
,
05/15/29
(a)
EUR
2,664
1,662,779
INEOS
Finance
plc
3.38%,
03/31/26
(c)
...........
999
1,018,696
6.63%,
05/15/28
(a)
...........
957
1,024,182
6.75%,
05/15/28
(a)
...........
USD
2,010
1,930,769
Sani/Ikos
Financial
Holdings
1
SARL,
5.63%
,
12/15/26
(a)
...........
EUR
1,769
1,773,976
7,410,402
Macau
—
0.0%
Sands
China
Ltd.,
4.88%
,
06/18/30
(b)(p)
USD
200
176,532
Studio
City
Finance
Ltd.,
5.00%
,
01/15/29
(c)
................
334
247,891
424,423
Malaysia
—
0.0%
(c)
CIMB
Bank
Bhd.,
2.13%
,
07/20/27
..
200
179,076
Dua
Capital
Ltd.,
2.78%
,
05/11/31
...
341
292,946
Gohl
Capital
Ltd.,
4.25%
,
01/24/27
..
300
278,928
TNB
Global
Ventures
Capital
Bhd.,
4.85%
,
11/01/28
............
200
196,264
947,214
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mexico
—
0.0%
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)(b)(n)
................
USD
253
$
213,943
Braskem
Idesa
SAPI,
6.99%
,
02/20/32
(a)
................
426
272,640
FEL
Energy
VI
SARL,
5.75%
,
12/01/40
(c)
................
423
360,309
Trust
Fibra
Uno,
4.87%
,
01/15/30
(c)
..
370
324,675
1,171,567
Morocco
—
0.0%
Vivo
Energy
Investments
BV,
5.13%
,
09/24/27
(a)
................
558
502,736
Netherlands
—
0.1%
Cooperatieve
Rabobank
UA,
(GUKG1
+
1.05%),
1.88%
,
07/12/28
(b)(c)
...
GBP
300
318,843
ING
Groep
NV
(c)
3.00%,
02/18/26
............
300
346,112
(3-mo.
EURIBOR
+
1.10%),
2.13%,
05/23/26
(b)
..............
EUR
900
936,115
Trivium
Packaging
Finance
BV,
5.50%
,
08/15/26
(a)(p)
...............
USD
662
635,622
2,236,692
Nigeria
—
0.0%
IHS
Holding
Ltd.
5.63%,
11/29/26
(c)
...........
340
296,184
6.25%,
11/29/28
(a)
...........
303
248,327
544,511
Peru
—
0.0%
Inkia
Energy
Ltd.,
5.88%
,
11/09/27
(c)
.
200
189,932
Intercorp
Peru
Ltd.,
3.88%
,
08/15/29
(a)
200
169,644
359,576
Singapore
—
0.0%
BOC
Aviation
Ltd.,
3.50%
,
09/18/27
(c)
350
326,697
Puma
International
Financing
SA,
5.13%
,
10/06/24
(a)
...........
404
391,880
718,577
South
Africa
—
0.1%
Anglo
American
Capital
plc,
4.50%
,
09/15/28
(c)
................
EUR
614
671,767
Sasol
Financing
USA
LLC
4.38%,
09/18/26
............
USD
200
177,208
6.50%,
09/27/28
............
422
377,479
8.75%,
05/03/29
(a)
...........
562
547,950
5.50%,
03/18/31
............
200
156,968
Stillwater
Mining
Co.,
4.00%
,
11/16/26
(c)
584
518,335
2,449,707
South
Korea
—
0.0%
Kookmin
Bank,
2.50%
,
11/04/30
(c)
...
200
163,538
LG
Chem
Ltd.,
2.38%
,
07/07/31
(c)
...
360
293,328
POSCO
(a)
5.63%,
01/17/26
............
200
199,156
5.75%,
01/17/28
............
200
202,896
SK
Battery
America,
Inc.,
2.13%
,
01/26/26
(c)
................
480
421,872
SK
Hynix,
Inc.
6.38%,
01/17/28
(a)
...........
540
542,176
2.38%,
01/19/31
(c)
...........
250
192,493
2,015,459
Security
Par
(000)
Par
(000)
Value
Spain
—
0.1%
(c)
Banco
Santander
SA
(b)
(1-Year
EUR
Swap
Annual
+
1.05%),
3.63%,
09/27/26
....
EUR
800
$
856,588
(GUKG1
+
1.80%),
3.13%,
10/06/26
GBP
1,000
1,149,807
Telefonica
Emisiones
SA,
5.38%
,
02/02/26
.................
600
738,538
2,744,933
Sweden
—
0.1%
Swedbank
AB,
(GUKG1
+
1.00%),
1.38%
,
12/08/27
(b)(c)
..........
300
316,014
Verisure
Holding
AB
3.88%,
07/15/26
(c)
...........
EUR
499
510,453
3.25%,
02/15/27
(c)
...........
940
910,241
9.25%,
10/15/27
(a)
...........
1,014
1,175,632
7.13%,
02/01/28
(a)
...........
513
560,624
Verisure
Midholding
AB,
5.25%
,
02/15/29
(c)
................
1,295
1,222,335
Volvo
Treasury
AB,
2.63%
,
02/20/26
(c)
855
901,029
5,596,328
Switzerland
—
0.2%
Credit
Suisse
AG
7.95%,
01/09/25
............
USD
878
895,773
3.70%,
02/21/25
............
1,223
1,168,704
2.95%,
04/09/25
............
963
904,953
5.00%,
07/09/27
............
956
922,914
UBS
Group
AG
(b)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
1.01%,
07/30/24
(a)
...
4,037
4,020,194
(1-Year
EUR
Swap
Annual
+
0.77%),
0.65%,
01/14/28
(c)
...
EUR
1,840
1,723,506
9,636,044
Thailand
—
0.0%
(c)
Bangkok
Bank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.90%),
3.73%
,
09/25/34
(b)
................
USD
200
170,366
GC
Treasury
Center
Co.
Ltd.,
2.98%
,
03/18/31
.................
200
165,364
Kasikornbank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
3.34%
,
10/02/31
(b)
................
200
176,600
Krung
Thai
Bank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.53%),
4.40%
(b)
(n)
......................
282
258,766
Muang
Thai
Life
Assurance
PCL,
(10-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.40%),
3.55%
,
01/27/37
(b)
...........
400
346,484
1,117,580
Turkey
—
0.0%
Bio
City
Development
Co.
BV,
8.00%
,
07/06/24
(a)(b)(d)(e)(f)(l)(o)
..........
21,400
1,658,500
Ukraine
—
0.0%
(c)
Metinvest
BV,
7.65%
,
10/01/27
.....
202
127,131
VFU
Funding
plc,
6.20%
,
02/11/25
..
334
247,160
374,291
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Arab
Emirates
—
0.1%
Abu
Dhabi
National
Energy
Co.
PJSC
(a)
4.38%,
01/24/29
............
USD
200
$
196,750
4.70%,
04/24/33
............
200
198,250
DAE
Funding
LLC,
1.55%
,
08/01/24
(c)
243
229,623
DP
World
Salaam,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(b)(c)(n)
...
404
399,508
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(b)
(c)(n)
.....................
202
196,148
MDGH
GMTN
RSC
Ltd.,
4.38%
,
11/22/33
(a)
................
548
528,820
Shelf
Drilling
North
Sea
Holdings
Ltd.,
10.25%
,
10/31/25
(a)
..........
1,145
1,147,347
2,896,446
United
Kingdom
—
0.9%
Astrazeneca
Finance
LLC,
1.20%
,
05/28/26
.................
1,239
1,118,003
AstraZeneca
plc,
0.70%
,
04/08/26
..
1,756
1,568,796
Barclays
plc
(c)
3.00%,
05/08/26
............
GBP
300
340,004
3.25%,
02/12/27
............
300
333,732
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.85%),
0.88%,
01/28/28
(b)
..
EUR
956
904,470
BCP
V
Modular
Services
Finance
II
plc,
6.13%
,
11/30/28
(a)
...........
GBP
2,882
3,019,615
BCP
V
Modular
Services
Finance
plc,
6.75%
,
11/30/29
(a)
...........
EUR
3,843
3,166,079
BG
Energy
Capital
plc,
5.13%
,
12/01/25
(c)
................
GBP
547
675,975
Boparan
Finance
plc,
7.63%
,
11/30/25
(c)
.................
1,584
1,316,644
BP
Capital
Markets
plc,
2.52%
,
04/07/28
(c)
................
EUR
1,103
1,133,441
CK
Hutchison
International
23
Ltd.,
4.75%
,
04/21/28
(a)
...........
USD
370
365,908
Connect
Finco
SARL,
6.75%
,
10/01/26
(a)
................
3,581
3,478,284
Deuce
Finco
plc,
5.50%
,
06/15/27
(a)
.
GBP
5,182
5,577,516
GlaxoSmithKline
Capital,
Inc.,
3.88%
,
05/15/28
.................
USD
924
888,523
HSBC
Holdings
plc
(b)
(3-mo.
EURIBOR
+
1.45%),
3.02%,
06/15/27
(c)
..............
EUR
853
886,294
(Sterling
Overnight
Index
Average
+
1.31%),
1.75%,
07/24/27
....
GBP
400
432,649
Informa
plc,
3.13%
,
07/05/26
(c)
.....
300
342,390
Inspired
Entertainment
Financing
plc,
7.88%
,
06/01/26
(a)
...........
1,644
1,983,486
Kane
Bidco
Ltd.
(a)
5.00%,
02/15/27
............
EUR
1,512
1,544,519
6.50%,
02/15/27
............
GBP
1,817
2,062,090
Lloyds
Banking
Group
plc,
2.25%
,
10/16/24
(c)
................
600
720,657
Marks
&
Spencer
plc,
3.75%
,
05/19/26
(c)
................
1,820
2,077,593
National
Grid
plc,
0.16%
,
01/20/28
(c)
.
EUR
1,236
1,135,555
NatWest
Group
plc
(b)(c)
(BPSW1
+
1.49%),
2.88%,
09/19/26
GBP
300
345,339
(BPSW1
+
2.01%),
3.13%,
03/28/27
300
341,235
Santander
UK
Group
Holdings
plc,
3.63%
,
01/14/26
(c)
...........
300
347,928
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Virgin
Media
Secured
Finance
plc,
5.00%
,
04/15/27
(c)
...........
GBP
3,019
$
3,472,081
WPP
Finance
SA,
2.25%
,
09/22/26
(c)
.
EUR
432
444,890
40,023,696
United
States
—
5.6%
AbbVie,
Inc.
1.38%,
05/17/24
............
853
908,691
2.60%,
11/21/24
............
USD
2,818
2,703,795
Affinity
Interactive,
6.88%
,
12/15/27
(a)
319
280,719
Alexandria
Real
Estate
Equities,
Inc.,
1.88%
,
02/01/33
............
889
649,662
Allegiant
Travel
Co.
(a)
8.50%,
02/05/24
............
4,442
4,430,895
7.25%,
08/15/27
............
431
429,410
American
Express
Co.
4.90%,
02/13/26
............
2,009
1,988,372
(1-day
SOFR
+
1.00%),
4.99%,
05/01/26
(b)
..............
1,135
1,120,903
American
Tower
Corp.
0.45%,
01/15/27
............
EUR
2,157
2,040,189
5.50%,
03/15/28
............
USD
882
875,864
5.25%,
07/15/28
............
2,060
2,035,591
2.10%,
06/15/30
............
503
406,185
2.70%,
04/15/31
............
1,651
1,369,055
Amgen,
Inc.
5.50%,
12/07/26
(c)
...........
GBP
300
370,565
5.15%,
03/02/28
............
USD
3,074
3,071,232
2.30%,
02/25/31
............
502
417,174
2.00%,
01/15/32
............
503
397,239
3.35%,
02/22/32
............
1,526
1,344,693
Amkor
Technology,
Inc.,
6.63%
,
09/15/27
(a)
................
305
305,575
Aptiv
plc,
3.25%
,
03/01/32
........
503
430,648
Ardagh
Metal
Packaging
Finance
USA
LLC,
2.00%
,
09/01/28
(c)
.......
EUR
3,019
2,735,746
AT&T,
Inc.
1.70%,
03/25/26
............
USD
737
671,770
2.90%,
12/04/26
............
GBP
1,280
1,446,036
5.50%,
03/15/27
(c)
...........
300
366,035
4.35%,
03/01/29
............
USD
582
559,099
AvalonBay
Communities,
Inc.,
5.00%
,
02/15/33
.................
673
670,227
Bank
of
America
Corp.
(b)
(3-mo.
EURIBOR
+
0.91%),
1.95%,
10/27/26
(c)
..............
EUR
875
897,762
(1-day
SOFR
+
1.63%),
5.20%,
04/25/29
...............
USD
3,445
3,407,350
(3-mo.
LIBOR
USD
+
0.99%),
2.50%,
02/13/31
..........
1,140
954,444
(1-day
SOFR
+
2.15%),
2.59%,
04/29/31
...............
799
670,790
(1-day
SOFR
+
1.53%),
1.90%,
07/23/31
...............
245
195,106
(1-day
SOFR
+
1.37%),
1.92%,
10/24/31
...............
725
573,889
(1-day
SOFR
+
1.32%),
2.69%,
04/22/32
...............
1,278
1,059,138
(1-day
SOFR
+
1.21%),
2.57%,
10/20/32
...............
573
466,709
Bank
of
New
York
Mellon
Corp.
(The),
(1-day
SOFR
+
1.03%),
4.95%
,
04/26/27
(b)
................
917
905,687
Becton
Dickinson
&
Co.
0.03%,
08/13/25
............
EUR
681
683,366
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
3.70%,
06/06/27
............
USD
1,147
$
1,090,539
Becton
Dickinson
Euro
Finance
SARL,
3.55%
,
09/13/29
............
EUR
1,455
1,554,897
Broadcom
Corp.,
3.88%
,
01/15/27
..
USD
705
672,282
Broadcom,
Inc.
1.95%,
02/15/28
(a)
...........
1,308
1,131,161
4.11%,
09/15/28
............
1,666
1,574,017
4.15%,
11/15/30
............
502
461,865
2.45%,
02/15/31
(a)
...........
583
474,155
4.30%,
11/15/32
............
1,397
1,281,440
3.42%,
04/15/33
(a)
...........
2,013
1,683,388
Calumet
Specialty
Products
Partners
LP,
9.75%
,
07/15/28
(a)
.........
1,680
1,652,700
Carrols
Restaurant
Group,
Inc.,
5.88%
,
07/01/29
(a)
................
633
520,965
CDI
Escrow
Issuer,
Inc.,
5.75%
,
04/01/30
(a)
................
484
450,516
Citigroup,
Inc.
(3-mo.
EURIBOR
+
1.66%),
1.25%,
07/06/26
(b)(c)
.............
EUR
872
889,801
1.75%,
10/23/26
............
GBP
457
499,516
(3-mo.
CME
Term
SOFR
+
1.60%),
3.98%,
03/20/30
(b)
.........
USD
251
232,084
(1-day
SOFR
+
1.15%),
2.67%,
01/29/31
(b)
..............
933
789,778
(1-day
SOFR
+
2.11%),
2.57%,
06/03/31
(b)
..............
1,007
840,157
(1-day
SOFR
+
1.17%),
2.56%,
05/01/32
(b)
..............
672
548,706
Civitas
Resources,
Inc.,
8.38%
,
07/01/28
(a)
................
2,716
2,746,691
Cloud
Software
Group
Holdings,
Inc.,
6.50%
,
03/31/29
(a)
...........
835
743,468
Comcast
Corp.,
0.25%
,
09/14/29
...
EUR
513
453,872
Coty,
Inc.,
3.88%
,
04/15/26
(c)
......
452
477,193
Crown
Castle,
Inc.
4.45%,
02/15/26
............
USD
925
900,099
4.00%,
03/01/27
............
706
671,060
2.90%,
03/15/27
............
830
759,497
4.80%,
09/01/28
............
945
916,685
CSC
Holdings
LLC,
5.25%
,
06/01/24
.
271
252,042
CVS
Health
Corp.
3.25%,
08/15/29
............
978
878,270
3.75%,
04/01/30
............
502
460,473
1.75%,
08/21/30
............
1,341
1,070,029
2.13%,
09/15/31
............
998
801,414
Dell
International
LLC
4.00%,
07/15/24
............
678
666,666
5.25%,
02/01/28
............
894
892,146
Dollar
General
Corp.,
3.88%
,
04/15/27
938
895,023
Duke
Energy
Corp.,
3.10%
,
06/15/28
EUR
861
884,899
Earthstone
Energy
Holdings
LLC
(a)
8.00%,
04/15/27
............
USD
1,134
1,095,229
9.88%,
07/15/31
............
1,030
1,018,103
Ecolab,
Inc.,
5.25%
,
01/15/28
.....
856
869,484
Edison
International,
6.95%
,
11/15/29
502
528,042
Elevance
Health,
Inc.
4.90%,
02/08/26
............
914
898,972
3.65%,
12/01/27
............
2,552
2,409,383
Emerald
Debt
Merger
Sub
LLC,
6.63%
,
12/15/30
(a)
................
844
836,615
EQM
Midstream
Partners
LP
(a)
7.50%,
06/01/27
............
200
201,914
7.50%,
06/01/30
............
210
212,509
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Equinix,
Inc.
1.00%,
09/15/25
............
USD
998
$
900,988
2.90%,
11/18/26
............
726
665,664
1.55%,
03/15/28
............
1,053
880,227
EquipmentShare.com,
Inc.,
9.00%
,
05/15/28
(a)
................
3,662
3,554,786
Eversource
Energy,
5.45%
,
03/01/28
875
880,868
Fidelity
National
Information
Services,
Inc.,
1.50%
,
05/21/27
.........
EUR
911
902,107
Fortrea
Holdings,
Inc.,
7.50%
,
07/01/30
(a)
................
USD
140
143,356
Freed
Corp.,
10.00%
,
12/01/23
(d)
...
3,594
3,410,378
Freedom
Mortgage
Corp.
(a)
8.13%,
11/15/24
............
1,177
1,166,061
8.25%,
04/15/25
............
344
335,404
Frontier
Communications
Holdings
LLC
(a)
5.88%,
10/15/27
............
1,479
1,357,369
8.75%,
05/15/30
............
2,184
2,134,584
8.63%,
03/15/31
............
1,810
1,751,732
Frontier
Florida
LLC,
Series
E,
6.86%
,
02/01/28
.................
1,830
1,619,550
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
1,306
1,149,280
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(a)
................
79
73,942
GCI
LLC,
4.75%
,
10/15/28
(a)
......
321
273,685
Gen
Digital,
Inc.
(a)
6.75%,
09/30/27
............
620
618,254
7.13%,
09/30/30
............
1,411
1,413,362
General
Mills,
Inc.
0.13%,
11/15/25
............
EUR
1,443
1,437,184
4.20%,
04/17/28
............
USD
2,314
2,245,813
General
Motors
Financial
Co.,
Inc.,
5.40%
,
04/06/26
............
1,035
1,023,156
Gilead
Sciences,
Inc.
3.65%,
03/01/26
............
917
882,165
2.95%,
03/01/27
............
1,203
1,129,711
Global
Payments,
Inc.,
4.88%
,
03/17/31
.................
EUR
423
458,804
Goldman
Sachs
Group,
Inc.
(The)
(1-day
SOFR
+
0.79%),
1.09%,
12/09/26
(b)
..............
USD
998
889,354
0.25%,
01/26/28
(c)
...........
EUR
999
911,471
7.25%,
04/10/28
............
GBP
300
389,807
(1-day
SOFR
+
1.09%),
1.99%,
01/27/32
(b)
..............
USD
1,007
792,735
(1-day
SOFR
+
1.28%),
2.62%,
04/22/32
(b)
..............
754
618,370
(1-day
SOFR
+
1.25%),
2.38%,
07/21/32
(b)
..............
847
678,446
GoTo
Group,
Inc.,
5.50%
,
09/01/27
(a)
.
1,129
621,090
HCA,
Inc.
5.38%,
02/01/25
............
1,580
1,566,147
5.88%,
02/15/26
............
668
668,423
5.63%,
09/01/28
............
1,234
1,234,943
3.50%,
09/01/30
............
1,295
1,135,132
Healthpeak
OP
LLC,
5.25%
,
12/15/32
298
289,994
Home
Depot,
Inc.
(The),
3.90%
,
12/06/28
.................
2,062
1,996,134
Homes
by
West
Bay
LLC,
9.50%
,
04/30/27
(d)
................
5,001
4,625,925
International
Business
Machines
Corp.,
3.38%
,
02/06/27
............
EUR
837
898,839
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
JPMorgan
Chase
&
Co.
(b)
(Sterling
Overnight
Index
Average
+
0.68%),
0.99%,
04/28/26
(c)
...
GBP
700
$
804,227
(3-mo.
EURIBOR
+
0.76%),
1.09%,
03/11/27
(c)
..............
EUR
909
906,286
(3-mo.
LIBOR
USD
+
1.16%),
3.70%,
05/06/30
..........
USD
242
221,776
(3-mo.
CME
Term
SOFR
+
1.11%),
1.76%,
11/19/31
..........
1,007
796,957
Keurig
Dr
Pepper,
Inc.,
4.60%
,
05/25/28
.................
1,124
1,099,665
Kraft
Heinz
Foods
Co.
4.13%,
07/01/27
(c)
...........
GBP
200
234,679
6.75%,
03/15/32
(p)
...........
USD
134
147,193
Lessen,
Inc.,
9.66%
,
01/05/28
(a)(b)(d)
..
4,681
4,353,143
Lightning
eMotors,
Inc.,
7.50%
,
05/15/24
(a)(o)
...............
884
477,360
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(a)
...........
2,411
1,746,046
Lowe's
Cos.,
Inc.
4.80%,
04/01/26
............
2,290
2,267,439
2.63%,
04/01/31
............
503
424,725
3.75%,
04/01/32
............
1,495
1,353,087
5.00%,
04/15/33
............
932
921,902
Mauser
Packaging
Solutions
Holding
Co.,
7.88%
,
08/15/26
(a)
........
4,252
4,224,398
Medline
Borrower
LP,
3.88%
,
04/01/29
(a)
................
260
225,956
Medtronic
Global
Holdings
SCA,
4.25%
,
03/30/28
............
2,088
2,037,945
Morgan
Stanley
(b)
(1-day
SOFR
+
1.16%),
3.62%,
04/17/25
...............
1,400
1,372,180
(3-mo.
EURIBOR
+
0.83%),
1.34%,
10/23/26
...............
EUR
1,109
1,123,900
(1-day
SOFR
+
1.14%),
2.70%,
01/22/31
...............
USD
102
86,750
(1-day
SOFR
+
1.18%),
2.24%,
07/21/32
...............
271
215,387
Morgan
Stanley
Bank
NA,
4.75%
,
04/21/26
.................
1,908
1,879,899
Nationstar
Mortgage
Holdings,
Inc.
(a)
6.00%,
01/15/27
............
134
124,658
5.50%,
08/15/28
............
1,040
910,983
5.13%,
12/15/30
............
914
741,437
Netflix,
Inc.
4.38%,
11/15/26
............
569
555,582
3.63%,
05/15/27
............
EUR
1,650
1,757,445
4.88%,
04/15/28
............
USD
915
904,907
5.88%,
11/15/28
............
533
550,483
New
Home
Co.,
Inc.
(The),
7.25%
,
10/15/25
(a)
................
494
456,950
Newmont
Corp.,
2.60%
,
07/15/32
...
754
616,063
Northern
States
Power
Co.,
4.50%
,
06/01/52
.................
1,098
988,484
NRG
Energy,
Inc.,
7.00%
,
03/15/33
(a)
195
196,616
Olympus
Water
US
Holding
Corp.
(a)
7.13%,
10/01/27
............
613
552,680
9.75%,
11/15/28
............
3,958
3,860,237
Oncor
Electric
Delivery
Co.
LLC,
4.10%
,
11/15/48
............
642
548,997
ONEOK
Partners
LP,
4.90%
,
03/15/25
2,278
2,239,602
Oracle
Corp.
1.65%,
03/25/26
............
2,714
2,463,094
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
2.30%,
03/25/28
............
USD
1,263
$
1,114,547
2.95%,
04/01/30
............
794
693,055
4.65%,
05/06/30
............
203
196,138
2.88%,
03/25/31
............
1,792
1,529,853
Pacific
Gas
&
Electric
Co.
3.25%,
02/16/24
............
42
41,224
3.30%,
12/01/27
............
1,000
876,690
6.10%,
01/15/29
............
545
536,232
6.15%,
01/15/33
............
835
816,672
6.40%,
06/15/33
............
1,000
994,526
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%
,
03/30/62
(b)
................
1,105
921,802
Parker-Hannifin
Corp.,
3.65%
,
06/15/24
919
900,480
Penske
Truck
Leasing
Co.
LP,
5.75%
,
05/24/26
(a)
................
909
900,303
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.65%,
05/19/25
............
1,141
1,130,834
4.45%,
05/19/26
............
1,598
1,578,667
4.75%,
05/19/33
............
578
575,822
Pioneer,
Inc.,
10.50%
,
11/18/30
(a)(b)(d)
.
3,284
3,218,057
Pitney
Bowes,
Inc.,
6.88%
,
03/15/27
(a)
2,920
2,162,172
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(a)
................
471
418,012
PPG
Industries,
Inc.
1.88%,
06/01/25
............
EUR
841
879,688
3.75%,
03/15/28
............
USD
1,193
1,131,513
Prologis
LP,
2.25%
,
01/15/32
......
318
256,702
Rand
Parent
LLC,
8.50%
,
02/15/30
(a)
3,037
2,749,556
Regal
Rexnord
Corp.,
6.05%
,
02/15/26
(a)
................
1,150
1,151,460
Republic
Services,
Inc.
3.38%,
11/15/27
............
944
887,853
4.88%,
04/01/29
............
460
459,268
Sabre
GLBL,
Inc.
(a)
9.25%,
04/15/25
............
260
242,476
7.38%,
09/01/25
............
1,495
1,326,977
11.25%,
12/15/27
...........
1,001
848,347
Seagate
HDD
Cayman
(a)
8.25%,
12/15/29
............
600
626,682
8.50%,
07/15/31
............
781
819,027
9.63%,
12/01/32
............
1,235
1,362,746
Service
Properties
Trust
4.35%,
10/01/24
............
136
130,862
4.50%,
03/15/25
............
485
458,150
7.50%,
09/15/25
............
817
802,292
Sherwin-Williams
Co.
(The),
3.95%
,
01/15/26
.................
830
803,659
Southern
California
Edison
Co.
1.10%,
04/01/24
............
466
449,865
5.30%,
03/01/28
............
1,112
1,111,877
5.95%,
11/01/32
............
630
659,420
3.65%,
02/01/50
............
1,020
759,039
Spirit
AeroSystems,
Inc.
(a)
7.50%,
04/15/25
............
1,866
1,843,812
9.38%,
11/30/29
............
120
128,469
Sprint
LLC,
7.88%
,
09/15/23
......
1,705
1,709,118
Sprint
Spectrum
Co.
LLC,
4.74%
,
03/20/25
(a)
................
300
296,099
Steel
Dynamics,
Inc.,
5.00%
,
12/15/26
101
99,450
Stem,
Inc.,
0.50%
,
12/01/28
(a)(o)
....
166
95,319
Tap
Rock
Resources
LLC,
7.00%
,
10/01/26
(a)
................
405
417,150
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Texas
Capital
Bank
NA,
(3-mo.
LIBOR
USD
+
4.50%),
10.04%
,
09/30/24
(a)(b)
USD
2,087
$
1,968,902
Thermo
Fisher
Scientific,
Inc.,
1.38%
,
09/12/28
.................
EUR
917
891,061
T-Mobile
USA,
Inc.
4.95%,
03/15/28
............
USD
794
781,346
3.88%,
04/15/30
............
1,209
1,113,814
3.50%,
04/15/31
............
754
665,328
2.70%,
03/15/32
............
1,169
965,630
Topaz
Solar
Farms
LLC,
5.75%
,
09/30/39
(a)
................
1,269
1,244,438
Transocean
Titan
Financing
Ltd.,
8.38%
,
02/01/28
(a)
...........
348
355,395
Transocean,
Inc.,
8.75%
,
02/15/30
(a)
.
373
378,595
Union
Pacific
Corp.,
3.00%
,
04/15/27
935
878,780
UnitedHealth
Group,
Inc.
4.25%,
01/15/29
............
3,144
3,054,541
5.35%,
02/15/33
............
2,014
2,092,758
Uniti
Group
LP,
10.50%
,
02/15/28
(a)
..
1,227
1,217,262
Vantage
Drilling
International,
9.50%
,
02/15/28
(a)
................
1,103
1,083,003
Verizon
Communications,
Inc.
4.07%,
06/18/24
............
GBP
100
124,715
1.13%,
11/03/28
............
300
295,670
3.15%,
03/22/30
............
USD
1,507
1,339,103
4.25%,
10/31/30
............
EUR
796
878,720
2.55%,
03/21/31
............
USD
3,220
2,688,484
Vertiv
Group
Corp.,
4.13%
,
11/15/28
(a)
901
811,777
Viasat,
Inc.,
5.63%
,
04/15/27
(a)
.....
1,303
1,216,559
Vistra
Operations
Co.
LLC
(a)
5.13%,
05/13/25
............
650
633,722
5.63%,
02/15/27
............
2,339
2,241,878
VMware,
Inc.
1.40%,
08/15/26
............
1,011
892,756
2.20%,
08/15/31
............
503
395,257
Waste
Management,
Inc.,
1.15%
,
03/15/28
.................
1,221
1,038,353
Wells
Fargo
&
Co.
1.38%,
10/26/26
(c)
...........
EUR
909
898,201
1.50%,
05/24/27
(c)
...........
1,390
1,359,039
(1-day
SOFR
+
1.98%),
4.81%,
07/25/28
(b)
..............
USD
1,832
1,790,639
Welltower
OP
LLC,
4.00%
,
06/01/25
.
685
661,820
Western
Digital
Corp.,
1.50%
,
02/01/24
(o)(p)
...............
2,120
2,055,340
Wynn
Las
Vegas
LLC,
5.50%
,
03/01/25
(a)
................
102
100,351
Xerox
Holdings
Corp.,
5.00%
,
08/15/25
(a)
................
2,959
2,793,488
252,860,401
Zambia
—
0.1%
First
Quantum
Minerals
Ltd.
(a)
7.50%,
04/01/25
............
1,003
999,459
6.88%,
03/01/26
............
695
681,274
6.88%,
10/15/27
............
1,242
1,204,579
8.63%,
06/01/31
............
260
265,200
3,150,512
Total
Corporate
Bonds
—
9.8%
(Cost:
$510,731,559)
.............................
445,046,261
Security
Par
(000)
Pa
r
(
000)
Value
Floating
Rate
Loan
Interests
Belgium
—
0.0%
Apollo
Finco
BV,
Facility
Term
Loan
B,
(6-mo.
EURIBOR
+
4.85%),
8.78%
,
 10/02/28
(b)
...........
EUR
2,981
$
2,173,917
Canada
—
0.1%
Knowlton
Development
Corp.,
Inc.,
Term
Loan,
(1-mo.
EURIBOR
+
5.00%),
8.42%
,
 12/22/25
(b)
.....
6,239
6,696,960
France
—
0.2%
Babilou
Family,
Facility
Term
Loan,
(3-mo.
EURIBOR
+
4.00%),
7.59%
,
 11/17/27
(b)
...........
7,151
7,673,309
Germany
—
0.1%
Iris
BidCo
GmbH,
Facility
Term
Loan
B,
(3-mo.
EURIBOR
+
5.00%),
8.24%
,
 06/29/28
(b)
...........
2,856
2,807,937
Jersey,
Channel
Islands
—
0.1%
(b)(d)
Vita
Global
Finco
Ltd.,
Additional
Facility,
(6-mo.
LIBOR
GBP
+
7.00%),
11.99%
,
 07/06/27
......
GBP
1,324
1,572,049
Vita
Global
Finco
Ltd.,
Facility
B,
(6-mo.
EURIBOR
+
0.00%),
9.44%
,
 09/23/27
............
EUR
2,206
2,245,187
3,817,236
Luxembourg
—
0.2%
(b)(d)
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Delayed
Draw
Term
Loan,
(3-mo.
CME
Term
SOFR
+
9.25%),
14.75%
,
 05/27/26
......
USD
484
481,345
Luxembourg
Life
Fund
II
-
Absolute
Return
Fund
III,
Term
Loan,
(3-
mo.
CME
Term
SOFR
+
9.25%),
14.75%
,
 05/27/26
...........
3,121
3,101,210
Speed
Midco
3
SARL,
Facility
Term
Loan
B,
(3-mo.
EURIBOR
+
6.40%),
10.00%
,
 05/16/29
...........
EUR
4,767
5,162,873
8,745,428
Netherlands
—
0.4%
(b)
Cypher
Bidco
BV,
Term
Loan
Facility
B,
(6-mo.
EURIBOR
+
4.50%),
8.10%
,
 01/01/28
(d)
...........
5,188
5,271,757
Median
BV,
Facility
Term
Loan
B1,
(3-mo.
EURIBOR
+
4.93%),
8.52%
,
 10/14/27
............
3,032
3,051,243
Ziggo
BV,
Facility
Term
Loan
H,
(6-mo.
EURIBOR
+
3.00%),
6.10%
,
 01/31/29
............
9,179
9,368,532
17,691,532
Spain
—
0.1%
Challenger,
Term
Loan,
(1-
mo.
EURIBOR
+
0.00%),
6.18%
,
 12/19/24
(b)(d)
..........
5,485
5,895,896
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Sweden
—
0.0%
Unique
BidCo
AB,
Facility
Term
Loan
B,
(1-mo.
EURIBOR
+
5.25%),
8.57%
,
 03/16/29
(b)
...........
EUR
2,156
$
2,223,233
United
Kingdom
—
0.4%
(b)
CML
Project
Horizons,
Term
Loan,
(3-mo.
LIBOR
GBP
+
4.34%),
8.70%
,
 06/05/26
(d)
...........
GBP
3,756
4,747,394
HNVR
Holdco
Ltd.,
Facility
Term
Loan
B,
09/12/25
(q)
..............
EUR
3,051
3,303,050
Mercia,
Term
Loan
A1,
(3-mo.
LIBOR
GBP
+
2.40%),
6.53%
,
 04/09/25
(d)
GBP
1,595
2,007,960
Mercia,
Term
Loan
A2,
(3-mo.
LIBOR
GBP
+
2.40%),
6.53%
,
 04/09/25
(d)
4,864
6,122,489
Mercia,
Term
Loan
B1,
(3-mo.
LIBOR
GBP
+
2.40%),
6.53%
,
 04/09/25
(d)
280
352,677
16,533,570
United
States
—
1.7%
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.90%
,
 02/02/26
(b)
...........
USD
2,440
2,380,403
Alorica,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
6.88%),
11.98%
,
 12/21/27
(b)(d)
....
2,726
2,692,379
Altar
BidCo,
Inc.,
2nd
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
10.49%
,
 02/01/30
(b)
2,460
2,160,584
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.24%
,
 12/30/27
(b)(d)
.........
389
361,982
Avaya,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
10.00%),
0.00%
,
 12/15/27
(b)
...........
100
25,073
City
Brewing
Co.
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.76%
,
 04/05/28
(b)
...........
589
380,036
CML
ST
Regis
Aspen,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.10%
Floor
+
0.00%),
0.00%
-
7.96%
,
 02/07/25
(b)(d)
..........
3,961
3,814,462
CML
Trigrams,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
0.00%),
7.75%
,
 09/15/23
(b)(d)
..........
6,496
6,468,732
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.22%
,
 08/02/27
(b)
1,201
1,172,563
DRI
Holding,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.45%
,
 12/21/28
(b)
806
721,454
DS
Parent,
Inc.,
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.75%),
11.34%
,
 12/10/28
(b)
.....
1,205
1,169,087
ECL
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.50%),
12.72%
,
 05/01/28
(b)
2,062
2,067,515
Emerald
Technologies
US
AcquisitionCo.,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
11.66%
,
 12/29/27
(b)
(d)
......................
963
915,093
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Galaxy
Universal
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
0.00%),
10.98%
,
 11/12/26
(b)(d)
....
USD
4,725
$
4,559,620
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
+
4.75%),
9.94%
,
 08/31/27
(b)
...........
2,545
1,582,446
Green
Plains
Operating
Co.
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
+
0.00%),
11.29%
,
 07/20/26
(b)(d)
.........
3,503
3,525,554
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.94%
,
 06/22/26
(b)
.....
4,434
4,426,976
Hydrofarm
Holdings
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
10.72%
,
 10/25/28
(b)(d)
.........
600
491,667
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 11/22/29
(b)
.....
2,343
2,331,412
J&J
Ventures
Gaming
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.54%
,
 04/26/28
(b)
904
892,936
Jack
Ohio
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.97%
,
 10/04/28
(b)
466
448,304
Kronos
Acquisition
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
11.38%
,
 12/22/26
(b)
..........
428
418,527
Maverick
Gaming
LLC,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
12.98%
,
 09/03/26
(b)(d)
.........
772
590,233
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.34%
,
 01/24/30
(b)
119
93,671
Nielsen
Consumer,
Inc.,
Term
Loan
B,
03/06/28
(b)(q)
...............
EUR
7,086
7,353,363
OD
Intermediate
SUBI
Holdco
II
LLC,
Term
Loan,
10.00%
,
 04/01/26
(d)(r)
.
USD
4,946
4,668,683
ProFrac
Holdings
II
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.25%),
12.78%
,
 03/04/25
(b)
1,287
1,286,820
Quartz
AcquireCo
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.59%
,
 06/28/30
(b)(d)
981
979,774
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.01%
,
 04/27/28
(b)
..........
2,205
1,828,677
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.04%
,
 04/27/29
(b)
..........
1,749
1,067,018
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.19%
,
 03/16/27
(b)
...........
1,762
1,733,562
Sheraton
Austin,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.00%),
0.00%
-
8.52%
,
 06/01/24
(b)(d)
3,977
3,819,112
Signal
Parent,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.70%
,
 04/03/28
(b)
.....
932
752,099
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Sonder
Corp.,
Term
Loan,
13.99% 01/19/27
(b)(d)
..........
USD
5,059
$
4,426,228
The
Vinoy
St.
Petersburg,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.39%
Floor
+
0.00%),
0.00%
-
7.72%
,
 06/09/24
(b)(d)
..........
4,746
4,519,984
Vaco
Holdings
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.59%
,
 01/21/29
(b)
.....
967
880,726
77,006,755
Total
Floating
Rate
Loan
Interests
—
3.3%
(Cost:
$159,909,704)
.............................
151,265,773
Foreign
Agency
Obligations
Chile
—
0.0%
Empresa
Nacional
del
Petroleo
3.75%,
08/05/26
(c)
...........
283
267,808
6.15%,
05/10/33
(a)
...........
230
229,354
497,162
Colombia
—
0.0%
Ecopetrol
SA
4.13%,
01/16/25
............
552
528,512
8.88%,
01/13/33
............
439
432,755
5.88%,
05/28/45
............
278
188,665
1,149,932
Indonesia
—
0.0%
Pertamina
Persero
PT,
3.65%
,
07/30/29
(c)
................
561
517,534
Mexico
—
0.1%
Comision
Federal
de
Electricidad,
4.88%
,
01/15/24
(c)
...........
533
526,748
Petroleos
Mexicanos
4.25%,
01/15/25
............
247
232,746
6.50%,
03/13/27
............
505
448,187
8.75%,
06/02/29
............
540
484,191
5.95%,
01/28/31
............
605
440,821
6.70%,
02/16/32
............
696
528,229
2,660,922
Oman
—
0.0%
OQ
SAOC,
5.13%
,
05/06/28
(a)
.....
202
191,130
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(a)
........
202
155,306
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA,
4.75%
,
07/15/25
(c)
...........
536
523,265
South
Korea
—
0.0%
Korea
National
Oil
Corp.,
4.88%
,
04/03/28
(c)
................
200
198,368
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$6,050,158)
..............................
5,893,619
Security
Par
(000)
Pa
r
(
000)
Value
Foreign
Government
Obligations
Argentina
—
0.2%
Argentine
Republic
(The)
1.00%,
07/09/29
............
USD
875
$
283,920
0.50%,
07/09/30
(b)(p)
..........
8,318
2,758,716
1.50%,
07/09/35
(b)(p)
..........
10,268
3,074,966
3.88%,
01/09/38
(b)(p)
..........
3,485
1,223,043
7,340,645
Bahrain
—
0.0%
Kingdom
of
Bahrain
(c)
5.45%,
09/16/32
............
341
303,732
7.50%,
09/20/47
............
263
238,307
542,039
Brazil
—
0.2%
Federative
Republic
of
Brazil
10.00%,
01/01/25
...........
BRL
31
6,355,635
10.00%,
01/01/27
...........
14
2,829,272
9,184,907
Canada
—
0.5%
Canadian
Government
Bond,
0.25%
,
03/01/26
.................
CAD
32,542
22,133,964
Chile
—
0.0%
Republic
of
Chile,
4.34%
,
03/07/42
..
USD
551
488,847
Colombia
—
0.1%
Republic
of
Colombia
4.50%,
01/28/26
............
669
635,068
3.88%,
03/22/26
............
EUR
148
154,752
3.88%,
04/25/27
............
USD
441
399,224
5.75%,
11/03/27
............
COP
6,721,300
1,385,397
7.00%,
03/26/31
............
11,270,700
2,272,722
3.13%,
04/15/31
............
USD
1,110
838,350
8.00%,
04/20/33
............
512
520,576
6,206,089
Costa
Rica
—
0.0%
Republic
of
Costa
Rica,
6.55%
,
04/03/34
(c)
................
232
232,441
Czech
Republic
—
0.4%
Czech
Republic
5.00%,
09/30/30
............
CZK
235,860
11,190,917
1.20%,
03/13/31
............
135,560
4,930,665
16,121,582
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
6.88%,
01/29/26
(c)
...........
USD
359
361,434
5.95%,
01/25/27
(c)
...........
505
493,799
4.50%,
01/30/30
(a)
...........
576
503,413
7.05%,
02/03/31
(a)
...........
165
164,360
4.88%,
09/23/32
(a)
...........
929
790,588
2,313,594
Egypt
—
0.0%
Arab
Republic
of
Egypt
(a)
8.50%,
01/31/47
............
268
141,938
7.50%,
02/16/61
............
303
151,037
292,975
Guatemala
—
0.0%
Republic
of
Guatemala
5.25%,
08/10/29
(a)
...........
264
251,043
5.25%,
08/10/29
(c)
...........
560
532,515
3.70%,
10/07/33
(c)
...........
481
386,960
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Guatemala
(continued)
6.60%,
06/13/36
(a)
...........
USD
225
$
226,462
1,396,980
Hungary
—
0.0%
Hungary
Government
Bond
5.38%,
03/25/24
............
90
89,640
5.25%,
06/16/29
(a)
...........
535
519,678
609,318
India
—
0.0%
Indian
Railway
Finance
Corp.
Ltd.,
3.25%
,
02/13/30
(c)
...........
273
239,705
Indonesia
—
0.4%
Perusahaan
Penerbit
SBSN
Indonesia
III,
4.40%
,
06/06/27
(a)
.........
280
275,559
Republic
of
Indonesia
4.65%,
09/20/32
............
1,060
1,038,705
8.25%,
05/15/36
............
IDR
80,919,000
6,210,246
7.13%,
06/15/38
............
159,931,000
11,328,779
18,853,289
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire
(c)
6.38%,
03/03/28
............
USD
940
903,819
5.88%,
10/17/31
............
EUR
156
142,092
1,045,911
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan,
4.95%
,
07/07/25
(c)
................
USD
200
193,262
Mexico
—
0.9%
United
Mexican
States
3.75%,
01/11/28
............
496
471,661
8.50%,
05/31/29
............
MXN
986
5,697,122
2.66%,
05/24/31
............
USD
1,072
889,492
7.75%,
05/29/31
............
MXN
4,026
22,241,314
4.88%,
05/19/33
............
USD
212
202,278
7.50%,
05/26/33
............
MXN
1,786
9,620,479
6.35%,
02/09/35
............
USD
200
209,804
39,332,150
Morocco
—
0.0%
Kingdom
of
Morocco,
5.95%
,
03/08/28
(a)
................
239
240,996
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(a)
...........
325
291,876
7.63%,
11/28/47
(c)
...........
487
344,835
636,711
Oman
—
0.0%
Oman
Government
Bond
(c)
6.50%,
03/08/47
............
505
469,246
6.75%,
01/17/48
............
605
579,911
1,049,157
Panama
—
0.1%
Republic
of
Panama
3.88%,
03/17/28
............
491
464,437
3.16%,
01/23/30
............
654
572,073
6.40%,
02/14/35
............
557
579,330
6.85%,
03/28/54
............
440
456,896
2,072,736
Security
Par
(000)
Par
(000)
Value
Paraguay
—
0.0%
Republic
of
Paraguay
(c)
5.60%,
03/13/48
............
USD
427
$
374,244
5.40%,
03/30/50
............
372
318,652
692,896
Peru
—
0.0%
Republic
of
Peru
2.78%,
01/23/31
............
497
425,536
1.86%,
12/01/32
............
947
727,239
1,152,775
Philippines
—
0.0%
Republic
of
Philippines,
2.65%
,
12/10/45
.................
467
313,226
Poland
—
0.0%
Republic
of
Poland
4.88%,
10/04/33
............
217
212,525
4.25%,
02/14/43
(c)
...........
EUR
290
310,382
5.50%,
04/04/53
............
USD
332
333,288
856,195
Romania
—
0.1%
Romania
Government
Bond
5.25%,
11/25/27
(a)
...........
534
520,666
2.88%,
03/11/29
(c)
...........
EUR
553
523,630
2.50%,
02/08/30
(c)
...........
582
522,263
2.12%,
07/16/31
(c)
...........
327
269,483
1,836,042
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
4.50%,
04/17/30
(c)
...........
USD
621
609,046
2.25%,
02/02/33
(c)
...........
461
370,976
5.00%,
01/18/53
(a)
...........
480
444,024
1,424,046
Senegal
—
0.0%
Republic
of
Senegal,
6.25%
,
05/23/33
(c)
317
264,410
South
Africa
—
0.3%
Republic
of
South
Africa
4.85%,
09/30/29
............
439
385,591
8.00%,
01/31/30
............
ZAR
63,129
2,963,082
8.25%,
03/31/32
............
42,351
1,893,254
5.88%,
04/20/32
............
USD
424
375,520
9.00%,
01/31/40
............
ZAR
162,576
6,633,069
8.75%,
01/31/44
............
28,654
1,115,804
5.00%,
10/12/46
............
USD
701
464,966
13,831,286
Spain
—
2.9%
(a)(c)
Bonos
y
Obligaciones
del
Estado
2.55%,
10/31/32
............
EUR
58,803
60,110,040
3.15%,
04/30/33
............
51,474
55,036,073
3.90%,
07/30/39
............
5,718
6,371,412
2.90%,
10/31/46
............
5,530
5,214,681
Kingdom
of
Spain,
3.45%
,
07/30/66
.
4,339
4,286,339
131,018,545
Ukraine
—
0.0%
Ukraine
Government
Bond
(b)(e)(l)
7.75%,
09/01/25
(c)
...........
USD
303
76,023
7.75%,
09/01/26
(c)
...........
855
203,584
7.25%,
03/15/35
(a)
...........
742
169,747
449,354
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
0.2%
U.K.
Treasury
Bonds,
0.50%
,
10/22/61
(c)
................
GBP
21,867
$
8,794,981
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
5.75%
,
10/28/34
.................
USD
549
594,243
Total
Foreign
Government
Obligations
—
6.4%
(Cost:
$299,716,398)
.............................
291,755,297
Shares
Shares
Investment
Companies
Health
Care
Select
Sector
SPDR
Fund
9,785
1,298,763
Industrial
Select
Sector
SPDR
Fund
.
28,211
3,027,604
Invesco
QQQ
Trust
1,
Series
1
.....
58,400
21,574,128
iShares
0-5
Year
TIPS
Bond
ETF
(f)
..
45,255
4,416,888
iShares
Biotechnology
ETF
(f)
......
4,626
587,317
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(f)
........
163,470
17,677,646
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(f)
..........
67,651
5,854,517
iShares
Latin
America
40
ETF
(f)
....
86,975
2,363,111
iShares
MSCI
Brazil
ETF
(f)
........
98,551
3,196,009
iShares
MSCI
Emerging
Markets
ETF
(f)
12,710
502,808
iShares
Russell
Mid-Cap
Growth
ETF
(f)
12,068
1,166,131
SPDR
Bloomberg
High
Yield
Bond
ETF
20,062
1,846,306
SPDR
Gold
Shares
(e)(h)(i)
.........
295,361
52,654,005
SPDR
S&P
Metals
&
Mining
ETF
...
13,947
708,787
VanEck
Semiconductor
ETF
......
13,142
2,000,869
Total
Investment
Companies
—
2.6%
(Cost:
$118,694,170)
.............................
118,874,889
Par
(000)
Pa
r
(
000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.7%
United
States
—
0.7%
Federal
Home
Loan
Mortgage
Corp.
STACR
Trust
Variable
Rate
Notes,
Series
2022-DNA1,
Class
B1,
(SOFR
30
day
Average
+
3.40%),
8.47%,
01/25/42
(a)(b)
..........
482
462,634
JP
Morgan
Mortgage
Trust
(a)(b)
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
..........
15,235
12,229,264
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
..........
5,963
5,112,911
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
..........
2,344
1,549,552
MCM
Trust
(d)
Series
2018-NPL2,  3.00%,
08/25/28
(a)
..............
2,138
2,050,338
Series
2021-VFN1,  3.00%,
08/28/28
...............
1,465
944,079
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.64%,
10/25/39
(a)(b)
2,978
2,976,070
TVC
DSCR,
Series
2021-1,
Class
A,
2.38%,
02/01/51
(a)(d)
..........
6,617
6,159,572
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
TVC
Holding,
Series
2021-1,  2.38%,
02/01/51
(d)
................
USD
1,654
$
1,442,122
32,926,542
Commercial
Mortgage-Backed
Securities
—
2.2%
Bermuda
—
0.0%
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.34%,
01/19/37
(a)(b)
...............
995
976,402
Cayman
Islands
—
0.0%
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.37%
Floor
+
3.37%),
8.52%,
12/15/34
(a)(b)
1,913
1,781,010
United
States
—
2.2%
1211
Avenue
of
the
Americas
Trust,
Series
2015-1211,
Class
D,
4.28%,
08/10/35
(a)(b)
...............
1,182
1,029,720
Alen
Mortgage
Trust,
Series
2021-
ACEN,
Class
D,
(1-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.29%,
04/15/34
(a)(b)
...............
1,364
977,250
Arbor
Multifamily
Mortgage
Securities
Trust,
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
(a)
...........
428
222,776
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2015-200P,
Class
D,
3.72%,
04/14/33
...............
255
225,503
Series
2018-DSNY,
Class
A,
(1-mo.
LIBOR
USD
at
0.85%
Floor
+
0.85%),
6.04%,
09/15/34
....
590
586,026
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-3A,
Class
M6,
(1-mo.
LIBOR
USD
at
1.05%
Floor
and
10.80%
Cap
+
1.05%),
5.85%,
11/25/35
...............
109
99,971
Series
2006-3A,
Class
M1,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.51%),
5.66%,
10/25/36
....
119
110,681
Beast
Mortgage
Trust
(a)(b)
Series
2021-SSCP,
Class
A,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
0.75%),
6.01%,
04/15/36
....
469
451,482
Series
2021-SSCP,
Class
B,
(1-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.36%,
04/15/36
....
1,204
1,148,616
Series
2021-SSCP,
Class
C,
(1-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.61%,
04/15/36
....
1,500
1,429,435
Series
2021-SSCP,
Class
D,
(1-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
04/15/36
....
1,378
1,300,115
Series
2021-SSCP,
Class
E,
(1-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
04/15/36
....
1,194
1,113,661
Series
2021-SSCP,
Class
F,
(1-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.16%,
04/15/36
....
1,141
1,076,308
Series
2021-SSCP,
Class
G,
(1-mo.
LIBOR
USD
at
3.80%
Floor
+
3.80%),
9.06%,
04/15/36
....
1,291
1,217,197
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SSCP,
Class
H,
(1-mo.
LIBOR
USD
at
4.90%
Floor
+
4.90%),
10.16%,
04/15/36
....
USD
915
$
862,469
BHMS
(a)(b)
Series
2018-ATLS,
Class
A,
(1-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.44%,
07/15/35
....
1,722
1,678,681
Series
2018-ATLS,
Class
C,
(1-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.09%,
07/15/35
....
653
612,299
BOCA
Commercial
Mortgage
Trust,
Series
2022-BOCA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.77%
Floor
+
1.77%),
6.92%,
05/15/39
(a)(b)
....
554
550,149
BWAY
Mortgage
Trust,
Series
2013-
1515,
Class
D,
3.63%,
03/10/33
(a)
.
1,000
905,634
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.03%),
6.18%,
10/15/36
...
539
535,565
Series
2019-XL,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.41%),
7.56%,
10/15/36
...
2,197
2,154,958
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.76%),
7.91%,
10/15/36
...
2,799
2,703,821
Series
2020-VKNG,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.36%),
8.51%,
10/15/37
...
329
313,703
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.17%,
02/15/33
...
4,847
4,709,611
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.41%,
02/15/33
...
2,843
2,784,447
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.51%,
02/15/33
...
1,877
1,833,988
Series
2021-SOAR,
Class
G,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
7.99%,
06/15/38
....
2,271
2,148,202
Series
2021-VINO,
Class
F,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.00%,
05/15/38
....
2,658
2,504,539
Series
2021-XL2,
Class
A,
(1-mo.
LIBOR
USD
at
0.69%
Floor
+
0.69%),
5.88%,
10/15/38
....
670
650,260
Series
2021-XL2,
Class
F,
(1-mo.
LIBOR
USD
at
2.24%
Floor
+
2.24%),
7.44%,
10/15/38
....
3,375
3,197,238
BX
Trust
(a)(b)
Series
2019-OC11,
Class
E,
4.08%,
12/09/41
...............
3,052
2,446,423
Series
2021-ARIA,
Class
E,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.24%),
7.44%,
10/15/36
....
2,038
1,920,449
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.51%,
01/15/34
...
745
716,877
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.26%,
01/15/34
...
1,160
1,106,065
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
E,
(1-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.34%,
12/15/37
(a)(b)
....
335
326,992
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Cold
Storage
Trust,
Series
2020-ICE5,
Class
A,
(1-mo.
LIBOR
USD
at
0.90%
Floor
+
0.90%),
6.09%,
11/15/37
(a)(b)
...............
USD
1,434
$
1,409,852
Credit
Suisse
Mortgage
Capital
Certificates
(a)
Series
2015-RPL1,
Class
A,
0.00%,
02/15/24
(b)(d)
.............
2,798
2,506,507
Series
2019-ICE4,
Class
C,
(1-mo.
LIBOR
USD
at
1.43%
Floor
+
1.43%),
6.62%,
05/15/36
(b)
...
470
464,762
Series
2019-ICE4,
Class
D,
(1-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.79%,
05/15/36
(b)
...
1,565
1,546,234
Series
2019-ICE4,
Class
E,
(1-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.34%,
05/15/36
(b)
...
1,390
1,360,103
Series
2019-ICE4,
Class
F,
(1-mo.
LIBOR
USD
at
2.65%
Floor
+
2.65%),
7.84%,
05/15/36
(b)
...
2,078
2,029,868
Series
2020-NET,
Class
A,
2.26%,
08/15/37
...............
1,073
959,451
CSAIL
Commercial
Mortgage
Trust
Series
2016-C5,
Class
C,
4.80%,
11/15/48
(b)
..............
166
148,502
Series
2020-C19,
Class
A3,
2.56%,
03/15/53
...............
3,204
2,650,655
CSMC
Trust,
Series
2020-FACT,
Class
E,
(1-mo.
LIBOR
USD
at
4.86%
Floor
+
4.86%),
10.06%,
10/15/37
(a)
(b)
......................
338
301,728
DBGS
Mortgage
Trust
(a)(b)
Series
2018-BIOD,
Class
A,
(1-mo.
LIBOR
USD
at
0.80%
Floor
+
0.80%),
6.25%,
05/15/35
....
192
190,079
Series
2018-BIOD,
Class
D,
(1-mo.
LIBOR
USD
at
1.30%
Floor
+
1.30%),
6.74%,
05/15/35
....
480
469,283
Series
2018-BIOD,
Class
F,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.44%,
05/15/35
....
1,719
1,654,825
DBWF
Mortgage
Trust
(a)(b)
Series
2018-GLKS,
Class
B,
(1-mo.
LIBOR
USD
at
1.35%
Floor
+
1.45%),
6.60%,
12/19/30
....
562
550,981
Series
2018-GLKS,
Class
C,
(1-mo.
LIBOR
USD
at
1.75%
Floor
+
1.85%),
7.00%,
12/19/30
....
447
436,778
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
F,
(1-mo.
LIBOR
USD
at
2.67%
Floor
+
2.67%),
7.86%,
11/15/38
(a)(b)
....
1,460
1,391,669
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.44%,
07/15/38
....
3,033
2,947,245
Series
2021-ESH,
Class
E,
(1-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.04%,
07/15/38
....
2,120
2,055,036
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
D,
(1-mo.
LIBOR
USD
at
2.35%
Floor
+
2.35%),
7.54%,
02/15/38
(a)(b)
....
270
162,214
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2021-DM,
Class
E,
(1-mo.
LIBOR
USD
at
2.94%
Floor
+
2.94%),
8.13%,
11/15/36
.....
USD
2,822
$
2,688,909
Series
2021-IP,
Class
A,
(1-mo.
LIBOR
USD
at
0.95%
Floor
+
0.95%),
6.14%,
10/15/36
....
357
335,674
Series
2021-ROSS,
Class
A,
(1-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.34%,
05/15/26
....
381
341,536
Series
2022-ECI,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.19%),
7.34%,
08/15/39
...
324
324,337
GS
Mortgage
Securities
Trust,
Series
2020-GC47,
Class
AS,
2.73%,
05/12/53
.................
1,202
980,703
Hudson
Yards
Mortgage
Trust,
Series
2016-10HY,
Class
E,
3.08%,
08/10/38
(a)(b)
...............
315
256,643
Independence
Plaza
Trust,
Series
2018-INDP,
Class
B,
3.91%,
07/10/35
(a)
................
528
488,352
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2018-WPT,
Class
DFL,
(1-
mo.
LIBOR
USD
at
2.25%
Floor
+
2.50%),
7.66%,
07/05/33
...
438
380,049
Series
2021-MHC,
Class
E,
(1-mo.
LIBOR
USD
at
2.45%
Floor
+
2.45%),
7.71%,
04/15/38
....
1,975
1,896,233
Series
2021-MHC,
Class
F,
(1-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.21%,
04/15/38
....
866
829,414
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.33%,
09/15/39
...
429
429,129
Series
2022-OPO,
Class
C,
3.56%,
01/05/39
...............
700
532,472
KKR
Industrial
Portfolio
Trust,
Series
2021-KDIP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.55%
Floor
+
0.66%),
5.81%,
12/15/37
(a)(b)
....
454
445,908
LUXE
Trust,
Series
2021-TRIP,
Class
E,
(1-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
7.94%,
10/15/38
(a)(b)
344
330,718
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
A,
(1-mo.
LIBOR
USD
at
0.95%
Floor
+
0.95%),
6.14%,
11/15/38
.....
379
367,569
Series
2021-MDLN,
Class
F,
(1-mo.
LIBOR
USD
at
4.00%
Floor
+
4.00%),
9.19%,
11/15/38
.....
3,618
3,413,561
Series
2021-MDLN,
Class
G,
(1-mo.
LIBOR
USD
at
5.25%
Floor
+
5.25%),
10.44%,
11/15/38
....
3,891
3,642,577
MHC
Commercial
Mortgage
Trust
(a)(b)
Series
2021-MHC,
Class
E,
(1-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
04/15/38
....
2,999
2,908,467
Series
2021-MHC,
Class
F,
(1-mo.
LIBOR
USD
at
2.60%
Floor
+
2.60%),
7.86%,
04/15/38
....
576
558,700
MHP,
Series
2021-STOR,
Class
G,
(1-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
7.94%,
07/15/38
(a)(b)
....
870
821,678
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
C,
4.47%,
05/15/48
(b)
.........
USD
176
$
149,468
Morgan
Stanley
Capital
I
Trust,
Series
2018-MP,
Class
A,
4.42%,
07/11/40
(a)(b)
...............
552
449,892
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
F,
(1-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.54%,
07/15/38
(a)(b)
....
414
360,808
SREIT
Trust
(a)(b)
Series
2021-MFP,
Class
A,
(1-mo.
LIBOR
USD
at
0.73%
Floor
+
0.73%),
5.92%,
11/15/38
.....
385
373,970
Series
2021-MFP,
Class
F,
(1-mo.
LIBOR
USD
at
2.63%
Floor
+
2.62%),
7.82%,
11/15/38
.....
2,175
2,074,425
Series
2021-MFP2,
Class
F,
(1-mo.
LIBOR
USD
at
2.62%
Floor
+
2.62%),
7.81%,
11/15/36
.....
1,014
965,903
STWD
Trust,
Series
2021-FLWR,
Class
E,
(1-mo.
LIBOR
USD
at
1.92%
Floor
+
1.92%),
7.12%,
07/15/36
(a)(b)
724
683,622
UBS
Commercial
Mortgage
Trust,
Series
2019-C17,
Class
A4,
2.92%,
10/15/52
.................
321
273,954
VNDO
Trust,
Series
2016-350P,
Class
D,
4.03%,
01/10/35
(a)(b)
........
583
506,060
Wells
Fargo
Commercial
Mortgage
Trust
(b)
Series
2015-C28,
Class
AS,
3.87%,
05/15/48
...............
886
835,524
Series
2017-C41,
Class
B,
4.19%,
11/15/50
...............
454
374,824
Series
2018-1745,
Class
A,
3.87%,
06/15/36
(a)
..............
590
500,592
98,408,554
101,165,966
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
United
States
—
0.1%
(b)
Benchmark
Mortgage
Trust,
Series
2021-B23,
Class
XA,
1.38%,
02/15/54
.................
14,126
912,302
GS
Mortgage
Securities
Trust,
Series
2020-GSA2,
Class
XA,
1.84%,
12/12/53
(a)
................
1,480
129,733
Wells
Fargo
Commercial
Mortgage
Trust
Series
2020-C58,
Class
XA,
1.93%,
07/15/53
...............
7,985
756,598
Series
2021-C59,
Class
XA,
1.66%,
04/15/54
...............
6,400
519,783
2,318,416
Total
Non-Agency
Mortgage-Backed
Securities
—
3.0%
(Cost:
$149,622,100)
.............................
136,410,924
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Beneficial
Interest
(000)
Beneficial
Interest
(000)
Value
Other
Interests
Capital
Markets
-
0.2%
Sprott
Private
Resource
Streaming
&
Royalty
LP
(d)(e)(s)
.............
USD
7,220
$
7,869,275
Total
Other
Interests
—
0.2%
(Cost:
$7,284,549)
................................
7,869,275
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.0%
United
States
—
0.0%
USB
Capital
IX
,
(3-mo.
LIBOR
USD
at
3.50%
Floor
+
1.02%),
6.28%
(b)(e)(n)
900
687,965
Total
Capital
Trusts
—
0.0%  
(Cost:
$833,832)
................................
687,965
Shares
Shares
Preferred
Stocks
—
2.7%
Brazil
—
0.2%
Bradespar
SA
(Preference)
.......
31,630
146,847
Cia
Energetica
de
Minas
Gerais
(Preference)
...............
379,118
1,016,640
Neon
Payments
Ltd.
(d)(e)
.........
10,763
6,358,458
7,521,945
China
—
0.3%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$9,000,423)
(d)(e)(g)
..
82,140
14,440,546
Germany
—
0.4%
Dr
Ing
hc
F
Porsche
AG
(Preference)
50,343
6,254,044
Volkswagen
AG
(Preference)
......
4,803
645,872
Volocopter
Gmbh,
(Acquired
03/03/21,
cost
$7,547,351)
(d)(e)(g)
.........
1,420
9,147,869
16,047,785
India
—
0.0%
Think
&
Learn
Pvt
Ltd.,
Series
F
(Acquired
12/11/20,
cost
$4,447,311)
(d)(e)(g)
............
1,380
1,009,360
Israel
—
0.2%
(d)(e)(g)
Deep
Instinct
Ltd.,
Series
D-2
(Acquired
03/19/21,
cost
$3,888,68
8
)
.....
639,810
4,670,613
Deep
Instinct
Ltd.,
Series
D-4
(Acquired
09/20/22,
cost
$2,474,803)
.....
351,019
2,562,439
7,233,052
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C
(Acquired
02/22/22,
cost
$804,100)
(d)(e)(g)
...
6,817
887,364
United
Kingdom
—
0.0%
10X
Future
Technologies
Holding
Ltd.,
(Acquired
05/13/21,
cost
$6,197,921)
(d)(e)(g)
............
163,645
2,298,590
United
States
—
1.6%
Breeze
Aviation
Group,
Inc.,
Series
B
(Acquired
07/30/21,
cost
$3,775,369)
(d)(e)(g)
............
6,990
2,462,158
Caresyntax,
Inc.,
Series
C-2
(d)(e)
....
8,737
787,378
Security
Shares
Shares
Value
United
States
(continued)
Databricks,
Inc.,
Series
F
(Acquired
10/22/19,
cost
$3,030,0
10
)
(d)(e)(g)
..
211,650
$
11,757,158
Databricks,
Inc.,
Series
G
(Acquired
02/01/21,
cost
$3,419,476)
(d)(e)(g)
..
57,837
3,212,845
Dream
Finders
Homes,
Inc.,
9.00%
(d)(e)
(n)
......................
8,429
7,659,854
Exo
Imaging,
Inc.,
Series
C
(Acquired
06/24/21,
cost
$2,122,371)
(d)(e)(g)
..
362,303
1,014,448
Farmer's
Business
Network,
Inc.,
Series
F
(Acquired
07/31/20,
cost
$2,424,735)
(d)(e)(g)
............
73,351
3,162,895
Farmer's
Business
Network,
Inc.,
Series
G
(Acquired
09/15/21,
cost
$689,703)
(d)(e)(g)
.............
11,096
478,460
GM
Cruise
Holdings
LLC,
Series
G
(Acquired
03/25/21,
cost
$2,563,091)
(d)(e)(g)
............
97,271
1,654,580
JumpCloud,
Inc.,
Series
E-1
(Acquired
10/30/20,
cost
$3,136,443)
(d)(e)(g)
..
1,719,824
4,471,542
JumpCloud,
Inc.,
Series
F
(Acquired
09/03/21,
cost
$677,436)
(d)(e)(g)
...
113,119
294,109
Lessen,
Inc.,
Series
B
(d)(e)
........
188,594
1,759,582
Lessen,
Inc.,
Series
C
(d)(e)
........
63,570
593,108
Loadsmart,
Inc.,
Series
C
(Acquired
10/05/20,
cost
$2,878,751)
(d)(e)(g)
..
336,696
4,292,874
Loadsmart,
Inc.,
Series
D
(Acquired
01/27/22,
cost
$596,540)
(d)(e)(g)
...
29,827
380,294
Lookout,
Inc.,
Series
F
(Acquired
09/19/14
-
10/22/14,
cost
$7,673,753)
(d)(e)(g)
............
671,775
3,070,012
MNTN
Digital,
Series
D
(Acquired
11/05/21,
cost
$1,673,918)
(d)(e)(g)
..
72,889
958,490
Mythic
AI,
Inc.,
Series
C
(Acquired
01/26/21,
cost
$1,646,873)
(d)(e)(g)
..
239,716
2
Noodle
Partners,
Inc.,
Series
C
(Acquired
08/26/21,
cost
$2,167,122)
(d)(e)(g)
............
242,823
1,177,692
PsiQuantum
Corp.,
Series
D
(Acquired
05/21/21,
cost
$1,355,632)
(d)(e)(g)
..
51,690
1,366,167
Relativity
Space,
Inc.,
Series
E
(Acquired
05/27/21,
cost
$2,333,656)
(d)(e)(g)
............
102,196
1,700,541
SambaNova
Systems,
Inc.,
Series
C
(Acquired
02/19/20,
cost
$3,134,751)
(d)(e)(g)
............
58,878
4,895,706
SambaNova
Systems,
Inc.,
Series
D
(Acquired
04/09/21,
cost
$1,780,353)
(d)(e)(g)
............
18,737
1,557,982
Snorkel
AI,
Inc.,
Series
C
(Acquired
06/30/21,
cost
$839,659)
(d)(e)(g)
...
55,904
618,857
Ursa
Major
Technologies,
Inc.,
Series
C
(Acquired
09/13/21,
cost
$2,149,052)
(d)(e)(g)
............
360,289
2,388,716
Ursa
Major
Technologies,
Inc.,
Series
D
(Acquired
10/14/22,
cost
$292,529)
(d)
(e)(g)
.....................
44,138
292,635
Verge
Genomics,
Series
B
(Acquired
11/05/21,
cost
$2,013,552)
(d)(e)(g)
..
378,004
2,245,344
Wells
Fargo
&
Co.,
Series
L,
7.50%
(n)(o)
1,367
1,574,784
Zero
Mass
Water,
Inc.,
Series
C-1
(Acquired
05/07/20,
cost
$2,397,628)
(d)(e)(g)
............
152,099
4,531,029
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Zero
Mass
Water,
Inc.,
Series
D
(Acquired
07/05/22,
cost
$449,221)
(d)
(e)(g)
.....................
10,967
$
432,429
70,791,671
Total
Preferred
Stocks
—
2.7%  
(Cost:
$113,120,756)
.............................
120,230,313
Trust
Preferreds
—
0.1%
United
States
—
0.1%
Citigroup
Capital
XIII
,
(3-mo.
LIBOR
USD
+
6.37%),
11.64%, 10/30/40
(b)
147,134
4,187,434
Total
Trust
Preferreds
—
0.1%  
(Cost:
$4,078,012)
..............................
4,187,434
Total
Preferred
Securities
—
2.8%
(Cost:
$118,032,600)
.............................
125,105,712
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
(b)
Series
KL06,
Class
XFX,
1.47%
,
 12/25/29
........
USD
2,207
132,291
Series
KW09,
Class
X1,
0.94%
,
 05/25/29
........
15,090
528,852
661,143
Mortgage-Backed
Securities
—
5.2%
Uniform
Mortgage-Backed
Securities
(t)
3.00%
,
 07/13/23
..........
23,423
20,612,817
3.50%
,
 07/13/23
..........
116,194
105,877,417
4.50%
,
 07/13/23
..........
115,543
111,084,242
237,574,476
Total
U.S.
Government
Sponsored
Agency
Securities
—
5.2%  
(Cost:
$239,026,450)
.............................
238,235,619
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
2.38%, 02/15/42
............
7,089
5,519,096
3.25%, 05/15/42
(u)
...........
17,220
15,366,427
3.38%, 08/15/42
............
9,136
8,292,432
4.00%, 11/15/52
(u)(v)
..........
13,292
13,653,068
U.S.
Treasury
Inflation
Linked
Notes
0.63%, 01/15/24
............
71,672
70,457,101
0.50%, 04/15/24
............
41,210
40,212,436
0.13%, 04/15/27
............
12,353
11,432,647
0.63%, 07/15/32
(u)(v)
..........
19,909
18,293,809
U.S.
Treasury
Notes
0.75%, 12/31/23
(i)
...........
9,545
9,332,181
4.00%, 12/15/25
............
32,462
31,953,513
Total
U.S.
Treasury
Obligations
—
4.9%
(Cost:
$229,603,778)
.............................
224,512,710
Security
Shares
Shares
Value
Warrants
Brazil
—
0.0%
Lavoro
Ltd.
(Issued/Exercisable
12/27/22,
1
Share
for
1
Warrant,
Expires
12/27/27,
Strike
Price
USD
11.50)
(e)
..................
21,152
$
16,604
Israel
—
0.0%
(e)
Deep
Instinct
Ltd.,
(Acquired
09/20/22,
cost
$0)
(Issued/Exercisable
09/20/22,
1
Share
for
1
Warrant,
Expires
09/20/32)
(d)(g)
.........
24,748
153,438
Innovid
Corp.
(Issued/Exercisable
01/28/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
...................
10,869
1,087
154,525
Switzerland
—
0.0%
Cie
Financiere
Richemont
SA
(Issued/
Exercisable
11/27/20,
1
Share
for
1
Warrant,
Expires
11/22/23,
Strike
Price
CHF
67.00)
(e)
..........
1,233
1,701
United
States
—
0.0%
(e)
Cano
Health,
Inc.
(Issued/Exercisable
07/06/20,
1
Share
for
1
Warrant,
Expires
06/03/26,
Strike
Price
USD
11.50)
...................
68,498
14,391
Crown
PropTech
Acquisitions
(Issued/
Exercisable
02/05/21,
1
Share
for
1
Warrant,
Expires
02/01/26,
Strike
Price
USD
11.50)
(d)
..........
90,780
8,170
Crown
PropTech
Acquisitions
(Issued/
Exercisable
01/25/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
42,220
3,378
Embark
Technology,
Inc.
(Issued/
Exercisable
12/28/20,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
27,885
404
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
38,021
23,383
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
Share
for
1
Warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
28,141
1,061
Latch,
Inc.
(Issued/Exercisable
12/29/20,
1
Share
for
1
Warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
28,921
3,080
Lightning
eMotors,
Inc.
(Issued/
Exercisable
05/06/21,
1
Share
for
1
Warrant,
Expires
12/15/25,
Strike
Price
USD
11.50)
............
76,842
2,336
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
Share
for
1
Warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
50,071
1,011
Proof
Acquisition
Corp.
I
(Issued/
Exercisable
12/03/21,
1
Share
for
1
Warrant,
Expires
10/01/26,
Strike
Price
USD
11.50)
(d)
..........
77,370
6,190
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Sarcos
Technology
&
Robotics
Corp.
(Issued/Exercisable
12/21/20,
1
Share
for
1
Warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
59,602
$
2,307
Sarcos
Technology
&
Robotics
Corp.
(Issued/Exercisable
01/15/21,
1
Share
for
1
Warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
30,984
1,549
Sonder
Holdings,
Inc.
(Issued/
Exercisable
01/19/22,
1
Share
for
1
Warrant,
Expires
11/19/26,
Strike
Price
USD
12.50)
(d)
..........
84,405
1
67,261
Total
Warrants
—
0.0%
(Cost:
$944,852)
................................
240,091
Total
Long-Term
Investments
—
97.2%
(Cost:
$4,353,875,083)
...........................
4,423,869,797
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Foreign
Government
Obligations
—
1.9%
Brazil
-
0.5%
Federative
Republic
of
Brazil
Treasury
Bills,
10.11%
,
07/01/24
(w)
.......
BRL
123
22,940,477
Japan
-
1.4%
Japan
Treasury
Bills,
(0.18)%
,
07/10/23
(w)
................
JPY
9,182,250
63,636,471
Total
Foreign
Government
Obligations
—
1.9%
(Cost:
$91,439,872)
..............................
86,576,948
Shares
Shares
Money
Market
Funds
—
4.7%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
(f)(x)
....
213,580,125
213,580,125
Total
Money
Market
Funds
—
4.7%
(Cost:
$213,580,125)
.............................
213,580,125
Par
(000)
Pa
r
(
000)
Time
Deposits
—
0.0%
Canada
—
0.0%
Royal
Bank
of
Canada,
3.54%, 07/04/23
............
CAD
26
19,496
Hong
Kong
—
0.0%
Hong
Kong
&
Shanghai
Bank,
3.47%, 07/03/23
............
HKD
44
5,583
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
0.0%
Skandinaviska
Enskilda
Banken
AB,
3.92%, 07/03/23
............
GBP
255
$
323,757
United
States
—
0.0%
JPMorgan
Chase
&
Co.,
5.07%, 07/03/23
............
USD
1,092
1,092,402
Total
Time
Deposits
—
0.0%
(Cost:
$1,441,238)
..............................
1,441,238
Total
Short-Term
Securities
—
6.6%
(Cost:
$306,461,235)
.............................
301,598,311
Total
Options
Purchased
—
0.4%
(Cost:
$26,808,975
)
..............................
16,730,598
Total
Investments
Before
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
104.2%
(Cost:
$4,687,145,293)
...........................
4,742,198,706
Total
Options
Written
—
(0.4)%
(Premiums
Received
—
$(13,774,456))
................
(16,289,335)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities,
4.50%, 07/13/23
(t)
...........
(49,704)
(47,786,216)
Total
TBA
Sale
Commitments
—
(1.0)%
(Proceeds:
$(48,155,117))
.........................
(47,786,216)
Shares
Shares
Investments
Sold
Short
Common
Stocks
France
—
(0.0)%
Pernod
Ricard
SA
.............
(7,401)
(1,635,434)
United
States
—
(0.1)%
JM
Smucker
Co.
(The)
..........
(11,895)
(1,756,535)
Total
Common
Stocks
—
(0.1)%
(Proceeds:
$(2,791,449))
..........................
(3,391,969)
Total
Investments
Sold
Short
—
(0.1)%
(Proceeds:
$(2,791,449)
)
..........................
(3,391,969)
Total
Investments
Net
of
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
102.7%
(Cost:
$4,622,424,271)
...........................
4,674,731,186
Liabilities
in
Excess
of
Other
Assets
—
(2.7)%
............
(122,837,198)
Net
Assets
—
100.0%
..............................
$
4,551,893,988
(a)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Non-income
producing
security.
(f)
Affiliate
of
the
Fund.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
31
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$127,207,300,
representing
2.79%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$121,115,076.
(h)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(i)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Consolidated
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
(j)
Investment
does
not
issue
shares.
(k)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(l)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(m)
Zero-coupon
bond.
(n)
Perpetual
security
with
no
stated
maturity
date.
(o)
Convertible
security.
(p)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(q)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(r)
Fixed
rate.
(s)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(t)
Represents
or
includes
a
TBA
transaction.
(u)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(v)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(w)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(x)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Par/Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
92,087,634
$
121,492,491
(a)
$
—
$
—
$
—
$
213,580,125
213,580,125
$
7,662,120
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
..........
89,669,486
—
(89,686,706)
(a)
29,178
(11,958)
—
—
245,134
(c)
—
Bio
City
Development
Co.
BV,
8.00%, 07/06/24
.........
2,060,820
—
—
—
(402,320)
1,658,500
21,400,000
—
—
iShares
0-5
Year
TIPS
Bond
ETF
4,387,925
—
—
—
28,963
4,416,888
45,255
45,789
—
iShares
Biotechnology
ETF
....
607,347
—
—
—
(20,030)
587,317
4,626
327
—
iShares
China
Large-Cap
ETF
(b)
.
5,356,398
2,058,480
(8,028,587)
(351,340)
965,049
—
—
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(b)
.....
9,211,113
—
(9,408,696)
119,854
77,729
—
—
145,095
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
—
52,191,988
(34,513,214)
133,111
(134,239)
17,677,646
163,470
173,404
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.
—
6,008,001
—
—
(153,484)
5,854,517
67,651
118,711
—
iShares
Latin
America
40
ETF
..
1,990,858
—
—
—
372,253
2,363,111
86,975
41,638
—
iShares
MSCI
Brazil
ETF
.....
2,756,471
—
—
—
439,538
3,196,009
98,551
74,526
—
iShares
MSCI
Emerging
Markets
ETF
..................
481,709
—
—
—
21,099
502,808
12,710
3,942
—
iShares
Russell
Mid-Cap
Growth
ETF
..................
—
1,150,710
—
—
15,421
1,166,131
12,068
—
—
Quintis
Australia
Pty.
Ltd.,
0.00%, 10/01/28
.........
2,018,520
—
(508,642)
—
(1,509,877)
1
14,448,961
—
—
Quintis
Australia
Pty.
Ltd.,
13.51%, 10/01/26
........
16,144,865
—
—
—
(1,503,087)
14,641,778
16,144,865
542,314
—
Quintis
HoldCo
Pty.
Ltd.
......
52
—
—
—
(1)
51
7,642,509
—
—
$
(69,197)
$
(1,814,944)
$
265,644,882
$
9,053,000
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
32
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bobl
...............................................................
139
09/07/23
$
17,551
$
(166,494)
Euro-Bund
..............................................................
1,511
09/07/23
220,511
(1,124,863)
Euro-OAT
...............................................................
110
09/07/23
15,412
(52,035)
SGX
Nikkei
225
Index
.......................................................
20
09/07/23
4,625
157,473
Australia
10-Year
Bond
......................................................
790
09/15/23
61,137
(515,430)
EURO
STOXX
Banks
Price
Index
...............................................
499
09/15/23
2,948
115,377
MSCI
Emerging
Markets
E-Mini
Index
............................................
198
09/15/23
9,879
(91,261)
S&P
500
E-Mini
Index
.......................................................
301
09/15/23
67,548
818,511
3-mo.
SONIA
Index
.........................................................
164
09/19/23
49,368
(92,917)
U.S.
Treasury
Long
Bond
.....................................................
75
09/20/23
9,532
(14,193)
U.S.
Treasury
Ultra
Bond
.....................................................
741
09/20/23
101,170
816,713
Long
Gilt
................................................................
157
09/27/23
19,002
(217,501)
U.S.
Treasury
2-Year
Note
....................................................
25
09/29/23
5,084
(17,534)
U.S.
Treasury
5-Year
Note
....................................................
1,318
09/29/23
141,191
(365,147)
(749,301)
Short
Contracts
IFSC
NIFTY
50
Index
.......................................................
193
07/27/23
7,467
(204,916)
Euro-BTP
...............................................................
147
09/07/23
18,625
(81,529)
Euro-Buxl
...............................................................
22
09/07/23
3,351
(81,862)
Euro-Schatz
.............................................................
194
09/07/23
22,196
135,607
DAX
Index
..............................................................
5
09/15/23
2,222
(3,334)
EURO
STOXX
50
Index
.....................................................
47
09/15/23
2,273
(50,749)
FTSE
100
Index
...........................................................
49
09/15/23
4,703
39,460
NASDAQ-100
E-Mini
Index
...................................................
561
09/15/23
172,081
(3,160,153)
Russell
2000
E-Mini
Index
....................................................
35
09/15/23
3,331
(30,538)
U.S.
Treasury
10-Year
Note
...................................................
2,713
09/20/23
304,661
4,833,518
U.S.
Treasury
10-Year
Ultra
Note
...............................................
5,001
09/20/23
592,619
8,767,000
SPI
200
Index
............................................................
20
09/21/23
2,393
(36,111)
10,126,393
$
9,377,092
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
70,338,531
JPY
9,182,250,000
Bank
of
America
NA
07/10/23
$
6,656,221
BRL
48,164,542
USD
9,697,344
Citibank
NA
09/14/23
230,884
CZK
61,907,657
USD
2,802,622
Barclays
Bank
plc
09/14/23
30,112
HUF
2,762,883,337
USD
7,835,966
JPMorgan
Chase
Bank
NA
09/14/23
112,634
INR
1,148,940,000
USD
13,868,299
Citibank
NA
09/14/23
95,995
NOK
33,121,211
USD
3,012,206
Deutsche
Bank
AG
09/14/23
81,427
PLN
18,605,000
USD
4,464,307
Bank
of
America
NA
09/14/23
95,176
USD
2,101,941
IDR
31,425,487,843
Morgan
Stanley
&
Co.
International
plc
09/14/23
15,069
USD
4,245,644
IDR
63,199,809,836
UBS
AG
09/14/23
48,734
USD
13,967,177
INR
1,148,940,000
Barclays
Bank
plc
09/14/23
2,884
USD
4,389,599
ZAR
82,070,136
Citibank
NA
09/14/23
60,960
USD
1,624,288
ZAR
30,092,042
Morgan
Stanley
&
Co.
International
plc
09/14/23
37,138
BRL
134,913,183
USD
26,993,974
Barclays
Bank
plc
09/20/23
787,139
CAD
42,381,216
USD
31,730,155
Nomura
International
plc
09/20/23
301,036
CHF
71,570,817
USD
79,445,274
HSBC
Bank
plc
09/20/23
1,181,459
CNY
48,417,553
USD
6,699,815
JPMorgan
Chase
Bank
NA
09/20/23
4,334
DKK
118,003,603
USD
17,128,356
BNP
Paribas
SA
09/20/23
249,149
EUR
124,456,683
USD
134,500,213
Citibank
NA
09/20/23
1,840,084
GBP
7,563,215
EUR
8,758,557
HSBC
Bank
plc
09/20/23
12,422
GBP
11,730,264
USD
14,680,741
JPMorgan
Chase
Bank
NA
09/20/23
219,793
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
33
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
HUF
1,720,067,239
USD
4,896,066
Goldman
Sachs
International
09/20/23
$
46,181
MXN
463,518,830
USD
26,265,188
JPMorgan
Chase
Bank
NA
09/20/23
413,490
MXN
8,582,777
USD
489,861
Morgan
Stanley
&
Co.
International
plc
09/20/23
4,136
MXN
124,486,284
USD
7,103,604
State
Street
Bank
and
Trust
Co.
09/20/23
61,433
NZD
3,933,987
USD
2,403,486
Bank
of
America
NA
09/20/23
10,002
PLN
29,584,505
USD
7,112,207
Barclays
Bank
plc
09/20/23
135,955
USD
4,514,480
BRL
21,881,685
Goldman
Sachs
International
09/20/23
8,637
USD
20,641,886
CNY
146,545,009
BNP
Paribas
SA
09/20/23
350,494
USD
124,562,223
EUR
113,556,860
Barclays
Bank
plc
09/20/23
162,507
USD
9,076,655
EUR
8,219,518
JPMorgan
Chase
Bank
NA
09/20/23
72,305
USD
40,185,367
HKD
313,626,698
UBS
AG
09/20/23
89,686
USD
73,181,928
JPY
10,142,612,761
Morgan
Stanley
&
Co.
International
plc
09/20/23
2,025,151
USD
2,337,304
ZAR
43,275,498
Societe
Generale
SA
09/20/23
56,214
15,498,841
CNY
22,220,000
USD
3,145,170
Citibank
NA
09/14/23
(70,269)
CNY
45,245,000
USD
6,280,702
JPMorgan
Chase
Bank
NA
09/14/23
(19,500)
IDR
93,997,270,000
USD
6,270,665
JPMorgan
Chase
Bank
NA
09/14/23
(28,588)
KRW
4,076,665,000
USD
3,125,402
Citibank
NA
09/14/23
(19,566)
SGD
4,238,941
USD
3,157,047
JPMorgan
Chase
Bank
NA
09/14/23
(14,110)
THB
154,440,000
USD
4,499,082
Citibank
NA
09/14/23
(111,990)
THB
274,715,750
USD
7,953,554
HSBC
Bank
plc
09/14/23
(149,854)
USD
3,272,194
BRL
15,994,451
HSBC
Bank
plc
09/14/23
(24,766)
USD
8,849,873
COP
37,877,458,116
Citibank
NA
09/14/23
(49,663)
USD
2,552,475
CZK
55,791,412
Barclays
Bank
plc
09/14/23
(395)
USD
3,158,369
CZK
70,036,179
Deutsche
Bank
AG
09/14/23
(46,305)
USD
147,234
EUR
135,687
Bank
of
New
York
Mellon
09/14/23
(1,365)
USD
156,700
EUR
143,616
Citibank
NA
09/14/23
(582)
USD
577,130
EUR
533,208
State
Street
Bank
and
Trust
Co.
09/14/23
(6,814)
USD
2,047,772
MXN
35,927,730
JPMorgan
Chase
Bank
NA
09/14/23
(22,434)
USD
21,319,779
MXN
377,016,844
JPMorgan
Chase
Bank
NA
09/14/23
(404,453)
USD
3,140,061
SGD
4,238,941
Citibank
NA
09/14/23
(2,876)
USD
6,953,251
ZAR
134,201,519
Goldman
Sachs
International
09/14/23
(124,962)
AUD
105,232,612
USD
71,469,149
Barclays
Bank
plc
09/20/23
(1,213,521)
CNY
78,464,401
USD
11,103,872
Bank
of
America
NA
09/20/23
(239,278)
CNY
93,289,090
USD
13,164,932
Barclays
Bank
plc
09/20/23
(247,634)
IDR
71,892,995,899
USD
4,807,128
Citibank
NA
09/20/23
(33,289)
JPY
4,158,711,268
EUR
27,969,723
JPMorgan
Chase
Bank
NA
09/20/23
(1,464,419)
JPY
41,774,888,226
USD
303,682,644
UBS
AG
09/20/23
(10,605,652)
KRW
22,791,322,893
USD
17,397,824
UBS
AG
09/20/23
(27,554)
NOK
227,944,494
CHF
19,128,472
Bank
of
America
NA
09/20/23
(254,150)
SGD
11,683,037
USD
8,723,732
State
Street
Bank
and
Trust
Co.
09/20/23
(59,295)
USD
29,360,652
BRL
143,388,618
Morgan
Stanley
&
Co.
International
plc
09/20/23
(165,709)
USD
14,320,756
INR
1,185,450,670
Citibank
NA
09/20/23
(85,189)
USD
4,514,480
MXN
78,658,042
Citibank
NA
09/20/23
(12,828)
USD
6,780,088
MXN
118,607,469
Goldman
Sachs
International
09/20/23
(46,583)
USD
9,447,307
NOK
101,719,169
Deutsche
Bank
AG
09/20/23
(55,338)
USD
6,186,563
SEK
66,638,493
BNP
Paribas
SA
09/20/23
(15,328)
ZAR
225,081,126
USD
11,999,271
Morgan
Stanley
&
Co.
International
plc
09/20/23
(135,047)
(15,759,306)
$
(260,465)
Interest
Rate
Caps
Purchased
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount
(000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5Y-30Y
CMS
Index
Cap
.....
0.07
%
Goldman
Sachs
International
09/27/23
USD
294,974
$
44,953
$
516,205
$
(471,252)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
34
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Invesco
QQQ
Trust
Series
1
....................
2,142
07/07/23
USD
372.00
USD
79,130
$
398,412
SPDR
S&P
500
ETF
Trust
......................
89
07/07/23
USD
440.00
USD
3,945
38,581
SPDR
S&P
500
ETF
Trust
......................
595
07/07/23
USD
438.00
USD
26,375
355,512
SPDR
S&P
500
ETF
Trust
......................
3,000
07/07/23
USD
448.00
USD
132,984
169,500
SPDR
S&P
500
ETF
Trust
......................
3,000
07/14/23
USD
442.00
USD
132,984
1,330,500
CBOE
Volatility
Index
.........................
257
07/19/23
USD
28.00
USD
349
2,699
Advanced
Micro
Devices,
Inc.
...................
86
07/21/23
USD
140.00
USD
980
1,978
Advanced
Micro
Devices,
Inc.
...................
893
07/21/23
USD
125.00
USD
10,172
101,355
Alphabet,
Inc.
..............................
511
07/21/23
USD
125.00
USD
6,182
61,320
Alphabet,
Inc.
..............................
1,131
07/21/23
USD
130.00
USD
13,682
42,412
Constellation
Brands,
Inc.
......................
131
07/21/23
USD
235.00
USD
3,224
161,130
Constellation
Brands,
Inc.
......................
212
07/21/23
USD
260.00
USD
5,218
6,890
Eli
Lilly
&
Co.
..............................
66
07/21/23
USD
460.00
USD
3,095
100,650
Equitrans
Midstream
Corp.
.....................
84
07/21/23
USD
11.00
USD
80
1,050
Hilton
Worldwide
Holdings,
Inc.
..................
262
07/21/23
USD
155.00
USD
3,813
6,550
iShares
MSCI
Japan
ETF
......................
3,740
07/21/23
USD
65.00
USD
23,151
46,750
Kroger
Co.
(The)
............................
748
07/21/23
USD
50.00
USD
3,516
4,114
Lockheed
Martin
Corp.
........................
43
07/21/23
USD
460.00
USD
1,980
37,625
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
140
07/21/23
EUR
930.00
EUR
12,082
42,317
Mastercard,
Inc.
............................
141
07/21/23
USD
395.00
USD
5,546
69,795
McDonald's
Corp.
...........................
187
07/21/23
USD
310.00
USD
5,580
4,395
Merck
&
Co.,
Inc.
............................
412
07/21/23
USD
120.00
USD
4,754
17,716
Micron
Technology,
Inc.
.......................
264
07/21/23
USD
62.50
USD
1,666
57,420
Microsoft
Corp.
.............................
244
07/21/23
USD
340.00
USD
8,309
174,460
Salesforce,
Inc.
.............................
250
07/21/23
USD
220.00
USD
5,282
44,000
SPDR
Gold
Shares
(a)
.........................
1,842
07/21/23
USD
198.00
USD
32,837
2,763
SPDR
S&P
Regional
Banking
ETF
................
2,158
07/21/23
USD
45.00
USD
8,811
48,555
Tesla,
Inc.
.................................
154
07/21/23
USD
260.00
USD
4,031
254,100
Uber
Technologies,
Inc.
.......................
1,180
07/21/23
USD
42.50
USD
5,094
196,470
UnitedHealth
Group,
Inc.
.......................
104
07/21/23
USD
520.00
USD
4,999
8,580
Vinci
SA
..................................
424
07/21/23
EUR
114.00
EUR
4,511
463
Walt
Disney
Co.
(The)
........................
863
07/21/23
USD
95.00
USD
7,705
31,499
Waste
Management,
Inc.
......................
384
07/21/23
USD
175.00
USD
6,659
56,640
Activision
Blizzard,
Inc.
........................
306
08/18/23
USD
85.00
USD
2,580
136,935
Advanced
Micro
Devices,
Inc.
...................
513
08/18/23
USD
130.00
USD
5,844
144,409
Advanced
Micro
Devices,
Inc.
...................
1,005
08/18/23
USD
140.00
USD
11,448
146,228
Alphabet,
Inc.
..............................
1,188
08/18/23
USD
130.00
USD
14,371
234,036
Amazon.com,
Inc.
...........................
422
08/18/23
USD
125.00
USD
5,501
418,835
Amazon.com,
Inc.
...........................
592
08/18/23
USD
135.00
USD
7,717
282,680
Apple,
Inc.
................................
920
08/18/23
USD
190.00
USD
17,845
802,700
Boston
Scientific
Corp.
........................
548
08/18/23
USD
55.00
USD
2,964
68,500
Boston
Scientific
Corp.
........................
550
08/18/23
USD
57.50
USD
2,975
20,625
ConocoPhillips
.............................
510
08/18/23
USD
110.00
USD
5,284
86,700
Delta
Air
Lines,
Inc.
..........................
1,020
08/18/23
USD
48.00
USD
4,849
202,980
DR
Horton,
Inc.
.............................
153
08/18/23
USD
130.00
USD
1,862
28,687
DR
Horton,
Inc.
.............................
305
08/18/23
USD
125.00
USD
3,712
109,800
First
Solar,
Inc.
.............................
142
08/18/23
USD
210.00
USD
2,699
78,810
Freeport-McMoRan,
Inc.
.......................
926
08/18/23
USD
40.00
USD
3,704
203,720
Humana,
Inc.
..............................
127
08/18/23
USD
465.00
USD
5,679
109,220
JPMorgan
Chase
&
Co.
.......................
764
08/18/23
USD
145.00
USD
11,112
322,790
L3Harris
Technologies,
Inc.
.....................
85
08/18/23
USD
180.00
USD
1,664
157,250
Lennar
Corp.
..............................
305
08/18/23
USD
135.00
USD
3,822
29,737
McCormick
&
Co.,
Inc.
........................
882
08/18/23
USD
95.00
USD
7,694
22,050
Micron
Technology,
Inc.
.......................
692
08/18/23
USD
72.50
USD
4,367
39,098
Microsoft
Corp.
.............................
156
08/18/23
USD
330.00
USD
5,312
304,980
Microsoft
Corp.
.............................
159
08/18/23
USD
340.00
USD
5,415
220,215
Microsoft
Corp.
.............................
331
08/18/23
USD
355.00
USD
11,272
239,147
NVIDIA
Corp.
..............................
77
08/18/23
USD
420.00
USD
3,257
209,055
Shell
plc
..................................
765
08/18/23
USD
62.50
USD
4,619
72,675
Tesla,
Inc.
.................................
208
08/18/23
USD
265.00
USD
5,445
416,520
Toll
Brothers,
Inc.
............................
203
08/18/23
USD
85.00
USD
1,605
18,777
Toll
Brothers,
Inc.
............................
305
08/18/23
USD
80.00
USD
2,412
81,587
Uber
Technologies,
Inc.
.......................
843
08/18/23
USD
42.50
USD
3,639
259,223
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
35
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
United
Airlines
Holdings,
Inc.
....................
1,022
08/18/23
USD
57.50
USD
5,608
$
189,581
UnitedHealth
Group,
Inc.
.......................
76
08/18/23
USD
480.00
USD
3,653
123,880
Valero
Energy
Corp.
..........................
198
08/18/23
USD
120.00
USD
2,323
82,665
Advanced
Micro
Devices,
Inc.
...................
462
09/15/23
USD
130.00
USD
5,263
196,350
Apple,
Inc.
................................
562
09/15/23
USD
195.00
USD
10,901
406,045
Archer-Daniels-Midland
Co.
.....................
391
09/15/23
USD
82.50
USD
2,954
26,392
Barclays
plc
...............................
1,318
09/15/23
GBP
1.60
GBP
2,022
75,324
Delta
Air
Lines,
Inc.
..........................
1,323
09/15/23
USD
50.00
USD
6,290
228,879
Eli
Lilly
&
Co.
..............................
57
09/15/23
USD
480.00
USD
2,673
91,770
Ford
Motor
Co.
.............................
1,758
09/15/23
USD
16.00
USD
2,660
89,658
General
Motors
Co.
..........................
527
09/15/23
USD
40.00
USD
2,032
85,901
Microsoft
Corp.
.............................
307
09/15/23
USD
365.00
USD
10,455
201,085
NVIDIA
Corp.
..............................
510
09/15/23
USD
430.00
USD
21,574
1,769,700
Pfizer,
Inc.
................................
766
09/15/23
USD
40.00
USD
2,810
26,044
Pfizer,
Inc.
................................
926
09/15/23
USD
42.50
USD
3,397
12,038
United
Rentals,
Inc.
..........................
110
09/15/23
USD
460.00
USD
4,899
238,700
Valero
Energy
Corp.
..........................
506
09/15/23
USD
125.00
USD
5,935
188,485
Equitrans
Midstream
Corp.
.....................
95
10/20/23
USD
12.00
USD
91
1,187
Sabre
Corp.
...............................
153
10/20/23
USD
5.50
USD
49
1,683
Sabre
Corp.
...............................
368
10/20/23
USD
5.00
USD
117
5,336
NVIDIA
Corp.
..............................
127
12/15/23
USD
440.00
USD
5,372
628,332
Pfizer,
Inc.
................................
772
01/19/24
USD
47.00
USD
2,832
14,668
Pfizer,
Inc.
................................
1,285
01/19/24
USD
50.00
USD
4,713
12,207
Sabre
Corp.
...............................
193
01/19/24
USD
6.00
USD
62
3,764
14,043,844
Put
SPDR
S&P
500
ETF
Trust
......................
595
07/07/23
USD
438.00
USD
26,375
38,972
SPDR
S&P
500
ETF
Trust
......................
445
07/14/23
USD
434.00
USD
19,726
42,275
Ford
Motor
Co.
.............................
223
07/21/23
USD
10.00
USD
337
335
Frontier
Communications
Parent,
Inc.
..............
95
07/21/23
USD
15.00
USD
177
1,425
Invesco
QQQ
Trust
Series
1
....................
834
07/21/23
USD
350.00
USD
30,810
75,060
Invesco
Senior
Loan
ETF
......................
296
07/21/23
USD
20.00
USD
623
1,628
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
202
07/21/23
USD
73.50
USD
1,516
1,818
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
346
07/21/23
USD
71.00
USD
2,597
1,211
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
484
07/21/23
USD
73.00
USD
3,633
2,904
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
137
07/21/23
USD
106.00
USD
1,482
2,329
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
145
07/21/23
USD
105.00
USD
1,568
1,160
iShares
Russell
2000
ETF
......................
97
07/21/23
USD
150.00
USD
1,817
340
iShares
Russell
2000
ETF
......................
149
07/21/23
USD
181.00
USD
2,790
13,261
NVIDIA
Corp.
..............................
132
07/21/23
USD
250.00
USD
5,584
594
Pitney
Bowes,
Inc.
...........................
133
07/21/23
USD
3.00
USD
47
998
Sabre
Corp.
...............................
78
07/21/23
USD
3.00
USD
25
819
Shell
plc
..................................
525
07/21/23
USD
55.00
USD
3,170
3,938
Spirit
AeroSystems
Holdings,
Inc.
.................
72
07/21/23
USD
20.00
USD
210
540
Spirit
AeroSystems
Holdings,
Inc.
.................
77
07/21/23
USD
26.00
USD
225
1,925
United
Parcel
Service,
Inc.
.....................
86
07/21/23
USD
160.00
USD
1,542
1,118
Xerox
Holdings
Corp.
.........................
104
07/21/23
USD
11.00
USD
155
1,040
Alphabet,
Inc.
..............................
608
08/18/23
USD
120.00
USD
7,355
249,280
Amazon.com,
Inc.
...........................
506
08/18/23
USD
120.00
USD
6,596
118,404
Apple,
Inc.
................................
506
08/18/23
USD
180.00
USD
9,815
86,526
Frontier
Communications
Parent,
Inc.
..............
98
08/18/23
USD
15.00
USD
183
19,845
Frontier
Communications
Parent,
Inc.
..............
118
08/18/23
USD
12.50
USD
220
2,655
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
225
08/18/23
USD
100.00
USD
2,433
1,463
Microsoft
Corp.
.............................
228
08/18/23
USD
325.00
USD
7,764
144,210
NVIDIA
Corp.
..............................
76
08/18/23
USD
380.00
USD
3,215
57,380
SPDR
S&P
500
ETF
Trust
......................
638
08/18/23
USD
425.00
USD
28,281
157,586
Spirit
AeroSystems
Holdings,
Inc.
.................
62
08/18/23
USD
22.00
USD
181
1,550
Air
Transport
Services
Group,
Inc.
................
82
09/15/23
USD
12.50
USD
155
1,230
Air
Transport
Services
Group,
Inc.
................
109
09/15/23
USD
15.00
USD
206
3,543
PG&E
Corp.
...............................
158
09/15/23
USD
13.00
USD
273
1,027
PG&E
Corp.
...............................
194
09/15/23
USD
14.00
USD
335
1,649
SPDR
S&P
500
ETF
Trust
......................
70
09/15/23
USD
350.00
USD
3,103
4,165
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
36
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
SPDR
S&P
500
ETF
Trust
......................
668
09/15/23
USD
430.00
USD
29,611
$
335,002
1,379,205
$
15,423,049
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Consolidated
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........
Bank
of
America
NA
—
07/13/23
CNH
7.40
USD
23,032
$
10,111
TOPIX
Bank
Index
........
BNP
Paribas
SA
928,150
07/14/23
JPY
218.87
JPY
204,574
36,492
TOPIX
Bank
Index
........
Goldman
Sachs
International
1,546,298
07/14/23
JPY
226.71
JPY
340,820
25,490
TOPIX
Bank
Index
........
JPMorgan
Chase
Bank
NA
619,386
07/14/23
JPY
227.60
JPY
136,519
9,129
ING
Groep
NV
..........
Goldman
Sachs
International
10,453
07/21/23
EUR
12.00
EUR
129
66,154
EUR
Currency
...........
Bank
of
America
NA
—
07/27/23
USD
1.09
EUR
19,444
180,258
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
08/07/23
USD
1.12
EUR
18,884
40,129
367,763
Put
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
07/13/23
MXN
17.00
USD
36,508
90,093
$
457,856
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Call
Bought
Protection
on
5-Year
Credit
Default
Swap
......
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
5.00
%
Quarterly
Barclays
Bank
plc
07/19/23
USD
103.00
USD
4,450
$
9,693
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
%
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
USD
94.00
USD
2,305
516
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
BNP
Paribas
SA
07/19/23
USD
95.00
USD
2,655
664
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
BNP
Paribas
SA
08/16/23
USD
98.50
USD
4,550
6,942
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
JPMorgan
Chase
Bank
NA
08/16/23
USD
99.00
USD
4,300
7,789
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
USD
99.50
USD
3,790
1,876
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
Markit
CDX
North
American
Investment
Grade
Index
Series
40.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
USD
110.00
USD
22,490
1,065
18,852
$
28,545
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
37
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.85%
Semi-Annual
Goldman
Sachs
International
08/07/23
2.85
%
USD
24,256
$
7,283
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.85%
Semi-Annual
JPMorgan
Chase
Bank
NA
08/09/23
2.85
USD
28,772
10,166
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.81%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/21/23
2.81
USD
17,631
34,493
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.80%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/22/23
2.80
USD
7,554
14,660
2Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
2.75%
Annual
Goldman
Sachs
International
10/19/23
2.75
USD
34,605
67,567
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.05%
Semi-Annual
Citibank
NA
10/24/23
3.05
USD
27,251
186,689
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.90%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/30/23
2.90
USD
27,251
135,989
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.82%
Semi-Annual
Goldman
Sachs
International
11/07/23
2.82
USD
11,279
50,534
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.85%
Semi-Annual
Citibank
NA
11/14/23
2.85
USD
8,723
156,321
663,702
Put
10-Year
Interest
Rate
Swap
(a)
4.55%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
10/24/23
4.55
USD
27,251
38,889
10-Year
Interest
Rate
Swap
(a)
4.40%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/23
4.40
USD
27,251
63,194
10-Year
Interest
Rate
Swap
(a)
4.82%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/07/23
4.82
USD
11,279
10,410
112,493
$
776,195
(a)
Forward
settling
swaption.
Interest
Rate
Caps
Sold
Description
Exercise
Rate
Counterparty
Expiration
Date
Notional
Amount
(000)
Value
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5Y-30Y
CMS
Index
Cap
....
(0.68)
%
Goldman
Sachs
International
09/27/23
USD
589,948
$
(461,214)
$
(446,483)
$
(14,731)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
CBOE
Volatility
Index
..........................
257
07/19/23
USD
40.00
USD
349
$
(1,028)
Advanced
Micro
Devices,
Inc.
....................
86
07/21/23
USD
155.00
USD
980
(688)
Advanced
Micro
Devices,
Inc.
....................
260
07/21/23
USD
105.00
USD
2,962
(267,800)
Advanced
Micro
Devices,
Inc.
....................
260
07/21/23
USD
110.00
USD
2,962
(172,250)
Constellation
Brands,
Inc.
.......................
131
07/21/23
USD
255.00
USD
3,224
(10,153)
Micron
Technology,
Inc.
........................
264
07/21/23
USD
72.50
USD
1,666
(3,036)
Shell
plc
...................................
525
07/21/23
USD
65.00
USD
3,170
(3,938)
SPDR
Gold
Shares
(a)
..........................
1,842
07/21/23
USD
215.00
USD
32,837
(1,842)
SPDR
S&P
Regional
Banking
ETF
.................
2,158
07/21/23
USD
48.00
USD
8,811
(12,948)
Walt
Disney
Co.
(The)
.........................
863
07/21/23
USD
105.00
USD
7,705
(3,884)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
38
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Activision
Blizzard,
Inc.
.........................
306
08/18/23
USD
95.00
USD
2,580
$
(12,546)
Advanced
Micro
Devices,
Inc.
....................
1,005
08/18/23
USD
170.00
USD
11,448
(29,145)
Alphabet,
Inc.
...............................
645
08/18/23
USD
145.00
USD
7,803
(23,220)
Amazon.com,
Inc.
............................
592
08/18/23
USD
150.00
USD
7,717
(69,856)
Delta
Air
Lines,
Inc.
...........................
1,020
08/18/23
USD
55.00
USD
4,849
(30,090)
Dexcom,
Inc.
...............................
90
08/18/23
USD
140.00
USD
1,157
(24,075)
JPMorgan
Chase
&
Co.
........................
764
08/18/23
USD
155.00
USD
11,112
(66,468)
Micron
Technology,
Inc.
........................
692
08/18/23
USD
80.00
USD
4,367
(10,726)
Tesla,
Inc.
..................................
208
08/18/23
USD
300.00
USD
5,445
(180,960)
United
Airlines
Holdings,
Inc.
.....................
1,022
08/18/23
USD
65.00
USD
5,608
(39,347)
Advanced
Micro
Devices,
Inc.
....................
462
09/15/23
USD
160.00
USD
5,263
(43,197)
Delta
Air
Lines,
Inc.
...........................
1,323
09/15/23
USD
55.00
USD
6,290
(74,088)
NVIDIA
Corp.
...............................
127
12/15/23
USD
530.00
USD
5,372
(281,305)
SPDR
S&P
500
ETF
Trust
.......................
144
12/15/23
USD
420.00
USD
6,383
(565,560)
(1,928,150)
Put
SPDR
S&P
500
ETF
Trust
.......................
445
07/14/23
USD
417.00
USD
19,726
(11,348)
Eli
Lilly
&
Co.
...............................
105
07/21/23
USD
390.00
USD
4,924
(1,890)
Invesco
QQQ
Trust
Series
1
.....................
834
07/21/23
USD
335.00
USD
30,810
(27,105)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
145
07/21/23
USD
101.00
USD
1,568
(363)
iShares
Russell
2000
ETF
.......................
97
07/21/23
USD
120.00
USD
1,817
(97)
iShares
Russell
2000
ETF
.......................
149
07/21/23
USD
166.00
USD
2,790
(1,788)
Lockheed
Martin
Corp.
.........................
43
07/21/23
USD
410.00
USD
1,980
(1,505)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.............
52
07/21/23
EUR
800.00
EUR
4,488
(99,299)
Shell
plc
...................................
525
07/21/23
USD
50.00
USD
3,170
(5,250)
SPDR
Gold
Shares
(a)
..........................
921
07/21/23
USD
177.00
USD
16,419
(104,073)
Uber
Technologies,
Inc.
........................
1,180
07/21/23
USD
37.50
USD
5,094
(9,440)
Uber
Technologies,
Inc.
........................
1,300
07/21/23
USD
32.50
USD
5,612
(3,900)
Vinci
SA
...................................
424
07/21/23
EUR
100.00
EUR
4,511
(13,880)
Waste
Management,
Inc.
.......................
384
07/21/23
USD
160.00
USD
6,659
(5,760)
Activision
Blizzard,
Inc.
.........................
178
08/18/23
USD
75.00
USD
1,501
(22,339)
Activision
Blizzard,
Inc.
.........................
526
08/18/23
USD
70.00
USD
4,434
(26,563)
Alphabet,
Inc.
...............................
608
08/18/23
USD
110.00
USD
7,355
(79,648)
Amazon.com,
Inc.
............................
1,098
08/18/23
USD
110.00
USD
14,314
(91,683)
Apple,
Inc.
.................................
506
08/18/23
USD
170.00
USD
9,815
(36,938)
ConocoPhillips
..............................
510
08/18/23
USD
90.00
USD
5,284
(31,110)
Delta
Air
Lines,
Inc.
...........................
765
08/18/23
USD
40.00
USD
3,637
(20,273)
DR
Horton,
Inc.
..............................
153
08/18/23
USD
110.00
USD
1,862
(19,508)
DR
Horton,
Inc.
..............................
305
08/18/23
USD
105.00
USD
3,712
(22,113)
First
Solar,
Inc.
..............................
142
08/18/23
USD
160.00
USD
2,699
(37,914)
Freeport-McMoRan,
Inc.
........................
926
08/18/23
USD
35.00
USD
3,704
(46,300)
Humana,
Inc.
...............................
76
08/18/23
USD
410.00
USD
3,398
(27,360)
JPMorgan
Chase
&
Co.
........................
254
08/18/23
USD
125.00
USD
3,694
(9,779)
L3Harris
Technologies,
Inc.
......................
85
08/18/23
USD
160.00
USD
1,664
(3,825)
Lennar
Corp.
...............................
305
08/18/23
USD
115.00
USD
3,822
(33,550)
Microsoft
Corp.
..............................
229
08/18/23
USD
300.00
USD
7,798
(48,777)
NVIDIA
Corp.
...............................
76
08/18/23
USD
330.00
USD
3,215
(11,286)
Shell
plc
...................................
765
08/18/23
USD
52.50
USD
4,619
(17,213)
SPDR
S&P
500
ETF
Trust
.......................
638
08/18/23
USD
405.00
USD
28,281
(70,499)
Toll
Brothers,
Inc.
.............................
203
08/18/23
USD
70.00
USD
1,605
(11,165)
Toll
Brothers,
Inc.
.............................
305
08/18/23
USD
65.00
USD
2,412
(7,625)
Uber
Technologies,
Inc.
........................
843
08/18/23
USD
35.00
USD
3,639
(28,241)
United
Airlines
Holdings,
Inc.
.....................
760
08/18/23
USD
50.00
USD
4,170
(77,900)
Valero
Energy
Corp.
...........................
198
08/18/23
USD
105.00
USD
2,323
(30,987)
Apple,
Inc.
.................................
281
09/15/23
USD
170.00
USD
5,451
(34,142)
Archer-Daniels-Midland
Co.
......................
391
09/15/23
USD
60.00
USD
2,954
(8,798)
Barclays
plc
................................
1,318
09/15/23
GBP
1.35
GBP
2,022
(37,662)
Eli
Lilly
&
Co.
...............................
57
09/15/23
USD
430.00
USD
2,673
(37,478)
Ford
Motor
Co.
..............................
1,758
09/15/23
USD
13.00
USD
2,660
(39,555)
General
Motors
Co.
...........................
527
09/15/23
USD
35.00
USD
2,032
(42,160)
Microsoft
Corp.
..............................
204
09/15/23
USD
300.00
USD
6,947
(64,770)
Pfizer,
Inc.
.................................
1,692
09/15/23
USD
35.00
USD
6,206
(126,900)
SPDR
S&P
500
ETF
Trust
.......................
668
09/15/23
USD
400.00
USD
29,611
(130,260)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
39
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
United
Rentals,
Inc.
...........................
110
09/15/23
USD
400.00
USD
4,899
$
(114,950)
Valero
Energy
Corp.
...........................
506
09/15/23
USD
105.00
USD
5,935
(125,235)
NVIDIA
Corp.
...............................
127
12/15/23
USD
310.00
USD
5,372
(116,523)
(1,976,727)
$
(3,904,877)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Consolidated
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
ING
Groep
NV
.............
Goldman
Sachs
International
9,649
07/21/23
EUR
13.00
EUR
119
$
(9,212)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
08/07/23
USD
1.14
EUR
18,884
(4,362)
(13,574)
Put
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
07/13/23
MXN
16.80
USD
36,508
(21,041)
TOPIX
Bank
Index
...........
BNP
Paribas
SA
928,150
07/14/23
JPY
175.10
JPY
204,574
(12)
TOPIX
Bank
Index
...........
Goldman
Sachs
International
1,546,298
07/14/23
JPY
181.37
JPY
340,820
(77)
TOPIX
Bank
Index
...........
JPMorgan
Chase
Bank
NA
619,386
07/14/23
JPY
182.08
JPY
136,519
(36)
ING
Groep
NV
.............
Goldman
Sachs
International
12,544
07/21/23
EUR
10.00
EUR
155
(1,908)
EUR
Currency
..............
Bank
of
America
NA
—
07/27/23
USD
1.06
EUR
9,722
(3,805)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
08/07/23
USD
1.08
EUR
9,442
(41,243)
(68,122)
$
(81,696)
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
5.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
B+
USD
87.00
USD
2,305
$
(248)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
Investment
Grade
Index
Series
40.V1
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
07/19/23
BBB+
USD
140.00
USD
22,490
(692)
$
(940)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
2.41%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
07/19/23
2.41
%
USD
60,444
$
(9)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
40
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
2.55%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
08/09/23
2.55
%
USD
28,772
$
(1,916)
2Yx2Y
Interest
Rate
Swap
(a)
.
2.45%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
10/19/23
2.45
USD
34,605
(35,957)
2-Year
Interest
Rate
Swap
(a)
.
3.09%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
10/24/23
3.09
USD
109,004
(97,051)
2-Year
Interest
Rate
Swap
(a)
.
2.95%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/23
2.95
USD
109,004
(88,931)
2-Year
Interest
Rate
Swap
(a)
.
3.26%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/07/23
3.26
USD
45,117
(62,681)
2-Year
Interest
Rate
Swap
(a)
.
2.75%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/14/23
2.75
USD
87,233
(69,139)
10-Year
Interest
Rate
Swap
(a)
2.40%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/14/23
2.40
USD
15,077
(37,948)
(393,632)
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.85%
Semi-Annual
JPMorgan
Chase
Bank
NA
07/03/23
3.85
USD
23,558
(60)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.61%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
07/19/23
3.61
USD
60,444
(346,421)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.75%
Semi-Annual
Goldman
Sachs
International
08/07/23
3.75
USD
30,321
(136,689)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.10%
Semi-Annual
JPMorgan
Chase
Bank
NA
08/09/23
4.10
USD
120,787
(1,513,325)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.10%
Semi-Annual
Goldman
Sachs
International
08/16/23
4.10
USD
225,077
(2,802,195)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.93%
Semi-Annual
Goldman
Sachs
International
10/02/23
3.93
USD
29,813
(177,466)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.50%
Semi-Annual
Goldman
Sachs
International
10/13/23
3.50
USD
41,400
(782,206)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.25%
Semi-Annual
Citibank
NA
10/13/23
4.25
USD
179,402
(1,764,527)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.05%
Semi-Annual
Goldman
Sachs
International
10/16/23
4.05
USD
91,550
(1,151,356)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.25%
Semi-Annual
Citibank
NA
10/17/23
4.25
USD
83,140
(820,788)
2Yx2Y
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.30%
Annual
Goldman
Sachs
International
10/19/23
3.30
USD
17,302
(78,468)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.75%
Semi-Annual
Citibank
NA
11/14/23
4.75
USD
69,787
(322,010)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.60%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/14/23
3.60
USD
15,077
(277,712)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.79%
Semi-Annual
JPMorgan
Chase
Bank
NA
03/27/24
3.79
USD
86,798
(1,273,753)
(11,446,976)
$
(11,840,608)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Avis
Budget
Car
Rental
LLC
............
5.00
%
Quarterly
12/20/26
USD
3,496
$
(289,254)
$
(350,489)
$
61,235
Markit
CDX
North
American
High
Yield
Index
Series
37.V3
.....................
5.00
Quarterly
12/20/26
USD
12,084
(605,961)
(644,265)
38,304
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1.00
Quarterly
12/20/27
USD
12,843
(191,296)
(16,456)
(174,840)
iTraxx
Europe
Crossover
Index
Series
39.V1
.
5.00
Quarterly
06/20/28
EUR
11,075
(497,048)
(87,317)
(409,731)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
41
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
.....................
5.00
%
Quarterly
06/20/28
USD
2,045
$
(60,242)
$
(19,536)
$
(40,706)
$
(1,643,801)
$
(1,118,063)
$
(525,738)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx
Europe
Crossover
Index
Series
38.V1
..
5.00
%
Quarterly
12/20/27
BB-
EUR
16,667
$
914,060
$
(508,873)
$
1,422,933
Markit
CDX
North
American
High
Yield
Index
Series
39.V2
...........
5.00
Quarterly
12/20/27
B+
USD
4,704
156,954
4,123
152,831
$
1,071,014
$
(504,750)
$
1,575,764
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5.09%
At
Termination
1-day
EFFR
At
Termination
N/A
07/26/23
USD
350,379
$
47,138
$
—
$
47,138
1-day
SOFR
At
Termination
4.40%
At
Termination
N/A
02/13/24
USD
448,566
(3,796,014)
—
(3,796,014)
3.75%
At
Termination
1-day
SOFR
At
Termination
N/A
02/13/24
USD
224,283
3,326,870
—
3,326,870
28-day
MXIBTIIE
Monthly
4.68%
Monthly
N/A
02/27/24
MXN
196,638
(511,521)
—
(511,521)
28-day
MXIBTIIE
Monthly
4.86%
Monthly
N/A
03/01/24
MXN
196,638
(496,904)
—
(496,904)
1-day
SOFR
At
Termination
4.50%
At
Termination
N/A
03/09/24
USD
221,727
(1,776,025)
—
(1,776,025)
1-day
SONIA
At
Termination
3.22%
At
Termination
N/A
04/03/24
GBP
300,434
(8,752,306)
—
(8,752,306)
2.47%
At
Termination
1-day
SONIA
At
Termination
N/A
04/03/24
GBP
150,217
5,748,893
—
5,748,893
1-day
SOFR
Annual
2.65%
Annual
N/A
05/02/24
USD
348,580
(9,243,421)
37,715
(9,281,136)
6-mo.
EURIBOR
Semi-Annual
1.75%
At
Termination
N/A
05/04/24
EUR
332,672
(7,757,349)
—
(7,757,349)
1.00%
At
Termination
6-mo.
EURIBOR
Semi-Annual
N/A
05/04/24
EUR
166,336
5,203,825
—
5,203,825
1-day
SOFR
At
Termination
4.46%
At
Termination
07/12/23
(a)
07/12/24
USD
232,839
(2,018,800)
—
(2,018,800)
1-day
SONIA
At
Termination
4.26%
At
Termination
09/06/23
(a)
09/06/24
GBP
61,780
(1,462,177)
—
(1,462,177)
28-day
MXIBTIIE
Monthly
9.78%
Monthly
N/A
02/04/25
MXN
708,958
(259,578)
—
(259,578)
28-day
MXIBTIIE
Monthly
9.79%
Monthly
N/A
02/04/25
MXN
354,479
(126,714)
—
(126,714)
28-day
MXIBTIIE
Monthly
9.80%
Monthly
N/A
02/04/25
MXN
354,479
(122,102)
—
(122,102)
1-day
SOFR
Annual
2.60%
Annual
N/A
02/17/25
USD
119,522
(5,528,280)
—
(5,528,280)
1-day
SOFR
Annual
2.70%
Annual
N/A
02/17/25
USD
119,522
(5,298,908)
—
(5,298,908)
2.00%
Annual
1-day
SOFR
Annual
N/A
02/17/25
USD
43,216
2,496,489
—
2,496,489
1-day
SOFR
Annual
4.03%
Annual
N/A
03/10/25
USD
224,184
(4,124,324)
—
(4,124,324)
2.72%
Annual
1-day
SOFR
Annual
N/A
05/02/25
USD
405,600
16,946,901
(72,127)
17,019,028
1-day
SOFR
Annual
3.75%
Annual
N/A
12/15/25
USD
29,603
(730,502)
—
(730,502)
1-day
SOFR
Annual
3.81%
Annual
N/A
12/19/25
USD
31,547
(725,388)
—
(725,388)
28-day
MXIBTIIE
Monthly
6.48%
Monthly
N/A
08/12/26
MXN
164,793
(645,234)
—
(645,234)
28-day
MXIBTIIE
Monthly
6.47%
Monthly
N/A
08/13/26
MXN
226,282
(888,753)
—
(888,753)
28-day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/14/26
MXN
184,468
(737,772)
—
(737,772)
28-day
MXIBTIIE
Monthly
6.44%
Monthly
N/A
08/14/26
MXN
111,918
(443,169)
—
(443,169)
28-day
MXIBTIIE
Monthly
6.42%
Monthly
N/A
08/17/26
MXN
166,177
(659,676)
—
(659,676)
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
09/20/23
(a)
09/20/26
KRW
8,366,003
(36,891)
—
(36,891)
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
09/20/23
(a)
09/20/26
KRW
8,366,003
(38,334)
—
(38,334)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
42
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3-mo.
CD_KSDA
Quarterly
3.39%
Quarterly
09/20/23
(a)
09/20/26
KRW
8,364,748
$
(35,984)
$
—
$
(35,984)
1-day
SOFR
Annual
3.47%
Annual
03/10/25
(a)
03/10/27
USD
23,944
18,908
—
18,908
1-day
SOFR
Annual
2.67%
Annual
N/A
05/02/27
USD
46,232
(2,546,602)
(26,864)
(2,519,738)
1-day
SOFR
Annual
2.91%
Annual
N/A
10/06/27
USD
59,204
(3,248,007)
—
(3,248,007)
1-day
SONIA
At
Termination
3.18%
At
Termination
02/10/27
(a)
02/10/28
GBP
209,758
(1,857,017)
—
(1,857,017)
1-day
SONIA
Annual
4.86%
Annual
N/A
06/20/28
GBP
15,705
(207,042)
—
(207,042)
0.02%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
29,481
7,281,110
—
7,281,110
1-day
SOFR
Annual
2.65%
Annual
N/A
05/02/32
USD
188,456
(14,027,879)
152,996
(14,180,875)
2.58%
Annual
1-day
SOFR
Annual
N/A
05/24/32
USD
34,955
2,742,087
(31,150)
2,773,237
2.60%
Annual
1-day
SOFR
Annual
N/A
05/26/32
USD
6,042
464,111
—
464,111
1-day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
25,548
(401,019)
—
(401,019)
1-day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
12,216
(245,851)
—
(245,851)
1-day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
27,956
(1,438,855)
—
(1,438,855)
1-day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
28,398
(1,871,136)
—
(1,871,136)
1-day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
28,572
(1,785,197)
—
(1,785,197)
1-day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
45,637
(2,918,003)
—
(2,918,003)
1-day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
26,841
(1,027,477)
—
(1,027,477)
1-day
ESTR
Annual
2.34%
Annual
01/19/28
(a)
01/19/33
EUR
18,373
(170,773)
—
(170,773)
1-day
SOFR
Annual
3.14%
Annual
05/12/28
(a)
05/12/33
USD
33,631
2,159
—
2,159
28-day
MXIBTIIE
Monthly
8.17%
Monthly
N/A
06/10/33
MXN
237,164
60,948
—
60,948
3.24%
Annual
1-day
SOFR
Annual
08/09/23
(a)
08/09/33
USD
14,834
353,868
—
353,868
3-mo.
JIBAR
Quarterly
9.90%
Quarterly
09/20/23
(a)
09/20/33
ZAR
69,070
53,828
—
53,828
3-mo.
JIBAR
Quarterly
9.90%
Quarterly
09/20/23
(a)
09/20/33
ZAR
34,535
27,031
—
27,031
3-mo.
JIBAR
Quarterly
9.92%
Quarterly
09/20/23
(a)
09/20/33
ZAR
34,535
29,548
—
29,548
2.61%
Annual
1-day
SOFR
Annual
N/A
05/02/42
USD
4,522
531,005
10,387
520,618
2.43%
Annual
1-day
SOFR
Annual
N/A
05/02/52
USD
129,868
19,047,893
(278,929)
19,326,822
$
(23,578,372)
$
(207,972)
$
(23,370,400)
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
3,450
$
(58,533)
$
—
$
(58,533)
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Pitney
Bowes,
Inc.
.........
1.00
%
Quarterly
Barclays
Bank
plc
06/20/24
USD
95
$
4,607
$
6,203
$
(1,596)
Staples,
Inc.
.............
5.00
Quarterly
Barclays
Bank
plc
06/20/24
USD
185
6,803
10,582
(3,779)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
06/20/25
USD
300
44,358
51,896
(7,538)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
190
28,093
39,255
(11,162)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
237
(2,626)
3,967
(6,593)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
237
(2,625)
3,967
(6,592)
General
Electric
Co.
........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
USD
316
(3,508)
4,963
(8,471)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
390
(6,291)
4,844
(11,135)
Ford
Motor
Co.
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
USD
500
(46,902)
(11,640)
(35,262)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
43
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Pitney
Bowes,
Inc.
.........
1.00
%
Quarterly
Bank
of
America
NA
12/20/27
USD
160
$
55,539
$
38,272
$
17,267
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
120
41,655
27,932
13,723
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
70
24,299
17,150
7,149
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
100
34,712
25,215
9,497
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
120
41,654
27,947
13,707
Xerox
Corp.
.............
1.00
Quarterly
Citibank
NA
12/20/27
USD
120
10,994
12,537
(1,543)
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
190
17,407
19,921
(2,514)
Credit
Suisse
Group
Finance
Guernsey
Ltd.
..........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,100
(1,763)
109,991
(111,754)
Credit
Suisse
Group
Finance
Guernsey
Ltd.
..........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
1,840
(1,046)
63,101
(64,147)
Ford
Motor
Co.
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/28
USD
175
(16,622)
(8,613)
(8,009)
MetLife,
Inc.
.............
1.00
Quarterly
BNP
Paribas
SA
06/20/28
USD
290
850
2,166
(1,316)
Paramount
Global
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
105
5,980
4,419
1,561
Paramount
Global
.........
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
98
5,562
4,110
1,452
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
485
27,651
21,406
6,245
Simon
Property
Group
LP
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
1,005
(2,382)
22,996
(25,378)
Southwest
Airlines
Co.
......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
1,005
(3,972)
15,051
(19,023)
$
–
$
–
$
–
$
262,427
$
517,638
$
(255,211)
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Vistra
Operations
Co.
LLC
5.00
%
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB
USD
527
$
36,553
$
23,076
$
13,477
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
13.25%
At
Termination
Citibank
NA
01/02/24
BRL
37,006
$
7,973
$
—
$
7,973
1-day
BZDIOVER
At
Termination
12.44%
At
Termination
Barclays
Bank
plc
07/01/24
BRL
6,739
6,807
—
6,807
1-day
BZDIOVER
At
Termination
12.48%
At
Termination
Barclays
Bank
plc
07/01/24
BRL
20,339
19,374
—
19,374
1-day
BZDIOVER
At
Termination
13.15%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
107,414
742,844
—
742,844
1-day
BZDIOVER
At
Termination
13.18%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
107,360
754,859
—
754,859
1-day
BZDIOVER
At
Termination
13.22%
At
Termination
Citibank
NA
01/02/25
BRL
56,478
405,791
—
405,791
1-day
BZDIOVER
At
Termination
9.39%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
82,238
(1,155,994)
—
(1,155,994)
1-day
BZDIOVER
At
Termination
9.42%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
89,716
(1,240,587)
—
(1,240,587)
1-day
BZDIOVER
At
Termination
11.27%
At
Termination
BNP
Paribas
SA
01/02/26
BRL
8,974
48,240
—
48,240
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
44
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
11.56%
At
Termination
Barclays
Bank
plc
01/02/26
BRL
6,739
$
45,279
$
—
$
45,279
1-day
BZDIOVER
At
Termination
11.76%
At
Termination
Citibank
NA
01/02/26
BRL
5,191
40,216
—
40,216
1-day
BZDIOVER
At
Termination
11.78%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/26
BRL
5,420
42,439
—
42,439
1-day
BZDIOVER
At
Termination
11.82%
At
Termination
Barclays
Bank
plc
01/02/26
BRL
8,904
71,952
—
71,952
1-day
BZDIOVER
At
Termination
11.83%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/02/26
BRL
9,531
77,545
—
77,545
1-day
BZDIOVER
At
Termination
8.65%
At
Termination
Goldman
Sachs
International
01/04/27
BRL
3,043
(65,015)
—
(65,015)
1-day
BZDIOVER
At
Termination
10.53%
At
Termination
Citibank
NA
01/02/29
BRL
34,539
88,509
—
88,509
1-day
BZDIOVER
At
Termination
10.57%
At
Termination
Goldman
Sachs
International
01/02/29
BRL
54,096
161,354
—
161,354
1-day
BZDIOVER
At
Termination
10.58%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/02/29
BRL
37,898
118,101
—
118,101
$
169,687
$
—
$
169,687
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
09/15/23
USD
2,075
$
6,980
$
—
$
6,980
1-day
SOFR
minus
0.40%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
09/15/23
USD
67
(1,733)
—
(1,733)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.35%
At
Termination
BNP
Paribas
SA
09/15/23
USD
156
(50,420)
—
(50,420)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.35%
At
Termination
JPMorgan
Chase
Bank
NA
09/15/23
USD
170
(54,811)
—
(54,811)
SPDR
S&P
Regional
Banking
ETF
.....
At
Termination
1-day
SOFR
minus
0.40%
At
Termination
BNP
Paribas
SA
09/15/23
USD
8
17,215
—
17,215
SPDR
S&P
Regional
Banking
ETF
.....
At
Termination
1-day
SOFR
minus
0.40%
At
Termination
BNP
Paribas
SA
09/15/23
USD
8
16,964
—
16,964
$
(65,805)
$
—
$
(65,805)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
45
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
Citibank
NA
(b)
02/26/24
$
(47,143,576)
$
(814,505)
(c)
$
(48,041,166)
1.0
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
08/10/23
(65,427,443)
(296,782)
(e)
(65,773,459)
1.4
$
(1,111,287)
$
(113,814,625)
(b)
(d)
Range:
15-234
basis
points
15-700
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$83,085
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$49,234
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Citibank
NA,
as
of
period
end,
termination
date
February
26,
2024:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Brazil
MercadoLibre,
Inc.
........
10
$
11,846
(0.0)
%
(a)
United
States
Dollar
General
Corp.
.......
28
4,754
(0.0)
(a)
Total
Reference
Entity
—
Long
............
16,600
Reference
Entity
—
Short
Common
Stocks
Belgium
D'ieteren
Group
..........
(2,047)
(362,289)
0.7
Brazil
BRF
SA
................
(9,879)
(18,486)
0.0
(b)
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............
(31,294)
(370,833)
0.8
(389,319)
Canada
Intact
Financial
Corp.
.......
(5,193)
(801,794)
1.7
Power
Corp.
of
Canada
.....
(28,651)
(771,236)
1.6
Restaurant
Brands
International,
Inc.
.................
(7,736)
(599,784)
1.2
(2,172,814)
China
China
Overseas
Land
&
Investment
Ltd.
........
(147,500)
(322,678)
0.7
China
Vanke
Co.
Ltd.,
Class
H
(126,393)
(170,265)
0.4
Li
Ning
Co.
Ltd.
...........
(30,000)
(162,006)
0.3
Prosus
NV
..............
(1,210)
(88,613)
0.2
Xiaomi
Corp.,
Class
B
......
(327,800)
(450,704)
0.9
XPeng,
Inc.,
Class
A
.......
(44,900)
(298,266)
0.6
Shares
Value
%
of
Basket
Value
China
(continued)
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
.......
(64,000)
$
(239,059)
0.5
%
ZTE
Corp.,
Class
H
........
(32,400)
(130,219)
0.3
(1,861,810)
Denmark
Tryg
A/S
...............
(12,643)
(273,797)
0.6
Finland
Metso
OYJ
..............
(26,785)
(323,207)
0.6
Nordea
Bank
Abp
.........
(34,233)
(372,889)
0.8
(696,096)
Germany
Infineon
Technologies
AG
....
(4,066)
(167,447)
0.4
Porsche
Automobil
Holding
SE
(Preference)
..........
(2,559)
(154,230)
0.3
Sartorius
AG
(Preference)
...
(813)
(281,671)
0.6
Vonovia
SE
.............
(62,439)
(1,219,411)
2.5
(1,822,759)
Italy
Nexi
SpA
...............
(35,151)
(275,787)
0.6
Telecom
Italia
SpA
........
(2,461,763)
(694,047)
1.4
(969,834)
Japan
ENEOS
Holdings,
Inc.
......
(131,400)
(451,651)
0.9
Fast
Retailing
Co.
Ltd.
......
(500)
(128,237)
0.3
Hitachi
Ltd.
.............
(2,700)
(167,877)
0.3
Lasertec
Corp.
...........
(6,900)
(1,042,704)
2.2
MatsukiyoCocokara
&
Co.
...
(22,200)
(1,247,000)
2.6
Mitsubishi
Estate
Co.
Ltd.
....
(19,300)
(229,290)
0.5
Olympus
Corp.
...........
(23,300)
(368,731)
0.8
Open
House
Group
Co.
Ltd.
..
(5,300)
(191,338)
0.4
Recruit
Holdings
Co.
Ltd.
....
(44,600)
(1,423,424)
3.0
RENOVA,
Inc.
...........
(800)
(9,047)
0.0
(b)
SoftBank
Group
Corp.
......
(5,100)
(240,514)
0.5
Sony
Group
Corp.
.........
(2,200)
(198,595)
0.4
SUMCO
Corp.
...........
(44,400)
(629,911)
1.3
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
46
Shares
Value
%
of
Basket
Value
Japan
(continued)
TDK
Corp.
..............
(5,300)
$
(206,726)
0.4
%
(6,535,045)
Mexico
America
Movil
SAB
de
CV
...
(1,856,039)
(2,014,676)
4.2
Norway
Aker
ASA,
Class
A
.........
(1,177)
(66,710)
0.1
Aker
BP
ASA
............
(28,175)
(661,025)
1.4
Nordic
Semiconductor
ASA
...
(6,744)
(82,274)
0.2
Salmar
ASA
.............
(7,235)
(291,556)
0.6
(1,101,565)
Poland
KGHM
Polska
Miedz
SA
.....
(14,040)
(388,756)
0.8
LPP
SA
................
(63)
(217,169)
0.5
(605,925)
South
Korea
Hanwha
Solutions
Corp.
.....
(2,118)
(68,301)
0.2
Kakao
Corp.
.............
(20,928)
(786,054)
1.6
(854,355)
Sweden
EQT
AB
................
(12,539)
(241,398)
0.5
Fastighets
AB
Balder,
Class
B
.
(77,063)
(282,172)
0.6
Sagax
AB,
Class
B
........
(3,741)
(73,979)
0.1
Sandvik
AB
.............
(9,876)
(192,821)
0.4
Trelleborg
AB,
Class
B
......
(11,193)
(271,646)
0.6
(1,062,016)
Switzerland
SIG
Group
AG
...........
(52,572)
(1,452,392)
3.0
Straumann
Holding
AG
(Registered)
...........
(3,048)
(495,623)
1.1
(1,948,015)
United
Kingdom
Rentokil
Initial
plc
.........
(48,430)
(378,660)
0.8
United
States
Airbnb,
Inc.,
Class
A
.......
(1,768)
(226,587)
0.5
Apollo
Global
Management,
Inc.
(6,987)
(536,672)
1.1
Arch
Capital
Group
Ltd.
.....
(3,261)
(244,086)
0.5
Blackstone,
Inc.
..........
(12,354)
(1,148,551)
2.4
Broadridge
Financial
Solutions,
Inc.
.................
(1,672)
(276,933)
0.6
Celanese
Corp.
..........
(3,540)
(409,932)
0.9
Charles
River
Laboratories
International,
Inc.
.......
(1,809)
(380,342)
0.8
Church
&
Dwight
Co.,
Inc.
...
(6,063)
(607,695)
1.3
Constellation
Energy
Corp.
...
(27,038)
(2,475,329)
5.1
CoStar
Group,
Inc.
........
(10,930)
(972,770)
2.0
DaVita,
Inc.
.............
(2,105)
(211,489)
0.4
Discover
Financial
Services
..
(2,278)
(266,184)
0.6
Dollar
Tree,
Inc.
..........
(3,464)
(497,084)
1.0
Equifax,
Inc.
.............
(3,857)
(907,552)
1.9
HCA
Healthcare,
Inc.
.......
(462)
(140,208)
0.3
Illumina,
Inc.
............
(3,860)
(723,711)
1.5
Iron
Mountain,
Inc.
........
(4,696)
(266,827)
0.6
Kimco
Realty
Corp.
........
(15,424)
(304,161)
0.6
KKR
&
Co.,
Inc.
..........
(15,710)
(879,760)
1.8
Lamb
Weston
Holdings,
Inc.
..
(12,731)
(1,463,429)
3.0
Marvell
Technology,
Inc.
.....
(13,597)
(812,829)
1.7
Newell
Brands,
Inc.
........
(83,905)
(729,974)
1.5
Norwegian
Cruise
Line
Holdings
Ltd.
................
(42,907)
(934,085)
1.9
Occidental
Petroleum
Corp.
..
(2,181)
(128,243)
0.3
Shares
Value
%
of
Basket
Value
United
States
(continued)
ONEOK,
Inc.
............
(4,371)
$
(269,778)
0.6
%
Oracle
Corp.
............
(8,243)
(981,659)
2.0
Paramount
Global,
Class
B
...
(99,453)
(1,582,297)
3.3
Quanta
Services,
Inc.
......
(6,556)
(1,287,926)
2.7
Raymond
James
Financial,
Inc.
(2,314)
(240,124)
0.5
Realty
Income
Corp.
.......
(5,759)
(344,331)
0.7
Republic
Services,
Inc.
.....
(9,136)
(1,399,361)
2.9
Southwest
Airlines
Co.
......
(3,545)
(128,364)
0.3
Take-Two
Interactive
Software,
Inc.
.................
(11,502)
(1,692,634)
3.5
Teledyne
Technologies,
Inc.
..
(3,292)
(1,353,374)
2.8
Welltower,
Inc.
...........
(2,281)
(184,510)
0.4
(25,008,791)
Total
Reference
Entity
—
Short
............
(48,057,766)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(48,041,166)
The
following
table
represents
the
individual
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
period
end,
termination
date
August
10,
2023:
Reference
Entity
—
Short
Common
Stocks
Australia
AMP
Ltd.
...............
(198,885)
(150,293)
0.2
Brambles
Ltd.
............
(34,124)
(328,122)
0.5
Computershare
Ltd.
........
(130,563)
(2,037,568)
3.1
Evolution
Mining
Ltd.
.......
(29,671)
(64,599)
0.1
Fortescue
Metals
Group
Ltd.
..
(10,618)
(157,558)
0.3
IDP
Education
Ltd.
........
(14,601)
(216,223)
0.3
IGO
Ltd.
...............
(27,930)
(285,075)
0.4
Lendlease
Corp.
Ltd.
.......
(13,793)
(71,564)
0.1
Lynas
Rare
Earths
Ltd.
.....
(43,413)
(199,489)
0.3
Macquarie
Group
Ltd.
......
(4,453)
(529,853)
0.8
Mineral
Resources
Ltd.
.....
(17,879)
(856,275)
1.3
Northern
Star
Resources
Ltd.
.
(21,250)
(173,121)
0.3
Pilbara
Minerals
Ltd.
.......
(40,812)
(134,135)
0.2
Santos
Ltd.
.............
(37,894)
(189,602)
0.3
Suncorp
Group
Ltd.
........
(29,625)
(266,187)
0.4
Woodside
Energy
Group
Ltd.
.
(7,607)
(175,962)
0.3
(5,835,626)
Belgium
D'ieteren
Group
..........
(2,066)
(365,651)
0.6
Brazil
Banco
BTG
Pactual
SA
.....
(35,078)
(231,206)
0.3
BRF
SA
................
(72,224)
(135,151)
0.2
Cia
Siderurgica
Nacional
SA
..
(55,932)
(142,277)
0.2
Equatorial
Energia
SA
......
(68,821)
(461,484)
0.7
Hapvida
Participacoes
e
Investimentos
S/A
.......
(1,914,472)
(1,755,259)
2.7
Localiza
Rent
a
Car
SA
.....
(91,381)
(1,307,106)
2.0
MercadoLibre,
Inc.
........
(10)
(11,846)
0.0
(b)
(4,044,329)
Canada
Great-West
Lifeco,
Inc.
.....
(11,203)
(325,329)
0.5
Intact
Financial
Corp.
.......
(9,080)
(1,401,942)
2.1
Power
Corp.
of
Canada
.....
(31,357)
(844,077)
1.3
Restaurant
Brands
International,
Inc.
.................
(6,109)
(473,641)
0.7
(3,044,989)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
47
Shares
Value
%
of
Basket
Value
China
China
Southern
Airlines
Co.
Ltd.,
Class
H
..............
(648,000)
$
(366,852)
0.6
%
Country
Garden
Holdings
Co.
Ltd.
................
(2,427,575)
(495,203)
0.8
Flat
Glass
Group
Co.
Ltd.,
Class
H
..................
(11,000)
(37,716)
0.1
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
..........
(33,200)
(137,714)
0.2
Li
Ning
Co.
Ltd.
...........
(137,500)
(742,525)
1.1
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
..........
(478,000)
(532,233)
0.8
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
..............
(233,250)
(428,728)
0.7
Xiaomi
Corp.,
Class
B
......
(1,156,600)
(1,590,249)
2.4
XPeng,
Inc.,
Class
A
.......
(12,800)
(85,029)
0.1
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
.......
(79,400)
(296,583)
0.4
(4,712,832)
Finland
Metso
OYJ
..............
(31,239)
(376,953)
0.6
France
Sartorius
Stedim
Biotech
....
(1,383)
(345,410)
0.5
Germany
Deutsche
Bank
AG
(Registered)
(10,277)
(108,040)
0.2
HOCHTIEF
AG
...........
(2,750)
(237,928)
0.3
Sartorius
AG
(Preference)
...
(3,410)
(1,181,424)
1.8
Talanx
AG
..............
(3,359)
(192,842)
0.3
(1,720,234)
Hong
Kong
Sino
Biopharmaceutical
Ltd.
..
(468,000)
(204,481)
0.3
Italy
Telecom
Italia
SpA
........
(508,481)
(143,357)
0.2
Japan
Fujitsu
General
Ltd.
........
(7,600)
(166,002)
0.3
Fujitsu
Ltd.
..............
(3,000)
(388,449)
0.6
Lasertec
Corp.
...........
(400)
(60,447)
0.1
Mitsui
Fudosan
Co.
Ltd.
.....
(12,800)
(255,122)
0.4
NIDEC
Corp.
............
(1,800)
(99,190)
0.1
Olympus
Corp.
...........
(54,500)
(862,482)
1.3
Park24
Co.
Ltd.
..........
(19,700)
(267,767)
0.4
Rakuten
Group,
Inc.
.......
(411,000)
(1,432,141)
2.2
RENOVA,
Inc.
...........
(19,800)
(223,908)
0.3
SBI
Holdings,
Inc.
.........
(18,800)
(362,576)
0.5
SHIFT,
Inc.
..............
(1,000)
(183,309)
0.3
SoftBank
Group
Corp.
......
(4,500)
(212,218)
0.3
Square
Enix
Holdings
Co.
Ltd.
.
(13,100)
(609,515)
0.9
SUMCO
Corp.
...........
(16,700)
(236,926)
0.4
Sumitomo
Corp.
..........
(7,900)
(167,598)
0.3
(5,527,650)
Luxembourg
Reinet
Investments
SCA
....
(8,904)
(197,252)
0.3
Macau
Sands
China
Ltd.
.........
(61,600)
(210,962)
0.3
Netherlands
Aegon
NV
..............
(19,893)
(100,984)
0.2
BE
Semiconductor
Industries
NV
(1,507)
(163,440)
0.2
Koninklijke
Philips
NV
......
(12,010)
(260,229)
0.4
(524,653)
Shares
Value
%
of
Basket
Value
Norway
Nordic
Semiconductor
ASA
...
(4,196)
$
(51,189)
0.1
%
Poland
Allegro.eu
SA
............
(9,464)
(74,573)
0.1
Bank
Polska
Kasa
Opieki
SA
.
(10,068)
(274,622)
0.4
InPost
SA
..............
(64,155)
(696,253)
1.1
Polski
Koncern
Naftowy
ORLEN
SA
.................
(10,031)
(158,988)
0.2
(1,204,436)
Singapore
Sea
Ltd.,
ADR,
Class
A
.....
(21,038)
(1,221,046)
1.9
South
Korea
Delivery
Hero
SE
.........
(10,882)
(480,114)
0.7
Kakao
Corp.
.............
(7,811)
(293,381)
0.5
LG
Electronics,
Inc.
........
(2,064)
(199,771)
0.3
Lotte
Energy
Materials
Corp.
..
(5,784)
(213,234)
0.3
POSCO
Future
M
Co.
Ltd.
...
(4,708)
(1,270,192)
1.9
SK
Innovation
Co.
Ltd.
......
(2,002)
(242,711)
0.4
SK,
Inc.
................
(2,037)
(231,066)
0.4
SKC
Co.
Ltd.
............
(268)
(19,991)
0.0
(b)
(2,950,460)
Spain
CaixaBank
SA
...........
(99,037)
(410,242)
0.6
Sweden
Securitas
AB,
Class
B
......
(20,271)
(166,501)
0.3
Switzerland
Bachem
Holding
AG
.......
(11,079)
(967,370)
1.5
Cie
Financiere
Richemont
SA
.
(1,386)
(235,437)
0.3
Tecan
Group
AG
(Registered)
.
(1,811)
(695,920)
1.0
UBS
Group
AG
(Registered)
..
(100,247)
(2,031,874)
3.1
Zurich
Insurance
Group
AG
..
(516)
(245,455)
0.4
(4,176,056)
Taiwan
Powerchip
Semiconductor
Manufacturing
Corp.
.....
(6,000)
(5,989)
0.0
(b)
United
Kingdom
Centrica
plc
.............
(253,051)
(398,996)
0.6
Ocado
Group
plc
.........
(137,310)
(993,634)
1.5
(1,392,630)
United
States
Air
Transport
Services
Group,
Inc.
.................
(5,985)
(112,937)
0.2
Airbnb,
Inc.,
Class
A
.......
(1,229)
(157,509)
0.2
Align
Technology,
Inc.
......
(1,438)
(508,534)
0.8
Bank
of
Hawaii
Corp.
.......
(6,713)
(276,777)
0.4
BankUnited,
Inc.
..........
(13,729)
(295,860)
0.5
Banner
Corp.
............
(5,013)
(218,918)
0.3
Block,
Inc.,
Class
A
........
(1,791)
(119,227)
0.2
Boeing
Co.
(The)
.........
(722)
(152,458)
0.2
Boston
Properties,
Inc.
......
(27,143)
(1,563,165)
2.4
Brandywine
Realty
Trust
....
(1,273)
(5,919)
0.0
(b)
Broadridge
Financial
Solutions,
Inc.
.................
(5,529)
(915,768)
1.4
Cadence
Bank
...........
(12,423)
(243,988)
0.4
Capital
One
Financial
Corp.
..
(1,149)
(125,666)
0.2
Charles
River
Laboratories
International,
Inc.
.......
(7,732)
(1,625,653)
2.5
Charles
Schwab
Corp.
(The)
..
(9,586)
(543,334)
0.8
Church
&
Dwight
Co.,
Inc.
...
(12,827)
(1,285,650)
2.0
Columbia
Banking
System,
Inc.
(12,013)
(243,624)
0.4
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
48
Shares
Value
%
of
Basket
Value
United
States
(continued)
Community
Bank
System,
Inc.
.
(4,840)
$
(226,899)
0.3
%
CoStar
Group,
Inc.
........
(3,261)
(290,229)
0.4
Crown
Castle,
Inc.
.........
(1,367)
(155,756)
0.2
Cullen/Frost
Bankers,
Inc.
...
(2,706)
(290,976)
0.4
CVB
Financial
Corp.
.......
(17,334)
(230,196)
0.4
Darden
Restaurants,
Inc.
....
(1,517)
(253,460)
0.4
Devon
Energy
Corp.
.......
(4,696)
(227,005)
0.3
DISH
Network
Corp.,
Class
A
.
(38,567)
(254,157)
0.4
Dollar
General
Corp.
.......
(28)
(4,754)
0.0
(b)
Enphase
Energy,
Inc.
.......
(457)
(76,538)
0.1
Equifax,
Inc.
.............
(2,046)
(481,424)
0.7
FB
Financial
Corp.
........
(8,925)
(250,346)
0.4
Fiserv,
Inc.
..............
(13,411)
(1,691,798)
2.6
Frontier
Communications
Parent,
Inc.
.................
(7,768)
(144,796)
0.2
General
Electric
Co.
.......
(1,940)
(213,109)
0.3
Glacier
Bancorp,
Inc.
.......
(8,122)
(253,163)
0.4
Hancock
Whitney
Corp.
.....
(6,699)
(257,108)
0.4
Huntington
Bancshares,
Inc.
..
(47,488)
(511,921)
0.8
International
Business
Machines
Corp.
...............
(4,747)
(635,196)
1.0
Iron
Mountain,
Inc.
........
(17,223)
(978,611)
1.5
James
Hardie
Industries
plc,
CDI
................
(10,798)
(288,047)
0.4
KKR
&
Co.,
Inc.
..........
(8,651)
(484,456)
0.7
Lamb
Weston
Holdings,
Inc.
..
(5,061)
(581,762)
0.9
Martin
Marietta
Materials,
Inc.
.
(467)
(215,609)
0.3
Netflix,
Inc.
..............
(248)
(109,242)
0.2
Newell
Brands,
Inc.
........
(21,588)
(187,816)
0.3
OceanFirst
Financial
Corp.
...
(8,566)
(133,801)
0.2
ON
Semiconductor
Corp.
....
(1,999)
(189,065)
0.3
Shares
Value
%
of
Basket
Value
United
States
(continued)
Oracle
Corp.
............
(638)
$
(75,979)
0.1
%
Pacific
Premier
Bancorp,
Inc.
.
(12,715)
(262,946)
0.4
PayPal
Holdings,
Inc.
......
(2,554)
(170,428)
0.3
Prosperity
Bancshares,
Inc.
..
(3,788)
(213,946)
0.3
QUALCOMM,
Inc.
.........
(1,202)
(143,086)
0.2
Raymond
James
Financial,
Inc.
(5,522)
(573,018)
0.9
Republic
Services,
Inc.
.....
(3,077)
(471,304)
0.7
ResMed,
Inc.
............
(1,951)
(426,293)
0.6
Revvity,
Inc.
.............
(5,768)
(685,181)
1.0
Sabre
Corp.
.............
(7,878)
(25,131)
0.0
(b)
ServisFirst
Bancshares,
Inc.
..
(5,097)
(208,569)
0.3
Simon
Property
Group,
Inc.
..
(1,713)
(197,817)
0.3
SouthState
Corp.
.........
(3,647)
(239,973)
0.4
STERIS
plc
.............
(5,989)
(1,347,405)
2.1
Synovus
Financial
Corp.
....
(2,412)
(72,963)
0.1
Targa
Resources
Corp.
.....
(6,646)
(505,761)
0.8
T-Mobile
US,
Inc.
.........
(7,669)
(1,065,224)
1.6
Truist
Financial
Corp.
.......
(16,365)
(496,678)
0.8
UMB
Financial
Corp.
.......
(4,081)
(248,533)
0.4
Valley
National
Bancorp
.....
(33,141)
(256,843)
0.4
Washington
Federal,
Inc.
....
(8,916)
(236,452)
0.4
Western
Alliance
Bancorp
....
(18,836)
(686,949)
1.0
Xerox
Holdings
Corp.
.......
(3,714)
(55,301)
0.1
Zions
Bancorp
NA
.........
(3,111)
(83,561)
0.1
(26,761,568)
Preferred
Securities
Brazil
Alpargatas
SA
(Preference)
..
(92,141)
(178,963)
0.3
Total
Reference
Entity
—
Short
............
(65,773,459)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(65,773,459)
(a)
Amount
is
greater
than
(0.1)%.
(b)
Rounds
to
less
than
0.1%.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.05
%
1-day
EFFR
.........................................
Effective
Federal
Funds
Rate
5.08
1-day
ESTR
.........................................
Euro
Short-Term
Rate
3.40
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5.07
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
4.93
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11.50
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3.75
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8.50
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3.90
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
49
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Balances
Reported
in
the
Consolidated
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
............................................
$
205,221
$
(2,036,006)
$
66,429,734
$
(88,808,641)
$
—
OTC
Swaps
.....................................................
560,967
(20,253)
2,756,520
(4,005,659)
—
Options
Written
...................................................
N/A
N/A
5,407,394
(7,922,273)
(16,289,335)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Consolidated
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Consolidated
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Consolidated
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
1,130,821
$
—
$
14,552,838
$
—
$
15,683,659
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
15,498,841
—
—
15,498,841
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
............
—
28,545
15,560,314
320,591
821,148
—
16,730,598
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
1,675,303
—
—
64,754,431
—
66,429,734
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
645,045
41,159
—
2,631,283
—
3,317,487
$
—
$
2,348,893
$
16,732,294
$
15,819,432
$
82,759,700
$
—
$
117,660,319
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
3,577,062
$
—
$
2,729,505
$
—
$
6,306,567
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
15,759,306
—
—
15,759,306
Options
written
(b)
Options
written
at
value
.....................
—
940
3,916,122
70,451
12,301,822
—
16,289,335
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
625,277
—
—
88,124,831
58,533
88,808,641
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
346,065
1,218,251
—
2,461,596
—
4,025,912
$
—
$
972,282
$
8,711,435
$
15,829,757
$
105,617,754
$
58,533
$
131,189,761
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Consolidated
Schedule
of
Investments.
In
the
Consolidated
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Consolidated
Schedule
of
Investments.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
50
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Consolidated
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Consolidated
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(24,371,320)
$
—
$
(14,089,656)
$
—
$
(38,460,976)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(27,376,384)
—
—
(27,376,384)
Options
purchased
(a)
.....................
—
(279,576)
(4,258,559)
(1,756,451)
(3,276,986)
—
(9,571,572)
Options
written
........................
—
50,851
14,495,323
659,614
10,569,550
—
25,775,338
Swaps
..............................
—
117,952
(3,887,546)
—
3,626,523
50,196
(92,875)
$
—
$
(110,773)
$
(18,022,102)
$
(28,473,221)
$
(3,170,569)
$
50,196
$
(49,726,469)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(11,648,272)
$
—
$
17,984,901
$
—
$
6,336,629
Forward
foreign
currency
exchange
contracts
....
—
—
—
16,806,207
—
—
16,806,207
Options
purchased
(b)
.....................
—
(51,237)
5,920,270
(946,896)
(11,548,677)
35,934
(6,590,606)
Options
written
........................
—
16,818
(1,353,620)
29,888
16,905,048
—
15,598,134
Swaps
..............................
—
(789,022)
(677,373)
—
(26,287,167)
(26,771)
(27,780,333)
$
—
$
(823,441)
$
(7,758,995)
$
15,889,199
$
(2,945,895)
$
9,163
$
4,370,031
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
746,396,257
Average
notional
value
of
contracts
—
short
.................................................................................
$
1,147,432,137
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
432,908,283
Average
amounts
sold
—
in
USD
........................................................................................
$
936,575,309
Options
Average
value
of
option
contracts
purchased
................................................................................
$
18,739,988
Average
value
of
option
contracts
written
...................................................................................
$
7,628,931
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
554,081,337
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
2,013,580,570
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
51,927,963
Average
notional
value
—
sell
protection
...................................................................................
$
23,035,625
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
1,256,721,620
Average
notional
value
—
receives
fixed
rate
................................................................................
$
3,341,780,812
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
3,753,083
Total
return
swaps
Average
notional
value
...............................................................................................
$
94,659,001
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
2,813,903
$
5,633,205
Forward
foreign
currency
exchange
contracts
.................................................................
15,498,841
15,759,306
Options
(a)(b)
........................................................................................
16,730,598
16,289,335
Swaps
—
centrally
cleared
..............................................................................
—
156,226
Swaps
—
OTC
(c)
.....................................................................................
3,317,487
4,025,912
Total
derivative
assets
and
liabilities
in
the
Consolidated
Statement
of
Assets
and
Liabilities
....................................
$
38,360,829
$
41,863,984
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(18,236,952)
(9,694,308)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
20,123,877
$
32,169,676
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
51
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Consolidated
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Consolidated
Schedule
of
Investments
above.
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Consolidated
Statement
of
Assets
and
Liabilities
and
reported
in
the
Consolidated
Schedule
of
Investments.
(b)
Includes
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
7,007,307
$
(497,233)
$
—
$
—
$
6,510,074
Barclays
Bank
plc
................................
1,341,684
(1,341,684)
—
—
—
BNP
Paribas
SA
.................................
733,170
(79,944)
—
—
653,226
Citibank
NA
....................................
3,282,735
(3,282,735)
—
—
—
Deutsche
Bank
AG
...............................
81,427
(81,427)
—
—
—
Goldman
Sachs
International
........................
569,472
(569,472)
—
—
—
HSBC
Bank
plc
..................................
1,193,881
(174,620)
—
—
1,019,261
JPMorgan
Chase
Bank
NA
..........................
2,924,358
(2,924,358)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
2,432,740
(1,070,007)
—
—
1,362,733
Nomura
International
plc
...........................
301,036
—
—
—
301,036
Societe
Generale
SA
..............................
56,214
—
—
—
56,214
State
Street
Bank
and
Trust
Co.
......................
61,433
(61,433)
—
—
—
UBS
AG
......................................
138,420
(138,420)
—
—
—
$
20,123,877
$
(10,221,333)
$
—
$
—
$
9,902,544
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(d)
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(b)(e)
Bank
of
America
NA
..............................
$
497,233
$
(497,233)
$
—
$
—
$
—
Bank
of
New
York
Mellon
...........................
1,365
—
—
—
1,365
Barclays
Bank
plc
................................
1,466,925
(1,341,684)
—
—
125,241
BNP
Paribas
SA
.................................
79,944
(79,944)
—
—
—
Citibank
NA
....................................
4,283,353
(3,282,735)
(1,000,618)
—
—
Deutsche
Bank
AG
...............................
101,643
(81,427)
—
—
20,216
Goldman
Sachs
International
........................
5,947,151
(569,472)
(4,011,306)
—
1,366,373
HSBC
Bank
plc
..................................
174,620
(174,620)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
7,848,120
(2,924,358)
(3,553,113)
—
1,370,649
Morgan
Stanley
&
Co.
International
plc
..................
1,070,007
(1,070,007)
—
—
—
State
Street
Bank
and
Trust
Co.
......................
66,109
(61,433)
—
—
4,676
UBS
AG
......................................
10,633,206
(138,420)
—
—
10,494,786
$
32,169,676
$
(10,221,333)
$
(8,565,037)
$
—
$
13,383,306
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
written
receivable/payable
on
the
Consolidated
Statement
of
Assets
and
Liabilities.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
52
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Cayman
Islands
........................................
$
—
$
26,839,619
$
—
$
26,839,619
Ireland
..............................................
—
1,942,332
—
1,942,332
Jersey,
Channel
Islands
...................................
—
929,440
—
929,440
United
States
..........................................
—
29,290,886
5,156,022
34,446,908
Common
Stocks
Australia
.............................................
—
19,192,424
51
19,192,475
Belgium
.............................................
—
1,440,828
—
1,440,828
Brazil
...............................................
4,889,260
—
—
4,889,260
Canada
.............................................
65,016,223
—
—
65,016,223
Cayman
Islands
........................................
—
—
768,730
768,730
China
...............................................
1,528,551
46,475,234
372,939
48,376,724
Denmark
.............................................
—
11,537,516
—
11,537,516
Finland
..............................................
—
1,702,205
—
1,702,205
France
..............................................
—
141,979,775
—
141,979,775
Germany
............................................
2,339,451
92,609,668
570,459
95,519,578
Hong
Kong
...........................................
—
13,550,618
—
13,550,618
India
...............................................
—
2,841,543
1,427,001
4,268,544
Indonesia
............................................
—
591,220
—
591,220
Ireland
..............................................
—
1,587,481
—
1,587,481
Israel
...............................................
12,298,314
—
—
12,298,314
Italy
................................................
—
18,408,668
—
18,408,668
Japan
...............................................
—
166,866,237
—
166,866,237
Jordan
..............................................
—
191,002
—
191,002
Mexico
..............................................
4,755,845
—
—
4,755,845
Netherlands
...........................................
10,479,492
101,235,425
—
111,714,917
Norway
..............................................
—
2,783,124
—
2,783,124
Peru
................................................
365,261
—
—
365,261
Saudi
Arabia
..........................................
—
960,845
—
960,845
Singapore
............................................
—
2,896,785
—
2,896,785
South
Africa
...........................................
908,149
806,309
—
1,714,458
South
Korea
..........................................
—
17,749,133
—
17,749,133
Spain
...............................................
—
24,735,274
—
24,735,274
Sweden
.............................................
—
9,910,730
—
9,910,730
Switzerland
...........................................
12,826,042
79,978,807
—
92,804,849
Taiwan
..............................................
—
21,462,149
—
21,462,149
United
Arab
Emirates
....................................
—
—
4
4
United
Kingdom
........................................
6,372,399
99,128,791
—
105,501,190
United
States
..........................................
1,567,290,010
12,318,401
21,701,795
1,601,310,206
Corporate
Bonds
Australia
.............................................
—
387,828
19,338,718
19,726,546
Austria
..............................................
—
2,154,164
—
2,154,164
Belgium
.............................................
—
2,970,870
—
2,970,870
Brazil
...............................................
—
2,395,625
—
2,395,625
Canada
.............................................
—
14,940,184
—
14,940,184
Chile
...............................................
—
506,411
—
506,411
China
...............................................
—
3,094,017
—
3,094,017
Colombia
............................................
—
924,932
—
924,932
Costa
Rica
...........................................
—
203,503
—
203,503
Dominican
Republic
.....................................
—
291,604
—
291,604
France
..............................................
—
6,541,752
2,148,573
8,690,325
Germany
............................................
—
18,551,916
2,621,537
21,173,453
Guatemala
...........................................
—
317,026
—
317,026
Hong
Kong
...........................................
—
813,398
—
813,398
India
...............................................
—
2,202,861
—
2,202,861
Indonesia
............................................
—
1,488,822
—
1,488,822
Ireland
..............................................
—
1,063,312
—
1,063,312
Israel
...............................................
—
3,718,384
—
3,718,384
Italy
................................................
—
16,719,013
—
16,719,013
Japan
...............................................
—
2,078,409
—
2,078,409
Kuwait
..............................................
—
733,807
—
733,807
Fair
Value
Hierarchy
as
of Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
53
Level
1
Level
2
Level
3
Total
Luxembourg
..........................................
$
—
$
7,410,402
$
—
$
7,410,402
Macau
..............................................
—
424,423
—
424,423
Malaysia
.............................................
—
947,214
—
947,214
Mexico
..............................................
—
1,171,567
—
1,171,567
Morocco
.............................................
—
502,736
—
502,736
Netherlands
...........................................
—
2,236,692
—
2,236,692
Nigeria
..............................................
—
544,511
—
544,511
Peru
................................................
—
359,576
—
359,576
Singapore
............................................
—
718,577
—
718,577
South
Africa
...........................................
—
2,449,707
—
2,449,707
South
Korea
..........................................
—
2,015,459
—
2,015,459
Spain
...............................................
—
2,744,933
—
2,744,933
Sweden
.............................................
—
5,596,328
—
5,596,328
Switzerland
...........................................
—
9,636,044
—
9,636,044
Thailand
.............................................
—
1,117,580
—
1,117,580
Turkey
..............................................
—
—
1,658,500
1,658,500
Ukraine
.............................................
—
374,291
—
374,291
United
Arab
Emirates
....................................
—
2,896,446
—
2,896,446
United
Kingdom
........................................
—
40,023,696
—
40,023,696
United
States
..........................................
—
237,252,898
15,607,503
252,860,401
Zambia
..............................................
—
3,150,512
—
3,150,512
Floating
Rate
Loan
Interests
Belgium
.............................................
—
2,173,917
—
2,173,917
Canada
.............................................
—
6,696,960
—
6,696,960
France
..............................................
—
7,673,309
—
7,673,309
Germany
............................................
—
2,807,937
—
2,807,937
Jersey,
Channel
Islands
...................................
—
—
3,817,236
3,817,236
Luxembourg
..........................................
—
—
8,745,428
8,745,428
Netherlands
...........................................
—
12,419,775
5,271,757
17,691,532
Spain
...............................................
—
—
5,895,896
5,895,896
Sweden
.............................................
—
2,223,233
—
2,223,233
United
Kingdom
........................................
—
3,303,050
13,230,520
16,533,570
United
States
..........................................
—
35,173,252
41,833,503
77,006,755
Foreign
Agency
Obligations
.................................
—
5,893,619
—
5,893,619
Foreign
Government
Obligations
..............................
—
291,755,297
—
291,755,297
Investment
Companies
....................................
118,874,889
—
—
118,874,889
Non-Agency
Mortgage-Backed
Securities
Bermuda
.............................................
—
976,402
—
976,402
Cayman
Islands
........................................
—
1,781,010
—
1,781,010
United
States
..........................................
—
120,550,894
13,102,618
133,653,512
Other
Interests
..........................................
—
—
7,869,275
7,869,275
Preferred
Securities
Brazil
...............................................
1,163,487
—
6,358,458
7,521,945
China
...............................................
—
—
14,440,546
14,440,546
Germany
............................................
—
6,899,916
9,147,869
16,047,785
India
...............................................
—
—
1,009,360
1,009,360
Israel
...............................................
—
—
7,233,052
7,233,052
Sweden
.............................................
—
—
887,364
887,364
United
Kingdom
........................................
—
—
2,298,590
2,298,590
United
States
..........................................
5,762,218
687,965
69,216,887
75,667,070
U.S.
Government
Sponsored
Agency
Securities
....................
—
238,235,619
—
238,235,619
U.S.
Treasury
Obligations
...................................
—
224,512,710
—
224,512,710
Warrants
..............................................
68,407
3,885
167,799
240,091
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
86,576,948
—
86,576,948
Money
Market
Funds
......................................
213,580,125
—
—
213,580,125
Time
Deposits
..........................................
—
1,441,238
—
1,441,238
Options
Purchased
Credit
contracts
..........................................
—
28,545
—
28,545
Equity
contracts
..........................................
15,140,369
419,945
—
15,560,314
Foreign
currency
exchange
contracts
...........................
—
320,591
—
320,591
Interest
rate
contracts
......................................
—
821,148
—
821,148
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
54
Level
1
Level
2
Level
3
Total
Liabilities
Investments
TBA
Sale
Commitments
....................................
$
—
$
(47,786,216)
$
—
$
(47,786,216)
Investment
Sold
Short
Common
Stocks
France
..............................................
—
(1,635,434)
—
(1,635,434)
United
States
..........................................
(1,756,535)
—
—
(1,756,535)
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
(45,364)
(45,364)
$
2,041,901,957
$
2,359,569,414
$
281,852,626
$
4,683,323,997
Investments
valued
at
NAV
(b)
......................................
7,651,160
$
—
$
4,690,975,157
$
—
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
1,759,381
$
—
$
1,759,381
Equity
contracts
...........................................
818,511
353,469
—
1,171,980
Foreign
currency
exchange
contracts
............................
—
15,498,841
—
15,498,841
Interest
rate
contracts
.......................................
14,552,838
67,385,714
—
81,938,552
Liabilities
Credit
contracts
...........................................
—
(952,029)
—
(952,029)
Equity
contracts
...........................................
(7,391,745)
(1,319,690)
—
(8,711,435)
Foreign
currency
exchange
contracts
............................
—
(15,829,757)
—
(15,829,757)
Interest
rate
contracts
.......................................
(2,729,505)
(102,888,249)
—
(105,617,754)
Other
contracts
...........................................
—
(58,533)
—
(58,533)
$
5,250,099
$
(36,050,853)
$
—
$
(30,800,754)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Options
Purchased
Other
Interests
Preferred
Securities
Unfunded
Floating
Rate
Loan
Interests
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2022
$
342,182
$
27,738,105
$
40,413,096
$
75,979,649
$
22,117,667
$
395,967
$
9,443,851
$
108,621,752
$
(73,117)
$
146,425
$
285,125,577
Transfers
into
Level
3
.............
—
605,211
2,530,394
3,446,028
2,735,663
—
—
—
—
—
9,317,296
Transfers
out
of
Level
3
............
(342,182)
—
—
(5,534,927)
(10,438,804)
—
—
—
—
—
(16,315,913)
Other
(a)
.......................
5,094,542
—
(5,094,542)
—
—
—
—
—
—
Accrued
discounts/premiums
.........
—
—
(456,029)
148,541
19,815
—
—
—
—
—
(287,673)
Net
realized
gain
(loss)
............
—
—
955
(409,584)
825
(480,714)
—
—
—
—
(888,518)
Net
change
in
unrealized
appreciation
(depreciation)
(b)(c)
..............
61,480
(4,271,253)
(3,624,248)
410,457
(690,224)
84,747
(1,574,576)
1,147,378
27,753
21,374
(8,407,112)
Purchases
.....................
—
1,425,801
7,721,403
15,907,882
—
—
—
6,382,482
—
—
31,437,568
Sales
........................
—
(656,885)
(116,198)
(11,153,706)
(642,324)
—
—
(5,559,486)
—
—
(18,128,599)
Closing
balance,
as
of
June
30,
2023
...
$
5,156,022
$
24,840,979
$
41,374,831
$
78,794,340
$
13,102,618
$
—
$
7,869,275
$
110,592,126
$
(45,364)
$
167,799
$
281,852,626
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2023
(c)
...............
$
61,480
$
(4,718,245)
$
(3,624,248)
$
737,868
$
(690,224)
$
—
$
(1,574,576)
$
2,744,946
$
27,752
$
21,374
$
(7,013,873)
(a)
Certain
Level
3
investments
were
re-classified
between
Asset-Backed
Securities
and
Corporate
Bonds.
(b)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Consolidated
Statement
of
Operations.
(c)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Global
Allocation
V.I.
Fund
Consolidated
Schedule
of
Investments
55
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
See
notes
to
consolidated
financial
statements.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
financial
instruments
as
of
period
end.
The
table
does
not
include
Level
3
financial
instruments
with
values
based
upon
unadjusted
third-party
pricing
information
in
the
amount
of
$28,672,679.
A
significant
change
in
the
third-party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Asset
Backed
Securities
........................
$
5,156,022
Income
Discount
Rate
9%
—
Common
Stocks
.............................
23,897,523
Market
Revenue
Multiple
1.70x
-
20.00x
4.33x
Volatility
42%
-
58%
46%
Time
to
Exit
1.3
-
1.6
years
1.4
years
Gross
Profit
Multiple
18.00x
—
Corporate
Bonds
.............................
37,896,866
Income
Discount
Rate
8%
–
26%
15%
Floating
Rate
Loan
Interests
......................
67,600,339
Income
Discount
Rate
4%
-
18%
12%
Credit
Spread
273
-
504
366
Other
Interests
..............................
7,869,275
Income
Discount
Rate
8%-10%
9%
Preferred
Stocks
.............................
110,592,124
Market
Revenue
Multiple
0.21x
–
29.00x
13.38x
EBIDTAR
Multiple
7.50x
—
Volatility
42%
-
80%
59%
Time
to
Exit
1.3
-
5.0
years
2.6
years
Market
Adjustment
Multiple
0.90x
—
Gross
Profit
Multiple
7.50x
-
31.50x
23.46x
Income
Discount
Rate
13%
—
Warrants
..................................
167,798
Market
Revenue
Multiple
29.00x
—
Volatility
44%
-
60%
64%
Time
to
Exit
0.7
-
4.3
years
4.0
year
$
253,179,947
Consolidated
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
56
BlackRock
Global
Allocation
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
4,476,553,824‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
265,644,882‌
Cash
.............................................................................................................
398,785‌
Cash
held
for
investments
sold
short
.........................................................................................
3,891,205‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
35,175,000‌
Centrally
cleared
swaps
................................................................................................
26,214,000‌
Foreign
currency,
at
value
(c)
...............................................................................................
6,733,969‌
Receivables:
–‌
Investments
sold
....................................................................................................
111,531,760‌
Securities
lending
income
—
affiliated
......................................................................................
16,770‌
TBA
sale
commitments
................................................................................................
48,155,117‌
Capital
shares
sold
...................................................................................................
350,194‌
Dividends
—
unaffiliated
...............................................................................................
2,482,611‌
Dividends
—
affiliated
.................................................................................................
1,053,835‌
Interest
—
affiliated
...................................................................................................
542,314‌
Interest
—
unaffiliated
.................................................................................................
14,812,592‌
From
custodian
.....................................................................................................
2,092,881‌
Variation
margin
on
futures
contracts
.......................................................................................
2,813,903‌
Swap
premiums
paid
...................................................................................................
560,967‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
15,498,841‌
OTC
swaps
........................................................................................................
2,756,520‌
Prepaid
expenses
.....................................................................................................
54,095‌
Total
assets
.........................................................................................................
5,017,334,065‌
LIABILITIES
Investments
sold
short,
at
value
(d)
...........................................................................................
3,391,969‌
Cash
received:
–‌
Collateral
—
OTC
derivatives
............................................................................................
1,462,000‌
Options
written,
at
value
(e)
................................................................................................
16,289,335‌
TBA
sale
commitments,
at
value
(f)
...........................................................................................
47,786,216‌
Payables:
–‌
Investments
purchased
................................................................................................
359,904,373‌
Swaps  
..........................................................................................................
1,902,188‌
Capital
shares
redeemed
...............................................................................................
1,883,398‌
Deferred
foreign
capital
gain
tax
..........................................................................................
79,500‌
Distribution
fees
.....................................................................................................
796,191‌
Investment
advisory
fees
..............................................................................................
2,388,672‌
Directors'
and
Officer's
fees
.............................................................................................
2,809‌
Professional
fees
....................................................................................................
549,977‌
Variation
margin
on
futures
contracts
.......................................................................................
5,633,205‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
156,226‌
Other
accrued
expenses
...............................................................................................
3,383,436‌
Swap
premiums
received
................................................................................................
20,253‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
15,759,306‌
OTC
swaps
........................................................................................................
4,005,659‌
Unfunded
floating
rate
loan
interests
.......................................................................................
45,364‌
Total
liabilities
........................................................................................................
465,440,077‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
4,551,893,988‌
See
notes
to
consolidated
financial
statements.
Consolidated
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
57
Consolidated
Financial
Statements
See
notes
to
consolidated
financial
statements.
BlackRock
Global
Allocation
V.I.
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
4,542,289,633‌
Accumulated
earnings
..................................................................................................
9,604,355‌
NET
ASSETS
........................................................................................................
$
4,551,893,988‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
4,380,763,598‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
306,381,695‌
(c)
  Foreign
currency,
at
cost
...............................................................................................
$
6,753,313‌
(d)
  Proceeds
received
from
short
sales
.......................................................................................
$
2,791,449‌
(e)
  Premiums
received
..................................................................................................
$
13,774,456‌
(f)
  Proceeds
received
from
TBA
sale
commitments
................................................................................
$
48,155,117‌
Consolidated
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
58
See
notes
to
consolidated
financial
statements.
BlackRock
Global
Allocation
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
887,051,933‌
Shares
outstanding
..................................................................................................
56,036,751‌
Net
asset
value
.....................................................................................................
$
15.83‌
Shares
authorized
...................................................................................................
400
million
Par
value
.........................................................................................................
$
0.10‌
Class
II
Net
assets
.........................................................................................................
$
200,482,869‌
Shares
outstanding
..................................................................................................
12,758,632‌
Net
asset
value
.....................................................................................................
$
15.71‌
Shares
authorized
...................................................................................................
200
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
3,464,359,186‌
Shares
outstanding
..................................................................................................
272,783,442‌
Net
asset
value
.....................................................................................................
$
12.70‌
Shares
authorized
...................................................................................................
1.5
billion
Par
value
.........................................................................................................
$
0.10‌
Consolidated
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
59
Consolidated
Financial
Statements
See
notes
to
consolidated
financial
statements.
BlackRock
Global
Allocation
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
29,918,554‌
Dividends
—
affiliated
.................................................................................................
8,265,552‌
Interest
—
affiliated
..................................................................................................
542,314‌
Interest
—
unaffiliated
.................................................................................................
39,372,171‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
245,134‌
Foreign
taxes
withheld
................................................................................................
(1,752,323‌)
Foreign
withholding
tax
claims
...........................................................................................
5,378,790‌
Total
investment
income
.................................................................................................
81,970,192‌
EXPENSES
Investment
advisory
..................................................................................................
14,662,258‌
Distribution
—
class
specific
............................................................................................
4,450,563‌
Transfer
agent
—
class
specific
..........................................................................................
3,249,010‌
Professional
.......................................................................................................
692,505‌
Custodian
.........................................................................................................
356,090‌
Accounting
services
..................................................................................................
182,396‌
Directors
and
Officer
.................................................................................................
19,057‌
Printing
and
postage
.................................................................................................
15,464‌
Miscellaneous
......................................................................................................
84,377‌
Total
expenses
excluding
dividend
expense
....................................................................................
23,711,720‌
Dividends
expense
—
unaffiliated
.........................................................................................
29,839‌
Total
expenses
.......................................................................................................
23,741,559‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(225,168‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(1,718,245‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
21,798,146‌
Net
investment
income
..................................................................................................
60,172,046‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
249,892,729‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
(a)
..........................................................................................
59,980,520‌
Investments
—
affiliated
.............................................................................................
(69,197‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
(27,376,384‌)
Foreign
currency
transactions
.........................................................................................
946,721‌
Futures
contracts
..................................................................................................
(38,460,976‌)
Options
written
...................................................................................................
25,775,338‌
Short
sales
—
unaffiliated
............................................................................................
134,948‌
Swaps
.........................................................................................................
(92,875‌)
A
20,838,095‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(b)
..........................................................................................
219,991,337‌
Investments
—
affiliated
.............................................................................................
(1,814,944‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
16,806,207‌
Foreign
currency
translations
..........................................................................................
31,260‌
Futures
contracts
..................................................................................................
6,336,629‌
Options
written
...................................................................................................
15,598,134‌
Short
sales
—
unaffiliated
............................................................................................
(141,409‌)
Swaps
.........................................................................................................
(27,780,333‌)
Unfunded
floating
rate
loan
interests
.....................................................................................
27,753‌
A
229,054,634‌
Net
realized
and
unrealized
gain
...........................................................................................
249,892,729‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
310,064,775‌
(a)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
...............................................................
$
(3,471
)
(b)
  Net
of
reduction
in
deferred
foreign
capital
gain
tax
of
...........................................................................
$
117,533
Consolidated
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
60
BlackRock
Global
Allocation
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
60,172,046
‌
$
77,557,471
‌
Net
realized
gain
..................................................................................
20,838,095
‌
138,703,867
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
229,054,634
‌
(1,326,078,696
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
310,064,775
‌
(1,109,817,358
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(11,496,335
)
  Class
II
.......................................................................................
—
‌
(2,662,787
)
  Class
III
.......................................................................................
—
‌
(58,454,632
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(72,613,754
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(251,812,605
)
(1,862,093,888
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
58,252,170
‌
(3,044,525,000
)
Beginning
of
period
..................................................................................
4,493,641,818
‌
7,538,166,818
‌
End
of
period
......................................................................................
$
4,551,893,988
‌
$
4,493,641,818
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
consolidated
financial
statements.
Consolidated
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
61
Consolidated
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(h)
Excludes
underlying
investments
in
total
return
swaps.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
consolidated
financial
statements.
BlackRock
Global
Allocation
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...........
$
14.77
‌
$
17.79
‌
$
19.49
‌
$
17.11
‌
$
15.19
‌
$
17.26
‌
Net
investment
income
(a)
...................
0.22
‌
0.25
‌
0.25
‌
0.17
‌
0.26
‌
0.26
‌
Net
realized
and
unrealized
gain
(loss)
..........
0.84
‌
(3.08
)
1.05
‌
3.41
‌
2.45
‌
(1.52
)
Net
increase
(decrease)
from
investment
operations
..
1.06
‌
(2.83
)
1.30
‌
3.58
‌
2.71
‌
(1.26
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
—
‌
—
‌
(0.17
)
(0.24
)
(0.22
)
(0.17
)
From
net
realized
gain
.....................
—
‌
(0.19
)
(2.83
)
(0.96
)
(0.57
)
(0.64
)
Total
distributions
.........................
—
‌
(0.19
)
(3.00
)
(1.20
)
(0.79
)
(0.81
)
Net
asset
value,
end
of
period
................
$
15.83
‌
$
14.77
‌
$
17.79
‌
$
19.49
‌
$
17.11
‌
$
15.19
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
7.18
%
(d)
(15.86
)%
6.67
%
21.08
%
17.92
%
(7.34
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...........................
0.78
%
(f)
0.79
%
0.82
%
0.84
%
0.74
%
0.75
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.76
%
(f)
0.73
%
0.73
%
0.73
%
0.73
%
0.74
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees,
expenses
on
short
sales
and
professional
fees
for
foreign
withholding
taxes
...................
0.73
%
(f)
0.72
%
0.73
%
0.73
%
0.73
%
0.73
%
Net
investment
income
.....................
2.88
%
(f)
1.59
%
1.23
%
0.95
%
1.60
%
1.53
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
887,052
‌
$
859,808
‌
$
1,606,132
‌
$
1,368,516
‌
$
1,192,769
‌
$
2,091,197
‌
Portfolio
turnover
rate
(g)
......................
123
%
(h)
110
%
(i)
133
%
161
%
198
%
144
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(excluding
MDRs)
...............................
86%
102%
123%
161%
198%
144%
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
62
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(h)
Excludes
underlying
investments
in
total
return
swaps.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
consolidated
financial
statements.
BlackRock
Global
Allocation
V.I.
Fund
Class
II
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...........
$
14.67
‌
$
17.71
‌
$
19.41
‌
$
17.05
‌
$
15.14
‌
$
17.21
‌
Net
investment
income
(a)
...................
0.21
‌
0.22
‌
0.22
‌
0.14
‌
0.23
‌
0.23
‌
Net
realized
and
unrealized
gain
(loss)
..........
0.83
‌
(3.07
)
1.05
‌
3.39
‌
2.44
‌
(1.52
)
Net
increase
(decrease)
from
investment
operations
..
1.04
‌
(2.85
)
1.27
‌
3.53
‌
2.67
‌
(1.29
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
—
‌
—
‌
(0.14
)
(0.21
)
(0.19
)
(0.14
)
From
net
realized
gain
.....................
—
‌
(0.19
)
(2.83
)
(0.96
)
(0.57
)
(0.64
)
Total
distributions
.........................
—
‌
(0.19
)
(2.97
)
(1.17
)
(0.76
)
(0.78
)
Net
asset
value,
end
of
period
................
$
15.71
‌
$
14.67
‌
$
17.71
‌
$
19.41
‌
$
17.05
‌
$
15.14
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
7.09
%
(d)
(16.04
)%
6.55
%
20.88
%
17.76
%
(7.52
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...........................
1.05
%
(f)
1.04
%
1.02
%
1.02
%
1.02
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.92
%
(f)
0.90
%
0.88
%
0.88
%
0.88
%
0.89
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees,
expenses
on
short
sales
and
professional
fees
for
foreign
withholding
taxes
...................
0.89
%
(f)
0.89
%
0.88
%
0.88
%
0.88
%
0.88
%
Net
investment
income
.....................
2.71
%
(f)
1.44
%
1.07
%
0.80
%
1.41
%
1.34
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
200,483
‌
$
196,732
‌
$
255,542
‌
$
243,361
‌
$
224,159
‌
$
213,919
‌
Portfolio
turnover
rate
(g)
......................
123
%
(h)
110
%
(i)
133
%
161
%
198
%
144
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(excluding
MDRs)
...............................
86%
102%
123%
161%
198%
144%
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
63
Consolidated
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(h)
Excludes
underlying
investments
in
total
return
swaps.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
consolidated
financial
statements.
BlackRock
Global
Allocation
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...........
$
11.87
‌
$
14.38
‌
$
16.29
‌
$
14.47
‌
$
12.95
‌
$
14.84
‌
Net
investment
income
(a)
...................
0.16
‌
0.17
‌
0.17
‌
0.10
‌
0.19
‌
0.19
‌
Net
realized
and
unrealized
gain
(loss)
..........
0.67
‌
(2.49
)
0.87
‌
2.88
‌
2.08
‌
(1.31
)
Net
increase
(decrease)
from
investment
operations
..
0.83
‌
(2.32
)
1.04
‌
2.98
‌
2.27
‌
(1.12
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
—
‌
—
‌
(0.12
)
(0.20
)
(0.18
)
(0.13
)
From
net
realized
gain
.....................
—
‌
(0.19
)
(2.83
)
(0.96
)
(0.57
)
(0.64
)
Total
distributions
.........................
—
‌
(0.19
)
(2.95
)
(1.16
)
(0.75
)
(0.77
)
Net
asset
value,
end
of
period
................
$
12.70
‌
$
11.87
‌
$
14.38
‌
$
16.29
‌
$
14.47
‌
$
12.95
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
6.99
%
(d)
(16.07
)%
6.42
%
20.79
%
17.67
%
(7.58
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...........................
1.12
%
(f)
1.13
%
1.12
%
1.11
%
1.14
%
1.14
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.02
%
(f)
1.00
%
0.98
%
0.98
%
0.98
%
0.99
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
dividend
expense,
interest
expense,
broker
fees,
expenses
on
short
sales
and
professional
fees
for
foreign
withholding
taxes
...................
0.99
%
(f)
0.99
%
0.98
%
0.98
%
0.98
%
0.98
%
Net
investment
income
.....................
2.61
%
(f)
1.33
%
0.99
%
0.70
%
1.32
%
1.28
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
3,464,359
‌
$
3,437,102
‌
$
5,676,492
‌
$
6,966,480
‌
$
6,702,938
‌
$
6,669,996
‌
Portfolio
turnover
rate
(g)
......................
123
%
(h)
110
%
(i)
133
%
161
%
198
%
144
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(excluding
MDRs)
...............................
86%
102%
123%
161%
198%
144%
Notes
to
Consolidated
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
64
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
consolidated
financial
statements
presented
are
for
BlackRock
Global
Allocation
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I,
Class
II
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
II
and
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
Basis
of
Consolidation:
The
accompanying
consolidated
financial
statements
of
the
Fund
 include
the
accounts
of
BlackRock
Cayman
Global
Allocation
V.I.
Fund
I,
Ltd.
(the
“Cayman
Subsidiary”),
which
is
a
wholly-owned
subsidiary
of
the
Fund
and
primarily
invests
in
commodity-related
instruments.
The
Cayman
Subsidiary
enables
the
Fund
to
hold
these
commodity-related
instruments
and
satisfy
regulated
investment
company
tax
requirements.
The
Fund
 may
invest
up
to
25%
of
its
total
assets
in
the
Cayman
Subsidiary.
The
net
assets
of
the
Cayman
Subsidiary
as
of
period
end
were
$69,534,280
,
which
is
1.5%
 of
the
Fund’s
 consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated.
The
Cayman
Subsidiary
is
subject
to
the
same
investment
policies
and
restrictions
that
apply
to 
the
Fund
,
except
that
the
Cayman
Subsidiary
may
invest
without
limitation
in
commodity-related
instruments. 
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
consolidated
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
consolidated
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
consolidated
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed
(the
“trade
dates”).
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Consolidated
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Consolidated
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the Consolidated Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The Consolidated
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
65
Notes
to
Consolidated
Financial
Statements
Net
income
and
realized
gains
from
investments
held
by
the
Cayman
Subsidiary
are
treated
as
ordinary
income
for
tax
purposes. If
a
net
loss
is
realized
by
the  Cayman
Subsidiary
in
any
taxable
year,
the
loss
will
generally
not
be
available
to
offset
the
Fund’s
ordinary
income
and/or
capital
gains
for
that
year.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
The
Fund
has
an
arrangement
with its
custodian
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
The
Fund
may
incur
charges
on overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
consolidated
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
66
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
67
Notes
to
Consolidated
Financial
Statements
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Inflation-Indexed
Bonds:
Inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
are
fixed-income
securities
whose
principal
value
is
periodically
adjusted
according
to
the
rate
of
inflation.
If
the
index
measuring
inflation
rises
or
falls,
the
principal
value
of
inflation-indexed
bonds
(other
than
municipal
inflation-indexed
and
certain
corporate
inflation-indexed
bonds)
will
be
adjusted
upward
or
downward,
and
consequently
the
interest
payable
on
these
securities
(calculated
with
respect
to
a
larger
or
smaller
principal
amount)
will
be
increased
or
reduced,
respectively.
Any
upward
or
downward
adjustment
in
the
principal
amount
of
an
inflation-indexed
bond
is
included
as
interest
income
in
the
Consolidated
Statement
of
Operations,
even
though
investors
do
not
receive
their
principal
until
maturity.
Repayment
of
the
original
bond
principal
upon
maturity
(as
adjusted
for
inflation)
is
guaranteed
in
the
case
of
U.S.
Treasury
inflation-indexed
bonds.
For
bonds
that
do
not
provide
a
similar
guarantee,
the
adjusted
principal
value
of
the
bond
repaid
at
maturity
may
be
less
than
the
original
principal.
With
regard
to
municipal
inflation-indexed
bonds
and
certain
corporate
inflation-indexed
bonds,
the
inflation
adjustment
is
typically
reflected
in
the
semi-annual
coupon
payment.
As
a
result,
the
principal
value
of
municipal
inflation-indexed
bonds
and
such
corporate
inflation-indexed
bonds
does
not
adjust
according
to
the
rate
of
inflation.
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
Stripped
mortgage-backed
securities
may
be
privately
issued.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
68
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
Secured
Overnight
Financing
Rate
(“SOFR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
the
Fund
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
the
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Consolidated
Statement
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Consolidated
Statement
of
Assets
and
Liabilities
and
Consolidated
Statement
of
Operations.
As
of
period
end,
the
Fund
had
the
following
unfunded
floating
rate
loan
interests: 
Forward
Commitments, When-Issued
and
Delayed
Delivery
Securities
:
The
Fund
may
purchase
securities
on
a
when-issued
basis
and
may
purchase
or
sell
securities
on
a
forward
commitment
basis.
Settlement
of
such
transactions
normally
occurs
within
a
month
or
more
after
the
purchase
or
sale
commitment
is
made.
The
Fund
may
purchase
securities
under
such
conditions
with
the
intention
of
actually
acquiring
them
but
may
enter
into
a
separate
agreement
to
sell
the
securities
before
the
settlement
date.
Since
the
value
of
securities
purchased
may
fluctuate
prior
to
settlement,
the
Fund
may
be
required
to
pay
more
at
settlement
than
the
security
is
worth.
In
addition,
the
fund
is
not
entitled
to
any
of
the
interest
earned
prior
to
settlement.
When
purchasing
a
security
on
a
delayed
delivery
basis,
the
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty,
the
Fund’s
maximum
amount
of
loss
is
the
unrealized
appreciation
of
unsettled
when-issued
transactions.
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
BlackRock
Global
Allocation
V.I.
Fund
CML
ST
Regis
Aspen,
Term
Loan
......................
$
238,615‌
$
239,276‌
$
229,793‌
$
(9,483‌)
BlackRock
Global
Allocation
V.I.
Fund
Sheraton
Austin,
Term
Loan
..........................
720,323‌
720,323‌
691,743‌
(28,580‌)
BlackRock
Global
Allocation
V.I.
Fund
The
Vinoy
St.
Petersburg,
Term
Loan
...................
153,108‌
153,108‌
145,807‌
(7,301‌)
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
69
Notes
to
Consolidated
Financial
Statements
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. The
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Consolidated
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Consolidated
Schedule
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Fund
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
Commitments:
Commitments
are
agreements
to
acquire
an
investment
at
a
future
date
(subject
to
conditions)
in
connection
with
a
potential
public
or
non-public
offering. 
Such
agreements
may
obligate
the
fund
to
make
future
cash
payments. As
of
June
30,
2023
,
the Fund
had
outstanding
commitments
of
$7,142,364
.
These
commitments
are
not
included
in
the
net
assets
of
the Fund
as
of
June
30,
2023
.
Short
Sale
Transactions:
In
short
sale
transactions,
a
fund
sells
a
security
it
does
not
hold
in
anticipation
of
a
decline
in
the
market
price
of
that
security.
When
a
fund
makes
a
short
sale,
it
will
borrow
the
security
sold
short
from
a
broker/counterparty
and
deliver
the
security
to
the
purchaser. To
close
out
a
short
position,
a
fund
delivers
the
same
security
to
the
broker
and
records
a
liability
to
reflect
the
obligation
to
return
the
security
to
the
broker. The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
market
value
of
the
short
sale. A
fund
maintains
a
segregated
account
of
securities
or
deposits
cash
with
the
broker-dealer
as
collateral
for
the
short
sales.
Cash
deposited
with
the
broker
is
recorded
as
an
asset
in
the
Consolidated
Statement
of
Assets
and
Liabilities. 
Securities
segregated
as
collateral
are
denoted
in
the
Consolidated
Schedule
of
Investments. A
fund
may
pay
a
financing
fee
for
the
difference
between
the
market
value
of
the
short
position
and
the
cash
collateral
deposited
with
the
broker
which
would
be
recorded
as
interest
expense.
A
fund
is
required
to
repay
the
counterparty
any
dividends
received
on
the
security
sold
short,
which,
if
applicable,
is
shown
as
dividend
expense
in
the
Consolidated
Statement
of
Operations.
A
fund
may
pay
a
fee
on
the
assets
borrowed
from
the
counterparty,
which,
if
applicable,
is
shown
as
broker
fees
and
expenses
on
short
sales
in
the
Consolidated
Statement
of
Operations.
A
fund
is
exposed
to
market
risk
based
on
the
amount,
if
any,
that
the
market
value
of
the
security
increases
beyond
the
market
value
at
which
the
position
was
sold.
Thus,
a
short
sale
of
a
security
involves
the
risk
that
instead
of
declining,
the
price
of
the
security
sold
short
will
rise.
The
short
sale
of
securities
involves
the
possibility
of
an
unlimited
loss
since
there
is
an
unlimited
potential
for
the
market
price
of
the
security
sold
short
to
increase.
A
gain
is, limited
to
the
price
at
which
a
fund
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Consolidated
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Consolidated Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Consolidated Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
70
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Consolidated
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Consolidated
Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Consolidated
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Consolidated
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Consolidated
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Consolidated
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Consolidated
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Swaptions
–
The
Fund
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Fund’s
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option. 
Interest
rate
caps
and
floors
—
Interest
rate
caps
and
floors
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
(interest
rate
risk
and/or
other
risk).
Caps
are
agreements
whereby
one
party
agrees
to
make
payments
to
the
other,
in
return
for
a
premium,
to
the
extent
that
interest
rate
indexes
exceed
a
specified
rate,
or
“cap.”
Floors
are
agreements
whereby
one
party
agrees
to
make
payments
to
the
other,
in
return
for
a
premium,
to
the
extent
that
interest
rate indexes
fall
below
a
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
71
Notes
to
Consolidated
Financial
Statements
specified
rate,
or
“floor.”
The
maximum
potential
amount
of
future
payments
that
the
Fund
would
be
required
to
make
under
an
interest
rate
cap
would
be
the
notional
amount
times
the
percentage
increase
in
interest
rates
determined
by
the
difference
between
the
interest
rate
index
current
value
and
the
value
at
the
time
the
cap
was
entered
into.
Foreign
currency
options
–
The
Fund
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Consolidated
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Consolidated
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Consolidated
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Consolidated
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Consolidated
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Consolidated
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Fund
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Consolidated
Statement
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
72
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
—
The
Fund
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
the
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Consolidated
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Consolidated
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
provides
investment
management
and
other
services
to
the
Cayman
Subsidiary.
The
Manager
does
not
receive
separate
compensation
from
the
Cayman
Subsidiary
for
providing
investment
management
or
administrative
services.
However,
the
Fund
pays
the
Manager
based
on
the
Fund's
net
assets,
which
includes
the
assets
of
the
Cayman Subsidiary.
The
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
(Singapore)
Limited
(“BSL”),
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BSL
for
services
it
provides
for
that
portion
of
the
Fund
for
which
BSL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$6
billion
.........................................................................................................
0.65%
$6
billion
-
$8
billion
.....................................................................................................
0.61
$8
billion
-
$10
billion
....................................................................................................
0.59
$10
billion
-
$15
billion
...................................................................................................
0.57
Greater
than
$15
billion
...................................................................................................
0.55
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
73
Notes
to
Consolidated
Financial
Statements
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
following
table
shows
the
class
specific
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Consolidated
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Consolidated
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Consolidated
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$120,234.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Consolidated
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
the
Manager
waived
$104,934
in
investment
advisory
fees
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Consolidated
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
reimbursements
were
as
follows: 
Share
Class
Distribution
Fees
Class
II
...............................................................................................................
0.15‌%
Class
III
...............................................................................................................
0.25‌
Share
Class
Distribution
Fees
Class
II
.........................................................................................................
$
148,699‌
Class
III
.........................................................................................................
4,301,864‌
$
4,450,563‌
Class
I
Class
II
Class
III
Total
Transfer
agent
fees
-
class
specific
.......................................................
$
287,413‌
$
187,483‌
$
2,774,114‌
$
3,249,010‌
Class
I
................................................................................................................
0.07‌%
Class
II
...............................................................................................................
0.07‌
Class
III
...............................................................................................................
0.07‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
30,563‌
Class
II
......................................................................................................
118,091‌
Class
III
......................................................................................................
1,569,591‌
$
1,718,245‌
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
74
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund. For
the
six
months
ended
June
30,
2023,
there
were
no
investment
advisory
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold, the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses. 
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Consolidated
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $52,643
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Consolidated
Statement
of
Operations. 
7.
PURCHASES
AND
SALES 
For
the
six
months ended
June
30,
2023,
purchases
and
sales
of
investments
including
paydowns,
mortgage
dollar
rolls, and
excluding
short-term
securities,
were
as
follows:
For
the
six
months ended
June
30,
2023,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
$1,573,888,589
and
$1,573,171,977,
respectively. 
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Class
I
Class
II
Class
III
Expense
Limitations
.................................................................
1.25‌%
1.40‌%
1.50‌%
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
BlackRock
Global
Allocation
V.I.
Fund
........................................
$
83,196,935‌
$
102,433,788‌
$
5,273,010,927‌
$
5,142,172,058‌
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
75
Notes
to
Consolidated
Financial
Statements
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
consolidated
financial
statements.
As
of
December
31,
2022, the Fund
had
qualified
late-year
losses of
$28,117,137. 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
SOFR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Global
Allocation
V.I.
Fund
...................................
$
4,737,429,999‌
$
413,510,767‌
$
(425,999,977‌)
$
(12,489,210‌)
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
76
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Consolidated
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
the
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Fund
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Fund
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Fund,
and
not
the
counterparty,
to
perform.
The
Fund
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
the
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
options
purchased
and
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Consolidated
Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features. 
The
Fund
invests
a
significant
portion
of
its
assets
in fixed-income securities and/or uses
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the period
of
historically
low
interest
rates
that
ended
in
March
2022. The
Federal
Reserve
has
recently been
raising the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
announced
that
a
majority
of
USD
LIBOR
settings
will
no
longer
be
published
after
June
30,
2023.
All
other
LIBOR
settings
and
certain
other
interbank
offered
rates
ceased
to
be
published
after
December
31,
2021.
The
SOFR
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions.
The
Federal
Reserve
Board
adopted
regulations
that
provide
a
fallback
mechanism
by
identifying
benchmark
rates
based
on
SOFR
that
will
replace
LIBOR
in
certain
financial
contracts
after
June
30,
2023.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain.
Notes
to
Consolidated
Financial
Statements
(unaudited)
(continued)
77
Notes
to
Consolidated
Financial
Statements
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
Foreign
Withholdings
Tax
Claims
The
Internal
Revenue
Service
(“IRS”)
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Assuming
there
are
sufficient
foreign
taxes
paid
which
the
Fund
is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
the
Fund
will
be
able
to
offset
the
prior
years'
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
the
Fund.
13.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
consolidated
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
consolidated
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Global
Allocation
V.I.
Fund
Class
I
Shares
sold
.............................................
669,829‌
$
10,286,482‌
3,117,733‌
$
50,824,476‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
757,113‌
10,947,857‌
Shares
redeemed
.........................................
(2,846,553‌)
(43,709,717‌)
(35,940,590‌)
(567,817,357‌)
(2,176,724‌)
$
(33,423,235‌)
(32,065,744‌)
$
(506,045,024‌)
Class
II
Shares
sold
.............................................
178,456‌
$
2,714,746‌
553,705‌
$
8,746,129‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
185,173‌
2,662,787‌
Shares
redeemed
.........................................
(827,011‌)
(12,658,858‌)
(1,764,299‌)
(27,506,975‌)
(648,555‌)
$
(9,944,112‌)
(1,025,421‌)
$
(16,098,059‌)
Class
III
Shares
sold
.............................................
3,014,169‌
$
37,259,637‌
7,398,628‌
$
94,607,006‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
5,026,194‌
58,454,632‌
Shares
redeemed
.........................................
(19,910,729‌)
(245,704,895‌)
(117,589,687‌)
(1,493,012,443‌)
(16,896,560‌)
$
(208,445,258‌)
(105,164,865‌)
$
(1,339,950,805‌)
(19,721,839‌)
$
(251,812,605‌)
(138,256,030‌)
$
(1,862,093,888‌)
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
78
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CSMC
Credit
Suisse
Mortgage
Capital
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
DAC
Designated
Activity
Company
EFFR
Effective
Federal
Funds
Rate
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GUKG1
UK
Government
Bond
1
Year
Note
Generic
Bid
Yield
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
NASDAQ
National
Association
of
Securities
Dealers
Automated
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
TBA
To-be-announced
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Government
Money
Market
V.I.
Fund
Money
Market
Overview
For
the
Six-Month
Period
Ended
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
Market
Review 
During
the
period
ended
June
30,
2023,
over
the
course
of
four
meetings,
the
Federal
Open
Market
Committee
(the
“FOMC”,
“Committee”,
or
“the
Fed”),
increased
the
range
of
the
Federal
Funds
target
rate
from
1.50%-1.75%
in
June
2022
to
5.00%-5.25%
in
May
2023.
The
FOMC
left
the
federal
funds
target
rate
unchanged
in
June
2023,
maintaining
the
current
range
of
5.00%
to
5.25%.
The
vote
was
unanimous.
This
action
represented
the
first
meeting
since
“liftoff”
commenced
in
March
2022
that
no
action
was
taken
by
the
Committee
on
the
federal
funds
target
rate.
In
a
statement
released
in
conjunction
with
the
meeting,
the
Committee
again
noted
it
“remains
highly
attentive
to
inflation
risks”
whilst
acknowledging
that
“tighter
credit
conditions
for
households
and
businesses
are
likely
to
weigh
on
economic
activity,
hiring
and
inflation.”
In
line
with
this,
the
FOMC
added
that
keeping
the
target
range
unchanged
would
give
them
the
flexibility
to
adjust
rates
based
on
incoming
data
but
modified
their
guidance
for
the
monetary
policy
noting
that
“additional
policy
firming
may
be
appropriate”.
Economic
conditions
in
the
United
States
began
to
show
signs
of
moderation
in
the
first
two
quarters
of
2023
and
several
key
barometers
indicated
that
Fed’s
rate
hikes
were
starting
to
effect
the
economy:
the
unemployment
rate
was
3.6%
in
June
2023
(after
hitting
a
historic
low
of
3.4%
in
April)
and
the
consumer
price
index
(“CPI”)
started
the
year
at
6.4%
but
decreased
to
4.9%
by
the
end
of
Q2
2023.
The
Fed’s
updated
quarterly
projections
reflected
higher
growth
and
core
personal
consumption
expenditures
(“PCE”)
inflation
forecasts
for
2023
at
1%
and
3.9%
respectively,
along
with
expectations
for
unemployment
to
be
lower
in
2023
at
4.1%
from
4.5%
in
March.
The
“dot
plots”
moved
notably
higher
with
the
median
terminal
rate
rising
from
5.1%
to
5.6%
in
2023
along
with
the
projection
for
the
Fed
Funds
target
to
be
higher
at
the
end
of
the
two-year
forecast
period.
In
June
2023,
the
FOMC
added
that
keeping
the
target
range
unchanged
would
enable
it
“to
assess
additional
information
and
its
implications
for
monetary
policy.”
The
Committee
also
modified
previous
guidance
for
its
rate
path,
noting
that
“in
determining
the
extent
of
additional
policy
firming
that
may
be
appropriate”
to
reduce
inflation
to
its
2%
objective,
they
will
consider
various
factors
including
the
amount
of
tightening
so
far
and
the
lagged
effects
of
monetary
policy.
The
FOMC
again
noted
it
would
continue
reducing
its
holdings
of
Treasury
securities,
agency
debt
and
agency
mortgage-backed
securities
as
delineated
in
its
Plans
for
Reducing
the
Size
of
the
Federal
Reserve’s
Balance
Sheet
released
in
conjunction
with
the
May
4,
2022
FOMC
meeting.
For
the
first
two
quarters
of
2023,
markets
were
highly
focused
on
the
U.S.
debt-ceiling
negotiations,
stresses
in
the
banking
sector
and
the
path
of
monetary
policy.
Given
insufficient
near-term
T-bill
supply
(up
until
the
U.S.
debt-ceiling
resolution)
and
uncertainty
surrounding
the
Fed’s
hiking
path,
daily
utilization
of
the
Fed’s
reverse
repurchase
agreement
(“RRP”)
remained
high,
averaging
$2.16
trillion
per
day.
In
June
2023,
the
RRP
facility
held
a
balance
of
over
$2.03
trillion.
The
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities—
continued
to
rise
as
the
Fed
increased
rates.
SOFR
closed
June
2023
at
5.09%
and
has
averaged
4.73%
for
the
first
half
of
the
year.
The
3-month
London
Inter-bank
Offered
Rate
(“LIBOR”),
which
started
the
year
at
4.78%,
trended
upward
in
the
first
half
of
2023,
ending
June
at
5.22%.
The
3-month
LIBOR-
Overnight
Indexed
Swap
spread
(“L-OIS”)
–
a
gauge
of
stress
in
the
financial
system
–
hit
a
year-to-date
low
of
-0.05%
in
March
2023
following
news
of
stressed
liquidity
in
regional
banks
and
averaged
0.18%
for
the
first
two
quarters
of
the
year.
Industry-wide
money
market
mutual
funds
(“MMFs”)
experienced
net
inflows
of
approximately
$635
billion
during
Q1
and
Q2
2023.
Of
this,
assets
of
prime
and
municipal
MMFs
experienced
$146
billion
and
$1
billion
of
inflows,
respectively,
while
government
MMFs
rose
$488
billion.
Portfolio
Review 
The
prevailing
investment
themes
in
2022
included
the
path
of
monetary
policy
by
the
FOMC
and
other
central
banks,
the
U.S.
debt-ceiling,
and
stresses
in
the
banking
sector.
Yields
across
the
balance
of
the
Treasury
curve
rose
as
the
Fed
delivered
rate
hikes
in
an
attempt
to
quell
inflation.
Since
the
beginning
of
this
rate
hiking
cycle,
we
have
preferred
a
below-neutral
profile
across
our
government
funds.
We
continue
to
remain
selective
with
respect
to
adding
duration
until
we
see
more
policy
certainty
from
the
central
bank.
Approaching
quarter-end,
the
market
approached
an
inflection
point.
While
Chair
Powell
and
other
Committee
members
continue
to
push
a
“hawkish”
narrative,
we
believe
that
market
yields
toward
the
back-half
of
2023
show
that
markets
are
no
longer
expecting
the
Fed
to
cut
rates
this
year.
This
contrasts
expectations
of
cuts
in
2023
that
markets
held
earlier
this
year.
Outlook
A
short-term
outlook
for
inflation
above
the
FOMC’s
preferred
range
and
“hawkish”
rhetoric
from
officials
suggests
increases
in
the
target
range
for
the
federal
funds
rate
further
into
“restrictive
territory”
are
possible
through
at
least
the
third
quarter
of
2023.
The
market
has
been
in
a
near
constant
state
of
repricing
since
the
FOMC
first
lifted
rates
off
the
zero
lower
bound.
Pricing
volatility
should
persist
at
least
until
the
path
of
monetary
policy
becomes
more
clear.
In
2022,
T-bill
supply
declined
by
$41
billion,
with
no
material
relief
anticipated
going
into
2023,
as
the
United
States
began
nearing
the
debt
ceiling
limit.
This
insufficient
supply,
coupled
with
a
cohort
of
investors
with
elevated
levels
of
cash
who
lacked
access
to
the
Fed’s
RRP
program,
we
believe,
contributed
to
a
generally
strong
demand
for
T-bills
and
dealer
repurchase
agreements.
Upon
the
U.S.
debt
ceiling
resolution,
markets
are
expecting
$1.4
trillion
of
new
T-bill
supply
through
year-end,
with
most
issuance
skewed
towards
the
front
end
of
the
curve.
Eligible
funds
continued
to
utilize
the
Fed
RRP
throughout
the
period,
as
the
overnight
rate
increased
from
4.80%
at
the
beginning
of
the
quarter
to
5.25%
following
the
May
2023
FOMC
rate
hike.
Compared
to
investments
in
treasury
and
agency
obligations,
the
Fed
RRP
remained
a
compelling
investment
choice,
in
our
opinion.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Fund
Summary
as
of
June
30,
2023
3
Fund
Summary
BlackRock
Government
Money
Market
V.I.
Fund
Investment
Objective
BlackRock
Government
Money
Market
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
preserve
capital,
maintain
liquidity
and
achieve
the
highest
possible
current
income
consistent
with
the
foregoing.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Information
Disclosure
of
Expenses
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,022.30‌
$
1.50‌
$
1,000.00‌
$
1,023.31‌
$
1.51‌
0.30‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yield
7-Day
Yield
BlackRock
Government
Money
Market
V.I.
Fund
.....
4.84‌
%
4.84‌
%
The
7-Day
SEC
Yields
may
differ
from
the
7-Day
Yields
shown
above
due
to
the
fact
that
the
7-Day
SEC
Yields
exclude
distributed
capital
gains.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Repurchase
Agreements
...............................
54.7‌
%
U.S.
Government
Sponsored
Agency
Obligations
..............
35.2‌
U.S.
Treasury
Obligations
..............................
6.0‌
Other
Assets
Less
Liabilities
............................
4.1‌
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Government
Money
Market
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
+
0.04%),
5.10%
,
 07/12/23
.
USD
260
$
260,000
(1-day
SOFR
+
0.03%),
5.09%
,
 07/25/23
.
1,270
1,269,997
(1-day
SOFR
+
0.05%),
5.11%
,
 08/22/23
.
1,940
1,940,000
(1-day
SOFR
+
0.05%),
5.11%
,
 09/28/23
.
1,305
1,305,000
(1-day
SOFR
+
0.05%),
5.11%
,
 10/16/23
.
2,170
2,170,000
(1-day
SOFR
+
0.06%),
5.12%
,
 11/22/23
.
2,405
2,405,000
(1-day
SOFR
+
0.06%),
5.11%
,
 01/10/24
.
115
115,000
(1-day
SOFR
+
0.05%),
5.11%
,
 02/20/24
.
8,000
8,000,000
(1-day
SOFR
+
0.05%),
5.11%
,
 05/09/24
.
2,190
2,190,000
(1-day
SOFR
+
0.10%),
5.16%
,
 08/01/24
.
975
975,000
(1-day
SOFR
+
0.09%),
5.15%
,
 08/26/24
.
4,290
4,290,000
(1-day
SOFR
+
0.17%),
5.23%
,
 01/23/25
.
2,125
2,125,000
Federal
Farm
Credit
Discount
Notes
(b)
4.82%
,
 09/11/23
.................
1,090
1,079,100
4.93%
,
 10/16/23
.................
310
305,716
5.04%
,
 11/13/23
.................
310
304,594
Federal
Home
Loan
Bank
Bonds
3.38%
,
 09/01/23
.................
3,200
3,198,826
5.45%
,
 03/08/24
.................
1,405
1,404,391
5.40%
,
 03/27/24
.................
3,820
3,820,000
Federal
Home
Loan
Bank
Discount
Notes
(b)
3.85%
,
 07/14/23
.................
705
703,763
4.32%
,
 07/25/23
.................
4,145
4,131,294
4.53%
,
 08/04/23
.................
1,080
1,075,191
4.65%
,
 08/16/23
.................
2,410
2,394,572
4.69%
,
 08/23/23
.................
2,555
2,535,628
4.72%
,
 08/29/23
.................
1,300
1,289,731
4.79%
,
 09/01/23
.................
2,095
2,076,996
4.83%
,
 09/15/23
.................
8,470
8,380,773
5.17%
,
 02/02/24
.................
1,275
1,239,198
5.18%
,
 02/09/24
.................
6,340
6,145,352
Federal
Home
Loan
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
+
0.02%),
5.08%
,
 07/13/23
.
9,000
9,000,000
(1-day
SOFR
+
0.00%),
5.06%
,
 08/03/23
.
11,200
11,200,000
(1-day
SOFR
+
0.00%),
5.06%
,
 08/08/23
.
8,600
8,600,000
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Obligations
(continued)
(1-day
SOFR
+
0.07%),
5.13%
,
 08/22/23
.
USD
1,750
$
1,750,000
(1-day
SOFR
+
0.01%),
5.07%
,
 08/25/23
.
6,050
6,050,000
(1-day
SOFR
+
0.06%),
5.12%
,
 09/05/23
.
6,785
6,785,000
(1-day
SOFR
+
0.02%),
5.08%
,
 09/08/23
.
5,300
5,300,000
(1-day
SOFR
+
0.09%),
5.15%
,
 09/08/23
.
2,895
2,895,000
(1-day
SOFR
+
0.02%),
5.08%
,
 09/18/23
.
9,775
9,775,000
(1-day
SOFR
+
0.02%),
5.08%
,
 09/19/23
.
10,900
10,900,000
(1-day
SOFR
+
0.03%),
5.09%
,
 09/19/23
.
7,850
7,850,000
(1-day
SOFR
+
0.07%),
5.13%
,
 09/25/23
.
1,200
1,200,000
(1-day
SOFR
+
0.04%),
5.10%
,
 09/26/23
.
11,700
11,700,000
(1-day
SOFR
+
0.10%),
5.16%
,
 10/06/23
.
1,710
1,710,000
(1-day
SOFR
+
0.07%),
5.13%
,
 11/30/23
.
2,010
2,010,000
(1-day
SOFR
+
0.08%),
5.14%
,
 01/24/24
.
3,310
3,310,000
Total
U.S.
Government
Sponsored
Agency
Obligations
—
35.2%
(Cost:
$167,165,122)
.............................
167,165,122
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(b)
4.67%, 08/01/23
.................
2,785
2,774,379
4.85%, 08/10/23
.................
13,520
13,443,051
5.08%, 09/14/23
.................
1,700
1,681,760
5.36%, 06/13/24
.................
1,590
1,514,226
U.S.
Treasury
Notes
(a)
(US
Treasury
3
Month
Bill
Money
Market
Yield
-
0.08%),
5.17%, 04/30/24
.....
4,730
4,727,862
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.20%),
5.45%, 01/31/25
....
4,200
4,200,000
Total
U.S.
Treasury
Obligations
—
6.0%
(Cost:
$28,341,278)
..............................
28,341,278
Total
Repurchase
Agreements
—
54.7%
(Cost:
$259,750,000)
.............................
259,750,000
Total
Investments
—
95.9%
(Cost:
$455,256,400
)
(c)
............................
455,256,400
Other
Assets
Less
Liabilities
—
4.1%
...................
19,508,598
Net
Assets
—
100.0%
..............................
$
474,764,998
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Government
Money
Market
V.I.
Fund
Schedule
of
Investments
5
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
(000)
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
.....
5.06
%
06/30/23
07/03/23
$
22,000
$
22,000
$
22,009,277
U.S.
Treasury
Obligation,
0.50%,
due
05/31/27
.........
$
25,946,200
$
22,440,008
$
–
$
–
BNP
Paribas
SA
......
5.05
06/30/23
07/03/23
40,000
40,000
40,016,833
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.25%,
due
08/15/23
to
04/20/53
74,951,981
40,800,003
$
–
$
–
JP
Morgan
Securities
LLC
5.05
06/30/23
07/03/23
35,000
35,000
35,014,729
U.S.
Treasury
Obligations,
0.00%
to
1.50%,
due
10/26/23
to
01/31/27
.........
38,802,600
35,700,070
5.09
(a)
06/30/23
07/10/23
3,500
3,500
3,504,949
U.S.
Government
Sponsored
Agency
Obligations,
0.80%
to
3.00%,
due
03/25/44
to
09/20/51
.........
152,069,699
3,675,001
$
–
$
–
$
38,500
$
39,375,071
$
–
$
–
Mizuho
Securities
USA
LLC
.............
5.06
06/30/23
07/03/23
39,250
39,250
39,266,551
U.S.
Treasury
Obligation,
3.63%,
due
05/15/53
.........
41,571,100
40,035,058
$
–
$
–
Morgan
Stanley
&
Co.
LLC
5.05
06/30/23
07/03/23
40,000
40,000
40,016,833
U.S.
Treasury
Obligations,
0.38%
to
2.13%,
due
02/29/24
to
01/31/28
.........
36,257,800
40,800,053
$
–
$
–
Societe
Generale
SA
...
5.05
06/30/23
07/03/23
40,000
40,000
40,016,833
U.S.
Treasury
Obligation,
0.00%,
due
10/03/23
.........
41,367,500
40,800,062
$
–
$
–
TD
Securities
USA
LLC
..
5.05
06/30/23
07/03/23
40,000
40,000
40,016,833
U.S.
Treasury
Obligations,
1.50%
to
4.63%,
due
08/31/24
to
10/31/25
.........
42,020,900
40,800,055
$
–
$
–
$
259,750
$
265,050,310
$
–
$
–
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
259,750,000
$
—
$
259,750,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
167,165,122
—
167,165,122
U.S.
Treasury
Obligations
...................................
—
28,341,278
—
28,341,278
$
—
$
455,256,400
$
—
$
455,256,400
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Government
Money
Market
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
195,506,400‌
Cash
.............................................................................................................
21,337,031‌
Repurchase
agreements,
at
value
(b)
.........................................................................................
259,750,000‌
Receivables:
–‌
Capital
shares
sold
...................................................................................................
183,544‌
Interest
—
unaffiliated
.................................................................................................
887,510‌
Prepaid
expenses
.....................................................................................................
2,041‌
Other
assets
.........................................................................................................
125,529‌
Total
assets
.........................................................................................................
477,792,055‌
LIABILITIES
Payables:
–‌
Investments
purchased
................................................................................................
2,774,379‌
Capital
shares
redeemed
...............................................................................................
167‌
Investment
advisory
fees
..............................................................................................
105,149‌
Professional
fees
....................................................................................................
6,810‌
Other
accrued
expenses
...............................................................................................
140,552‌
Total
liabilities
........................................................................................................
3,027,057‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
474,764,998‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
474,754,288‌
Accumulated
earnings
..................................................................................................
10,710‌
NET
ASSETS
........................................................................................................
$
474,764,998‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
195,506,400‌
(b)
  Repurchase
agreements,
at
cost
.........................................................................................
$
259,750,000‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
7
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
474,764,998‌
Shares
outstanding
..................................................................................................
474,753,824‌
Net
asset
value
.....................................................................................................
$
1.00‌
Shares
authorized
...................................................................................................
3.3
billion
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
8
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
V.I.
Fund
INVESTMENT
INCOME
Interest
—
unaffiliated
.................................................................................................
$
10,356,479‌
Total
investment
income
.................................................................................................
10,356,479‌
EXPENSES
Investment
advisory
..................................................................................................
1,087,734‌
Professional
.......................................................................................................
32,356‌
Transfer
agent
—
class
specific
..........................................................................................
27,836‌
Accounting
services
..................................................................................................
20,831‌
Printing
and
postage
.................................................................................................
17,649‌
Custodian
.........................................................................................................
7,051‌
Directors
and
Officer
.................................................................................................
4,788‌
Transfer
agent
......................................................................................................
2,480‌
Miscellaneous
......................................................................................................
1,530‌
Total
expenses
.......................................................................................................
1,202,255‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(521,778‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(27,836‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
652,641‌
Net
investment
income
..................................................................................................
9,703,838‌
REALIZED
GAIN
(LOSS)
$
762‌
Net
realized
gain
from
investments
........................................................................................
762‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
9,704,600‌
Statements
of
Changes
in
Net
Assets

9
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Government
Money
Market
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
9,703,838
‌
$
6,664,495
‌
Net
realized
gain
..................................................................................
762
‌
8,517
‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
9,704,600
‌
6,673,012
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(9,703,838
)
(6,664,495
)
CAPITAL
TRANSACTIONS
Net
proceeds
from
sale
of
shares
.........................................................................
122,437,916
‌
237,832,814
‌
Reinvestment
of
distributions
............................................................................
9,737,641
‌
6,755,884
‌
Cost
s
of
shares
redeemed
..............................................................................
(86,344,776
)
(165,071,706
)
Net
increase
in
net
assets
derived
from
capital
transactions
.......................................................
45,830,781
‌
79,516,992
‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
45,831,543
‌
79,525,509
‌
Beginning
of
period
..................................................................................
428,933,455
‌
349,407,946
‌
End
of
period
......................................................................................
$
474,764,998
‌
$
428,933,455
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
BlackRock
Government
Money
Market
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...............
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Net
investment
income
........................
0.0221
‌
0.0146
‌
0.0000
(a)
0.0032
‌
0.0196
‌
0.0160
‌
Net
realized
gain
(loss)
........................
(
0.0000
)
(b)(c)
(0.0008
)
(c)
0.0001
‌
0.0002
‌
0.0000
(a)
(0.0001
)
Net
increase
from
investment
operations
..............
0.0221
‌
0.0138
‌
0.0001
‌
0.0034
‌
0.0196
‌
0.0159
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
....................
(0.0221
)
(0.0138
)
(0.0001
)
(0.0034
)
(0.0196
)
(0.0159
)
From
net
realized
gain
.........................
—
‌
(0.0000
)
(b)
(0.0000
)
(b)
(0.0000
)
(b)
(0.0000
)
(b)
—
‌
Total
distributions
.............................
(0.0221
)
(0.0138
)
(0.0001
)
(0.0034
)
(0.0196
)
(0.0159
)
Net
asset
value,
end
of
period
....................
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
$
1.00
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
........................
2.23
%
(f)
1.41
%
0.01
%
0.34
%
1.98
%
1.61
%
Ratios
to
Average
Net
Assets
Total
expenses
...............................
0.55
%
(g)
0.55
%
0.56
%
0.65
%
0.64
%
0.80
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.30
%
(g)
0.26
%
0.08
%
0.24
%
0.30
%
0.30
%
(h)
Net
investment
income
.........................
4.46
%
(g)
1.46
%
0.00
%
(i)
0.32
%
1.96
%
1.60
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
474,765
‌
$
428,933
‌
$
349,408
‌
$
261,398
‌
$
201,318
‌
$
199,439
‌
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
Amount
is
greater
than
$(0.00005)
per
share.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
(h)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.72%
and
0.29%,
respectively.
(i)
Amount
is
less
than
0.005%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
11
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Government
Money
Market
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
operates
as
a
“government
money
market
fund”
under
Rule
2a-7
under
the
1940
Act.
The
Fund
is
not
subject
to
liquidity
fees
or
temporary
suspensions
of
redemptions
due
to
declines
in
the
Fund's
weekly
liquid
assets.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis. 
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
. 
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
the
Fund
are
charged
to
the
Fund.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 U.S.
GAAP
defines
fair
value
as
the
price
the
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Fund’s
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security.
The
Fund
seeks
to
maintain
its
net
asset
value
(“NAV”)
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
repurchase
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for a
fund
and
its
counterparties.
Typically,
a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or the
fund,
respectively. 
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines, a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA, the
fund
receives
collateral
with
a
market
value
in
excess
of
the
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects
the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty. 
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager has
voluntarily
agreed
to
waive
a
portion
of
its investment
advisory
fees and/or
reimburse
operating
expenses
to
enable
the
Fund
to
maintain
minimum
levels
of
daily
net
investment
income
if
applicable.
These
amounts,
if
any,
are
reported
in
the
Statement
of
Operations
as
fees
waived
and/or
reimbursed
by
the
Manager.
The
Manager
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
six
months
 ended
June
30,
2023
,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
under
this
agreement.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.500%
$1
billion
-
$2
billion
.....................................................................................................
0.450
$2
billion
-
$3
billion
.....................................................................................................
0.400
$3
billion
-
$4
billion
.....................................................................................................
0.375
$4
billion
-
$7
billion
.....................................................................................................
0.350
$7
billion
-
$10
billion
....................................................................................................
0.325
$10
billion
-
$15
billion
...................................................................................................
0.300
Greater
than
$15
billion
...................................................................................................
0.290
Class
I
Transfer
agent
fees
-
class
specific
.............................................................................................
$
27,836‌
Notes
to
Financial
Statements
(unaudited)
(continued)
13
Notes
to
Financial
Statements
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”),
to
0.30%
of
average
daily
net
assets.
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitation
through
June
30,
2024,
unless
approved
by
the
Board
of
Directors
of
the
Company,
including
a
majority
of
the directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$521,778
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
In
addition,
this
amount
waived
and/or
reimbursed
by
the
Manager is
included
in transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements was as
follows: 
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
6.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
7.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
27,836‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
8.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
were
as
follows:
9.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Government
Money
Market
V.I.
Fund
Class
I
Shares
sold
.............................................
122,437,916‌
$
122,437,916‌
237,832,814‌
$
237,832,814‌
Shares
issued
in
reinvestment
of
distributions
........................
9,737,641‌
9,737,641‌
6,755,884‌
6,755,884‌
Shares
redeemed
.........................................
(86,344,776‌)
(86,344,776‌)
(165,071,706‌)
(165,071,706‌)
45,830,781‌
$
45,830,781‌
79,516,992‌
$
79,516,992‌
Glossary
of
Terms
Used
in
this
Report
15
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
SOFR
Secured
Overnight
Financing
Rate
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
International
Index
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
International
Index
V.I.
Fund
Investment
Objective
BlackRock
International
Index
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
match
the
performance
of
the
MSCI
EAFE
Index
(Europe,
Australasia,
Far
East)
(the
“MSCI
EAFE
Index”
or
the
“Underlying
Index”)
in
U.S.
dollars
with
net
dividends
as
closely
as
possible
before
the
deduction
of
Fund
expenses.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund’s
Class
I
and
Class
III
Shares
returned
12.08%
and
11.90%,
respectively.
The
MSCI
EAFE
Index
returned
11.67%
for
the
same
period.
The
MSCI
EAFE
Index
is
a
free-float
adjusted,
market-capitalization
weighted
index
designed
to
measure
equity
performance
of
developed
markets,
excluding
the
United
States
and
Canada.
Describe
the
market
environment?
Developed
non-U.S.
markets,
as
represented
by
the
MSCI
EAFE
Index,
posted
positive
gains
over
the
first
quarter
of
2023
on
the
back
of
optimism
of
cooling
inflation
pressure
and
resilient
economic
data.
Energy
shock
has
been
mitigated
by
warm
weather
and
government
energy
support
measures.
Headline
news
about
the
banking
sector
dampened
market
sentiments
and
attracted
investors’
attention
later
in
the
quarter.
The
overall
market
calmed
after
the
central
banks
set
out
reassuring
plans.
In
Europe,
forward-looking
indicators
raised
hopes
that
the
eurozone
may
continue
to
avoid
recession.
The
European
Central
Bank
(“ECB”)
reiterated
its
commitment
to
return
inflation
to
its
2%
target.
The
Bank
of
England
(“BoE”)
and
ECB
both
raised
interest
rates
over
the
quarter
to
4.25%
and
3.00%
respectively.
In
Japan,
the
Bank
of
Japan
(“BOJ”)
kept
their
stance
toward
loose
monetary
policy
amidst
currency
strength
concerns.
Inflation
is
at
the
highest
level
in
the
last
40
years.
The
Japanese
market
posted
positive
gains
over
the
first
quarter
supported
by
the
resurgence
of
tourism.
In
the
second
quarter
of
2023,
developed
non-U.S.
markets
posted
positive
gains
supported
by
resilient
corporate
earnings
data.
The
information
technology
sector
rallied
and
boosted
broad
market
performance,
with
semiconductor
companies
leading
the
way.
The
ECB
raised
interest
rates
to
4%
over
the
quarter,
indicating
a
potential
for
further
rate
hikes
due
to
elevated
inflation
rates.
In
the
United
Kingdom,
the
BoE
raised
interest
rates
to
5%
in
response
to
increased
inflation
triggered
by
wage
growth.
The
Japanese
equity
market
posted
positive
return
over
the
second
quarter
supported
by
a
weaker
Yen,
improved
sentiment
towards
semiconductor
industry,
and
a
strong
corporate
earnings
season.
Describe
recent
portfolio
activity.
During
the
six-month
period,
as
changes
were
made
to
the
composition
of
the
MSCI
EAFE
Index,
the
Fund
purchased
and
sold
securities
to
maintain
its
objective
of
matching
the
risks
and
return
of
the
Underlying
Index.
Describe
portfolio
positioning
at
period
end.
The
Fund
remains
positioned
to
match
the
risk
characteristics
of
the
Underlying
Index,
irrespective
of
the
market’s
future
direction.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
International
Index
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)(c)
.................................................................
12.08‌%
18.75‌%
4.50‌%
5.28‌%
Class
III
(b)(c)
(d)
...............................................................
11.90‌
18.27‌
4.21‌
5.00‌
MSCI
EAFE
Index
(e)
..........................................................
11.67‌
18.77‌
4.39‌
5.41‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance
-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
Under
normal
circumstances,
the
Fund
invests
at
least
90%
of
its
assets
in
securities
or
other
financial
instruments
that
are
components
of
or
have
economic
characteristics
similar
to
the
securities
included
in
the
MSCI
EAFE
Index.
On
October
29,
2018,
the
Fund
acquired
all
of
the
assets
and
assumed
certain
stated
liabilities
of
the
International
Equity
Index
Fund
(the
“Predecessor
Fund”),
a
series
of
State
Farm
Variable
Product
Trust,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization;
accordingly,
the
Fund
assumed
the
performance
and
financial
history
of
the
Predecessor
Fund
upon
completion
of
the
Reorganization.
(d)
The
returns
for
Class
III
Shares
prior
to
February
9,
2021,
the
commencement
of
operations
of
Class
III
Shares,
are
based
upon
the
performance
of
the
Fund’s
Class
I
Shares,
as
adjusted
to
reflect
the
distribution
(12b-1)
fees
applicable
to
Class
III
Shares.
(e)
An
equity
index
which
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries
around
the
world,
excluding
the
United
States
and
Canada.
The
index
covers
approximately
85%
of
the
free
float
adjusted
market
capitalization
in
each
country.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,120.80‌
$
1.37‌
$
1,000.00‌
$
1,023.51‌
$
1.30‌
0.26‌%
Class
III
..................................
1,000.00‌
1,119.00‌
2.68‌
1,000.00‌
1,022.27‌
2.56‌
0.51‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Japan
...........................................
22.2‌
%
United
Kingdom
.....................................
11.2‌
France
...........................................
10.4‌
Germany
.........................................
8.4‌
Australia
..........................................
7.6‌
United
States
......................................
7.2‌
Switzerland
........................................
6.1‌
Netherlands
.......................................
5.5‌
Denmark
.........................................
3.0‌
Sweden
..........................................
3.0‌
Spain
............................................
2.5‌
Hong
Kong
........................................
2.3‌
Italy
.............................................
2.2‌
Singapore
.........................................
1.6‌
Finland
..........................................
1.1‌
Other
(a)
...........................................
4.3‌
Short-Term
Securities
.................................
0.9‌
Other
Assets
Less
Liabilities
............................
0.5‌
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Australia
—
7.6%
Ampol
Ltd.
..................
3,135
$
62,626
ANZ
Group
Holdings
Ltd.
........
38,055
602,403
APA
Group
(a)
.................
15,282
98,874
Aristocrat
Leisure
Ltd.
...........
7,630
197,410
ASX
Ltd.
...................
2,583
108,700
Aurizon
Holdings
Ltd.
...........
23,960
62,684
BHP
Group
Ltd.
...............
64,133
1,927,964
BlueScope
Steel
Ltd.
...........
6,134
84,421
Brambles
Ltd.
................
17,177
165,167
Cochlear
Ltd.
................
828
126,856
Coles
Group
Ltd.
..............
16,964
208,299
Commonwealth
Bank
of
Australia
...
21,420
1,434,000
Computershare
Ltd.
............
6,833
106,636
Dexus
(a)
....................
14,431
75,154
EBOS
Group
Ltd.
..............
2,050
46,319
Endeavour
Group
Ltd.
..........
17,790
74,873
Flutter
Entertainment
plc
(b)
........
2,227
448,208
Fortescue
Metals
Group
Ltd.
......
21,176
314,225
Glencore
plc
.................
135,052
765,729
Goodman
Group
..............
21,570
289,962
GPT
Group
(The)
(a)
.............
23,998
66,405
IDP
Education
Ltd.
.............
3,507
51,935
IGO
Ltd.
....................
8,667
88,462
Insurance
Australia
Group
Ltd.
.....
31,789
120,890
Lendlease
Corp.
Ltd.
(a)
..........
8,407
43,619
Lottery
Corp.
Ltd.
(The)
..........
27,737
95,090
Macquarie
Group
Ltd.
...........
4,669
555,554
Medibank
Pvt
Ltd.
.............
35,917
84,368
Mineral
Resources
Ltd.
..........
2,132
102,107
Mirvac
Group
(a)
...............
49,339
74,507
National
Australia
Bank
Ltd.
.......
39,639
697,165
Newcrest
Mining
Ltd.
...........
11,178
199,398
Northern
Star
Resources
Ltd.
......
15,205
123,873
Orica
Ltd.
...................
5,916
58,608
Origin
Energy
Ltd.
.............
21,517
120,937
Pilbara
Minerals
Ltd.
............
32,264
106,041
Qantas
Airways
Ltd.
(b)
...........
12,572
52,100
QBE
Insurance
Group
Ltd.
.......
18,704
195,285
Ramsay
Health
Care
Ltd.
........
2,295
86,224
REA
Group
Ltd.
...............
701
67,340
Reece
Ltd.
..................
2,861
35,641
Rio
Tinto
Ltd.
................
4,884
374,015
Rio
Tinto
plc
.................
14,171
900,563
Santos
Ltd.
..................
42,157
210,932
Scentre
Group
................
66,680
117,924
SEEK
Ltd.
..................
4,001
58,449
Sonic
Healthcare
Ltd.
...........
5,750
136,745
South32
Ltd.
.................
59,618
150,094
Stockland
(a)
..................
29,531
79,388
Suncorp
Group
Ltd.
............
15,622
140,367
Telstra
Group
Ltd.
.............
51,980
149,115
Transurban
Group
(a)
............
38,669
368,182
Treasury
Wine
Estates
Ltd.
.......
8,584
64,373
Vicinity
Ltd.
..................
52,795
65,018
Washington
H
Soul
Pattinson
&
Co.
Ltd.
2,711
57,552
Wesfarmers
Ltd.
..............
14,469
477,033
Westpac
Banking
Corp.
.........
44,011
626,656
WiseTech
Global
Ltd.
...........
2,219
119,023
Woodside
Energy
Group
Ltd.
......
23,895
552,729
Woolworths
Group
Ltd.
..........
15,199
402,716
15,276,933
Security
Shares
Shares
Value
Austria
—
0.2%
Erste
Group
Bank
AG
...........
4,223
$
148,134
Mondi
plc
...................
6,082
92,790
OMV
AG
...................
1,883
79,956
Verbund
AG
.................
878
70,438
voestalpine
AG
...............
1,524
54,767
446,085
Belgium
—
0.8%
Ageas
SA
...................
2,041
82,741
Anheuser-Busch
InBev
SA/NV
.....
11,054
626,512
D'ieteren
Group
...............
313
55,396
Elia
Group
SA/NV
.............
423
53,744
Groupe
Bruxelles
Lambert
NV
.....
1,235
101,817
KBC
Group
NV
...............
3,224
225,038
Sofina
SA
...................
198
41,049
Solvay
SA
...................
973
108,801
UCB
SA
....................
1,583
140,346
Umicore
SA
.................
2,657
74,288
Warehouses
De
Pauw
CVA
.......
1,870
51,355
1,561,087
Brazil
—
0.0%
Yara
International
ASA
..........
2,127
75,151
Burkina
Faso
—
0.0%
Endeavour
Mining
plc
...........
2,311
55,500
Chile
—
0.0%
Antofagasta
plc
...............
4,848
90,156
China
—
0.6%
BOC
Hong
Kong
Holdings
Ltd.
.....
46,500
142,445
Budweiser
Brewing
Co.
APAC
Ltd.
(c)(d)
22,100
57,187
ESR
Group
Ltd.
(c)(d)
.............
25,200
43,401
Prosus
NV
(b)
.................
10,142
742,741
SITC
International
Holdings
Co.
Ltd.
.
17,000
31,130
Wilmar
International
Ltd.
(e)
........
22,600
63,669
Xinyi
Glass
Holdings
Ltd.
........
21,000
32,829
1,113,402
Denmark
—
3.0%
AP
Moller
-
Maersk
A/S,
Class
A
....
41
71,492
AP
Moller
-
Maersk
A/S,
Class
B
....
62
109,011
Carlsberg
A/S,
Class
B
..........
1,232
197,282
Chr
Hansen
Holding
A/S
.........
1,315
91,417
Coloplast
A/S,
Class
B
..........
1,524
190,708
Danske
Bank
A/S
(b)
............
8,480
206,542
Demant
A/S
(b)
................
1,049
44,401
DSV
A/S
....................
2,361
495,908
Genmab
A/S
(b)
................
828
313,777
Novo
Nordisk
A/S,
Class
B
.......
21,093
3,407,360
Novozymes
A/S,
Class
B
.........
2,560
119,447
Orsted
A/S
(c)(d)
................
2,416
229,042
Pandora
A/S
.................
1,226
109,582
ROCKWOOL
A/S,
Class
B
.......
102
26,378
Tryg
A/S
....................
4,545
98,427
Vestas
Wind
Systems
A/S
(b)
.......
12,748
338,935
6,049,709
Finland
—
1.1%
Elisa
OYJ
...................
1,747
93,262
Fortum
OYJ
.................
5,443
72,841
Kesko
OYJ,
Class
B
............
3,461
65,178
Kone
OYJ,
Class
B
............
4,203
219,584
Metso
OYJ
..................
8,391
101,252
Neste
OYJ
..................
5,345
205,800
Nokia
OYJ
..................
68,376
286,486
Nordea
Bank
Abp
.............
41,861
455,979
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Finland
(continued)
Orion
OYJ,
Class
B
............
1,385
$
57,479
Sampo
OYJ,
Class
A
...........
5,770
259,145
Stora
Enso
OYJ,
Class
R
........
7,327
85,007
UPM-Kymmene
OYJ
...........
6,733
200,622
Wartsila
OYJ
Abp
..............
5,901
66,540
2,169,175
France
—
10.4%
Accor
SA
...................
1,977
73,567
Adevinta
ASA
(b)
...............
3,059
20,102
Aeroports
de
Paris
.............
395
56,758
Air
Liquide
SA
................
6,611
1,185,584
Airbus
SE
...................
7,517
1,086,821
Alstom
SA
..................
3,965
118,358
Amundi
SA
(c)(d)
................
804
47,499
Arkema
SA
..................
729
68,742
AXA
SA
....................
23,648
698,830
BioMerieux
..................
551
57,854
BNP
Paribas
SA
..............
13,964
881,212
Bollore
SE
..................
11,639
72,584
Bouygues
SA
................
2,914
97,891
Bureau
Veritas
SA
.............
3,861
105,927
Capgemini
SE
................
2,059
389,856
Carrefour
SA
.................
7,725
146,394
Cie
de
Saint-Gobain
............
6,290
382,975
Cie
Generale
des
Etablissements
Michelin
SCA
..............
8,620
254,991
Covivio
SA
..................
612
28,911
Credit
Agricole
SA
.............
15,471
183,701
Danone
SA
..................
8,087
495,599
Dassault
Aviation
SA
...........
330
66,116
Dassault
Systemes
SE
..........
8,402
372,301
Edenred
....................
3,130
209,661
Eiffage
SA
..................
1,069
111,613
Engie
SA
...................
23,207
386,464
EssilorLuxottica
SA
............
3,698
697,020
Eurazeo
SE
.................
537
37,808
Gecina
SA
..................
601
64,114
Getlink
SE
..................
4,951
84,255
Hermes
International
...........
398
865,140
Ipsen
SA
...................
501
60,309
Kering
SA
...................
950
524,589
Klepierre
SA
.................
2,844
70,657
La
Francaise
des
Jeux
SAEM
(c)(d)
...
1,366
53,764
Legrand
SA
.................
3,319
329,258
L'Oreal
SA
..................
3,055
1,425,084
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,506
3,305,851
Orange
SA
..................
23,677
276,700
Pernod
Ricard
SA
.............
2,622
579,396
Publicis
Groupe
SA
............
2,949
236,676
Remy
Cointreau
SA
............
300
48,156
Renault
SA
..................
2,327
98,184
Safran
SA
...................
4,315
676,202
Sartorius
Stedim
Biotech
.........
340
84,916
SEB
SA
....................
330
34,127
Societe
Generale
SA
...........
9,393
244,277
Sodexo
SA
..................
1,160
127,736
Teleperformance
..............
735
123,299
Thales
SA
...................
1,328
198,973
TotalEnergies
SE
..............
30,108
1,728,339
Unibail-Rodamco-Westfield
(a)(b)
.....
1,573
82,967
Valeo
......................
2,440
52,434
Veolia
Environnement
SA
........
8,346
264,196
Vinci
SA
....................
6,839
794,660
Vivendi
SE
..................
8,856
81,302
Wendel
SE
..................
293
30,093
Security
Shares
Shares
Value
France
(continued)
Worldline
SA
(b)(c)(d)
.............
3,016
$
110,446
20,991,239
Germany
—
7.9%
adidas
AG
..................
2,050
397,963
Allianz
SE
(Registered)
..........
5,103
1,188,610
BASF
SE
...................
11,339
550,885
Bayer
AG
(Registered)
..........
12,414
687,178
Bayerische
Motoren
Werke
AG
....
4,197
516,261
Bechtle
AG
..................
1,038
41,222
Beiersdorf
AG
................
1,247
165,132
Brenntag
SE
.................
2,046
159,625
Carl
Zeiss
Meditec
AG
..........
529
57,208
Commerzbank
AG
.............
13,381
148,340
Continental
AG
...............
1,422
107,433
Covestro
AG
(b)(c)(d)
..............
2,490
129,561
Daimler
Truck
Holding
AG
........
6,335
228,327
Deutsche
Bank
AG
(Registered)
....
24,813
260,853
Deutsche
Boerse
AG
...........
2,407
444,367
Deutsche
Lufthansa
AG
(Registered)
(b)
8,000
82,028
Deutsche
Post
AG
(Registered)
....
12,846
627,685
Deutsche
Telekom
AG
(Registered)
.
41,111
896,981
E.ON
SE
...................
28,677
366,332
Evonik
Industries
AG
...........
2,692
51,295
Fresenius
Medical
Care
AG
&
Co.
KGaA
...................
2,588
123,683
Fresenius
SE
&
Co.
KGaA
........
5,288
146,672
GEA
Group
AG
...............
1,958
81,974
Hannover
Rueck
SE
............
747
158,587
Heidelberg
Materials
AG
.........
1,850
152,141
HelloFresh
SE
(b)(e)
.............
2,085
51,568
Henkel
AG
&
Co.
KGaA
.........
1,253
88,204
Infineon
Technologies
AG
........
16,615
684,243
Knorr-Bremse
AG
.............
925
70,710
LEG
Immobilien
SE
(b)
...........
886
51,121
Mercedes-Benz
Group
AG
........
10,844
872,848
Merck
KGaA
.................
1,648
272,793
MTU
Aero
Engines
AG
..........
656
170,146
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
....
1,782
668,985
Nemetschek
SE
...............
741
55,321
Puma
SE
...................
1,324
79,784
Rational
AG
.................
65
47,067
Rheinmetall
AG
...............
547
149,852
RWE
AG
...................
8,207
357,631
SAP
SE
....................
13,305
1,817,561
Scout24
SE
(c)(d)
...............
949
60,134
Siemens
AG
(Registered)
........
9,680
1,613,664
Siemens
Energy
AG
(b)
...........
6,537
115,586
Siemens
Healthineers
AG
(c)(d)
......
3,577
202,728
Symrise
AG
.................
1,720
180,346
Talanx
AG
...................
685
39,326
Telefonica
Deutschland
Holding
AG
.
13,365
37,616
Volkswagen
AG
...............
401
67,027
Vonovia
SE
..................
9,148
178,657
Wacker
Chemie
AG
............
234
32,146
Zalando
SE
(b)(c)(d)
..............
2,782
80,231
15,815,638
Hong
Kong
—
2.3%
AIA
Group
Ltd.
...............
149,554
1,518,945
CK
Asset
Holdings
Ltd.
..........
25,159
139,803
CK
Infrastructure
Holdings
Ltd.
.....
9,000
47,737
CLP
Holdings
Ltd.
.............
20,783
161,871
Futu
Holdings
Ltd.,
ADR
(b)
........
632
25,116
Hang
Lung
Properties
Ltd.
........
27,000
41,782
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hong
Kong
(continued)
Hang
Seng
Bank
Ltd.
...........
9,574
$
136,483
Henderson
Land
Development
Co.
Ltd.
18,836
56,094
HKT
Trust
&
HKT
Ltd.
(a)
..........
50,100
58,335
Hong
Kong
&
China
Gas
Co.
Ltd.
...
140,220
121,429
Hong
Kong
Exchanges
&
Clearing
Ltd.
15,007
568,600
Hongkong
Land
Holdings
Ltd.
.....
13,800
53,962
Jardine
Matheson
Holdings
Ltd.
....
2,000
101,420
Link
REIT
...................
32,040
178,371
MTR
Corp.
Ltd.
...............
20,000
92,071
New
World
Development
Co.
Ltd.
...
18,361
45,380
Power
Assets
Holdings
Ltd.
.......
18,500
97,115
Prudential
plc
................
34,524
487,596
Sino
Land
Co.
Ltd.
.............
45,311
55,783
Sun
Hung
Kai
Properties
Ltd.
......
18,000
227,423
Swire
Pacific
Ltd.,
Class
A
........
6,500
49,937
Swire
Properties
Ltd.
...........
15,600
38,436
Techtronic
Industries
Co.
Ltd.
......
17,500
191,373
WH
Group
Ltd.
(c)(d)
.............
100,500
53,524
Wharf
Real
Estate
Investment
Co.
Ltd.
21,953
110,146
4,658,732
Ireland
—
0.6%
AerCap
Holdings
NV
(b)
..........
2,077
131,931
AIB
Group
plc
................
13,600
57,237
Bank
of
Ireland
Group
plc
........
13,611
129,950
CRH
plc
....................
9,503
524,255
Kerry
Group
plc,
Class
A
.........
2,035
198,623
Kingspan
Group
plc
............
1,962
130,598
Smurfit
Kappa
Group
plc
.........
3,082
102,862
1,275,456
Israel
—
0.6%
Azrieli
Group
Ltd.
..............
564
31,864
Bank
Hapoalim
BM
............
16,068
132,506
Bank
Leumi
Le-Israel
BM
........
19,532
146,365
Check
Point
Software
Technologies
Ltd.
(b)
....................
1,252
157,276
Elbit
Systems
Ltd.
(e)
............
313
65,515
ICL
Group
Ltd.
................
9,360
51,375
Israel
Discount
Bank
Ltd.,
Class
A
..
15,550
77,685
Mizrahi
Tefahot
Bank
Ltd.
........
1,858
62,131
Nice
Ltd.
(b)
..................
819
168,564
Teva
Pharmaceutical
Industries
Ltd.,
ADR
(b)
...................
14,621
110,096
Tower
Semiconductor
Ltd.
(b)(e)
......
1,371
50,644
Wix.com
Ltd.
(b)
................
700
54,768
1,108,789
Italy
—
2.2%
Amplifon
SpA
................
1,578
57,881
Assicurazioni
Generali
SpA
.......
13,017
264,713
Coca-Cola
HBC
AG
............
2,617
78,065
Davide
Campari-Milano
NV
.......
6,845
94,866
DiaSorin
SpA
................
323
33,647
Enel
SpA
...................
103,984
701,104
Eni
SpA
....................
29,440
423,830
Ferrari
NV
..................
1,568
512,654
FinecoBank
Banca
Fineco
SpA
....
7,920
106,608
Infrastrutture
Wireless
Italiane
SpA
(c)(d)
4,226
55,784
Intesa
Sanpaolo
SpA
...........
203,915
534,614
Mediobanca
Banca
di
Credito
Finanziario
SpA
.............
7,311
87,531
Moncler
SpA
.................
2,575
178,158
Nexi
SpA
(b)(c)(d)
................
7,615
59,746
Poste
Italiane
SpA
(c)(d)(e)
..........
6,946
75,246
Prysmian
SpA
................
3,194
133,585
Security
Shares
Shares
Value
Italy
(continued)
Recordati
Industria
Chimica
e
Farmaceutica
SpA
...........
1,390
$
66,404
Snam
SpA
..................
25,938
135,561
Telecom
Italia
SpA
(b)
............
125,782
35,462
Terna
-
Rete
Elettrica
Nazionale
....
17,272
147,316
UniCredit
SpA
................
23,560
547,854
4,330,629
Japan
—
22.2%
Advantest
Corp.
...............
2,400
323,242
Aeon
Co.
Ltd.
................
8,100
165,860
AGC,
Inc.
...................
2,500
89,940
Aisin
Corp.
..................
1,900
58,674
Ajinomoto
Co.,
Inc.
.............
5,700
227,070
ANA
Holdings,
Inc.
(b)
............
2,000
47,641
Asahi
Group
Holdings
Ltd.
........
6,100
236,679
Asahi
Intecc
Co.
Ltd.
...........
2,800
55,126
Asahi
Kasei
Corp.
.............
15,700
106,306
Astellas
Pharma,
Inc.
...........
23,200
345,506
Azbil
Corp.
..................
1,600
50,640
Bandai
Namco
Holdings,
Inc.
......
7,500
173,680
BayCurrent
Consulting,
Inc.
.......
1,700
63,923
Bridgestone
Corp.
.............
7,200
295,788
Brother
Industries
Ltd.
..........
3,000
43,910
Canon,
Inc.
(e)
.................
12,700
333,840
Capcom
Co.
Ltd.
..............
2,200
87,209
Central
Japan
Railway
Co.
.......
1,800
225,525
Chiba
Bank
Ltd.
(The)
...........
6,300
38,204
Chubu
Electric
Power
Co.,
Inc.
.....
8,100
98,816
Chugai
Pharmaceutical
Co.
Ltd.
....
8,500
242,072
Concordia
Financial
Group
Ltd.
....
14,300
55,911
CyberAgent,
Inc.
..............
5,200
38,013
Dai
Nippon
Printing
Co.
Ltd.
......
2,700
76,695
Daifuku
Co.
Ltd.
...............
3,900
80,324
Dai-ichi
Life
Holdings,
Inc.
........
12,300
233,945
Daiichi
Sankyo
Co.
Ltd.
..........
23,539
747,935
Daikin
Industries
Ltd.
(e)
..........
3,400
696,678
Daito
Trust
Construction
Co.
Ltd.
...
800
81,045
Daiwa
House
Industry
Co.
Ltd.
.....
7,600
200,807
Daiwa
House
REIT
Investment
Corp.
27
51,768
Daiwa
Securities
Group,
Inc.
......
18,500
95,331
Denso
Corp.
.................
5,600
377,732
Dentsu
Group,
Inc.
.............
2,600
85,507
Disco
Corp.
..................
1,200
190,255
East
Japan
Railway
Co.
.........
3,800
210,723
Eisai
Co.
Ltd.
................
3,100
210,100
ENEOS
Holdings,
Inc.
..........
35,850
123,224
FANUC
Corp.
................
12,400
435,310
Fast
Retailing
Co.
Ltd.
..........
2,200
564,245
Fuji
Electric
Co.
Ltd.
............
1,600
70,440
FUJIFILM
Holdings
Corp.
........
4,700
280,041
Fujitsu
Ltd.
..................
2,300
297,811
GLP
J-REIT
.................
54
53,263
GMO
Payment
Gateway,
Inc.
......
500
39,220
Hakuhodo
DY
Holdings,
Inc.
......
3,100
32,723
Hamamatsu
Photonics
KK
........
1,700
83,459
Hankyu
Hanshin
Holdings,
Inc.
.....
3,000
99,192
Hikari
Tsushin,
Inc.
.............
300
43,060
Hirose
Electric
Co.
Ltd.
..........
435
57,913
Hitachi
Construction
Machinery
Co.
Ltd.
1,400
39,364
Hitachi
Ltd.
..................
12,100
752,336
Honda
Motor
Co.
Ltd.
...........
19,600
593,760
Hoshizaki
Corp.
...............
1,400
50,264
Hoya
Corp.
..................
4,500
538,498
Hulic
Co.
Ltd.
................
4,700
40,272
Ibiden
Co.
Ltd.
................
1,300
73,967
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Japan
(continued)
Idemitsu
Kosan
Co.
Ltd.
.........
2,425
$
48,658
Iida
Group
Holdings
Co.
Ltd.
......
2,000
33,798
Inpex
Corp.
(e)
................
12,100
132,936
Isuzu
Motors
Ltd.
..............
7,300
88,558
ITOCHU
Corp.
...............
15,000
595,823
Itochu
Techno-Solutions
Corp.
.....
1,300
32,942
Japan
Airlines
Co.
Ltd.
..........
1,500
32,525
Japan
Exchange
Group,
Inc.
......
6,300
110,240
Japan
Metropolitan
Fund
Investment
Corp.
....................
88
58,879
Japan
Post
Bank
Co.
Ltd.
........
18,600
145,047
Japan
Post
Holdings
Co.
Ltd.
......
28,100
201,962
Japan
Post
Insurance
Co.
Ltd.
.....
2,300
34,567
Japan
Real
Estate
Investment
Corp.
.
15
57,084
Japan
Tobacco,
Inc.
(e)
...........
15,000
328,590
JFE
Holdings,
Inc.
.............
6,500
92,928
JSR
Corp.
..................
2,200
63,220
Kajima
Corp.
.................
5,200
78,513
Kansai
Electric
Power
Co.,
Inc.
(The)
8,400
105,390
Kao
Corp.
...................
5,900
214,110
Kawasaki
Kisen
Kaisha
Ltd.
.......
1,800
44,136
KDDI
Corp.
..................
19,000
586,779
Keio
Corp.
..................
1,200
37,748
Keisei
Electric
Railway
Co.
Ltd.
....
1,600
66,319
Keyence
Corp.
...............
2,456
1,166,985
Kikkoman
Corp.
...............
1,900
108,506
Kintetsu
Group
Holdings
Co.
Ltd.
...
2,100
72,728
Kirin
Holdings
Co.
Ltd.
(e)
.........
10,400
151,868
Kobayashi
Pharmaceutical
Co.
Ltd.
..
600
32,624
Kobe
Bussan
Co.
Ltd.
...........
2,000
51,910
Koei
Tecmo
Holdings
Co.
Ltd.
.....
1,560
27,021
Koito
Manufacturing
Co.
Ltd.
......
2,900
52,627
Komatsu
Ltd.
................
11,600
313,757
Konami
Group
Corp.
...........
1,200
62,929
Kose
Corp.
..................
400
38,452
Kubota
Corp.
................
13,000
190,305
Kurita
Water
Industries
Ltd.
.......
1,300
49,910
Kyocera
Corp.
................
4,100
222,885
Kyowa
Kirin
Co.
Ltd.
............
3,500
64,873
Lasertec
Corp.
...............
1,000
151,117
Lixil
Corp.
...................
3,500
44,548
M3,
Inc.
....................
5,600
122,106
Makita
Corp.
.................
2,700
76,319
Marubeni
Corp.
...............
19,700
335,767
MatsukiyoCocokara
&
Co.
........
1,400
78,640
Mazda
Motor
Corp.
............
7,600
73,448
McDonald's
Holdings
Co.
Japan
Ltd.
.
1,000
38,879
MEIJI
Holdings
Co.
Ltd.
.........
2,400
53,594
MinebeaMitsumi,
Inc.
...........
4,600
87,247
MISUMI
Group,
Inc.
............
3,400
68,452
Mitsubishi
Chemical
Group
Corp.
...
15,800
95,031
Mitsubishi
Corp.
...............
15,900
768,716
Mitsubishi
Electric
Corp.
.........
24,300
343,525
Mitsubishi
Estate
Co.
Ltd.
........
14,200
168,701
Mitsubishi
HC
Capital,
Inc.
........
10,500
62,343
Mitsubishi
Heavy
Industries
Ltd.
....
4,000
186,821
Mitsubishi
UFJ
Financial
Group,
Inc.
.
145,460
1,072,196
Mitsui
&
Co.
Ltd.
..............
16,700
632,059
Mitsui
Chemicals,
Inc.
...........
2,400
70,742
Mitsui
Fudosan
Co.
Ltd.
.........
11,400
227,218
Mitsui
OSK
Lines
Ltd.
...........
4,200
101,048
Mizuho
Financial
Group,
Inc.
......
30,370
464,220
MonotaRO
Co.
Ltd.
............
3,000
38,311
MS&AD
Insurance
Group
Holdings,
Inc.
5,600
198,309
Murata
Manufacturing
Co.
Ltd.
.....
7,300
419,319
Security
Shares
Shares
Value
Japan
(continued)
NEC
Corp.
..................
3,200
$
155,240
Nexon
Co.
Ltd.
...............
5,100
97,801
NGK
Insulators
Ltd.
............
2,900
34,648
Nidec
Corp.
.................
5,600
308,590
Nintendo
Co.
Ltd.
..............
13,300
606,325
Nippon
Building
Fund,
Inc.
........
19
74,711
Nippon
Express
Holdings,
Inc.
.....
1,000
56,408
Nippon
Paint
Holdings
Co.
Ltd.
.....
12,400
102,622
Nippon
Prologis
REIT,
Inc.
........
27
54,265
Nippon
Sanso
Holdings
Corp.
.....
2,200
47,797
Nippon
Shinyaku
Co.
Ltd.
........
600
24,548
Nippon
Steel
Corp.
.............
10,200
213,479
Nippon
Telegraph
&
Telephone
Corp.
375,000
443,740
Nippon
Yusen
KK
..............
6,000
133,252
Nissan
Chemical
Corp.
..........
1,500
64,679
Nissan
Motor
Co.
Ltd.
...........
28,700
117,789
Nisshin
Seifun
Group,
Inc.
........
2,600
32,138
Nissin
Foods
Holdings
Co.
Ltd.
....
800
66,148
Nitori
Holdings
Co.
Ltd.
..........
1,000
112,294
Nitto
Denko
Corp.
.............
1,900
141,029
Nomura
Holdings,
Inc.
..........
37,900
144,494
Nomura
Real
Estate
Holdings,
Inc.
..
1,600
38,039
Nomura
Real
Estate
Master
Fund,
Inc.
52
59,976
Nomura
Research
Institute
Ltd.
....
5,010
138,413
NTT
Data
Group
Corp.
..........
7,700
107,961
Obayashi
Corp.
...............
8,600
74,376
Obic
Co.
Ltd.
.................
900
144,458
Odakyu
Electric
Railway
Co.
Ltd.
...
3,500
46,899
Oji
Holdings
Corp.
.............
9,600
35,895
Olympus
Corp.
...............
15,500
245,293
Omron
Corp.
.................
2,400
147,364
Ono
Pharmaceutical
Co.
Ltd.
......
4,700
84,804
Open
House
Group
Co.
Ltd.
......
1,000
36,102
Oracle
Corp.
Japan
............
500
37,187
Oriental
Land
Co.
Ltd.
..........
13,900
541,905
ORIX
Corp.
..................
15,400
280,837
Osaka
Gas
Co.
Ltd.
............
5,000
76,639
Otsuka
Corp.
................
1,400
54,532
Otsuka
Holdings
Co.
Ltd.
........
4,900
179,740
Pan
Pacific
International
Holdings
Corp.
4,700
84,176
Panasonic
Holdings
Corp.
........
27,600
338,429
Persol
Holdings
Co.
Ltd.
.........
2,400
43,435
Rakuten
Group,
Inc.
............
19,900
69,342
Recruit
Holdings
Co.
Ltd.
........
18,100
577,668
Renesas
Electronics
Corp.
(b)
......
16,300
307,619
Resona
Holdings,
Inc.
..........
27,400
131,191
Ricoh
Co.
Ltd.
................
7,200
61,357
Rohm
Co.
Ltd.
................
1,100
104,197
SBI
Holdings,
Inc.
.............
2,945
56,797
SCSK
Corp.
.................
2,100
33,048
Secom
Co.
Ltd.
...............
2,700
182,732
Seiko
Epson
Corp.
.............
3,700
57,765
Sekisui
Chemical
Co.
Ltd.
........
5,000
72,236
Sekisui
House
Ltd.
.............
7,800
157,557
Seven
&
i
Holdings
Co.
Ltd.
.......
9,640
416,469
SG
Holdings
Co.
Ltd.
...........
3,600
51,351
Sharp
Corp.
(b)
................
2,300
12,897
Shimadzu
Corp.
...............
3,100
95,817
Shimano,
Inc.
................
1,000
167,407
Shimizu
Corp.
................
7,300
46,219
Shin-Etsu
Chemical
Co.
Ltd.
......
23,300
778,638
Shionogi
&
Co.
Ltd.
............
3,300
139,192
Shiseido
Co.
Ltd.
..............
5,200
235,715
Shizuoka
Financial
Group,
Inc.
.....
5,700
41,180
SMC
Corp.
..................
700
389,033
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Japan
(continued)
SoftBank
Corp.
(e)
..............
36,600
$
391,082
SoftBank
Group
Corp.
..........
13,100
617,791
Sompo
Holdings,
Inc.
...........
4,100
183,964
Sony
Group
Corp.
.............
16,000
1,444,323
Square
Enix
Holdings
Co.
Ltd.
.....
1,000
46,528
Subaru
Corp.
................
7,800
146,903
SUMCO
Corp.
................
4,200
59,586
Sumitomo
Chemical
Co.
Ltd.
......
17,900
54,405
Sumitomo
Corp.
..............
14,200
301,253
Sumitomo
Electric
Industries
Ltd.
...
9,200
112,720
Sumitomo
Metal
Mining
Co.
Ltd.
....
3,100
100,075
Sumitomo
Mitsui
Financial
Group,
Inc.
16,600
711,467
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.
4,100
145,450
Sumitomo
Realty
&
Development
Co.
Ltd.
.....................
3,800
94,168
Suntory
Beverage
&
Food
Ltd.
.....
1,800
65,253
Suzuki
Motor
Corp.
............
4,600
166,809
Sysmex
Corp.
................
2,100
143,844
T&D
Holdings,
Inc.
.............
6,400
93,861
Taisei
Corp.
.................
2,200
76,864
Takeda
Pharmaceutical
Co.
Ltd.
....
20,071
630,682
TDK
Corp.
..................
4,800
187,223
Terumo
Corp.
................
8,700
277,092
TIS,
Inc.
....................
2,900
72,660
Tobu
Railway
Co.
Ltd.
...........
2,500
67,033
Toho
Co.
Ltd.
................
1,500
57,134
Tokio
Marine
Holdings,
Inc.
.......
23,100
532,537
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(b)
....................
19,200
70,422
Tokyo
Electron
Ltd.
............
5,700
820,962
Tokyo
Gas
Co.
Ltd.
............
4,800
104,725
Tokyu
Corp.
.................
6,600
79,602
TOPPAN,
Inc.
................
3,300
71,319
Toray
Industries,
Inc.
...........
16,800
93,667
Toshiba
Corp.
................
5,000
156,897
Tosoh
Corp.
.................
3,500
41,398
TOTO
Ltd.
..................
1,700
51,402
Toyota
Industries
Corp.
..........
1,900
136,124
Toyota
Motor
Corp.
............
135,100
2,171,339
Toyota
Tsusho
Corp.
............
2,800
139,933
Trend
Micro,
Inc.
..............
1,600
77,450
Unicharm
Corp.
...............
5,100
189,643
USS
Co.
Ltd.
.................
2,900
48,011
Welcia
Holdings
Co.
Ltd.
.........
1,200
24,995
West
Japan
Railway
Co.
.........
2,700
112,299
Yakult
Honsha
Co.
Ltd.
..........
1,600
101,194
Yamaha
Corp.
................
1,900
73,190
Yamaha
Motor
Co.
Ltd.
..........
3,700
106,368
Yamato
Holdings
Co.
Ltd.
........
3,700
67,066
Yaskawa
Electric
Corp.
..........
3,200
147,530
Yokogawa
Electric
Corp.
.........
3,000
55,533
Z
Holdings
Corp.
..............
33,400
80,497
ZOZO,
Inc.
..................
1,400
29,042
44,632,789
Jordan
—
0.0%
Hikma
Pharmaceuticals
plc
.......
2,182
52,509
Luxembourg
—
0.1%
ArcelorMittal
SA
...............
6,255
170,662
Eurofins
Scientific
SE
...........
1,690
107,396
278,058
Security
Shares
Shares
Value
Macau
—
0.1%
(b)
Galaxy
Entertainment
Group
Ltd.
...
28,000
$
178,380
Sands
China
Ltd.
..............
30,400
104,111
282,491
Netherlands
—
5.5%
ABN
AMRO
Bank
NV,
CVA
(c)(d)
.....
5,581
86,747
Adyen
NV
(b)(c)(d)
...............
281
486,599
Aegon
NV
...................
21,788
110,604
Akzo
Nobel
NV
...............
2,217
181,247
Argenx
SE
(b)
.................
697
271,827
ASM
International
NV
...........
595
252,640
ASML
Holding
NV
.............
5,130
3,720,935
Euronext
NV
(c)(d)
...............
1,072
72,912
EXOR
NV
...................
1,319
117,753
Ferrovial
SE
.................
6,221
196,659
Heineken
Holding
NV
...........
1,420
123,571
Heineken
NV
................
3,261
335,350
IMCD
NV
...................
713
102,609
ING
Groep
NV
................
46,168
622,418
JDE
Peet's
NV
...............
1,309
38,938
Koninklijke
Ahold
Delhaize
NV
.....
12,396
422,617
Koninklijke
KPN
NV
............
41,295
147,422
Koninklijke
Philips
NV
(b)
..........
11,607
251,497
NN
Group
NV
................
3,213
118,938
OCI
NV
....................
1,324
31,801
Randstad
NV
................
1,562
82,379
Shell
plc
....................
87,436
2,608,363
Universal
Music
Group
NV
.......
10,522
233,744
Wolters
Kluwer
NV
.............
3,329
422,695
11,040,265
New
Zealand
—
0.3%
Auckland
International
Airport
Ltd.
(b)
.
15,598
81,975
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
7,121
107,226
Mercury
NZ
Ltd.
...............
8,325
33,274
Meridian
Energy
Ltd.
...........
17,039
58,675
Spark
New
Zealand
Ltd.
.........
24,652
77,144
Xero
Ltd.
(b)
..................
1,890
151,427
509,721
Norway
—
0.6%
Aker
BP
ASA
.................
3,993
93,681
DNB
Bank
ASA
...............
11,839
221,398
Equinor
ASA
.................
12,065
351,319
Gjensidige
Forsikring
ASA
........
2,659
42,597
Kongsberg
Gruppen
ASA
........
1,124
51,091
Mowi
ASA
...................
5,182
82,218
Norsk
Hydro
ASA
..............
17,128
102,105
Orkla
ASA
...................
9,790
70,394
Salmar
ASA
.................
967
38,968
Telenor
ASA
.................
8,961
90,860
1,144,631
Portugal
—
0.2%
EDP
-
Energias
de
Portugal
SA
....
34,499
168,620
Galp
Energia
SGPS
SA
.........
6,665
77,886
Jeronimo
Martins
SGPS
SA
.......
3,761
103,610
350,116
Singapore
—
1.6%
CapitaLand
Ascendas
REIT
.......
43,390
87,577
CapitaLand
Integrated
Commercial
Trust
....................
63,356
89,784
CapitaLand
Investment
Ltd.
.......
34,092
83,762
City
Developments
Ltd.
..........
5,431
27,090
DBS
Group
Holdings
Ltd.
........
22,867
534,008
Genting
Singapore
Ltd.
..........
80,400
56,061
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Singapore
(continued)
Grab
Holdings
Ltd.,
Class
A
(b)(e)
....
24,262
$
83,219
Jardine
Cycle
&
Carriage
Ltd.
.....
1,300
33,522
Keppel
Corp.
Ltd.
..............
19,002
94,568
Mapletree
Logistics
Trust
........
43,932
52,839
Mapletree
Pan
Asia
Commercial
Trust
29,200
35,128
Oversea-Chinese
Banking
Corp.
Ltd.
42,535
386,940
Sea
Ltd.,
ADR,
Class
A
(b)
.........
4,524
262,573
Seatrium
Ltd.
(b)
...............
585,453
54,301
Singapore
Airlines
Ltd.
..........
18,000
95,365
Singapore
Exchange
Ltd.
........
9,500
67,651
Singapore
Technologies
Engineering
Ltd.
.....................
20,781
56,705
Singapore
Telecommunications
Ltd.
.
105,750
195,867
STMicroelectronics
NV
..........
8,621
429,959
United
Overseas
Bank
Ltd.
.......
16,059
333,244
UOL
Group
Ltd.
...............
5,646
26,911
Venture
Corp.
Ltd.
.............
3,600
39,304
3,126,378
South
Africa
—
0.2%
Anglo
American
plc
............
16,043
456,801
South
Korea
—
0.0%
Delivery
Hero
SE
(b)(c)(d)
...........
2,084
91,946
Spain
—
2.5%
Acciona
SA
..................
310
52,635
ACS
Actividades
de
Construccion
y
Servicios
SA
...............
2,685
94,415
Aena
SME
SA
(c)(d)
..............
947
153,269
Amadeus
IT
Group
SA
(b)
.........
5,665
431,392
Banco
Bilbao
Vizcaya
Argentaria
SA
.
77,160
592,797
Banco
Santander
SA
...........
210,338
778,700
CaixaBank
SA
................
53,267
220,649
Cellnex
Telecom
SA
(c)(d)
..........
7,168
289,614
Corp.
ACCIONA
Energias
Renovables
SA
.....................
837
28,002
EDP
Renovaveis
SA
............
3,686
73,659
Enagas
SA
..................
3,015
59,256
Endesa
SA
..................
4,163
89,453
Grifols
SA,
Class
A
(b)
...........
3,727
47,813
Iberdrola
SA
.................
74,995
979,345
Industria
de
Diseno
Textil
SA
......
13,893
538,879
Naturgy
Energy
Group
SA
........
1,828
54,493
Redeia
Corp.
SA
..............
5,101
85,784
Repsol
SA
..................
16,713
243,074
Telefonica
SA
................
66,984
271,952
5,085,181
Sweden
—
3.0%
Alfa
Laval
AB
................
3,904
142,409
Assa
Abloy
AB,
Class
B
.........
12,770
306,952
Atlas
Copco
AB,
Class
A
.........
34,375
496,268
Atlas
Copco
AB,
Class
B
.........
19,432
242,287
Beijer
Ref
AB,
Class
B
..........
4,398
56,178
Boliden
AB
..................
3,567
103,365
Embracer
Group
AB
(b)
...........
8,134
20,341
Epiroc
AB,
Class
A
.............
8,622
163,317
Epiroc
AB,
Class
B
.............
5,107
82,659
EQT
AB
....................
4,729
91,041
Essity
AB,
Class
B
.............
7,695
204,931
Evolution
AB
(c)(d)
...............
2,298
291,211
Fastighets
AB
Balder,
Class
B
(b)
....
7,698
28,187
Getinge
AB,
Class
B
............
2,861
50,192
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(e)
8,333
143,305
Hexagon
AB,
Class
B
...........
26,482
325,737
Holmen
AB,
Class
B
............
1,179
42,374
Security
Shares
Shares
Value
Sweden
(continued)
Husqvarna
AB,
Class
B
..........
5,551
$
50,367
Industrivarden
AB,
Class
A
.......
1,637
45,401
Industrivarden
AB,
Class
C
.......
1,883
51,961
Indutrade
AB
.................
3,433
77,485
Investment
AB
Latour,
Class
B
.....
1,900
37,721
Investor
AB,
Class
A
............
6,238
124,843
Investor
AB,
Class
B
............
21,435
428,809
Kinnevik
AB,
Class
B
(b)
..........
2,905
40,297
L
E
Lundbergforetagen
AB,
Class
B
.
1,010
43,010
Lifco
AB,
Class
B
..............
2,916
63,504
Nibe
Industrier
AB,
Class
B
.......
19,050
181,134
Saab
AB,
Class
B
.............
1,010
54,677
Sagax
AB,
Class
B
.............
2,393
47,322
Sandvik
AB
..................
13,403
261,683
Securitas
AB,
Class
B
...........
6,541
53,726
Skandinaviska
Enskilda
Banken
AB,
Class
A
..................
20,716
229,124
Skanska
AB,
Class
B
...........
4,093
57,427
SKF
AB,
Class
B
..............
4,613
80,384
Svenska
Cellulosa
AB
SCA,
Class
B
.
7,777
99,273
Svenska
Handelsbanken
AB,
Class
A
18,412
154,150
Swedbank
AB,
Class
A
..........
10,840
182,937
Swedish
Orphan
Biovitrum
AB
(b)
....
2,123
41,495
Tele2
AB,
Class
B
.............
7,161
59,224
Telefonaktiebolaget
LM
Ericsson,
Class
B
......................
36,722
199,522
Telia
Co.
AB
.................
33,556
73,617
Volvo
AB,
Class
A
.............
2,528
53,881
Volvo
AB,
Class
B
.............
18,969
392,564
Volvo
Car
AB,
Class
B
(b)
.........
7,491
29,805
6,006,097
Switzerland
—
6.1%
ABB
Ltd.
(Registered)
...........
19,989
786,384
Adecco
Group
AG
(Registered)
....
2,047
67,042
Alcon,
Inc.
..................
6,308
523,327
Bachem
Holding
AG
............
390
34,053
Baloise
Holding
AG
(Registered)
...
599
88,108
Banque
Cantonale
Vaudoise
(Registered)
...............
383
40,454
Barry
Callebaut
AG
(Registered)
....
49
94,672
BKW
AG
...................
269
47,559
Chocoladefabriken
Lindt
&
Spruengli
AG
.....................
15
188,595
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
............
1
124,119
Cie
Financiere
Richemont
SA
(Registered)
...............
6,661
1,131,491
Clariant
AG
(Registered)
.........
2,648
38,307
DSM-Firmenich
AG
(b)
...........
2,201
236,859
Dufry
AG
(Registered)
(b)
.........
1,260
57,471
EMS-Chemie
Holding
AG
(Registered)
88
66,687
Geberit
AG
(Registered)
.........
450
235,838
Givaudan
SA
(Registered)
........
118
391,399
Helvetia
Holding
AG
(Registered)
...
461
62,481
Julius
Baer
Group
Ltd.
..........
2,750
173,546
Kuehne
+
Nagel
International
AG
(Registered)
...............
668
197,880
Logitech
International
SA
(Registered)
2,185
130,412
Lonza
Group
AG
(Registered)
.....
940
561,850
Novartis
AG
(Registered)
........
26,089
2,630,278
Partners
Group
Holding
AG
.......
287
270,595
Schindler
Holding
AG
...........
508
119,282
Schindler
Holding
AG
(Registered)
..
295
66,407
SGS
SA
(Registered)
...........
2,000
189,202
SIG
Group
AG
................
3,869
106,888
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Switzerland
(continued)
Sika
AG
(Registered)
...........
1,874
$
536,715
Sonova
Holding
AG
(Registered)
...
662
176,646
Straumann
Holding
AG
(Registered)
.
1,401
227,811
Swatch
Group
AG
(The)
.........
366
107,016
Swatch
Group
AG
(The)
(Registered)
685
37,672
Swiss
Life
Holding
AG
(Registered)
..
387
226,661
Swiss
Prime
Site
AG
(Registered)
...
947
82,262
Swisscom
AG
(Registered)
.......
329
205,342
Temenos
AG
(Registered)
........
760
60,516
UBS
Group
AG
(Registered)
......
42,083
852,966
VAT
Group
AG
(c)(d)
.............
338
140,004
Zurich
Insurance
Group
AG
.......
1,902
904,760
12,219,557
United
Kingdom
—
11.2%
3i
Group
plc
.................
12,301
304,904
Abrdn
plc
...................
28,351
78,730
Admiral
Group
plc
.............
2,316
61,336
Ashtead
Group
plc
.............
5,475
379,587
Associated
British
Foods
plc
......
4,434
112,282
AstraZeneca
plc
..............
19,624
2,813,184
Auto
Trader
Group
plc
(c)(d)
........
12,141
94,269
Aviva
plc
...................
35,286
177,533
BAE
Systems
plc
..............
39,552
466,367
Barclays
plc
.................
198,988
388,741
Barratt
Developments
plc
........
12,384
65,087
Berkeley
Group
Holdings
plc
......
1,414
70,488
BP
plc
.....................
226,139
1,316,667
British
American
Tobacco
plc
......
26,909
894,064
British
Land
Co.
plc
(The)
........
11,235
43,326
BT
Group
plc
.................
87,345
135,921
Bunzl
plc
...................
4,215
160,626
Burberry
Group
plc
.............
4,960
133,838
Centrica
plc
.................
71,254
112,349
CK
Hutchison
Holdings
Ltd.
.......
34,159
208,484
CNH
Industrial
NV
.............
13,131
189,383
Coca-Cola
Europacific
Partners
plc
..
2,626
169,193
Compass
Group
plc
............
22,354
625,982
Croda
International
plc
..........
1,754
125,384
DCC
plc
....................
1,285
71,885
Diageo
plc
..................
28,938
1,244,074
Entain
plc
...................
7,296
117,975
Halma
plc
...................
4,761
137,809
Hargreaves
Lansdown
plc
........
4,262
44,181
HSBC
Holdings
plc
............
252,892
2,002,359
Imperial
Brands
plc
............
11,350
251,226
Informa
plc
..................
17,919
165,449
InterContinental
Hotels
Group
plc
...
2,306
159,406
Intertek
Group
plc
.............
2,023
109,663
J
Sainsbury
plc
...............
20,732
70,872
JD
Sports
Fashion
plc
...........
32,430
60,242
Johnson
Matthey
plc
...........
2,312
51,326
Just
Eat
Takeaway.com
NV
(b)(c)(d)
....
2,264
34,704
Kingfisher
plc
................
26,020
76,687
Land
Securities
Group
plc
........
9,146
66,874
Legal
&
General
Group
plc
.......
73,837
213,780
Lloyds
Banking
Group
plc
........
848,506
470,368
London
Stock
Exchange
Group
plc
..
5,140
547,068
M&G
plc
....................
28,223
68,685
National
Grid
plc
..............
45,846
607,843
NatWest
Group
plc
.............
71,684
219,102
Next
plc
....................
1,599
140,210
Ocado
Group
plc
(b)
.............
7,304
52,855
Pearson
plc
.................
8,279
86,796
Persimmon
plc
...............
4,139
53,930
Phoenix
Group
Holdings
plc
......
9,423
63,756
Security
Shares
Shares
Value
United
Kingdom
(continued)
Reckitt
Benckiser
Group
plc
.......
9,004
$
676,658
RELX
plc
...................
24,256
809,198
Rentokil
Initial
plc
..............
31,528
246,508
Rolls-Royce
Holdings
plc
(b)
.......
107,406
206,542
Sage
Group
plc
(The)
...........
13,453
158,031
Schroders
plc
................
8,470
47,124
Segro
plc
...................
14,984
136,651
Severn
Trent
plc
..............
3,146
102,561
Smith
&
Nephew
plc
............
11,036
178,047
Smiths
Group
plc
..............
4,753
99,441
Spirax-Sarco
Engineering
plc
......
917
120,864
SSE
plc
....................
13,403
314,302
St.
James's
Place
plc
...........
6,981
96,544
Standard
Chartered
plc
..........
31,600
274,923
Taylor
Wimpey
plc
.............
45,830
59,872
Tesco
plc
...................
93,584
295,215
Unilever
plc
..................
32,027
1,667,782
United
Utilities
Group
plc
.........
8,430
103,078
Vodafone
Group
plc
............
297,360
280,360
Whitbread
plc
................
2,676
115,193
Wise
plc,
Class
A
(b)
.............
7,986
66,752
WPP
plc
....................
13,817
144,827
22,517,323
United
States
—
7.2%
CSL
Ltd.
....................
6,182
1,144,775
CyberArk
Software
Ltd.
(b)
.........
497
77,696
Experian
plc
.................
11,689
448,635
GSK
plc
....................
51,476
912,287
Haleon
plc
..................
64,346
264,106
Holcim
AG
..................
6,968
469,694
James
Hardie
Industries
plc,
CDI
(b)
..
5,744
153,227
Monday.com
Ltd.
(b)
.............
251
42,976
Nestle
SA
(Registered)
..........
34,964
4,205,876
QIAGEN
NV
(b)
................
2,837
127,523
Roche
Holding
AG
.............
9,341
2,862,468
Sanofi
.....................
14,404
1,550,674
Schneider
Electric
SE
...........
6,839
1,242,487
Stellantis
NV
.................
28,387
499,066
Swiss
Re
AG
.................
3,811
384,007
Tenaris
SA
..................
6,279
93,928
14,479,425
Total
Common
Stocks
—
98.1%
(Cost:
$173,924,491)
.............................
197,290,969
Preferred
Securities
Preferred
Stocks
—
0.5%
Germany
—
0.5%
Bayerische
Motoren
Werke
AG
(Preference)
...............
733
83,529
Dr
Ing
hc
F
Porsche
AG
(Preference)
1,439
178,765
Henkel
AG
&
Co.
KGaA
(Preference)
2,243
179,387
Porsche
Automobil
Holding
SE
(Preference)
(b)
..............
1,910
115,115
Sartorius
AG
(Preference)
........
345
119,528
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Germany
(continued)
Volkswagen
AG
(Preference)
......
2,581
$
347,074
1,023,398
Total
Preferred
Stocks
—
0.5%  
(Cost:
$793,500)
................................
1,023,398
Total
Long-Term
Investments
—
98.6%
(Cost:
$174,717,991)
.............................
198,314,367
Short-Term
Securities
Money
Market
Funds
—
0.9%
(f)(g)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
......
95,995
95,995
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(h)
.............
1,695,607
1,695,776
Total
Short-Term
Securities
—
0.9%
(Cost:
$1,791,694)
..............................
1,791,771
Total
Investments
—
99.5%
(Cost:
$176,509,685)
.............................
200,106,138
Other
Assets
Less
Liabilities
—
0.5%
...................
1,039,898
Net
Assets
—
100.0%
..............................
$
201,146,036
(a)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(b)
Non-income
producing
security.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
316,141
$
—
$
(220,146)
(a)
$
—
$
—
$
95,995
95,995
$
3,452
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
2,192,448
—
(497,454)
(a)
1,149
(367)
1,695,776
1,695,607
9,285
(b)
—
$
1,149
$
(367)
$
1,791,771
$
12,737
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
Schedule
of
Investments
13
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
SGX
Nikkei
225
Index
.......................................................
5
09/07/23
$
578
$
22,647
EURO
STOXX
50
Index
.....................................................
21
09/15/23
1,016
19,126
FTSE
100
Index
...........................................................
6
09/15/23
576
(2,283)
SPI
200
Index
............................................................
2
09/21/23
239
3,094
$
42,584
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
44,867
$
—
$
—
$
—
$
44,867
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
2,283
$
—
$
—
$
—
$
2,283
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
99,557
$
—
$
—
$
—
$
99,557
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
81,300
$
—
$
—
$
—
$
81,300
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,190,116
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
Index
V.I.
Fund
14
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
15,276,933
$
—
$
15,276,933
Austria
..............................................
—
446,085
—
446,085
Belgium
.............................................
—
1,561,087
—
1,561,087
Brazil
...............................................
—
75,151
—
75,151
Burkina
Faso
..........................................
—
55,500
—
55,500
Chile
...............................................
—
90,156
—
90,156
China
...............................................
—
1,113,402
—
1,113,402
Denmark
.............................................
—
6,049,709
—
6,049,709
Finland
..............................................
—
2,169,175
—
2,169,175
France
..............................................
—
20,991,239
—
20,991,239
Germany
............................................
—
15,815,638
—
15,815,638
Hong
Kong
...........................................
25,116
4,633,616
—
4,658,732
Ireland
..............................................
131,931
1,143,525
—
1,275,456
Israel
...............................................
322,140
786,649
—
1,108,789
Italy
................................................
—
4,330,629
—
4,330,629
Japan
...............................................
38,879
44,593,910
—
44,632,789
Jordan
..............................................
—
52,509
—
52,509
Luxembourg
..........................................
—
278,058
—
278,058
Macau
..............................................
—
282,491
—
282,491
Netherlands
...........................................
235,597
10,804,668
—
11,040,265
New
Zealand
..........................................
—
509,721
—
509,721
Norway
..............................................
—
1,144,631
—
1,144,631
Portugal
.............................................
—
350,116
—
350,116
Singapore
............................................
345,792
2,780,586
—
3,126,378
South
Africa
...........................................
—
456,801
—
456,801
South
Korea
..........................................
—
91,946
—
91,946
Spain
...............................................
—
5,085,181
—
5,085,181
Sweden
.............................................
—
6,006,097
—
6,006,097
Switzerland
...........................................
236,859
11,982,698
—
12,219,557
United
Kingdom
........................................
169,193
22,348,130
—
22,517,323
United
States
..........................................
120,672
14,358,753
—
14,479,425
Preferred
Securities
.......................................
—
1,023,398
—
1,023,398
Short-Term
Securities
Money
Market
Funds
......................................
95,995
—
—
95,995
$
1,722,174
$
196,688,188
$
—
$
198,410,362
Investments
valued
at
NAV
(a)
......................................
1,695,776
$
—
$
200,106,138
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
—
$
44,867
$
—
$
44,867
Liabilities
Equity
contracts
...........................................
—
(2,283)
—
(2,283)
$
—
$
42,584
$
—
$
42,584
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
15
Financial
Statements
BlackRock
International
Index
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
198,314,367‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
1,791,771‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
160,674‌
Foreign
currency,
at
value
(d)
...............................................................................................
1,790,902‌
Receivables:
–‌
Securities
lending
income
—
affiliated
......................................................................................
2,099‌
Capital
shares
sold
...................................................................................................
50,256‌
Dividends
—
unaffiliated
...............................................................................................
1,042,295‌
Dividends
—
affiliated
.................................................................................................
1,027‌
Variation
margin
on
futures
contracts
.......................................................................................
23,104‌
Prepaid
expenses
.....................................................................................................
1,549‌
Total
assets
.........................................................................................................
203,178,044‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
1,694,175‌
Payables:
–‌
Investments
purchased
................................................................................................
1,647‌
Accounting
services
fees
...............................................................................................
23,134‌
Capital
shares
redeemed
...............................................................................................
7,809‌
Custodian
fees
......................................................................................................
22,223‌
Distribution
fees
.....................................................................................................
261‌
Investment
advisory
fees
..............................................................................................
28,556‌
Printing
and
postage
fees
..............................................................................................
170,537‌
Professional
fees
....................................................................................................
45,916‌
Transfer
agent
fees
..................................................................................................
33,542‌
Other
accrued
expenses
...............................................................................................
4,208‌
Total
liabilities
........................................................................................................
2,032,008‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
201,146,036‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
182,511,325‌
Accumulated
earnings
..................................................................................................
18,634,711‌
NET
ASSETS
........................................................................................................
$
201,146,036‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
174,717,991‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
1,502,132‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
1,791,694‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
1,784,989‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
See
notes
to
financial
statements.
BlackRock
International
Index
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
199,747,679‌
Shares
outstanding
..................................................................................................
19,944,528‌
Net
asset
value
.....................................................................................................
$
10.02‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
1,398,357‌
Shares
outstanding
..................................................................................................
140,210‌
Net
asset
value
.....................................................................................................
$
9.97‌
Shares
authorized
...................................................................................................
10
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
17
Financial
Statements
See
notes
to
financial
statements.
BlackRock
International
Index
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
4,380,042‌
Dividends
—
affiliated
.................................................................................................
3,452‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
9,285‌
Foreign
taxes
withheld
................................................................................................
(382,108‌)
Total
investment
income
.................................................................................................
4,010,671‌
EXPENSES
Investment
advisory
..................................................................................................
77,710‌
Transfer
agent
—
class
specific
..........................................................................................
47,053‌
Professional
.......................................................................................................
47,007‌
Printing
and
postage
.................................................................................................
29,871‌
Accounting
services
..................................................................................................
27,648‌
Custodian
.........................................................................................................
17,138‌
Recoupment
of
past
waived
and/or
reimbursed
fees
............................................................................
14,484‌
Directors
and
Officer
.................................................................................................
3,920‌
Transfer
agent
......................................................................................................
1,612‌
Distribution
—
class
specific
............................................................................................
1,548‌
Recoupment
of
past
waived
and/or
reimbursed
fees
—
class
specific
.................................................................
970‌
Miscellaneous
......................................................................................................
757‌
Total
expenses
.......................................................................................................
269,718‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(2,936‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(10,261‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
256,521‌
Net
investment
income
..................................................................................................
3,754,150‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
18,085,847‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(2,589,740‌)
Investments
—
affiliated
.............................................................................................
1,149‌
Foreign
currency
transactions
.........................................................................................
(1,493‌)
Futures
contracts
..................................................................................................
99,557‌
A
(2,490,527‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
20,493,767‌
Investments
—
affiliated
.............................................................................................
(367‌)
Foreign
currency
translations
..........................................................................................
1,674‌
Futures
contracts
..................................................................................................
81,300‌
A
20,576,374‌
Net
realized
and
unrealized
gain
...........................................................................................
18,085,847‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
21,839,997‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
BlackRock
International
Index
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
3,754,150
‌
$
5,230,675
‌
Net
realized
loss
..................................................................................
(2,490,527
)
(1,008,527
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
20,576,374
‌
(35,533,537
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
21,839,997
‌
(31,311,389
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(4,436,475
)
  Class
III
.......................................................................................
—
‌
(24,716
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(4,461,191
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(3,390,973
)
(581,034
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
18,449,024
‌
(36,353,614
)
Beginning
of
period
..................................................................................
182,697,012
‌
219,050,626
‌
End
of
period
......................................................................................
$
201,146,036
‌
$
182,697,012
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
BlackRock
International
Index
V.I.
Fund
(a)
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
..........
$
8.94
‌
$
10.70
‌
$
9.95
‌
$
9.39
‌
$
7.98
‌
$
14.28
‌
Net
investment
income
(b)
..................
0.19
‌
0.26
‌
0.26
‌
0.19
‌
0.28
‌
0.42
‌
Net
realized
and
unrealized
gain
(loss)
.........
0.89
‌
(1.80
)
0.86
‌
0.56
‌
1.45
‌
(2.40
)
Net
increase
(decrease)
from
investment
operations
.
1.08
‌
(1.54
)
1.12
‌
0.75
‌
1.73
‌
(1.98
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
...............
—
‌
(0.22
)
(0.37
)
(0.19
)
(0.31
)
(0.64
)
From
net
realized
gain
....................
—
‌
—
‌
—
‌
—
‌
(0.01
)
(3.68
)
Return
of
capital
........................
—
‌
—
‌
(0.00
)
(d)
—
‌
—
‌
—
‌
Total
distributions
........................
—
‌
(0.22
)
(0.37
)
(0.19
)
(0.32
)
(4.32
)
Net
asset
value,
end
of
period
...............
$
10.02
‌
$
8.94
‌
$
10.70
‌
$
9.95
‌
$
9.39
‌
$
7.98
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
...................
12.08
%
(f)
(14.35
)%
11.30
%
8.03
%
21.58
%
(13.70
)%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
..........................
0.28
%
(h)
(i)
0.32
%
0.32
%
0.43
%
0.39
%
0.31
%
(j)
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.26
%
(h)
0.27
%
0.27
%
0.27
%
0.27
%
0.24
%
(j)
Net
investment
income
....................
3.87
%
(h)
2.81
%
2.41
%
2.14
%
3.13
%
3.00
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
199,748
‌
$
181,598
‌
$
218,702
‌
$
202,576
‌
$
196,366
‌
$
170,629
‌
Portfolio
turnover
rate
......................
1
%
3
%
4
%
5
%
3
%
4
%
(a)
On
October
29,
2018,
the
Fund
acquired
all
of
the
assets
and
assumed
certain
stated
liabilities
of
the
International
Equity
Index
Fund
(the
"Predecessor
Fund"),
a
series
of
State
Farm
Variable
Product
Trust,
through
a
tax-free
reorganization
(the
"Reorganization").
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees
for
the
six
months
ended
June
30,
2023,
the
expense
ratio
would
have
been
0.27%.
(j)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.27%
and
0.24%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
BlackRock
International
Index
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Period
from
02/09/21
(a)
to
12/31/21
Net
asset
value,
beginning
of
period
......................................................
$
8.91
‌
$
10.68
‌
$
10.26
‌
Net
investment
income
(b)
..............................................................
0.18
‌
0.23
‌
0.15
‌
Net
realized
and
unrealized
gain
(loss)
.....................................................
0.88
‌
(1.79
)
0.63
‌
Net
increase
(decrease)
from
investment
operations
.............................................
1.06
‌
(1.56
)
0.78
‌
Distributions
(c)
–
–
–
From
net
investment
income
...........................................................
—
‌
(0.21
)
(0.35
)
Return
of
capital
....................................................................
—
‌
—
‌
(0.01
)
Total
distributions
....................................................................
—
‌
(0.21
)
(0.36
)
Net
asset
value,
end
of
period
...........................................................
$
9.97
‌
$
8.91
‌
$
10.68
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
...............................................................
11.90
%
(e)
(14.59
)%
7.65
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
......................................................................
0.53
%
(g)
(h)
0.59
%
0.50
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.............................................
0.51
%
(g)
0.51
%
0.49
%
(g)
Net
investment
income
................................................................
3.67
%
(g)
2.51
%
1.59
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................
$
1,398
‌
$
1,099
‌
$
348
‌
Portfolio
turnover
rate
..................................................................
1
%
3
%
4
%
(i)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees
for
the
six
months
ended
June
30,
2023,
the
expense
ratio
would
have
been
0.52%.
(i)
Portfolio
turnover
rate
is
representative
of
the
portfolio
for
the
entire
year.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
21
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
International
Index
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter
(“OTC”).
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Barclays
Capital,
Inc.
..............................
$
51,048‌
$
(51,048‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
...............................
30,071‌
(30,071‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
..........................
851,032‌
(851,032‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
144,765‌
(144,765‌)
—‌
—‌
Jefferies
LLC
....................................
350,729‌
(350,729‌)
—‌
—‌
UBS
Securities
LLC
...............................
74,487‌
(74,487‌)
—‌
—‌
$
1,502,132‌
$
(1,502,132‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
0.08%
of
the
average
daily
value
of
the
Fund’s
net
assets.
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual rate
of 
0.25
%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
class
specific
distribution
fees
borne
directly
by Class III were
$1,548.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers,
Reimbursements
and
Recoupments:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$57.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
46,712‌
$
341‌
$
47,053‌
Class
I
................................................................................................................
0.05‌%
Class
III
...............................................................................................................
0.05‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
1
1
6‌
Class
III
......................................................................................................
32‌
$
148‌
Class
I
Class
III
Expense
Limitations
..................................................................................
0.27‌%
0.52‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
25
Notes
to
Financial
Statements
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$2,879
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements are as
follows: 
With
respect
to
the
contractual
expense
limitation,
if
during
the
Fund’s
fiscal
year
the
operating
expenses
of
a
share
class,
that
at
any
time
during
the
prior
two
fiscal
years
received
a
waiver
and/or
reimbursement
from
the
Manager,
are
less
than
the
current
expense
limitation
for
that
share
class,
the
Manager
is
entitled
to
be
reimbursed
by
such
share
class
up
to
the
lesser
of:
(a)
the
amount
of
fees
waived
and/or
expenses
reimbursed
during
those
prior
two
fiscal
years
under
the
agreement
and
(b)
an
amount
not
to
exceed
either
the
current
expense
limitation
of
that
share
class
or
the
expense
limitation
of
the
share
class
in
effect
at
the
time
that
the
share
class
received
the
applicable
waiver
and/or
reimbursement,
provided
that:
(1)
the
Fund,
of
which
the
share
class
is
a
part,
has
more
than
$50
million
in
assets
for
the
fiscal
year,
and
(2)
the
Manager
or
an
affiliate
continues
to
serve
as
the
Fund’s
investment
adviser
or
administrator.
This
repayment
applies
only
to
the
contractual
expense
limitation
on
net
expenses
and
does
not
apply
to
the
contractual
investment
advisory
fee
waiver
described
above
or
any
voluntary
waivers
that
may
be
in
effect
from
time
to
time.
Effective
October
26,
2025,
the
repayment
arrangement
between
the
Fund
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under
the
Fund’s
contractual
caps
on
net
expenses will
be terminated.
For
the
six
months
ended
June
30,
2023,
the
Manager
recouped
the
following
fund
level
and
class
specific
waivers
and/or
reimbursements
previously
recorded
by
the
Fund:
As
of June
30,
2023,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement
are
as
follows:  
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold, the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses. 
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $1,840
for
securities
lending agent
services. 
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
10,050‌
Class
III
......................................................................................................
63‌
$
10,113‌
Fund
Level
...............................................................................................................
$
14,484‌
Class
I
..................................................................................................................
970‌
Expiring
December
31,
Fund
Level/Share
Class
2023
2024
2025
Fund
Level
.....................................................................
$
4,186‌
$
61,752‌
$
2,879‌
Class
I
........................................................................
83,910‌
29,690‌
10,
050‌
Class
III
.......................................................................
—‌
154‌
6
3‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $2,455,163
and
$3,267,252,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
December
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$4,160,411. 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
Purchases
...............................................................................................................
$
551,409‌
Sales
...................................................................................................................
559,023‌
Net
Realized
Loss
..........................................................................................................
(32,753‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
International
Index
V.I.
Fund
..................................
$
178,948,306‌
$
69,454,048‌
$
(48,253,632‌)
$
21,200,416‌
Notes
to
Financial
Statements
(unaudited)
(continued)
27
Notes
to
Financial
Statements
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Manager uses
a
“passive”
or
index
approach
to
try
to
achieve
the
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns. The
Manager does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
the
Manager.
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Fund’s
investments. 
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states. The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
have
been,
and
may
continue
to
be,
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
The
Asian
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
in
several
Asian
countries
regarding
monetary
policy,
government
intervention
in
the
markets,
rising
government
debt
levels
or
economic
downturns.
These
events
may
spread
to
other
countries
in
Asia
and
may
affect
the
value
and
liquidity
of
certain
of
the
Fund's
investments. 
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
28
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
June
30,
2023,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
International
Index
V.I.
Fund
Class
I
Shares
sold
.............................................
297,276‌
$
2,891,412‌
462,169‌
$
4,182,812‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
499,021‌
4,436,298‌
Shares
redeemed
.........................................
(664,783‌)
(6,449,169‌)
(1,093,070‌)
(10,038,875‌)
(367,507‌)
$
(3,557,757‌)
(131,880‌)
$
(1,419,765‌)
Class
III
Shares
sold
.............................................
35,281‌
$
345,030‌
96,727‌
$
893,933‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
2,743‌
24,305‌
Shares
redeemed
.........................................
(18,337‌)
(178,246‌)
(8,841‌)
(79,507‌)
16,944‌
$
166,784‌
90,629‌
$
838,731‌
(350,563‌)
$
(3,390,973‌)
(41,251‌)
$
(581,034‌)
Class
I
..........................................................................................................
790‌
Class
III
.........................................................................................................
1,949‌
Glossary
of
Terms
Used
in
this
Report
29
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
ADR
Am
erican
Depositary
Receipts
CDI
Crest
Depository
Interests
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
REIT
Real
Estate
Investment
Trust
SCA
Svenska
Cellulosa
Aktiebolaget
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
International
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
International
V.I.
Fund
Investment
Objective
BlackRock
International
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
long-term
capital
growth.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
outperformed
its
benchmark,
the
MSCI
All
Country
World
Index
ex-U.S.
What
factors
influenced
performance?
Stock
selection
within
the
financials,
consumer
staples,
and
real
estate
sectors
were
the
top
contributors
to
the
Fund's
relative
performance.
At
the
individual
stock
level,
the
three
most
significant
contributors
were
XP
Inc.,
UniCredit,
and
Banco
do
Brasil.
We
believe
that
the
falling
inflation
backdrop
in
Brazil
is
likely
to
lead
to
a
strong
monetary
policy
easing
cycle
that
bodes
well
for
trading
multiples,
and
earnings
look
set
to
keep
moving
higher
in
combination
with
cost-cutting
efforts.
UniCredit
contributed
as
stronger-than-expected
net
interest
margins
prompted
the
bank
to
revise
its
earnings
estimates
higher.
Amid
a
favorable
backdrop
in
interest
rates,
the
Fund
took
some
profits
from
the
position
after
recent
analyst
upgrades,
interest
rate
moves,
net
interest
margin
expectations,
and
the
launch
of
an
additional
tranche
of
share
buybacks.
Banco
do
Brasil
followed
UniCredit
higher
in
Brazil,
with
falling
inflation
and
a
more
optimistic
earnings
outlook
coming
at
a
time
when
its
stock
was
at
deeply
depressed
valuation
levels
and
its
management
transition
has
gone
more
smoothly
than
expected.
Conversely,
the
most
significant
detractors
from
the
Fund's
relative
performance
at
the
sector
level
were
stock
selection
decisions
within
the
industrials
and
materials
sectors,
as
well
as
an
underweight
allocation
to
information
technology
("IT").
Among
individual
stocks,
DSM-Firmenich,
Thermo
Fisher
Scientific,
and
PayPal
detracted
the
most
from
relative
performance.
Earnings
at
DSM-Firmenich
have
been
weak
following
the
merger
of
DSM
with
Firmenich,
and
vitamin
prices
dropped
more
than
expected
due
to
oversupply
and
inventory
destocking,
leading
to
stock
analyst
downgrades.
Also,
management
confirmed
that
co-CEO
Geraldine
Matchett
will
leave
the
company,
giving
the
sole
CEO
role
to
Dimitri
De
Vreeze.
Thermo
Fisher
faced
a
difficult
environment
in
which
many
of
its
peers
signaled
a
weaker-than-expected
outlook,
and
despite
Thermo's
reiterating
its
own
guidance,
it
pointed
to
a
slightly
more
challenging
macroeconomic
environment
ahead.
Lastly,
PayPal
has
struggled
since
its
CEO
announced
that
he
would
step
down
at
the
end
of
2023,
and
cyclical
and
competitive
challenges
have
also
weighed
on
the
stock.
PayPal
has
missed
out
on
the
rally
in
IT
stocks,
further
aggravated
by
investors'
concerns
over
slower
growth
and
Apple's
gains
in
market
share
in
the
payments
space.
Describe
recent
portfolio
activity.
The
largest
change
to
the
Fund's
positioning
was
in
consumer
staples,
as
the
Fund
entered
the
beverage
industry
through
its
purchase
of
brewer
Heineken.
The
Fund
also
entered
the
financial
services
and
capital
markets
industries
within
financials,
establishing
holdings
in
PayPal,
UBS,
and
XP.
The
Fund
also
increased
its
weightings
in
IT
by
initiating
a
position
in
Samsung.
Conversely,
the
Fund
significantly
reduced
its
exposure
to
healthcare,
exiting
positions
in
Daiichi
Sankyo
and
Roche
Holding.
The
Fund
also
significantly
trimmed
its
consumer
discretionary
positions
by
selling
holdings
in
Kering
and
Inditex.
Lastly,
exposure
to
communication
services
fell
through
the
exit
of
positions
in
Tencent
Holdings
and
Cellnex
Telecom.
Describe
portfolio
positioning
at
period
end.
The
Fund’s
largest
sector
overweights
were
in
industrials,
healthcare,
and
consumer
staples.
The
largest
underweight
exposures
were
in
consumer
discretionary,
financials,
and
communication
services.
On
a
geographical
basis,
the
largest
overweight
exposures
were
in
the
United
States,
Germany,
and
the
Netherlands,
while
the
largest
underweight
allocations
were
to
China,
France,
and
Australia.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
International
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)(c)
.................................................................
13.10‌%
17.64‌%
4.22‌%
5.19‌%
MSCI
All
Country
World
Index
ex-U.S
(d)
.
...........................................
9.47‌
12.72‌
3.52‌
4.75‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
The
Fund
invests
primarily
in
stocks
of
companies
located
outside
the
U.S.
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries
(excluding
the
U.S.)
and
certain
emerging
markets
countries.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,131.00‌
$
4.54‌
$
1,000.00‌
$
1,020.53‌
$
4.31‌
0.86‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Japan
...........................................
19.2‌
%
United
States
......................................
17.3‌
Germany
.........................................
13.1‌
United
Kingdom
.....................................
9.4‌
Netherlands
.......................................
8.1‌
Switzerland
........................................
6.8‌
Canada
..........................................
5.2‌
South
Korea
.......................................
3.8‌
Brazil
............................................
3.3‌
Italy
.............................................
2.5‌
Denmark
.........................................
2.5‌
France
...........................................
2.2‌
Spain
............................................
1.5‌
Singapore
.........................................
1.5‌
Short-Term
Securities
.................................
2.9‌
Other
Assets
Less
Liabilities
............................
0.7‌
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
International
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Brazil
—
3.3%
Banco
do
Brasil
SA
............
158,655
$
1,640,162
XP,
Inc.,
Class
A
(a)
.............
44,476
1,043,407
2,683,569
Canada
—
5.2%
Canadian
National
Railway
Co.
....
12,210
1,478,564
Suncor
Energy,
Inc.
............
94,887
2,783,400
4,261,964
Denmark
—
2.5%
Novo
Nordisk
A/S,
Class
B
.......
12,731
2,056,564
France
—
2.2%
Air
Liquide
SA
................
10,038
1,800,166
Germany
—
13.1%
Beiersdorf
AG
................
34,746
4,601,188
Infineon
Technologies
AG
........
54,991
2,264,653
MTU
Aero
Engines
AG
..........
6,037
1,565,812
Symrise
AG
.................
22,324
2,340,727
10,772,380
Italy
—
2.5%
Intesa
Sanpaolo
SpA
...........
801,226
2,100,614
Japan
—
19.2%
IHI
Corp.
...................
61,400
1,665,315
Makita
Corp.
.................
84,300
2,382,848
Nidec
Corp.
.................
36,100
1,989,306
Recruit
Holdings
Co.
Ltd.
........
137,800
4,397,934
Sony
Group
Corp.
.............
59,700
5,389,132
15,824,535
Netherlands
—
8.1%
ASML
Holding
NV
.............
3,766
2,731,587
Heineken
NV
................
38,310
3,939,671
6,671,258
Singapore
—
1.5%
Sea
Ltd.,
ADR,
Class
A
(a)
.........
21,507
1,248,266
South
Korea
—
3.8%
Samsung
Electronics
Co.
Ltd.
.....
56,305
3,100,338
Spain
—
1.5%
Banco
Bilbao
Vizcaya
Argentaria
SA
.
165,895
1,274,522
Switzerland
—
6.8%
DSM-Firmenich
AG
(a)
...........
15,214
1,637,241
Lonza
Group
AG
(Registered)
.....
3,291
1,967,073
UBS
Group
AG
(Registered)
......
99,969
2,026,239
5,630,553
Security
Shares
Shares
Value
United
Kingdom
—
9.4%
Melrose
Industries
plc
...........
249,499
$
1,607,545
Smith
&
Nephew
plc
............
186,493
3,008,753
Standard
Chartered
plc
..........
359,885
3,131,033
7,747,331
United
States
—
17.3%
Baker
Hughes
Co.,
Class
A
.......
74,640
2,359,370
Chart
Industries,
Inc.
(a)
..........
12,156
1,942,407
Equinix,
Inc.
.................
2,885
2,261,667
Freeport-McMoRan,
Inc.
.........
37,100
1,484,000
PayPal
Holdings,
Inc.
(a)
..........
34,341
2,291,575
Thermo
Fisher
Scientific,
Inc.
......
7,578
3,953,822
14,292,841
Total
Long-Term
Investments
—
96.4%
(Cost:
$76,875,292)
..............................
79,464,901
Short-Term
Securities
Money
Market
Funds
—
2.9%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
(b)(c)
....
2,385,438
2,385,438
Total
Money
Market
Funds
—
2.9%
(Cost:
$2,385,438)
..............................
2,385,438
Par
(000)
Pa
r
(
000)
Time
Deposits
—
0.0%
Canada
—
0.0%
Royal
Bank
of
Canada,
3.54%, 07/04/23
............
CAD
11
8,158
Japan
—
0.0%
Sumitomo
Mitsui
Financial
Group,
Inc.,
(0.37)%, 07/03/23
...........
JPY
534
3,698
Total
Time
Deposits
—
0.0%
(Cost:
$11,856)
.................................
11,856
Total
Short-Term
Securities
—
2.9%
(Cost:
$2,397,294)
..............................
2,397,294
Total
Investments
—
99.3%
(Cost:
$79,272,586)
..............................
81,862,195
Other
Assets
Less
Liabilities
—
0.7%
...................
587,546
Net
Assets
—
100.0%
..............................
$
82,449,741
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
V.I.
Fund
6
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
652,968
$
1,732,470
(a)
$
—
$
—
$
—
$
2,385,438
2,385,438
$
43,000
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(b)
..........
1,145,122
—
(1,145,564)
(a)
683
(241)
—
—
10,490
(c)
—
$
683
$
(241)
$
2,385,438
$
53,490
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
V.I.
Fund
Schedule
of
Investments
7
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
3,387,840
USD
3,719,936
Deutsche
Bank
AG
07/21/23
$
(20,042)
USD
3,647,352
EUR
3,387,840
Bank
of
New
York
Mellon
07/21/23
(52,542)
$
(72,584)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
$
—
$
—
$
—
$
72,584
$
—
$
—
$
72,584
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Forward
foreign
currency
exchange
contracts
....
$
—
$
—
$
—
$
(15,751)
$
—
$
—
$
(15,751)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Forward
foreign
currency
exchange
contracts
....
$
—
$
—
$
—
$
(32,815)
$
—
$
—
$
(32,815)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
3,641,825
Average
amounts
sold
—
in
USD
........................................................................................
$
1,859,968
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Liabilities
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
................................................................................
$
72,584
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
............................................................
$
72,584
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
.......................................................
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
...........................................................................
$
72,584
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
International
V.I.
Fund
8
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
pledged
by
the
Fund:
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(a)(b)
Bank
of
New
York
Mellon
...........................
$
52,542
$
—
$
—
$
—
$
52,542
Deutsche
Bank
AG
...............................
20,042
—
—
—
20,042
$
72,584
$
—
$
—
$
—
$
72,584
(a)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(b)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Brazil
...............................................
$
2,683,569
$
—
$
—
$
2,683,569
Canada
.............................................
4,261,964
—
—
4,261,964
Denmark
.............................................
—
2,056,564
—
2,056,564
France
..............................................
—
1,800,166
—
1,800,166
Germany
............................................
—
10,772,380
—
10,772,380
Italy
................................................
—
2,100,614
—
2,100,614
Japan
...............................................
—
15,824,535
—
15,824,535
Netherlands
...........................................
—
6,671,258
—
6,671,258
Singapore
............................................
1,248,266
—
—
1,248,266
South
Korea
..........................................
—
3,100,338
—
3,100,338
Spain
...............................................
—
1,274,522
—
1,274,522
Switzerland
...........................................
1,637,241
3,993,312
—
5,630,553
United
Kingdom
........................................
—
7,747,331
—
7,747,331
United
States
..........................................
14,292,841
—
—
14,292,841
Short-Term
Securities
Money
Market
Funds
......................................
2,385,438
—
—
2,385,438
Time
Deposits
..........................................
—
11,856
—
11,856
$
26,509,319
$
55,352,876
$
—
$
81,862,195
Derivative
Financial
Instruments
(a)
Liabilities
Foreign
currency
exchange
contracts
............................
$
—
$
(72,584)
$
—
$
(72,584)
(a)
Derivative
financial
instruments
are
forward
foreign
currency
exchange
contracts.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
9
Financial
Statements
BlackRock
International
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
79,476,757‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
2,385,438‌
Foreign
currency,
at
value
(c)
...............................................................................................
16,325‌
Receivables:
–‌
Investments
sold
....................................................................................................
3,976,799‌
Securities
lending
income
—
affiliated
......................................................................................
386‌
Capital
shares
sold
...................................................................................................
47,712‌
Dividends
—
unaffiliated
...............................................................................................
94,063‌
Dividends
—
affiliated
.................................................................................................
8,125‌
Prepaid
expenses
.....................................................................................................
971‌
Total
assets
.........................................................................................................
86,006,576‌
LIABILITIES
Payables:
–‌
Investments
purchased
................................................................................................
3,379,989‌
Capital
shares
redeemed
...............................................................................................
8,185‌
Investment
advisory
fees
..............................................................................................
43,405‌
Professional
fees
....................................................................................................
21,017‌
Other
accrued
expenses
...............................................................................................
31,655‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
72,584‌
Total
liabilities
........................................................................................................
3,556,835‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
82,449,741‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
89,139,135‌
Accumulated
loss
.....................................................................................................
(6,689,394‌)
NET
ASSETS
........................................................................................................
$
82,449,741‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
76,887,148‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
2,385,438‌
(c)
  Foreign
currency,
at
cost
...............................................................................................
$
16,529‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
BlackRock
International
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
82,449,741‌
Shares
outstanding
..................................................................................................
8,525,529‌
Net
asset
value
.....................................................................................................
$
9.67‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
11
Financial
Statements
See
notes
to
financial
statements.
BlackRock
International
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
940,256‌
Dividends
—
affiliated
.................................................................................................
43,000‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
10,490‌
Foreign
taxes
withheld
................................................................................................
(119,099‌)
Total
investment
income
.................................................................................................
874,647‌
EXPENSES
Investment
advisory
..................................................................................................
297,055‌
Transfer
agent
—
class
specific
..........................................................................................
66,713‌
Professional
.......................................................................................................
36,097‌
Accounting
services
..................................................................................................
25,076‌
Custodian
.........................................................................................................
13,197‌
Printing
and
postage
.................................................................................................
5,431‌
Directors
and
Officer
.................................................................................................
3,544‌
Transfer
agent
......................................................................................................
2,480‌
Miscellaneous
......................................................................................................
1,760‌
Total
expenses
.......................................................................................................
451,353‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(43,973‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
...................................................................
(66,713‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
340,667‌
Net
investment
income
..................................................................................................
533,980‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
9,121,773‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
966,119‌
Investments
—
affiliated
.............................................................................................
683‌
Forward
foreign
currency
exchange
contracts
...............................................................................
(15,751‌)
Foreign
currency
transactions
.........................................................................................
(17,651‌)
A
933,400‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
8,218,800‌
Investments
—
affiliated
.............................................................................................
(241‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
(32,815‌)
Foreign
currency
translations
..........................................................................................
2,629‌
A
8,188,373‌
Net
realized
and
unrealized
gain
...........................................................................................
9,121,773‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
9,655,753‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
BlackRock
International
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
533,980
‌
$
618,795
‌
Net
realized
gain
(loss)
..............................................................................
933,400
‌
(10,635,111
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
8,188,373
‌
(15,338,190
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
9,655,753
‌
(25,354,506
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(3,294,527
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(1,587,154
)
(42,310
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
8,068,599
‌
(28,691,343
)
Beginning
of
period
..................................................................................
74,381,142
‌
103,072,485
‌
End
of
period
......................................................................................
$
82,449,741
‌
$
74,381,142
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
BlackRock
International
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
8.55
‌
$
11.88
‌
$
14.27
‌
$
12.02
‌
$
9.20
‌
$
12.56
‌
Net
investment
income
(a)
........................
0.06
‌
0.07
‌
0.11
‌
0.05
‌
0.14
‌
0.17
(b)
Net
realized
and
unrealized
gain
(loss)
...............
1.06
‌
(3.01
)
1.12
‌
2.46
‌
2.81
‌
(2.88
)
Net
increase
(decrease)
from
investment
operations
.......
1.12
‌
(2.94
)
1.23
‌
2.51
‌
2.95
‌
(2.71
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.08
)
(0.11
)
(0.06
)
(0.13
)
(0.32
)
From
net
realized
gain
..........................
—
‌
(0.31
)
(3.51
)
(0.20
)
—
‌
(0.33
)
Total
distributions
..............................
—
‌
(0.39
)
(3.62
)
(0.26
)
(0.13
)
(0.65
)
Net
asset
value,
end
of
period
.....................
$
9.67
‌
$
8.55
‌
$
11.88
‌
$
14.27
‌
$
12.02
‌
$
9.20
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
13.10
%
(e)
(24.62
)%
8.68
%
21.32
%
32.12
%
(21.82
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
1.14
%
(g)
1.17
%
1.12
%
1.14
%
1.12
%
1.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.86
%
(g)
0.90
%
0.93
%
0.93
%
0.97
%
1.07
%
Net
investment
income
..........................
1.35
%
(g)
0.77
%
0.69
%
0.43
%
1.31
%
1.48
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
82,450
‌
$
74,381
‌
$
103,072
‌
$
102,753
‌
$
95,143
‌
$
82,233
‌
Portfolio
turnover
rate
............................
58
%
102
%
80
%
98
%
104
%
100
%
(a)
Based
on
average
shares
outstanding.
(b)
Net
investment
income
per
share
and
the
ratio
of
net
investment
income
to
average
net
assets
includes
$0.04
per
share
and
0.31%,
respectively,
resulting
from
a
non-recurring
dividend.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
International
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
the
Fund
are
charged
to
the
Fund.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
The
Fund
has
an
arrangement
with
one
of
its
custodians
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
The
Fund
may
incur
charges
on overdrafts,
subject
to
certain
conditions.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
Notes
to
Financial
Statements
(unaudited)
(continued)
15
Notes
to
Financial
Statements
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter
(“OTC”).
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”)
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$674.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
at
0.08%
of
average
daily
net
assets.
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
expense
reimbursements
were
$35,027.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”),
to
0.86%
of
average
daily
net
assets.
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$43,299
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
In
addition,
this
amount
waived
and/or
reimbursed
by
the
Manager
is
included
in
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements
was
as
follows:
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.75%
$1
billion
-
$3
billion
.....................................................................................................
0.71
$3
billion
-
$5
billion
.....................................................................................................
0.68
$5
billion
-
$10
billion
....................................................................................................
0.65
Greater
than
$10
billion
...................................................................................................
0.64
Class
I
Transfer
agent
fees
-
class
specific
.........................................................................................
$
66,713‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
31,686‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold, the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses. 
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $2,226
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $44,732,347
and
$48,457,670,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements. 
As
of
December
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses of
$10,189,391 and
$216,305,
respectively. 
Purchases
...............................................................................................................
$
—‌
Sales
...................................................................................................................
7,486‌
Net
Realized
Loss
..........................................................................................................
(2,740‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Fund’s
investments. 
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
International
V.I.
Fund
......................................
$
79,595,015‌
$
5,897,789‌
$
(3,703,193‌)
$
2,194,596‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states. The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
have
been,
and
may
continue
to
be,
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
International
V.I.
Fund
Class
I
Shares
sold
.............................................
431,894‌
$
4,064,583‌
1,195,749‌
$
11,056,461‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
404,564‌
3,294,527‌
Shares
redeemed
.........................................
(601,593‌)
(5,651,737‌)
(1,583,948‌)
(14,393,298‌)
(169,699‌)
$
(1,587,154‌)
16,365‌
$
(42,310‌)
Glossary
of
Terms
Used
in
this
Report
21
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
CAD
Canadian
Dollar
EUR
Euro
JPY
Japanese
Yen
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Investment
Objective
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
long-term
capital
growth.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
Russell
1000
®
Growth
Index.
What
factors
influenced
performance?
From
a
sector
perspective,
the
largest
contributor
to
relative
performance
was
security
selection
in
the
industrials
and
consumer
discretionary
sectors.
Positioning
in
consumer
staples
also
contributed.
In
industrials,
an
off-benchmark
position
in
Chart
Industries,
Inc.
in
the
machinery
industry
benefited
the
portfolio.
Among
consumer
discretionary
stocks,
avoiding
the
specialty
retail
sub-sector
and
specifically
Home
Depot
Inc.
contributed
to
performance.
Elsewhere,
avoiding
exposure
to
any
consumer
staples
stocks
benefited
the
portfolio,
most
notably
the
beverages
industry.
Conversely,
the
largest
detractors
from
the
Fund's
relative
performance
were
stock
selection
in
the
communication
services
sector,
coupled
with
positioning
in
the
technology
hardware,
storage
&
peripherals
industry
within
information
technology
("IT")
and
the
life
sciences
tools
and
services
sub-sector
in
healthcare.
Within
communication
services,
an
overweight
allocation
to
the
interactive
media
and
service
industry,
most
specifically
through
an
overweight
position
in
Match
Group
Inc.,
detracted
from
relative
performance.
Positioning
in
the
technology
hardware,
storage
and
peripherals
industry
in
IT
detracted
most
notably
due
to
an
underweight
position
in
Apple,
Inc.
Lastly,
an
overweight
position
in
Danaher
Corp.
within
life
sciences
tools
and
services
weighed
on
relative
performance.
Describe
recent
portfolio
activity.
During
the
reporting
period,
the
most
notable
increase
in
the
Fund’s
sector
weightings
was
to
IT,
with
an
increased
allocation
to
the
semiconductors
and
semiconductor
equipment
industry.
Exposure
to
communication
services
increased
as
well.
Conversely,
the
Fund's
exposure
to
healthcare
decreased
the
most,
due
to
a
reduced
allocation
to
the
life
sciences
tools
and
services
industry.
Exposure
to
the
industrials
sector
decreased
as
well.
Describe
portfolio
positioning
at
period
end.
Relative
to
its
benchmark,
the
Fund
ended
the
period
with
its
largest
overweight
positions
in
the
financials
sector,
followed
by
healthcare
and
consumer
discretionary.
The
Fund’s
largest
underweight
position
was
in
consumer
staples,
followed
by
communication
services
and
real
estate.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)
(c)
.................................................................
37.10‌%
27.43‌%
11.31‌%
14.71‌%
Class
III
(b)
(c)
................................................................
36.90‌
27.04‌
11.03‌
14.42‌
Russell
1000
®
Growth
Index
(d)
..................................................
29.02‌
27.11‌
15.14‌
15.74‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
large
cap
equity
securities
and
derivatives
that
have
similar
economic
characteristics
to
such
securities.
The
Fund’s
total
returns
prior
to
June
12,
2017
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
“BlackRock
Large
Cap
Growth
V.I.
Fund”.
(d)
An
index
that
measures
the
performance
of
the
large-cap
growth
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
1000
®
companies
with
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,371.00‌
$
4.76‌
$
1,000.00‌
$
1,020.78‌
$
4.06‌
0.81‌%
Class
III
..................................
1,000.00‌
1,369.00‌
6.23‌
1,000.00‌
1,019.54‌
5.31‌
1.06‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
42.9‌
%
Consumer
Discretionary
.............................
17.4‌
Health
Care
.....................................
13.6‌
Financials
.......................................
9.9‌
Communication
Services
.............................
8.8‌
Industrials
.......................................
6.0‌
Energy
.........................................
1.1‌
Short-Term
Securities
...............................
3.0‌
Liabilities
in
Excess
of
Other
Assets
.....................
(2.7‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
3.0%
TransDigm
Group,
Inc.
...............
7,696
$
6,881,532
Automobiles
—
3.4%
Tesla,
Inc.
(a)
.......................
29,292
7,667,767
Broadline
Retail
—
7.8%
Amazon.com,
Inc.
(a)
.................
135,644
17,682,552
Capital
Markets
—
4.2%
Blackstone,
Inc.
....................
28,485
2,648,251
S&P
Global,
Inc.
...................
16,962
6,799,896
9,448,147
Commercial
Services
&
Supplies
—
2.9%
Copart,
Inc.
(a)
.....................
72,634
6,624,947
Entertainment
—
2.4%
Netflix,
Inc.
(a)
......................
12,378
5,452,385
Financial
Services
—
5.7%
Mastercard,
Inc.,
Class
A
..............
5,785
2,275,241
Visa,
Inc.,
Class
A
(b)
.................
45,046
10,697,524
12,972,765
Health
Care
Equipment
&
Supplies
—
4.7%
(a)
Boston
Scientific
Corp.
...............
58,960
3,189,146
Intuitive
Surgical,
Inc.
................
21,575
7,377,356
10,566,502
Health
Care
Providers
&
Services
—
2.7%
UnitedHealth
Group,
Inc.
..............
12,958
6,228,133
Hotels,
Restaurants
&
Leisure
—
3.7%
Chipotle
Mexican
Grill,
Inc.
(a)
...........
2,003
4,284,417
Evolution
AB
(c)(d)
....................
31,804
4,030,324
8,314,741
Interactive
Media
&
Services
—
5.1%
Alphabet,
Inc.,
Class
A
(a)
..............
95,721
11,457,804
Life
Sciences
Tools
&
Services
—
2.4%
Danaher
Corp.
....................
22,664
5,439,360
Oil,
Gas
&
Consumable
Fuels
—
1.1%
Cheniere
Energy,
Inc.
................
16,763
2,554,011
Pharmaceuticals
—
3.8%
Eli
Lilly
&
Co.
.....................
12,355
5,794,248
Zoetis,
Inc.,
Class
A
.................
15,785
2,718,335
8,512,583
Semiconductors
&
Semiconductor
Equipment
—
12.6%
ASML
Holding
NV
(Registered),
ADR
.....
11,860
8,595,535
Broadcom,
Inc.
....................
8,020
6,956,788
NVIDIA
Corp.
.....................
30,998
13,112,774
28,665,097
Software
—
20.7%
Cadence
Design
Systems,
Inc.
(a)
........
30,078
7,053,893
Intuit,
Inc.
........................
20,580
9,429,550
Microsoft
Corp.
....................
63,565
21,646,425
Roper
Technologies,
Inc.
..............
8,899
4,278,639
ServiceNow,
Inc.
(a)
..................
8,076
4,538,470
46,946,977
Technology
Hardware,
Storage
&
Peripherals
—
9.6%
Apple,
Inc.
.......................
111,895
21,704,273
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
2.5%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
4,005
$
3,776,364
NIKE,
Inc.,
Class
B
.................
17,472
1,928,384
5,704,748
Total
Common
Stocks
—
98.3%
(Cost:
$161,775,264)
.............................
222,824,324
Preferred
Securities
Preferred
Stocks
—
1.4%
IT
Services
—
1.4%
ByteDance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$1,906,152)
(a)(e)(f)
..............
17,396
3,058,287
Total
Preferred
Securities
—
1.4%
(Cost:
$1,906,152)
..............................
3,058,287
Total
Long-Term
Investments
—
99.7%
(Cost:
$163,681,416)
.............................
225,882,611
Short-Term
Securities
Money
Market
Funds
—
3.0%
(g)(h)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
265,618
265,618
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(i)
.......................
6,592,962
6,593,622
Total
Short-Term
Securities
—
3.0%
(Cost:
$6,858,790)
..............................
6,859,240
Total
Investments
—
102.7%
(Cost:
$170,540,206
)
.............................
232,741,851
Liabilities
in
Excess
of
Other
Assets
—
(2.7)%
............
(6,134,086)
Net
Assets
—
100.0%
..............................
$
226,607,765
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$3,058,287,
representing
1.35%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,906,152.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Affiliate
of
the
Fund.
(h)
Annualized
7-day
yield
as
of
period
end.
(i)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
6
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,096,849
$
—
$
(831,231)
(a)
$
—
$
—
$
265,618
265,618
$
25,647
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
—
6,590,920
(a)
—
2,252
450
6,593,622
6,592,962
8,270
(b)
—
$
2,252
$
450
$
6,859,240
$
33,917
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
6,881,532
$
—
$
—
$
6,881,532
Automobiles
..........................................
7,667,767
—
—
7,667,767
Broadline
Retail
........................................
17,682,552
—
—
17,682,552
Capital
Markets
........................................
9,448,147
—
—
9,448,147
Commercial
Services
&
Supplies
.............................
6,624,947
—
—
6,624,947
Entertainment
.........................................
5,452,385
—
—
5,452,385
Financial
Services
......................................
12,972,765
—
—
12,972,765
Health
Care
Equipment
&
Supplies
...........................
10,566,502
—
—
10,566,502
Health
Care
Providers
&
Services
............................
6,228,133
—
—
6,228,133
Hotels,
Restaurants
&
Leisure
..............................
4,284,417
4,030,324
—
8,314,741
Interactive
Media
&
Services
...............................
11,457,804
—
—
11,457,804
Life
Sciences
Tools
&
Services
..............................
5,439,360
—
—
5,439,360
Oil,
Gas
&
Consumable
Fuels
...............................
2,554,011
—
—
2,554,011
Pharmaceuticals
.......................................
8,512,583
—
—
8,512,583
Semiconductors
&
Semiconductor
Equipment
....................
28,665,097
—
—
28,665,097
Software
.............................................
46,946,977
—
—
46,946,977
Technology
Hardware,
Storage
&
Peripherals
....................
21,704,273
—
—
21,704,273
Textiles,
Apparel
&
Luxury
Goods
............................
1,928,384
3,776,364
—
5,704,748
Preferred
Securities
.......................................
—
—
3,058,287
3,058,287
Short-Term
Securities
Money
Market
Funds
......................................
265,618
—
—
265,618
$
215,283,254
$
7,806,688
$
3,058,287
$
226,148,229
Investments
valued
at
NAV
(a)
......................................
6,593,622
$
—
$
232,741,851
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Schedule
of
Investments
7
See
notes
to
financial
statements.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Preferred
Securities
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2022
...................................................................................
$
2,866,981
$
2,866,981
Transfers
into
Level
3
.................................................................................................
—
—
Transfers
out
of
Level
3
................................................................................................
—
—
Accrued
discounts/premiums
.............................................................................................
—
—
Net
realized
gain
....................................................................................................
—
—
Net
change
in
unrealized
appreciation
(a)(b)
....................................................................................
191,306
191,306
Purchases
.........................................................................................................
—
—
Sales
............................................................................................................
—
—
Closing
balance,
as
of
June
30,
2023
.......................................................................................
$
3,058,287
$
3,058,287
Net
change
in
unrealized
appreciation
on
investments
still
held
at
June
30,
2023
(b)
..........................................................
$
191,306
$
191,306
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statement
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
8
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
investments
as
of
period
end.
Value
Valuation
Approach
Unobservable
Inputs
(a)
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Preferred
Stocks
...........................
$
3,058,287
Market
Revenue
Multiple
2.25x
-
3.45x
2.85x
$
3,058,287
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
9
Financial
Statements
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
225,882,611‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
6,859,240‌
Cash
.............................................................................................................
3,735‌
Receivables:
–‌
Securities
lending
income
—
affiliated
......................................................................................
1,626‌
Capital
shares
sold
...................................................................................................
820,336‌
Dividends
—
unaffiliated
...............................................................................................
38,619‌
Dividends
—
affiliated
.................................................................................................
6,089‌
Prepaid
expenses
.....................................................................................................
1,500‌
Total
assets
.........................................................................................................
233,613,756‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
6,600,076‌
Payables:
–‌
Accounting
services
fees
...............................................................................................
23,457‌
Capital
shares
redeemed
...............................................................................................
91,797‌
Distribution
fees
.....................................................................................................
23,331‌
Investment
advisory
fees
..............................................................................................
116,578‌
Professional
fees
....................................................................................................
6,056‌
Transfer
agent
fees
..................................................................................................
122,040‌
Other
accrued
expenses
...............................................................................................
22,656‌
Total
liabilities
........................................................................................................
7,005,991‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
226,607,765‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
164,796,238‌
Accumulated
earnings
..................................................................................................
61,811,527‌
NET
ASSETS
........................................................................................................
$
226,607,765‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
163,681,416‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
6,553,498‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
6,858,790‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
106,945,591‌
Shares
outstanding
..................................................................................................
6,158,405‌
Net
asset
value
.....................................................................................................
$
17.37‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
119,662,174‌
Shares
outstanding
..................................................................................................
7,136,037‌
Net
asset
value
.....................................................................................................
$
16.77‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
11
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
624,989‌
Dividends
—
affiliated
.................................................................................................
25,647‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
8,270‌
Foreign
taxes
withheld
................................................................................................
(23,633‌)
Total
investment
income
.................................................................................................
635,273‌
EXPENSES
Investment
advisory
..................................................................................................
627,319‌
Transfer
agent
—
class
specific
..........................................................................................
171,136‌
Distribution
—
class
specific
............................................................................................
123,455‌
Professional
.......................................................................................................
30,952‌
Accounting
services
..................................................................................................
27,577‌
Printing
and
postage
.................................................................................................
13,537‌
Custodian
.........................................................................................................
4,534‌
Directors
and
Officer
.................................................................................................
3,952‌
Transfer
agent
......................................................................................................
1,657‌
Miscellaneous
......................................................................................................
1,558‌
Total
expenses
.......................................................................................................
1,005,677‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(422‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(103,578‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
901,677‌
Net
investment
loss
....................................................................................................
(266,404‌)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
61,581,196‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(155,896‌)
Investments
—
affiliated
.............................................................................................
2,252‌
Foreign
currency
transactions
.........................................................................................
690‌
A
(152,954‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
61,733,460‌
Investments
—
affiliated
.............................................................................................
450‌
Foreign
currency
translations
..........................................................................................
240‌
A
61,734,150‌
Net
realized
and
unrealized
gain
...........................................................................................
61,581,196‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
61,314,792‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
loss
................................................................................
$
(266,404
)
$
(510,226
)
Net
realized
gain
(loss)
..............................................................................
(152,954
)
193,991
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
61,734,150
‌
(114,270,393
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
61,314,792
‌
(114,586,628
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(6,036,836
)
  Class
III
.......................................................................................
—
‌
(6,285,125
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(12,321,961
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(5,810,871
)
(14,970,256
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
55,503,921
‌
(141,878,845
)
Beginning
of
period
..................................................................................
171,103,844
‌
312,982,689
‌
End
of
period
......................................................................................
$
226,607,765
‌
$
171,103,844
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
.................
$
12.67
‌
$
21.82
‌
$
21.58
‌
$
15.91
‌
$
13.32
‌
$
14.51
‌
Net
investment
loss
(a)
...........................
(0.01
)
(0.02
)
(0.09
)
(0.06
)
(0.04
)
(0.04
)
Net
realized
and
unrealized
gain
(loss)
................
4.71
‌
(8.23
)
3.89
‌
6.97
‌
4.36
‌
0.49
‌
Net
increase
(decrease)
from
investment
operations
........
4.70
‌
(8.25
)
3.80
‌
6.91
‌
4.32
‌
0.45
‌
Distributions
from
net
realized
gain
(b)
.................
—
‌
(0.90
)
(3.56
)
(1.24
)
(1.73
)
(1.64
)
Net
asset
value,
end
of
period
......................
$
17.37
‌
$
12.67
‌
$
21.82
‌
$
21.58
‌
$
15.91
‌
$
13.32
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
37.10
%
(d)
(38.11
)%
18.09
%
43.74
%
32.70
%
3.01
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.................................
0.90
%
(f)
0.91
%
0.90
%
0.91
%
0.95
%
0.96
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.81
%
(f)
0.79
%
0.77
%
0.78
%
0.81
%
0.82
%
Net
investment
loss
..............................
(0.15
)%
(f)
(0.11
)%
(0.40
)%
(0.35
)%
(0.27
)%
(0.23
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
106,946
‌
$
87,220
‌
$
150,211
‌
$
139,807
‌
$
106,238
‌
$
91,380
‌
Portfolio
turnover
rate
.............................
14
%
50
%
52
%
54
%
58
%
63
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
.................
$
12.25
‌
$
21.19
‌
$
21.10
‌
$
15.61
‌
$
13.13
‌
$
14.36
‌
Net
investment
loss
(a)
...........................
(0.03
)
(0.05
)
(0.15
)
(0.11
)
(0.08
)
(0.08
)
Net
realized
and
unrealized
gain
(loss)
................
4.55
‌
(7.99
)
3.80
‌
6.84
‌
4.29
‌
0.49
‌
Net
increase
(decrease)
from
investment
operations
........
4.52
‌
(8.04
)
3.65
‌
6.73
‌
4.21
‌
0.41
‌
Distributions
from
net
realized
gain
(b)
.................
—
‌
(0.90
)
(3.56
)
(1.24
)
(1.73
)
(1.64
)
Net
asset
value,
end
of
period
......................
$
16.77
‌
$
12.25
‌
$
21.19
‌
$
21.10
‌
$
15.61
‌
$
13.13
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
36.90
%
(d)
(38.25
)%
17.78
%
43.43
%
32.33
%
2.77
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.................................
1.18
%
(f)
1.18
%
1.16
%
1.16
%
1.20
%
1.22
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
1.06
%
(f)
1.04
%
1.02
%
1.03
%
1.06
%
1.07
%
Net
investment
loss
..............................
(0.40
)%
(f)
(0.36
)%
(0.65
)%
(0.60
)%
(0.52
)%
(0.48
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
119,662
‌
$
83,884
‌
$
162,772
‌
$
146,794
‌
$
92,261
‌
$
70,685
‌
Portfolio
turnover
rate
.............................
14
%
50
%
52
%
54
%
58
%
63
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
15
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
The
Fund
has
an
arrangement
with its
custodian
whereby
credits
are
earned
on
uninvested
cash
balances,
which
could
be
used
to
reduce
custody
fees
and/or
overdraft
charges.
The
Fund
may
incur
charges
on overdrafts,
subject
to
certain
conditions.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Goldman
Sachs
&
Co.
LLC
..........................
$
6,553,498‌
$
(6,553,498‌)
$
—‌
$
—‌
(a)
  Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual rate
of 
0.25
%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
class
specific
distribution
fees
borne
directly
by Class III were
$123,455.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements
:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$422.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
reimbursements
were
as
follows: 
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.65%
$1
billion
-
$3
billion
.....................................................................................................
0.61
$3
billion
-
$5
billion
.....................................................................................................
0.59
$5
billion
-
$10
billion
....................................................................................................
0.57
Greater
than
$10
billion
...................................................................................................
0.55
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
77,070‌
$
94,066‌
$
171,136‌
Class
I
................................................................................................................
0.07‌%
Class
III
...............................................................................................................
0.07‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
44,080‌
Class
III
......................................................................................................
59,498‌
$
103,578‌
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund. For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $1,742
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
6.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $28,182,081
and
$34,284,139,
respectively.
7.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
Class
I
Class
III
Expense
Limitations
..................................................................................
1.25‌%
1.50‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
8.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
9.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
..............................
$
170,600,859‌
$
64,906,504‌
$
(2,765,512‌)
$
62,140,992‌
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
As
of
period
end,
the
Fund’s
investments
had
the
following
industry
classifications:
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
Software
...........................................................................................................
20.8‌
%
Semiconductors
&
Semiconductor
Equipment
...................................................................................
12.7‌
Technology
Hardware,
Storage
&
Peripherals
...................................................................................
9.6‌
Broadline
Retail
.......................................................................................................
7.8‌
Financial
Services
.....................................................................................................
5.7‌
Interactive
Media
&
Services
..............................................................................................
5.1‌
Health
Care
Equipment
&
Supplies
..........................................................................................
4.7‌
Capital
Markets
.......................................................................................................
4.2‌
Pharmaceuticals
......................................................................................................
3.8‌
Hotels,
Restaurants
&
Leisure
.............................................................................................
3.7‌
Automobiles
.........................................................................................................
3.4‌
Aerospace
&
Defense
...................................................................................................
3.0‌
Commercial
Services
&
Supplies
...........................................................................................
2.9‌
Health
Care
Providers
&
Services
...........................................................................................
2.8‌
Textiles,
Apparel
&
Luxury
Goods
...........................................................................................
2.5‌
Life
Sciences
Tools
&
Services
.............................................................................................
2.4‌
Entertainment
........................................................................................................
2.4‌
IT
Services
..........................................................................................................
1.4‌
Oil,
Gas
&
Consumable
Fuels
.............................................................................................
1.1‌
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
Class
I
Shares
sold
.............................................
297,681‌
$
4,386,996‌
1,121,648‌
$
16,990,707‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
442,648‌
6,036,836‌
Shares
redeemed
.........................................
(1,022,097‌)
(14,847,212‌)
(1,566,786‌)
(24,554,150‌)
(724,416‌)
$
(10,460,216‌)
(2,490‌)
$
(1,526,607‌)
Class
III
Shares
sold
.............................................
1,054,852‌
$
15,676,699‌
690,839‌
$
10,842,522‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
476,190‌
6,285,125‌
Shares
redeemed
.........................................
(765,525‌)
(11,027,354‌)
(2,002,433‌)
(30,571,296‌)
289,327‌
$
4,649,345‌
(835,404‌)
$
(13,443,649‌)
(435,089‌)
$
(5,810,871‌)
(837,894‌)
$
(14,970,256‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
11.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Fund’s
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
On
July
25,
2023,
the
Board
of
Directors
of
the
Company
approved
the
reorganization
of
BlackRock
Capital
Appreciation
V.I.
Fund
into
the
Fund.
The
reorganization
is
expected
to
occur
during
the
fourth
quarter
of
2023.
Upon
completion
of
the
merger,
the
fund
will
change
its
name
to
BlackRock
Large
Cap
Growth
Equity
V.I.
Fund.
Glossary
of
Terms
Used
in
this
Report
23
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
S&P
Standard
&
Poor's
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Managed
Volatility
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Managed
Volatility
V.I.
Fund
Investment
Objective
BlackRock
Managed
Volatility
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
a
level
of
current
income
and
degree
of
stability
of
principal
not
normally
available
from
an
investment
solely
in
equity
securities,
as
well
as
the
opportunity
for
capital
appreciation
greater
than
is
normally
available
from
an
investment
solely
in
debt
securities.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
underperformed
its
blended
benchmark
(50%
MSCI
All
Country
World
Index/50%
FTSE
WGBI
(hedged
into
USD).
For
the
same
period,
the
Fund's
Class
I
shares
performed
in
line
while
it's
Class
III
shares
underperformed
its
performance
benchmark,
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index.
What
factors
influenced
performance?
The
Fund’s
performance
and
positioning
are
driven
by
the
investment
adviser’s
macroeconomic
views
on
global
and
regional
growth,
inflation
and
monetary/fiscal
policy.
These
views
are
informed
by
both
discretionary
and
systematic
strategies.
The
Fund
establishes
tactical
positions
(both
long
and
short)
in
equities,
sovereign
bonds
and
currencies
across
25-plus
countries.
The
tactical
approach
seeks
to
capitalize
on
market
volatility
and
dispersion
in
macroeconomic
trends
at
the
country
level.
Relative
value
equity
positioning
was
the
largest
detractor
from
returns.
Early
in
the
reporting
period,
the
Fund
had
a
preference
for
Japanese
equities
versus
German
equities.
The
latter
showed
resilience
early
in
the
reporting
period,
driven
by
tailwinds
from
fiscal
stimulus
and
an
abatement
of
the
European
energy
crisis.
Japanese
equities
struggled
in
this
time
due
to
uncertainty
surrounding
yield
curve
control
and
the
path
forward
for
monetary
policy.
Relative
value
positions
in
bonds
were
the
largest
contributors
to
returns,
driven
by
views
on
both
the
developed
and
emerging
markets.
A
long
position
in
U.S.
Treasuries
versus
German
Bunds
early
in
the
period
produced
a
gain,
as
Treasuries
rallied
more
than
Bunds
on
indications
of
slowing
inflation
in
the
United
States
and
risk-off
sentiment
surrounding
the
string
of
bank
failures
in
March
2023.
The
Fund
maintained
a
long
in
China
versus
other
emerging
market
bonds
early
in
the
period,
which
also
contributed
given
the
country’s
slow
reopening
from
its
COVID-19
lockdowns
prompted
continued
monetary
support.
Later
in
the
period,
a
long
postion
in
Treasuries
versus
U.K.
Gilts
contributed
as
the
United
Kingdom
continued
to
experience
elevated
inflation.
Directional
positioning
also
contributed
to
performance
in
the
first
half
of
the
year.
Short
positions
in
near-dated
German
bonds
contributed
positively,
as
the
European
Central
Bank
continued
to
hike
rates
in
response
to
persistent
inflation.
Directional
long
positions
in
U.S.
and
Japanese
equities
also
contributed,
primarily
in
the
second
calendar
quarter,
as
equities
rallied
on
signs
of
resilient
nominal
growth.
The
Fund
used
derivatives
as
an
efficient
means
to
take
active
views
on
interest
rates,
equity
indexes,
and
currencies.
The
use
of
derivatives
instead
of
physical
instruments
marginally
detracted
from
performance.
The
Fund
held
an
allocation
to
cash
as
collateral
for
derivative
positions
and
as
a
way
of
earning
a
modest
yield.
The
cash
position
had
a
positive
effect
on
performance
given
the
rise
in
yields
globally.
Describe
recent
portfolio
activity.
The
Fund
entered
the
period
net
short
in
equities
and
bonds,
albeit
with
relatively
muted
directional
positioning
given
heightened
uncertainty
and
indications
of
weakening
global
growth
in
December
2022.
Directional
shorts
in
Europe
were
the
largest
risk
drivers
in
the
bond
portfolio.
The
Fund
also
held
a
directional
short
in
Japanese
bonds.
In
equities,
the
Fund
was
long
in
Japan,
the
United
Kingdom
and
Canada
versus
shorts
in
Germany,
France
and
South
Korea.
In
bonds,
the
Fund
was
long
in
the
United
States
and
China
versus
Germany
and
Sweden.
The
Fund
tactically
shifted
both
equity
and
duration
positioning,
ending
the
period
flat
in
equities
and
short
duration
(although
to
a
lesser
degree
than
earlier
in
the
year).
(Duration
is
a
measure
of
interest
rate
sensitivity).
The
Fund
added
directional
exposure
in
U.S.
equities
early
in
the
period,
as
earnings
remained
strong
and
pricing
was
attractive.
It
also
shifted
duration
positioning
in
response
to
market
dislocations
caused
by
the
regional
banking
crisis.
The
Fund
added
to
a
short
position
in
the
U.S.
dollar
versus
a
basket
of
developed
market
currencies,
as
the
Fed
had
relative
success
in
taming
price
pressures
compared
to
other
developed
market
central
banks.
Describe
portfolio
positioning
at
period
end.
The
Fund
ended
the
period
with
a
flat
net
equity
position
and
a
net
short
duration
position,
and
it
remained
short
in
the
U.S.
dollar
against
a
basket
of
developed
market
currencies.
A
reversal
of
past
decades’
globalization
trends,
the
suspension
of
the
debt
ceiling,
an
emphasis
on
energy
security
and
the
green
transition,
the
need
for
defense
spending,
and
an
upcoming
election
have
all
indicated
a
growing
likelihood
of
increased
fiscal
stimulus
in
the
United
States.
The
investment
adviser
believed
the
Fed’s
pause
of
its
interest-rate
increases
in
June
2023
revealed
an
unstated
preference
to
prioritize
fiscal
sustainability
over
price
stability.
The
Fund
was
positioned
for
the
investment
adviser’s
view
that
this
combination
of
impulses
should
act
as
an
ongoing
tailwind
to
U.S.
equity
markets,
specifically
value
stocks.
The
Fund
preferred
Australia
and
U.K.
equities
based
on
valuations
and
the
view
that
stronger-than-expected
global
growth
has
created
continued
demand
for
Australia’s
natural
resources.
The
Fund
was
short
in
German
and
Korean
equities
on
the
belief
that
valuations
are
too
high
given
China’s
muted
re-opening.
In
bonds,
the
Fund
held
a
diversified
set
of
long
positions
in
emerging
markets
with
more
dovish
monetary
policy
outlooks,
including
Poland,
South
Korea
and
India.
The
United
Kingdom
continued
to
struggle
with
elevated
inflation
and
central
bank
policy
that
appeared
behind
the
curve,
motivating
a
short
in
the
country.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Managed
Volatility
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)(c)
.................................................................
2.28‌%
10.73‌%
2.91‌%
3.35‌%
Class
III
(b)(c)
................................................................
2.15‌
10.46‌
2.65‌
3.09‌
(d)
50%
MSCI
All
Country
World
Index
/50%
FTSE
WGBI
(hedged
into
USD)
(e)
...................
8.40‌
7.51‌
4.56‌
5.54‌
MSCI  All
Country
World
Index
(
f
)
.................................................
13.93‌
16.53‌
8.10‌
8.75‌
FTSE
WGBI
(hedged
into
USD)
(
g
)
................................................
2.98‌
(1.31‌)
0.38‌
1.88‌
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(
h
)
........................................
2.25‌
3.60‌
1.55‌
0.99‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
The
Fund
uses
an
asset
allocation
strategy,
investing
various
percentages
of
its
portfolio
in
three
major
categories:
stocks,
bonds
and
money
market
investments.
(d)
The
returns
for
Class
III
Shares
prior
to
February
14,
2018,
the
recommencement
of
operations
of
Class
III
Shares,
are
based
upon
the
performance
of
the
Fund’s
Class
I
Shares,
as
adjusted
to
reflect
the
distribution
(12b-1)
fees
applicable
to
Class
III
Shares.
(e)
A
customized
weighted
index
comprised
of
the
returns
of
50%
MSCI
All
Country
World
Index/50%
FTSE
WGBI
(hedged
into
USD).
(f)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
and
emerging
markets.
(g)
Measures
the
performance
of
fixed-rate,
local
currency,
investment-grade
sovereign
bonds.
The
index
is
a
widely
used
benchmark
that
currently
includes
sovereign
debt
from
over
20
countries
denominated
in
a
variety
of
currencies.
(h)
An
unmanaged
index
that
measures
returns
of
3-month
Treasury
Bills.
Effective
June
2,
2014,
the
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
was
added
to
the
performance
benchmarks
against
which
the
Fund
measures
its
performance.
On
March
1,
2021
the
Fund
began
to
track
the
4pm
pricing
variant
of
the
Index.
Historical
index
data
prior
to
March
1,
2021
is
for
the
3pm
pricing
variant
of
the
Index.
Index
data
on
and
after
March
1,
2021
is
for
the
4pm
pricing
variant
of
the
Index.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,022.80‌
$
2.96‌
$
1,000.00‌
$
1,021.87‌
$
2.96‌
0.59‌%
Class
III
..................................
1,000.00‌
1,021.50‌
4.21‌
1,000.00‌
1,020.63‌
4.21‌
0.84‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Common
Stocks
...................................
99.8‌
%
Preferred
Stocks
...................................
0.2‌
Corporate
Bonds
...................................
0.0‌
(b)
Warrants
........................................
0.0‌
(b)
Rights
..........................................
0.0‌
(b)
Other
Interests
....................................
—‌
(a)
Excludes
short-term
securities.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.2%
Airbus
SE
........................
1,364
$
197,210
BAE
Systems
plc
...................
3,467
40,880
Raytheon
Technologies
Corp.
..........
238
23,314
Rheinmetall
AG
....................
82
22,464
Safran
SA
........................
545
85,407
Thales
SA
........................
200
29,966
399,241
Air
Freight
&
Logistics
—
0.1%
Deutsche
Post
AG
(Registered)
.........
1,481
72,365
DSV
A/S
.........................
73
15,333
87,698
Automobile
Components
—
0.1%
Aptiv
plc
(a)
........................
629
64,215
Cie
Generale
des
Etablissements
Michelin
SCA
1,165
34,462
Continental
AG
....................
550
41,553
Denso
Corp.
......................
1,100
74,197
Koito
Manufacturing
Co.
Ltd.
...........
700
12,703
Sumitomo
Electric
Industries
Ltd.
........
2,000
24,504
251,634
Automobiles
—
1.7%
Bayerische
Motoren
Werke
AG
.........
1,050
129,157
Ferrari
NV
.......................
201
65,716
Ford
Motor
Co.
....................
9,966
150,786
General
Motors
Co.
.................
3,888
149,921
Mercedes-Benz
Group
AG
.............
2,485
200,021
Renault
SA
.......................
588
24,810
Stellantis
NV
......................
4,179
73,470
Suzuki
Motor
Corp.
.................
800
29,010
Tesla,
Inc.
(a)
.......................
6,388
1,672,187
Toyota
Motor
Corp.
.................
19,500
313,406
Volvo
Car
AB,
Class
B
(a)
..............
6,577
26,168
2,834,652
Banks
—
3.5%
ANZ
Group
Holdings
Ltd.
.............
4,675
74,004
Banco
Bilbao
Vizcaya
Argentaria
SA
......
11,518
88,489
Banco
Santander
SA
................
27,169
100,583
Bank
of
America
Corp.
...............
20,778
596,121
Bank
of
Ireland
Group
plc
.............
1,406
13,424
Banque
Cantonale
Vaudoise
(Registered)
..
249
26,301
Barclays
plc
......................
31,637
61,806
BNP
Paribas
SA
...................
2,400
151,454
BOC
Hong
Kong
Holdings
Ltd.
..........
16,000
49,013
CaixaBank
SA
.....................
5,721
23,698
Citigroup,
Inc.
.....................
5,832
268,505
Citizens
Financial
Group,
Inc.
..........
1,359
35,443
Comerica,
Inc.
.....................
323
13,682
Commerzbank
AG
..................
1,295
14,356
Commonwealth
Bank
of
Australia
........
3,238
216,774
Credit
Agricole
SA
..................
2,332
27,690
Danske
Bank
A/S
(a)
.................
1,255
30,567
DBS
Group
Holdings
Ltd.
.............
3,400
79,400
DNB
Bank
ASA
....................
1,119
20,926
Erste
Group
Bank
AG
................
452
15,855
Fifth
Third
Bancorp
.................
2,810
73,650
FinecoBank
Banca
Fineco
SpA
.........
2,173
29,250
First
Citizens
BancShares,
Inc.,
Class
A
....
31
39,787
First
Horizon
Corp.
..................
1,205
13,580
Hang
Seng
Bank
Ltd.
................
5,000
71,278
HSBC
Holdings
plc
.................
40,891
323,769
Huntington
Bancshares,
Inc.
...........
5,498
59,269
ING
Groep
NV
.....................
5,864
79,056
Security
Shares
Shares
Value
Banks
(continued)
Intesa
Sanpaolo
SpA
................
30,007
$
78,671
Japan
Post
Bank
Co.
Ltd.
.............
1,600
12,477
JPMorgan
Chase
&
Co.
..............
8,253
1,200,316
KBC
Group
NV
....................
362
25,268
KeyCorp
.........................
3,598
33,246
M&T
Bank
Corp.
...................
730
90,345
Mitsubishi
UFJ
Financial
Group,
Inc.
......
21,600
159,215
Mizuho
Financial
Group,
Inc.
...........
4,050
61,906
National
Australia
Bank
Ltd.
............
4,576
80,482
NatWest
Group
plc
..................
20,127
61,518
Nordea
Bank
Abp
..................
4,928
53,679
Oversea-Chinese
Banking
Corp.
Ltd.
.....
6,300
57,311
PNC
Financial
Services
Group,
Inc.
(The)
..
1,448
182,376
Regions
Financial
Corp.
..............
4,234
75,450
Resona
Holdings,
Inc.
...............
3,400
16,279
Skandinaviska
Enskilda
Banken
AB,
Class
A
2,546
28,159
Societe
Generale
SA
................
925
24,056
Standard
Chartered
plc
...............
5,978
52,009
Sumitomo
Mitsui
Financial
Group,
Inc.
.....
2,300
98,577
Sumitomo
Mitsui
Trust
Holdings,
Inc.
......
700
24,833
Svenska
Handelsbanken
AB,
Class
A
.....
2,283
19,114
Swedbank
AB,
Class
A
...............
1,039
17,534
Truist
Financial
Corp.
................
3,476
105,497
UniCredit
SpA
.....................
3,134
72,877
United
Overseas
Bank
Ltd.
............
2,400
49,803
US
Bancorp
......................
2,404
79,428
Wells
Fargo
&
Co.
..................
12,147
518,434
Westpac
Banking
Corp.
..............
5,071
72,204
Zions
Bancorp
NA
..................
369
9,911
5,958,705
Beverages
—
0.8%
Anheuser-Busch
InBev
SA/NV
..........
648
36,727
Asahi
Group
Holdings
Ltd.
.............
500
19,400
Carlsberg
A/S,
Class
B
...............
393
62,932
Coca-Cola
Co.
(The)
................
4,625
278,517
Coca-Cola
HBC
AG
.................
1,490
44,447
Constellation
Brands,
Inc.,
Class
A
.......
165
40,611
Diageo
plc
.......................
5,094
218,996
Heineken
NV
.....................
1,098
112,915
PepsiCo,
Inc.
.....................
2,542
470,829
Pernod
Ricard
SA
..................
536
118,442
1,403,816
Biotechnology
—
0.9%
AbbVie,
Inc.
......................
3,431
462,259
Amgen,
Inc.
......................
872
193,601
Argenx
SE
(a)
......................
81
31,590
Biogen,
Inc.
(a)
.....................
220
62,667
CSL
Ltd.
.........................
898
166,291
Genmab
A/S
(a)
.....................
132
50,022
Gilead
Sciences,
Inc.
................
2,004
154,448
Incyte
Corp.
(a)
.....................
194
12,077
Moderna,
Inc.
(a)
....................
419
50,908
Regeneron
Pharmaceuticals,
Inc.
(a)
.......
178
127,900
Vertex
Pharmaceuticals,
Inc.
(a)
..........
404
142,172
1,453,935
Broadline
Retail
—
2.1%
Amazon.com,
Inc.
(a)
.................
23,753
3,096,441
eBay,
Inc.
........................
2,512
112,261
Etsy,
Inc.
(a)
.......................
685
57,958
MercadoLibre,
Inc.
(a)
.................
104
123,198
Next
plc
.........................
288
25,254
Prosus
NV
(a)
......................
1,307
95,717
3,510,829
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
—
0.1%
Cie
de
Saint-Gobain
.................
616
$
37,506
Daikin
Industries
Ltd.
................
300
61,472
Geberit
AG
(Registered)
..............
46
24,108
Nibe
Industrier
AB,
Class
B
............
1,399
13,302
ROCKWOOL
A/S,
Class
B
............
108
27,930
TOTO
Ltd.
.......................
1,000
30,236
194,554
Capital
Markets
—
2.0%
3i
Group
plc
......................
3,348
82,987
Ameriprise
Financial,
Inc.
.............
109
36,205
Amundi
SA
(b)(c)
.....................
567
33,498
Ares
Management
Corp.,
Class
A
........
190
18,306
Bank
of
New
York
Mellon
Corp.
(The)
.....
1,630
72,568
Blackstone,
Inc.
....................
379
35,236
Cboe
Global
Markets,
Inc.
.............
265
36,573
Charles
Schwab
Corp.
(The)
...........
4,353
246,728
CME
Group,
Inc.,
Class
A
.............
1,041
192,887
Coinbase
Global,
Inc.,
Class
A
(a)
.........
199
14,238
Daiwa
Securities
Group,
Inc.
...........
3,900
20,097
Deutsche
Bank
AG
(Registered)
.........
3,219
33,841
Deutsche
Boerse
AG
................
421
77,723
EQT
AB
.........................
1,115
21,466
Euronext
NV
(b)(c)
....................
371
25,233
FactSet
Research
Systems,
Inc.
.........
146
58,495
Franklin
Resources,
Inc.
(d)
.............
521
13,916
Goldman
Sachs
Group,
Inc.
(The)
.......
739
238,357
Hargreaves
Lansdown
plc
.............
2,132
22,101
Hong
Kong
Exchanges
&
Clearing
Ltd.
....
2,300
87,145
Intercontinental
Exchange,
Inc.
.........
1,066
120,543
Japan
Exchange
Group,
Inc.
...........
2,300
40,246
Julius
Baer
Group
Ltd.
...............
816
51,496
KKR
&
Co.,
Inc.
....................
804
45,024
London
Stock
Exchange
Group
plc
.......
1,067
113,564
Macquarie
Group
Ltd.
................
508
60,446
MarketAxess
Holdings,
Inc.
............
104
27,188
Moody's
Corp.
.....................
537
186,726
Morgan
Stanley
....................
3,539
302,231
MSCI,
Inc.
.......................
252
118,261
Nasdaq,
Inc.
......................
1,241
61,864
Northern
Trust
Corp.
.................
468
34,697
Partners
Group
Holding
AG
............
105
98,998
Raymond
James
Financial,
Inc.
.........
517
53,649
S&P
Global,
Inc.
...................
851
341,157
Schroders
plc
.....................
8,796
48,938
SEI
Investments
Co.
.................
441
26,292
St.
James's
Place
plc
................
2,147
29,692
State
Street
Corp.
..................
855
62,569
T.
Rowe
Price
Group,
Inc.
(d)
............
821
91,968
UBS
Group
AG
(Registered)
...........
7,023
142,347
3,425,496
Chemicals
—
3.1%
Air
Liquide
SA
.....................
975
174,852
Air
Products
&
Chemicals,
Inc.
..........
1,347
403,467
Akzo
Nobel
NV
....................
220
17,986
Albemarle
Corp.
...................
1,106
246,737
Arkema
SA
.......................
349
32,909
BASF
SE
........................
2,121
103,045
Celanese
Corp.
....................
130
15,054
CF
Industries
Holdings,
Inc.
............
1,768
122,734
Clariant
AG
(Registered)
..............
3,693
53,425
Corteva,
Inc.
......................
4,187
239,915
Covestro
AG
(a)(b)(c)
...................
708
36,839
Croda
International
plc
...............
803
57,402
Dow,
Inc.
(d)
.......................
4,287
228,326
Security
Shares
Shares
Value
Chemicals
(continued)
DuPont
de
Nemours,
Inc.
.............
3,753
$
268,114
Eastman
Chemical
Co.
...............
1,073
89,832
Ecolab,
Inc.
......................
1,927
359,752
EMS-Chemie
Holding
AG
(Registered)
....
107
81,086
Evonik
Industries
AG
................
1,987
37,862
FMC
Corp.
.......................
1,162
121,243
Givaudan
SA
(Registered)
.............
24
79,607
International
Flavors
&
Fragrances,
Inc.
....
2,074
165,070
Johnson
Matthey
plc
................
644
14,297
Linde
plc
........................
1,916
730,149
LyondellBasell
Industries
NV,
Class
A
.....
1,417
130,123
Mitsui
Chemicals,
Inc.
................
1,500
44,214
Mosaic
Co.
(The)
...................
1,744
61,040
Nitto
Denko
Corp.
..................
1,000
74,226
Novozymes
A/S,
Class
B
..............
296
13,811
Orica
Ltd.
........................
1,702
16,861
PPG
Industries,
Inc.
.................
2,142
317,659
RPM
International,
Inc.
...............
569
51,056
Sherwin-Williams
Co.
(The)
............
1,910
507,143
Shin-Etsu
Chemical
Co.
Ltd.
...........
1,800
60,152
Sika
AG
(Registered)
................
403
115,419
Symrise
AG
......................
430
45,087
Toray
Industries,
Inc.
................
5,300
29,550
Tosoh
Corp.
......................
3,200
37,850
Wacker
Chemie
AG
.................
142
19,507
Westlake
Corp.
....................
722
86,257
5,289,658
Commercial
Services
&
Supplies
—
0.1%
Copart,
Inc.
(a)
.....................
226
20,613
Dai
Nippon
Printing
Co.
Ltd.
...........
1,000
28,406
Secom
Co.
Ltd.
....................
1,600
108,286
157,305
Communications
Equipment
—
0.4%
Arista
Networks,
Inc.
(a)
...............
685
111,011
Cisco
Systems,
Inc.
.................
8,175
422,975
F5,
Inc.
(a)
........................
138
20,184
Motorola
Solutions,
Inc.
..............
111
32,554
Nokia
OYJ
.......................
9,971
41,777
628,501
Construction
&
Engineering
—
0.4%
AECOM
.........................
1,416
119,921
Eiffage
SA
.......................
347
36,230
Ferrovial
SE
......................
1,021
32,276
Quanta
Services,
Inc.
................
1,385
272,083
Shimizu
Corp.
.....................
5,200
32,923
Taisei
Corp.
......................
600
20,963
Vinci
SA
.........................
1,091
126,769
641,165
Construction
Materials
—
0.1%
CRH
plc
.........................
1,898
104,708
Holcim
AG
.......................
1,251
84,326
Martin
Marietta
Materials,
Inc.
..........
36
16,621
Vulcan
Materials
Co.
................
64
14,428
220,083
Consumer
Finance
—
0.3%
American
Express
Co.
...............
1,787
311,296
Capital
One
Financial
Corp.
............
1,051
114,948
Discover
Financial
Services
............
844
98,621
Synchrony
Financial
.................
838
28,425
553,290
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
—
1.3%
Aeon
Co.
Ltd.
.....................
1,000
$
20,476
Carrefour
SA
......................
2,094
39,683
Costco
Wholesale
Corp.
..............
1,242
668,668
Dollar
General
Corp.
................
811
137,692
Dollar
Tree,
Inc.
(a)
...................
714
102,459
J
Sainsbury
plc
....................
7,438
25,427
Jeronimo
Martins
SGPS
SA
............
2,565
70,662
Kesko
OYJ,
Class
B
.................
1,593
30,000
Kroger
Co.
(The)
(d)
..................
1,770
83,190
Sysco
Corp.
......................
1,175
87,185
Target
Corp.
......................
1,496
197,322
Walgreens
Boots
Alliance,
Inc.
(d)
.........
738
21,026
Walmart,
Inc.
......................
4,034
634,064
Woolworths
Group
Ltd.
...............
1,010
26,761
2,144,615
Containers
&
Packaging
—
1.8%
Amcor
plc
........................
29,802
297,424
Avery
Dennison
Corp.
................
1,449
248,938
Ball
Corp.
........................
5,821
338,840
Crown
Holdings,
Inc.
................
3,414
296,574
International
Paper
Co.
...............
28,926
920,136
Packaging
Corp.
of
America
...........
4,327
571,856
Sealed
Air
Corp.
...................
412
16,480
SIG
Group
AG
.....................
1,697
46,883
Smurfit
Kappa
Group
plc
..............
760
25,365
WestRock
Co.
.....................
8,053
234,101
2,996,597
Distributors
—
0.0%
Pool
Corp.
(d)
......................
218
81,672
Diversified
REITs
—
0.1%
British
Land
Co.
plc
(The)
.............
3,170
12,225
Daiwa
House
REIT
Investment
Corp.
.....
11
21,091
Land
Securities
Group
plc
.............
3,084
22,550
Nomura
Real
Estate
Master
Fund,
Inc.
....
27
31,141
87,007
Electric
Utilities
—
1.1%
Acciona
SA
.......................
100
16,979
American
Electric
Power
Co.,
Inc.
........
807
67,949
BKW
AG
........................
101
17,857
CK
Infrastructure
Holdings
Ltd.
..........
2,500
13,260
CLP
Holdings
Ltd.
..................
6,000
46,732
Constellation
Energy
Corp.
............
806
73,789
Duke
Energy
Corp.
.................
1,063
95,394
Edison
International
.................
645
44,795
EDP
-
Energias
de
Portugal
SA
.........
6,537
31,951
Endesa
SA
.......................
1,816
39,022
Enel
SpA
........................
18,032
121,579
Entergy
Corp.
.....................
172
16,748
Eversource
Energy
.................
176
12,482
Exelon
Corp.
......................
1,839
74,921
FirstEnergy
Corp.
..................
541
21,034
Iberdrola
SA
......................
14,691
191,847
Mercury
NZ
Ltd.
....................
5,724
22,878
NextEra
Energy,
Inc.
................
5,754
426,947
NRG
Energy,
Inc.
...................
516
19,293
Orsted
A/S
(b)(c)
.....................
416
39,438
PG&E
Corp.
(a)
.....................
3,741
64,644
Pinnacle
West
Capital
Corp.
...........
157
12,789
Power
Assets
Holdings
Ltd.
............
9,000
47,245
PPL
Corp.
.......................
2,337
61,837
Southern
Co.
(The)
.................
1,743
122,446
SSE
plc
.........................
3,291
77,174
Terna
-
Rete
Elettrica
Nazionale
.........
3,312
28,249
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Xcel
Energy,
Inc.
...................
679
$
42,213
1,851,492
Electrical
Equipment
—
0.4%
ABB
Ltd.
(Registered)
................
3,409
134,113
Eaton
Corp.
plc
....................
89
17,898
Fuji
Electric
Co.
Ltd.
.................
1,400
61,635
Legrand
SA
......................
409
40,574
Mitsubishi
Electric
Corp.
..............
3,900
55,134
Nidec
Corp.
......................
400
22,042
Rockwell
Automation,
Inc.
.............
93
30,639
Schneider
Electric
SE
................
1,046
190,034
Siemens
Energy
AG
(a)
................
658
11,635
Vestas
Wind
Systems
A/S
(a)
............
1,994
53,015
616,719
Electronic
Equipment,
Instruments
&
Components
—
0.8%
Amphenol
Corp.,
Class
A
.............
3,580
304,121
Azbil
Corp.
.......................
1,900
60,135
CDW
Corp.
.......................
323
59,271
Corning,
Inc.
......................
1,395
48,881
Halma
plc
........................
1,021
29,553
Hexagon
AB,
Class
B
................
5,615
69,066
Hirose
Electric
Co.
Ltd.
...............
300
39,940
Ibiden
Co.
Ltd.
.....................
500
28,449
Keyence
Corp.
....................
400
190,063
Keysight
Technologies,
Inc.
(a)
...........
396
66,310
Kyocera
Corp.
.....................
300
16,309
Murata
Manufacturing
Co.
Ltd.
..........
1,200
68,929
Omron
Corp.
......................
1,400
85,962
Shimadzu
Corp.
....................
2,100
64,908
TDK
Corp.
.......................
2,200
85,811
TE
Connectivity
Ltd.
.................
450
63,072
Venture
Corp.
Ltd.
..................
4,800
52,405
Yokogawa
Electric
Corp.
..............
2,300
42,576
1,375,761
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.,
Class
A
............
1,858
58,732
Halliburton
Co.
....................
1,476
48,693
Schlumberger
NV
..................
2,717
133,459
Tenaris
SA
.......................
800
11,967
252,851
Entertainment
—
0.7%
Activision
Blizzard,
Inc.
(a)
..............
1,808
152,414
Capcom
Co.
Ltd.
...................
500
19,820
Electronic
Arts,
Inc.
.................
817
105,965
Koei
Tecmo
Holdings
Co.
Ltd.
..........
800
13,857
Netflix,
Inc.
(a)
......................
831
366,047
Nexon
Co.
Ltd.
....................
800
15,341
Nintendo
Co.
Ltd.
...................
2,200
100,294
ROBLOX
Corp.,
Class
A
(a)
.............
352
14,186
Sea
Ltd.,
ADR,
Class
A
(a)
..............
640
37,146
Square
Enix
Holdings
Co.
Ltd.
..........
200
9,306
Take-Two
Interactive
Software,
Inc.
(a)
......
479
70,490
Toho
Co.
Ltd.
.....................
400
15,236
Walt
Disney
Co.
(The)
(a)
..............
2,803
250,252
1,170,354
Financial
Services
—
2.5%
Adyen
NV
(a)(b)(c)
....................
37
64,072
Apollo
Global
Management,
Inc.
.........
369
28,343
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
3,911
1,333,651
Block,
Inc.,
Class
A
(a)
................
376
25,030
Edenred
.........................
300
20,095
Fidelity
National
Information
Services,
Inc.
..
1,690
92,443
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Financial
Services
(continued)
Fiserv,
Inc.
(a)
......................
1,693
$
213,572
FleetCor
Technologies,
Inc.
(a)
...........
271
68,043
Global
Payments,
Inc.
...............
865
85,220
GMO
Payment
Gateway,
Inc.
...........
200
15,688
Industrivarden
AB,
Class
A
............
940
26,070
Industrivarden
AB,
Class
C
............
1,156
31,899
Investor
AB,
Class
A
.................
1,021
20,434
Investor
AB,
Class
B
.................
3,967
79,360
Jack
Henry
&
Associates,
Inc.
..........
152
25,434
L
E
Lundbergforetagen
AB,
Class
B
......
764
32,534
M&G
plc
.........................
9,749
23,726
Mastercard,
Inc.,
Class
A
..............
1,871
735,864
Mitsubishi
HC
Capital,
Inc.
.............
3,200
19,000
Nexi
SpA
(a)(b)(c)
.....................
2,454
19,253
ORIX
Corp.
.......................
3,200
58,356
PayPal
Holdings,
Inc.
(a)
...............
3,223
215,071
Visa,
Inc.,
Class
A
(d)
.................
4,366
1,036,838
Worldline
SA
(a)(b)(c)
..................
480
17,578
4,287,574
Food
Products
—
1.6%
Archer-Daniels-Midland
Co.
............
2,234
168,801
Associated
British
Foods
plc
...........
1,603
40,593
Barry
Callebaut
AG
(Registered)
.........
11
21,253
Bunge
Ltd.
.......................
544
51,326
Campbell
Soup
Co.
.................
875
39,996
Chocoladefabriken
Lindt
&
Spruengli
AG
...
5
62,865
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
....................
1
124,119
Conagra
Brands,
Inc.
................
2,202
74,251
Danone
SA
.......................
975
59,751
Darling
Ingredients,
Inc.
(a)
.............
592
37,764
General
Mills,
Inc.
..................
2,317
177,714
Hershey
Co.
(The)
..................
649
162,055
Hormel
Foods
Corp.
.................
2,147
86,352
JM
Smucker
Co.
(The)
...............
328
48,436
Kellogg
Co.
.......................
844
56,886
Kerry
Group
plc,
Class
A
..............
268
26,158
Kraft
Heinz
Co.
(The)
................
3,740
132,770
Lamb
Weston
Holdings,
Inc.
...........
905
104,030
McCormick
&
Co.,
Inc.
(Non-Voting)
......
1,466
127,879
MEIJI
Holdings
Co.
Ltd.
..............
3,300
73,692
Mondelez
International,
Inc.,
Class
A
......
4,049
295,334
Nestle
SA
(Registered)
...............
5,918
711,886
Orkla
ASA
........................
4,872
35,032
Tyson
Foods,
Inc.,
Class
A
............
1,583
80,796
2,799,739
Gas
Utilities
—
0.1%
Hong
Kong
&
China
Gas
Co.
Ltd.
........
20,732
17,954
Naturgy
Energy
Group
SA
.............
1,300
38,753
Snam
SpA
.......................
5,623
29,388
86,095
Ground
Transportation
—
0.5%
Central
Japan
Railway
Co.
............
400
50,117
CSX
Corp.
.......................
3,697
126,068
East
Japan
Railway
Co.
..............
900
49,908
Hankyu
Hanshin
Holdings,
Inc.
..........
1,100
36,370
Keio
Corp.
.......................
400
12,583
Keisei
Electric
Railway
Co.
Ltd.
.........
700
29,014
Kintetsu
Group
Holdings
Co.
Ltd.
........
500
17,316
MTR
Corp.
Ltd.
....................
4,500
20,716
Norfolk
Southern
Corp.
...............
358
81,180
Odakyu
Electric
Railway
Co.
Ltd.
........
1,200
16,080
Old
Dominion
Freight
Line,
Inc.
.........
157
58,051
Security
Shares
Shares
Value
Ground
Transportation
(continued)
Tobu
Railway
Co.
Ltd.
................
1,100
$
29,494
Tokyu
Corp.
......................
2,500
30,152
Union
Pacific
Corp.
.................
1,265
258,844
West
Japan
Railway
Co.
..............
400
16,637
832,530
Health
Care
Equipment
&
Supplies
—
1.1%
Abbott
Laboratories
.................
3,548
386,803
Alcon,
Inc.
.......................
930
77,155
Align
Technology,
Inc.
(a)
...............
77
27,230
Becton
Dickinson
&
Co.
..............
257
67,851
BioMerieux
.......................
235
24,674
Boston
Scientific
Corp.
(a)
..............
1,219
65,936
Carl
Zeiss
Meditec
AG
...............
189
20,439
Coloplast
A/S,
Class
B
...............
154
19,271
Dexcom,
Inc.
(a)
....................
442
56,801
Edwards
Lifesciences
Corp.
(a)
..........
551
51,976
EssilorLuxottica
SA
.................
651
122,759
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
.....
1,073
16,157
Hoya
Corp.
.......................
700
83,766
IDEXX
Laboratories,
Inc.
(a)
.............
84
42,187
Intuitive
Surgical,
Inc.
(a)
...............
569
194,564
Koninklijke
Philips
NV
(a)
...............
1,063
23,033
Medtronic
plc
.....................
1,702
149,946
Olympus
Corp.
....................
3,000
47,476
ResMed,
Inc.
.....................
70
15,295
Siemens
Healthineers
AG
(b)(c)
...........
739
41,883
Smith
&
Nephew
plc
.................
2,707
43,673
Sonova
Holding
AG
(Registered)
........
88
23,482
Straumann
Holding
AG
(Registered)
......
173
28,131
Stryker
Corp.
.....................
453
138,206
Sysmex
Corp.
.....................
500
34,249
Terumo
Corp.
.....................
1,400
44,590
1,847,533
Health
Care
Providers
&
Services
—
0.6%
Elevance
Health,
Inc.
................
262
116,404
Fresenius
SE
&
Co.
KGaA
.............
528
14,645
Humana,
Inc.
.....................
44
19,674
UnitedHealth
Group,
Inc.
..............
1,668
801,707
952,430
Health
Care
REITs
—
0.0%
Welltower,
Inc.
.....................
543
43,923
Health
Care
Technology
—
0.0%
M3,
Inc.
.........................
1,300
28,346
Hotels,
Restaurants
&
Leisure
—
1.0%
Accor
SA
........................
403
14,996
Amadeus
IT
Group
SA
(a)
..............
743
56,580
Aramark
.........................
317
13,647
Booking
Holdings,
Inc.
(a)
..............
27
72,909
Chipotle
Mexican
Grill,
Inc.
(a)
...........
76
162,564
Compass
Group
plc
.................
2,273
63,651
Darden
Restaurants,
Inc.
(d)
............
95
15,873
Delivery
Hero
SE
(a)(b)(c)
................
412
18,178
Domino's
Pizza,
Inc.
.................
47
15,839
DoorDash,
Inc.,
Class
A
(a)
.............
750
57,315
Entain
plc
........................
2,598
42,009
Evolution
AB
(b)(c)
....................
322
40,805
Flutter
Entertainment
plc
(a)
.............
162
32,604
Galaxy
Entertainment
Group
Ltd.
(a)
.......
9,000
57,336
InterContinental
Hotels
Group
plc
........
357
24,678
McDonald's
Corp.
..................
1,796
535,944
McDonald's
Holdings
Co.
Japan
Ltd.
......
1,200
46,654
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(d)
...
1,109
24,143
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Oriental
Land
Co.
Ltd.
...............
2,600
$
101,364
Starbucks
Corp.
....................
2,694
266,868
Whitbread
plc
.....................
1,716
73,868
Yum!
Brands,
Inc.
..................
139
19,258
1,757,083
Household
Durables
—
0.7%
Barratt
Developments
plc
.............
3,383
17,780
Berkeley
Group
Holdings
plc
...........
829
41,326
DR
Horton,
Inc.
....................
2,397
291,691
Lennar
Corp.,
Class
A
................
1,988
249,116
NVR,
Inc.
(a)
.......................
27
171,467
Open
House
Group
Co.
Ltd.
...........
500
18,051
Panasonic
Holdings
Corp.
.............
1,100
13,488
Persimmon
plc
....................
812
10,580
PulteGroup,
Inc.
...................
2,182
169,498
Sekisui
House
Ltd.
..................
1,000
20,200
Sony
Group
Corp.
..................
2,200
198,594
Taylor
Wimpey
plc
..................
9,098
11,885
1,213,676
Household
Products
—
2.3%
Church
&
Dwight
Co.,
Inc.
.............
3,832
384,082
Clorox
Co.
(The)
...................
2,001
318,239
Colgate-Palmolive
Co.
...............
7,275
560,466
Henkel
AG
&
Co.
KGaA
..............
354
24,920
Kimberly-Clark
Corp.
................
3,903
538,848
Procter
&
Gamble
Co.
(The)
...........
13,941
2,115,407
Reckitt
Benckiser
Group
plc
............
962
72,295
4,014,257
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
...................
3,843
79,665
Meridian
Energy
Ltd.
................
6,761
23,282
RWE
AG
........................
1,787
77,871
Vistra
Corp.
......................
732
19,215
200,033
Industrial
Conglomerates
—
0.5%
General
Electric
Co.
.................
591
64,921
Hikari
Tsushin,
Inc.
..................
100
14,353
Hitachi
Ltd.
.......................
1,800
111,918
Honeywell
International,
Inc.
...........
1,200
249,000
Jardine
Cycle
&
Carriage
Ltd.
..........
1,200
30,943
Jardine
Matheson
Holdings
Ltd.
.........
500
25,355
Keppel
Corp.
Ltd.
(d)
.................
9,200
45,786
Siemens
AG
(Registered)
.............
1,378
229,714
Toshiba
Corp.
.....................
600
18,828
790,818
Industrial
REITs
—
0.2%
CapitaLand
Ascendas
REIT
............
23,500
47,432
GLP
J-REIT
......................
26
25,645
Goodman
Group
...................
3,089
41,525
Mapletree
Logistics
Trust
.............
11,200
13,471
Prologis,
Inc.
......................
1,776
217,791
Segro
plc
........................
3,824
34,874
380,738
Insurance
—
0.9%
Admiral
Group
plc
..................
560
14,831
Aflac,
Inc.
........................
1,023
71,405
AIA
Group
Ltd.
....................
22,200
225,474
Allianz
SE
(Registered)
...............
859
200,082
American
International
Group,
Inc.
.......
1,309
75,320
Assicurazioni
Generali
SpA
............
1,016
20,661
Aviva
plc
........................
7,625
38,363
Security
Shares
Shares
Value
Insurance
(continued)
AXA
SA
.........................
3,619
$
106,946
Dai-ichi
Life
Holdings,
Inc.
.............
1,400
26,628
Hannover
Rueck
SE
.................
117
24,839
Legal
&
General
Group
plc
............
15,570
45,080
Lincoln
National
Corp.
...............
406
10,459
MetLife,
Inc.
......................
1,273
71,963
MS&AD
Insurance
Group
Holdings,
Inc.
...
700
24,789
Muenchener
Rueckversicherungs-Gesellschaft
AG
(Registered)
.................
267
100,235
Phoenix
Group
Holdings
plc
...........
2,345
15,866
Principal
Financial
Group,
Inc.
..........
236
17,898
Prudential
Financial,
Inc.
..............
337
29,730
Prudential
plc
.....................
4,781
67,524
Sampo
OYJ,
Class
A
................
1,481
66,515
Sompo
Holdings,
Inc.
................
600
26,922
Swiss
Life
Holding
AG
(Registered)
.......
62
36,313
Swiss
Re
AG
......................
460
46,351
Tokio
Marine
Holdings,
Inc.
............
2,900
66,855
Tryg
A/S
.........................
722
15,636
Zurich
Insurance
Group
AG
............
323
153,647
1,600,332
Interactive
Media
&
Services
—
2.7%
Alphabet,
Inc.,
Class
A
(a)
..............
13,944
1,669,097
Alphabet,
Inc.,
Class
C
(a)
..............
12,104
1,464,221
Auto
Trader
Group
plc
(b)(c)
.............
5,695
44,219
Meta
Platforms,
Inc.,
Class
A
(a)
..........
5,219
1,497,748
Scout24
SE
(b)(c)
....................
271
17,172
4,692,457
IT
Services
—
0.8%
Accenture
plc,
Class
A
...............
1,371
423,063
Bechtle
AG
.......................
532
21,127
Capgemini
SE
.....................
315
59,643
Cognizant
Technology
Solutions
Corp.,
Class
A
766
50,004
DXC
Technology
Co.
(a)
...............
561
14,990
EPAM
Systems,
Inc.
(a)
................
49
11,013
Fujitsu
Ltd.
.......................
600
77,690
International
Business
Machines
Corp.
....
1,768
236,576
Itochu
Techno-Solutions
Corp.
..........
2,700
68,418
NEC
Corp.
.......................
1,200
58,215
Nomura
Research
Institute
Ltd.
.........
1,200
33,153
Obic
Co.
Ltd.
......................
600
96,305
Otsuka
Corp.
.....................
1,600
62,322
SCSK
Corp.
......................
5,400
84,980
TIS,
Inc.
.........................
2,200
55,122
VeriSign,
Inc.
(a)
....................
70
15,818
1,368,439
Leisure
Products
—
0.1%
Bandai
Namco
Holdings,
Inc.
...........
900
20,842
Hasbro,
Inc.
......................
1,925
124,682
145,524
Life
Sciences
Tools
&
Services
—
0.6%
Agilent
Technologies,
Inc.
.............
424
50,986
Danaher
Corp.
....................
1,157
277,680
Eurofins
Scientific
SE
................
540
34,316
Illumina,
Inc.
(a)
.....................
231
43,310
IQVIA
Holdings,
Inc.
(a)
................
220
49,449
Lonza
Group
AG
(Registered)
..........
171
102,209
Mettler-Toledo
International,
Inc.
(a)
.......
30
39,349
QIAGEN
NV
(a)
.....................
827
37,174
Sartorius
Stedim
Biotech
..............
114
28,472
Thermo
Fisher
Scientific,
Inc.
...........
771
402,269
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
West
Pharmaceutical
Services,
Inc.
......
100
$
38,247
1,103,461
Machinery
—
0.3%
Alstom
SA
.......................
1,013
30,239
Atlas
Copco
AB,
Class
A
..............
2,334
33,696
Caterpillar,
Inc.
....................
389
95,713
FANUC
Corp.
.....................
1,800
63,190
Kone
OYJ,
Class
B
.................
1,566
81,815
Kurita
Water
Industries
Ltd.
............
400
15,357
MISUMI
Group,
Inc.
.................
1,700
34,226
Mitsubishi
Heavy
Industries
Ltd.
.........
400
18,682
Sandvik
AB
.......................
1,207
23,566
Schindler
Holding
AG
................
194
45,552
SMC
Corp.
.......................
100
55,576
Yaskawa
Electric
Corp.
...............
500
23,052
520,664
Marine
Transportation
—
0.0%
Mitsui
OSK
Lines
Ltd.
................
700
16,841
Media
—
0.2%
Charter
Communications,
Inc.,
Class
A
(a)
...
69
25,349
Comcast
Corp.,
Class
A
..............
7,157
297,373
322,722
Metals
&
Mining
—
1.3%
Alcoa
Corp.
.......................
810
27,483
Anglo
American
plc
.................
4,085
116,314
Antofagasta
plc
....................
816
15,175
BHP
Group
Ltd.
....................
11,596
348,598
Cleveland-Cliffs,
Inc.
(a)
...............
5,276
88,426
Endeavour
Mining
plc
................
545
13,089
Fortescue
Metals
Group
Ltd.
...........
4,047
60,052
Freeport-McMoRan,
Inc.
..............
5,060
202,400
Glencore
plc
......................
25,998
147,406
IGO
Ltd.
.........................
3,176
32,417
Mineral
Resources
Ltd.
...............
289
13,841
Newcrest
Mining
Ltd.
................
2,906
51,838
Newmont
Corp.
....................
2,332
99,483
Nippon
Steel
Corp.
..................
1,200
25,115
Northern
Star
Resources
Ltd.
...........
3,424
27,895
Nucor
Corp.
......................
1,931
316,645
Pilbara
Minerals
Ltd.
.................
6,045
19,868
Reliance
Steel
&
Aluminum
Co.
.........
408
110,809
Rio
Tinto
Ltd.
.....................
910
69,687
Rio
Tinto
plc
......................
3,265
207,490
Steel
Dynamics,
Inc.
.................
1,629
177,447
Sumitomo
Metal
Mining
Co.
Ltd.
.........
700
22,598
2,194,076
Multi-Utilities
—
0.5%
Ameren
Corp.
.....................
538
43,939
CenterPoint
Energy,
Inc.
..............
829
24,165
CMS
Energy
Corp.
..................
284
16,685
Consolidated
Edison,
Inc.
.............
826
74,670
Dominion
Energy,
Inc.
................
1,781
92,238
DTE
Energy
Co.
...................
364
40,047
E.ON
SE
........................
5,044
64,434
Engie
SA
........................
4,044
67,344
National
Grid
plc
...................
8,463
112,206
Public
Service
Enterprise
Group,
Inc.
.....
2,138
133,860
Sempra
Energy
....................
747
108,756
Veolia
Environnement
SA
.............
2,285
72,333
WEC
Energy
Group,
Inc.
..............
736
64,945
915,622
Security
Shares
Shares
Value
Office
REITs
—
0.0%
Gecina
SA
.......................
208
$
22,189
Japan
Real
Estate
Investment
Corp.
......
8
30,445
Nippon
Building
Fund,
Inc.
.............
7
27,525
80,159
Oil,
Gas
&
Consumable
Fuels
—
2.5%
APA
Corp.
.......................
598
20,434
BP
plc
..........................
36,406
211,969
Chevron
Corp.
.....................
3,899
613,508
ConocoPhillips
....................
2,764
286,378
Coterra
Energy,
Inc.
.................
1,879
47,539
Devon
Energy
Corp.
.................
1,781
86,094
Diamondback
Energy,
Inc.
.............
387
50,836
Eni
SpA
.........................
5,410
77,884
EOG
Resources,
Inc.
................
1,390
159,072
EQT
Corp.
.......................
534
21,963
Equinor
ASA
......................
552
16,074
Exxon
Mobil
Corp.
..................
9,871
1,058,665
Hess
Corp.
.......................
668
90,815
Inpex
Corp.
.......................
3,500
38,453
Kinder
Morgan,
Inc.
.................
1,112
19,149
Marathon
Oil
Corp.
..................
1,069
24,608
Marathon
Petroleum
Corp.
............
694
80,920
Neste
OYJ
.......................
1,133
43,624
Occidental
Petroleum
Corp.
............
1,662
97,726
ONEOK,
Inc.
......................
775
47,833
Phillips
66
........................
685
65,335
Pioneer
Natural
Resources
Co.
.........
548
113,535
Santos
Ltd.
.......................
6,408
32,062
Shell
plc
.........................
13,917
415,168
Targa
Resources
Corp.
...............
204
15,524
Texas
Pacific
Land
Corp.
..............
14
18,431
TotalEnergies
SE
...................
4,872
279,675
Valero
Energy
Corp.
.................
711
83,400
Williams
Cos.,
Inc.
(The)
..............
1,026
33,478
Woodside
Energy
Group
Ltd.
...........
3,400
78,647
4,228,799
Paper
&
Forest
Products
—
0.1%
Oji
Holdings
Corp.
..................
15,900
59,451
Stora
Enso
OYJ,
Class
R
.............
2,645
30,687
90,138
Passenger
Airlines
—
1.1%
Alaska
Air
Group,
Inc.
(a)
...............
336
17,869
American
Airlines
Group,
Inc.
(a)
..........
1,712
30,713
ANA
Holdings,
Inc.
(a)
.................
1,700
40,495
Delta
Air
Lines,
Inc.
(a)(d)
...............
18,122
861,520
Japan
Airlines
Co.
Ltd.
...............
700
15,178
Qantas
Airways
Ltd.
(a)
................
7,030
29,133
Singapore
Airlines
Ltd.
...............
4,700
24,901
Southwest
Airlines
Co.
...............
23,780
861,074
United
Airlines
Holdings,
Inc.
(a)
..........
805
44,170
1,925,053
Personal
Care
Products
—
0.8%
Beiersdorf
AG
.....................
361
47,805
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
2,917
572,840
Haleon
plc
.......................
9,317
38,241
Kao
Corp.
........................
500
18,145
Kobayashi
Pharmaceutical
Co.
Ltd.
.......
400
21,750
L'Oreal
SA
.......................
635
296,212
Unilever
plc
.......................
5,774
300,677
1,295,670
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Pharmaceuticals
—
3.9%
Astellas
Pharma,
Inc.
................
5,500
$
81,909
AstraZeneca
plc
...................
3,068
439,811
Bayer
AG
(Registered)
...............
2,182
120,785
Bristol-Myers
Squibb
Co.
..............
5,620
359,399
Catalent,
Inc.
(a)
....................
655
28,401
Chugai
Pharmaceutical
Co.
Ltd.
.........
1,800
51,262
Daiichi
Sankyo
Co.
Ltd.
...............
3,600
114,387
Eisai
Co.
Ltd.
.....................
600
40,664
Eli
Lilly
&
Co.
.....................
2,159
1,012,528
GSK
plc
.........................
8,245
146,123
Ipsen
SA
........................
204
24,557
Johnson
&
Johnson
.................
5,986
990,803
Kyowa
Kirin
Co.
Ltd.
.................
900
16,682
Merck
&
Co.,
Inc.
...................
6,382
736,419
Merck
KGaA
......................
309
51,149
Novartis
AG
(Registered)
.............
3,712
374,242
Novo
Nordisk
A/S,
Class
B
............
3,076
496,897
Ono
Pharmaceutical
Co.
Ltd.
...........
700
12,630
Organon
&
Co.
....................
670
13,943
Otsuka
Holdings
Co.
Ltd.
.............
700
25,677
Pfizer,
Inc.
.......................
15,046
551,887
Roche
Holding
AG
..................
1,351
412,690
Sanofi
..........................
2,275
244,917
Shionogi
&
Co.
Ltd.
.................
1,000
42,179
Takeda
Pharmaceutical
Co.
Ltd.
.........
2,900
91,125
Viatris,
Inc.
.......................
1,553
15,499
Zoetis,
Inc.,
Class
A
.................
1,445
248,843
6,745,408
Professional
Services
—
0.2%
Automatic
Data
Processing,
Inc.
.........
270
59,343
BayCurrent
Consulting,
Inc.
............
500
18,801
Bureau
Veritas
SA
..................
500
13,718
CoStar
Group,
Inc.
(a)
.................
363
32,307
Paycom
Software,
Inc.
...............
62
19,917
Recruit
Holdings
Co.
Ltd.
.............
2,300
73,405
RELX
plc
........................
1,405
46,872
SGS
SA
(Registered)
................
653
61,774
326,137
Real
Estate
Management
&
Development
—
0.4%
CapitaLand
Investment
Ltd.
............
11,600
28,500
CBRE
Group,
Inc.,
Class
A
(a)
...........
616
49,717
CK
Asset
Holdings
Ltd.
...............
10,000
55,568
Daito
Trust
Construction
Co.
Ltd.
........
200
20,261
Daiwa
House
Industry
Co.
Ltd.
..........
1,900
50,202
Hongkong
Land
Holdings
Ltd.
..........
7,500
29,327
Hulic
Co.
Ltd.
.....................
4,500
38,558
Mitsubishi
Estate
Co.
Ltd.
.............
3,700
43,957
Mitsui
Fudosan
Co.
Ltd.
..............
1,900
37,870
Nomura
Real
Estate
Holdings,
Inc.
.......
600
14,265
Sino
Land
Co.
Ltd.
..................
14,000
17,235
Sumitomo
Realty
&
Development
Co.
Ltd.
..
800
19,825
Sun
Hung
Kai
Properties
Ltd.
...........
6,000
75,808
Swire
Pacific
Ltd.,
Class
A
.............
2,000
15,365
Swire
Properties
Ltd.
................
9,200
22,668
Swiss
Prime
Site
AG
(Registered)
........
614
53,336
Vonovia
SE
.......................
710
13,866
Wharf
Real
Estate
Investment
Co.
Ltd.
....
6,000
30,104
616,432
Residential
REITs
—
0.0%
AvalonBay
Communities,
Inc.
..........
130
24,605
Equity
Residential
..................
200
13,194
Invitation
Homes,
Inc.
................
444
15,274
53,073
Security
Shares
Shares
Value
Retail
REITs
—
0.1%
CapitaLand
Integrated
Commercial
Trust
...
13,300
$
18,848
Federal
Realty
Investment
Trust
.........
181
17,516
Japan
Metropolitan
Fund
Investment
Corp.
.
25
16,727
Link
REIT
........................
9,420
52,442
Mapletree
Pan
Asia
Commercial
Trust
.....
11,300
13,594
Realty
Income
Corp.
.................
357
21,345
Simon
Property
Group,
Inc.
............
425
49,079
189,551
Semiconductors
&
Semiconductor
Equipment
—
4.0%
Advanced
Micro
Devices,
Inc.
(a)
.........
3,387
385,813
Advantest
Corp.
....................
700
94,279
Analog
Devices,
Inc.
.................
1,177
229,291
Applied
Materials,
Inc.
...............
1,224
176,917
ASM
International
NV
................
143
60,718
ASML
Holding
NV
..................
669
485,245
Broadcom,
Inc.
....................
959
831,865
Disco
Corp.
.......................
200
31,709
Enphase
Energy,
Inc.
(a)
...............
270
45,220
First
Solar,
Inc.
(a)
...................
106
20,150
Infineon
Technologies
AG
.............
5,330
219,501
Intel
Corp.
.......................
7,289
243,744
KLA
Corp.
........................
154
74,693
Lam
Research
Corp.
................
234
150,429
Lattice
Semiconductor
Corp.
(a)
..........
322
30,935
Microchip
Technology,
Inc.
.............
1,180
105,716
Micron
Technology,
Inc.
...............
1,889
119,215
Monolithic
Power
Systems,
Inc.
.........
72
38,897
NVIDIA
Corp.
.....................
5,467
2,312,650
NXP
Semiconductors
NV
.............
356
72,866
Qorvo,
Inc.
(a)
......................
234
23,875
QUALCOMM,
Inc.
..................
2,511
298,910
Renesas
Electronics
Corp.
(a)
...........
4,000
75,489
Rohm
Co.
Ltd.
.....................
800
75,779
Skyworks
Solutions,
Inc.
..............
133
14,722
Texas
Instruments,
Inc.
...............
2,745
494,155
Tokyo
Electron
Ltd.
.................
700
100,820
6,813,603
Software
—
6.1%
Adobe,
Inc.
(a)
......................
1,257
614,660
ANSYS,
Inc.
(a)
.....................
187
61,761
Atlassian
Corp.,
Class
A
(a)
.............
125
20,976
Autodesk,
Inc.
(a)
....................
514
105,170
BILL
Holdings,
Inc.
(a)
.................
177
20,682
Black
Knight,
Inc.
(a)
..................
380
22,697
Cadence
Design
Systems,
Inc.
(a)
........
785
184,098
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
183
26,877
Dassault
Systemes
SE
...............
1,916
84,900
Datadog,
Inc.,
Class
A
(a)
..............
221
21,742
DocuSign,
Inc.
(a)
...................
447
22,837
Dynatrace,
Inc.
(a)
...................
234
12,044
Fair
Isaac
Corp.
(a)
...................
76
61,500
Fortinet,
Inc.
(a)
.....................
1,869
141,278
HubSpot,
Inc.
(a)
....................
47
25,008
Intuit,
Inc.
........................
777
356,014
Microsoft
Corp.
....................
18,433
6,277,174
Nemetschek
SE
....................
194
14,483
Oracle
Corp.
......................
4,019
478,623
Oracle
Corp.
Japan
.................
700
52,062
Palantir
Technologies,
Inc.,
Class
A
(a)
.....
2,489
38,156
Palo
Alto
Networks,
Inc.
(a)
.............
123
31,428
Roper
Technologies,
Inc.
..............
347
166,838
Sage
Group
plc
(The)
................
3,552
41,725
Salesforce,
Inc.
(a)
...................
2,669
563,853
SAP
SE
.........................
1,972
269,390
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
ServiceNow,
Inc.
(a)
..................
571
$
320,885
Splunk,
Inc.
(a)
.....................
296
31,403
Synopsys,
Inc.
(a)
...................
321
139,767
Temenos
AG
(Registered)
.............
331
26,356
Tyler
Technologies,
Inc.
(a)
.............
160
66,635
VMware,
Inc.,
Class
A
(a)
..............
114
16,381
Workday,
Inc.,
Class
A
(a)
..............
181
40,886
Xero
Ltd.
(a)
.......................
268
21,472
Zoom
Video
Communications,
Inc.,
Class
A
(a)
189
12,829
Zscaler,
Inc.
(a)
.....................
98
14,337
10,406,927
Specialized
REITs
—
0.3%
American
Tower
Corp.
...............
813
157,673
Crown
Castle,
Inc.
..................
527
60,046
Digital
Realty
Trust,
Inc.
..............
250
28,468
Equinix,
Inc.
......................
160
125,431
Extra
Space
Storage,
Inc.
.............
93
13,843
Iron
Mountain,
Inc.
..................
399
22,671
Public
Storage
.....................
230
67,132
SBA
Communications
Corp.
...........
79
18,309
VICI
Properties,
Inc.
.................
1,012
31,807
Weyerhaeuser
Co.
..................
910
30,494
555,874
Specialty
Retail
—
2.8%
Advance
Auto
Parts,
Inc.
..............
982
69,035
AutoZone,
Inc.
(a)
...................
150
374,004
Best
Buy
Co.,
Inc.
..................
2,599
212,988
Burlington
Stores,
Inc.
(a)
..............
611
96,165
CarMax,
Inc.
(a)
.....................
2,252
188,492
Dufry
AG
(Registered)
(a)
..............
666
30,378
Fast
Retailing
Co.
Ltd.
...............
200
51,295
H
&
M
Hennes
&
Mauritz
AB,
Class
B
.....
1,354
23,285
Home
Depot,
Inc.
(The)
..............
4,895
1,520,583
Industria
de
Diseno
Textil
SA
...........
983
38,128
Kingfisher
plc
.....................
5,278
15,556
Lowe's
Cos.,
Inc.
...................
3,635
820,419
Nitori
Holdings
Co.
Ltd.
...............
200
22,459
O'Reilly
Automotive,
Inc.
(a)
.............
452
431,796
Ross
Stores,
Inc.
...................
2,610
292,659
TJX
Cos.,
Inc.
(The)
.................
6,049
512,895
USS
Co.
Ltd.
......................
1,200
19,867
Zalando
SE
(a)(b)(c)
...................
881
25,407
4,745,411
Technology
Hardware,
Storage
&
Peripherals
—
4.0%
Apple,
Inc.
.......................
34,364
6,665,585
FUJIFILM
Holdings
Corp.
.............
1,500
89,375
HP,
Inc.
.........................
592
18,180
Logitech
International
SA
(Registered)
.....
604
36,050
6,809,190
Textiles,
Apparel
&
Luxury
Goods
—
1.5%
adidas
AG
.......................
399
77,457
Cie
Financiere
Richemont
SA
(Registered)
..
1,072
182,098
Deckers
Outdoor
Corp.
(a)
..............
312
164,630
Hermes
International
................
40
86,949
Kering
SA
........................
107
59,085
Lululemon
Athletica,
Inc.
(a)
.............
871
329,673
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
483
455,427
Moncler
SpA
......................
433
29,958
NIKE,
Inc.,
Class
B
.................
8,541
942,670
Pandora
A/S
......................
605
54,076
Puma
SE
........................
391
23,562
Ralph
Lauren
Corp.,
Class
A
(d)
..........
102
12,577
Tapestry,
Inc.
......................
671
28,719
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
VF
Corp.
........................
7,943
$
151,632
2,598,513
Tobacco
—
0.3%
Altria
Group,
Inc.
...................
1,660
75,198
British
American
Tobacco
plc
...........
3,273
108,747
Imperial
Brands
plc
.................
1,763
39,023
Philip
Morris
International,
Inc.
..........
2,338
228,235
451,203
Trading
Companies
&
Distributors
—
0.3%
Brenntag
SE
......................
349
27,228
Fastenal
Co.
(d)
.....................
1,482
87,423
ITOCHU
Corp.
....................
3,800
150,942
Mitsubishi
Corp.
....................
1,400
67,686
Mitsui
&
Co.
Ltd.
...................
1,300
49,202
MonotaRO
Co.
Ltd.
.................
1,800
22,987
United
Rentals,
Inc.
.................
185
82,393
WW
Grainger,
Inc.
..................
118
93,054
580,915
Transportation
Infrastructure
—
0.1%
Aena
SME
SA
(b)(c)
...................
173
27,999
Aeroports
de
Paris
..................
345
49,574
Getlink
SE
.......................
1,449
24,659
102,232
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
.........
886
126,477
Severn
Trent
plc
...................
1,616
52,682
United
Utilities
Group
plc
..............
3,650
44,630
223,789
Total
Common
Stocks
—
69.4%
(Cost:
$110,422,357)
.............................
118,540,620
Par
(000)
Par
(000)
Corporate
Bonds
Diversified
Telecommunication
Services
—
0.0%
AT&T,
Inc.,
7.13%,
12/15/31
..........
USD
25
27,571
Total
Corporate
Bonds
—
0.0%
(Cost:
$28,817)
................................
27,571
Beneficial
Interest
(000)
Other
Interests
(e)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(a)(f)(g)(h)
.....
25
—
Total
Other
Interests
—
0.0%
(Cost:
$—)
....................................
—
Shares
Shares
Preferred
Securities
Preferred
Stocks
—
0.2%
Automobiles
—
0.2%
Bayerische
Motoren
Werke
AG
(Preference)
128
14,586
Dr
Ing
hc
F
Porsche
AG
(Preference)
.....
536
66,587
Porsche
Automobil
Holding
SE
(Preference)
(a)
265
15,971
Volkswagen
AG
(Preference)
...........
586
78,801
175,945
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Products
—
0.0%
Henkel
AG
&
Co.
KGaA
(Preference)
......
680
$
54,384
Life
Sciences
Tools
&
Services
—
0.0%
Sartorius
AG
(Preference)
.............
74
25,638
Total
Preferred
Securities
—
0.2%
(Cost:
$259,569)
................................
255,967
Rights
Health
Care
Equipment
&
Supplies
—
0.0%
ABIOMED,
Inc.,
CVR
(a)(h)
..............
105
296
Total
Rights
—
0.0%
(Cost:
$107)
...................................
296
Warrants
Oil,
Gas
&
Consumable
Fuels
—
0.0%
Occidental
Petroleum
Corp.
(Issued/
Exercisable
07/06/20,
1
Share
for
1
Warrant,
Expires
08/03/27,
Strike
Price
USD
22.00)
(a)
392
14,629
Total
Warrants
—
0.0%
(Cost:
$1,940)
.................................
14,629
Total
Long-Term
Investments
—
69.6%
(Cost:
$110,712,790)
.............................
118,839,083
Short-Term
Securities
Money
Market
Funds
—
5.4%
(i)(j)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
8,341,366
8,341,366
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(k)
.......................
954,909
955,004
Total
Money
Market
Funds
—
5.4%
(Cost:
$9,296,369)
..............................
9,296,370
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
—
13.0%
U.S.
Treasury
Bills
(l)
4.61%, 08/10/23
.................
USD
2,000
$
1,989,165
4.88%, 10/05/23
(m)
................
2,000
1,972,981
5.30%, 10/12/23
.................
1,691
1,666,395
5.26%, 10/19/23
.................
1,234
1,214,745
4.88%, 10/26/23
.................
1,633
1,605,874
5.26%, 11/02/23
(m)
................
1,694
1,664,130
5.02%, 11/09/23
.................
1,843
1,808,747
5.16%, 11/16/23
.................
1,691
1,657,909
5.33%, 11/24/23
.................
1,691
1,655,950
5.29%, 11/30/23
.................
1,694
1,657,306
5.27%, 12/07/23
.................
1,702
1,663,341
5.25%, 12/14/23
.................
1,702
1,661,501
4.59%, 03/21/24
(m)
................
2,000
1,925,508
Total
U.S.
Treasury
Obligations
—
13.0%
(Cost:
$22,154,529)
..............................
22,143,552
Total
Short-Term
Securities
—
18.4%
(Cost:
$31,450,898)
..............................
31,439,922
Total
Investments
—
88.0%
(Cost:
$142,163,688
)
.............................
150,279,005
Other
Assets
Less
Liabilities
—
12.0%
..................
20,584,152
Net
Assets
—
100.0%
..............................
$
170,863,157
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(h)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(i)
Affiliate
of
the
Fund.
(j)
Annualized
7-day
yield
as
of
period
end.
(k)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(l)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(m)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
futures
contracts.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
14
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
8,260,219
$
81,147
(a)
$
—
$
—
$
—
$
8,341,366
8,341,366
$
181,996
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
1,716,448
—
(763,916)
(a)
2,487
(15)
955,004
954,909
4,954
(b)
—
$
2,487
$
(15)
$
9,296,370
$
186,950
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
15
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
OMX
Stockholm
30
Index
....................................................
94
07/21/23
$
2,021
$
(5,457)
IFSC
NIFTY
50
Index
.......................................................
47
07/27/23
1,818
51,207
MSCI
Singapore
Index
......................................................
96
07/28/23
2,056
7,604
Euro-Bund
..............................................................
275
09/07/23
40,133
(93,090)
TOPIX
Index
.............................................................
16
09/07/23
2,552
50,274
S&P/TSX
60
Index
.........................................................
10
09/14/23
1,840
42,864
DAX
Index
..............................................................
9
09/15/23
3,999
77,504
FTSE
100
Index
...........................................................
91
09/15/23
8,734
27,276
FTSE/MIB
Index
...........................................................
48
09/15/23
7,437
189,310
MSCI
EAFE
E-Mini
Index
.....................................................
12
09/15/23
1,293
10,136
S&P
500
E-Mini
Index
.......................................................
20
09/15/23
4,488
135,074
WIG20
Index
.............................................................
36
09/15/23
362
582
U.S.
Treasury
10-Year
Note
...................................................
318
09/20/23
35,710
(453,792)
U.S.
Treasury
Long
Bond
.....................................................
33
09/20/23
4,194
18,384
FTSE/JSE
Top
40
Index
.....................................................
138
09/21/23
5,209
(43,488)
SPI
200
Index
............................................................
105
09/21/23
12,564
148,381
162,769
Short
Contracts
CAC
40
Index
............................................................
130
07/21/23
10,527
(181,799)
IBEX
35
Index
............................................................
30
07/21/23
3,131
(87,963)
Euro-Bobl
...............................................................
316
09/07/23
39,899
373,131
Euro-Bund
..............................................................
47
09/07/23
6,859
20,821
Japan
10-Year
Bond
........................................................
32
09/12/23
32,944
(101,539)
Australia
10-Year
Bond
......................................................
201
09/15/23
15,555
111,680
Mini-DAX
Index
...........................................................
10
09/15/23
889
(3,311)
MSCI
EAFE
E-Mini
Index
.....................................................
281
09/15/23
30,285
(242,741)
S&P
500
E-Mini
Index
.......................................................
200
09/15/23
44,883
(998,197)
Canada
10
-
Year
Bond
.......................................................
269
09/20/23
24,881
91,185
U.S.
Treasury
Ultra
Bond
.....................................................
28
09/20/23
3,823
(53,235)
Long
Gilt
................................................................
339
09/27/23
41,030
295,362
SET50
Index
.............................................................
312
09/28/23
1,612
(13,210)
(789,816)
$
(627,047)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
CAD
5,117,296
USD
3,822,914
Goldman
Sachs
International
09/20/23
$
44,674
CHF
437,000
USD
489,736
Morgan
Stanley
&
Co.
International
plc
09/20/23
2,558
EUR
7,540,727
USD
8,164,828
Goldman
Sachs
International
09/20/23
95,917
MXN
6,219,000
USD
351,212
Morgan
Stanley
&
Co.
International
plc
09/20/23
6,734
NOK
1,187,000
USD
110,285
Toronto
Dominion
Bank
09/20/23
605
SEK
4,361,000
USD
404,061
Toronto
Dominion
Bank
09/20/23
1,807
USD
593,184
AUD
880,000
JPMorgan
Chase
Bank
NA
09/20/23
5,677
USD
607,313
GBP
477,000
Toronto
Dominion
Bank
09/20/23
1,397
USD
554,856
JPY
76,233,000
Morgan
Stanley
&
Co.
International
plc
09/20/23
20,034
USD
45,662
KRW
58,652,000
HSBC
Bank
plc
09/20/23
961
USD
92,586
SGD
124,000
HSBC
Bank
plc
09/20/23
625
USD
1,026,439
THB
35,189,000
HSBC
Bank
plc
09/20/23
26,276
USD
115,013
ZAR
2,178,000
HSBC
Bank
plc
09/20/23
209
207,474
AUD
5,778,592
USD
3,865,150
Barclays
Bank
plc
09/20/23
(7,234)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
16
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AUD
946,000
USD
637,673
JPMorgan
Chase
Bank
NA
09/20/23
$
(6,102)
CLP
1,618,093,000
USD
2,038,286
Citibank
NA
09/20/23
(39,141)
CLP
3,011,834,000
USD
3,764,888
Morgan
Stanley
&
Co.
International
plc
09/20/23
(43,785)
EUR
653,000
USD
717,849
Bank
of
America
NA
09/20/23
(2,498)
EUR
231,000
USD
253,987
HSBC
Bank
plc
09/20/23
(930)
SGD
55,000
USD
41,065
BNP
Paribas
SA
09/20/23
(276)
USD
254,039
BRL
1,269,000
Morgan
Stanley
&
Co.
International
plc
09/20/23
(7,272)
USD
356,704
CAD
475,000
Toronto
Dominion
Bank
09/20/23
(2,295)
USD
670,198
CHF
601,000
Bank
of
America
NA
09/20/23
(6,847)
USD
578,270
CHF
516,000
Morgan
Stanley
&
Co.
International
plc
09/20/23
(3,020)
USD
1,549,411
CLP
1,265,714,000
HSBC
Bank
plc
09/20/23
(14,371)
USD
1,581,918
EUR
1,461,000
Goldman
Sachs
International
09/20/23
(18,584)
USD
534,242
GBP
425,000
BNP
Paribas
SA
09/20/23
(5,621)
USD
9,447
INR
782,000
JPMorgan
Chase
Bank
NA
09/20/23
(56)
USD
280,228
MXN
4,961,000
Barclays
Bank
plc
09/20/23
(5,312)
USD
6,092
NZD
10,000
JPMorgan
Chase
Bank
NA
09/20/23
(43)
USD
402,362
PLN
1,679,000
HSBC
Bank
plc
09/20/23
(8,991)
USD
218,440
SEK
2,357,000
Goldman
Sachs
International
09/20/23
(920)
(173,298)
$
34,176
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
...........
5.00
%
Quarterly
06/20/28
B+
USD
2,515
$
74,087
$
12,266
$
61,821
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
THOR
Quarterly
1.98%
Quarterly
N/A
09/21/27
THB
137,500
$
(66,947)
$
—
$
(66,947)
1-day
THOR
Quarterly
2.00%
Quarterly
N/A
09/21/27
THB
137,500
(63,027)
—
(63,027)
1-day
THOR
Quarterly
2.02%
Quarterly
N/A
09/21/27
THB
93,500
(40,779)
—
(40,779)
1-day
THOR
Quarterly
2.04%
Quarterly
N/A
09/21/27
THB
93,500
(38,913)
—
(38,913)
2.04%
Quarterly
1-day
THOR
Quarterly
N/A
09/21/27
THB
93,500
38,913
32,678
6,235
1.98%
Quarterly
1-day
THOR
Quarterly
N/A
09/21/27
THB
137,500
66,947
57,379
9,568
2.02%
Quarterly
1-day
THOR
Quarterly
N/A
09/21/27
THB
93,500
40,779
34,467
6,312
2.00%
Quarterly
1-day
THOR
Quarterly
N/A
09/21/27
THB
137,500
63,027
53,619
9,408
28-day
MXIBTIIE
Monthly
8.32%
Monthly
09/20/23
(a)
09/13/28
MXN
5,000
2,244
—
2,244
1-day
THOR
Quarterly
2.51%
Quarterly
09/20/23
(a)
09/20/28
THB
49,000
—
—
—
3-mo.
TWCPBA
Quarterly
1.36%
Quarterly
09/20/23
(a)
09/20/28
TWD
30,000
(3,677)
—
(3,677)
3-mo.
TWCPBA
Quarterly
1.41%
Quarterly
09/20/23
(a)
09/20/28
TWD
35,280
(1,549)
—
(1,549)
3-mo.
TWCPBA
Quarterly
1.42%
Quarterly
09/20/23
(a)
09/20/28
TWD
54,320
(1,316)
—
(1,316)
3-mo.
TWCPBA
Quarterly
1.42%
Quarterly
09/20/23
(a)
09/20/28
TWD
171,400
(6,176)
—
(6,176)
3-mo.
TWCPBA
Quarterly
1.43%
Quarterly
09/20/23
(a)
09/20/28
TWD
53,000
(1,076)
—
(1,076)
1-day
SARON
Annual
1.94%
Annual
09/20/23
(a)
09/20/28
CHF
2,000
12,854
1,650
11,204
1-day
SARON
Annual
2.01%
Annual
09/20/23
(a)
09/20/28
CHF
2,000
20,939
6,031
14,908
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
17
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-week
CNREPOFIX_
CFXS
Quarterly
2.49%
Quarterly
09/20/23
(a)
09/20/28
CNY
8,000
$
3,164
$
—
$
3,164
1-week
CNREPOFIX_
CFXS
Quarterly
2.49%
Quarterly
09/20/23
(a)
09/20/28
CNY
8,000
3,010
—
3,010
1-day
THOR
Quarterly
2.49%
Quarterly
09/20/23
(a)
09/20/28
THB
150,000
2,800
—
2,800
1-day
THOR
Quarterly
2.55%
Quarterly
09/20/23
(a)
09/20/28
THB
36,830
3,910
—
3,910
1-day
SORA
Semi-Annual
2.95%
Semi-Annual
09/20/23
(a)
09/20/28
SGD
2,000
(21,628)
—
(21,628)
1-day
SORA
Semi-Annual
3.05%
Semi-Annual
09/20/23
(a)
09/20/28
SGD
2,000
(15,268)
—
(15,268)
1-day
SORA
Semi-Annual
3.14%
Semi-Annual
09/20/23
(a)
09/20/28
SGD
3,000
(13,160)
—
(13,160)
1-day
SORA
Semi-Annual
3.18%
Semi-Annual
09/20/23
(a)
09/20/28
SGD
3,000
(8,941)
—
(8,941)
3-mo.
CD_KSDA
Quarterly
3.37%
Quarterly
09/20/23
(a)
09/20/28
KRW
1,109,000
(4,420)
—
(4,420)
3-mo.
CD_KSDA
Quarterly
3.37%
Quarterly
09/20/23
(a)
09/20/28
KRW
3,026,000
(11,639)
—
(11,639)
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
09/20/23
(a)
09/20/28
KRW
4,468,000
(15,160)
—
(15,160)
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
09/20/23
(a)
09/20/28
KRW
4,299,000
(15,936)
—
(15,936)
3-mo.
CD_KSDA
Quarterly
3.40%
Quarterly
09/20/23
(a)
09/20/28
KRW
2,758,000
(7,626)
—
(7,626)
1-day
SORA
Semi-Annual
3.41%
Semi-Annual
09/20/23
(a)
09/20/28
SGD
1,000
4,418
—
4,418
3-mo.
CD_KSDA
Quarterly
3.42%
Quarterly
09/20/23
(a)
09/20/28
KRW
5,987,300
(12,796)
—
(12,796)
3-mo.
CD_KSDA
Quarterly
3.42%
Quarterly
09/20/23
(a)
09/20/28
KRW
4,898,700
(11,324)
—
(11,324)
3-mo.
CD_KSDA
Quarterly
3.43%
Quarterly
09/20/23
(a)
09/20/28
KRW
3,342,997
(6,561)
—
(6,561)
3-mo.
CD_KSDA
Quarterly
3.43%
Quarterly
09/20/23
(a)
09/20/28
KRW
3,816,050
(6,824)
—
(6,824)
3-mo.
CD_KSDA
Quarterly
3.43%
Quarterly
09/20/23
(a)
09/20/28
KRW
3,826,953
(7,378)
—
(7,378)
1-day
SORA
Semi-Annual
3.44%
Semi-Annual
09/20/23
(a)
09/20/28
SGD
1,000
5,422
—
5,422
3-mo.
CD_KSDA
Quarterly
3.52%
Quarterly
09/20/23
(a)
09/20/28
KRW
3,791,000
—
—
—
1-day
SOFR
Annual
3.66%
Annual
09/20/23
(a)
09/20/28
USD
8,000
(50,498)
4,845
(55,343)
1-day
SOFR
Annual
3.67%
Annual
09/20/23
(a)
09/20/28
USD
8,000
(48,722)
—
(48,722)
1-day
SOFR
Annual
3.70%
Annual
09/20/23
(a)
09/20/28
USD
1,000
(4,669)
(268)
(4,401)
6-mo.
BBR
Semi-Annual
3.76%
Semi-Annual
09/20/23
(a)
09/20/28
AUD
20
(323)
(276)
(47)
3-mo.
BA
Semi-Annual
3.78%
Semi-Annual
09/20/23
(a)
09/20/28
CAD
5,000
(37,078)
(1,485)
(35,593)
1-day
SOFR
Annual
3.80%
Annual
09/20/23
(a)
09/20/28
USD
4,000
(912)
(1,354)
442
1-day
SOFR
Annual
3.86%
Annual
09/20/23
(a)
09/20/28
USD
3,000
—
—
—
3-mo.
BA
Semi-Annual
3.95%
Semi-Annual
09/20/23
(a)
09/20/28
CAD
3,000
(4,355)
(186)
(4,169)
3-mo.
BA
Semi-Annual
4.00%
Semi-Annual
09/20/23
(a)
09/20/28
CAD
1,000
159
(1,434)
1,593
3-mo.
BA
Semi-Annual
4.07%
Semi-Annual
09/20/23
(a)
09/20/28
CAD
2,000
5,198
1,057
4,141
3-mo.
BA
Semi-Annual
4.08%
Semi-Annual
09/20/23
(a)
09/20/28
CAD
2,000
5,747
4,572
1,175
3-mo.
BA
Semi-Annual
4.13%
Semi-Annual
09/20/23
(a)
09/20/28
CAD
4,000
—
—
—
6-mo.
PRIBOR
Semi-Annual
4.27%
Annual
09/20/23
(a)
09/20/28
CZK
23,000
(1,692)
—
(1,692)
6-mo.
PRIBOR
Semi-Annual
4.48%
Annual
09/20/23
(a)
09/20/28
CZK
44,000
15,128
—
15,128
6-mo.
PRIBOR
Semi-Annual
4.67%
Annual
09/20/23
(a)
09/20/28
CZK
19,000
14,268
—
14,268
6-mo.
PRIBOR
Semi-Annual
4.72%
Annual
09/20/23
(a)
09/20/28
CZK
60,000
50,705
—
50,705
1-day
SONIA
Annual
4.81%
Annual
09/20/23
(a)
09/20/28
GBP
3,000
(35,075)
474
(35,549)
6-mo.
PRIBOR
Semi-Annual
4.85%
Annual
09/20/23
(a)
09/20/28
CZK
70,000
77,774
—
77,774
1-day
SONIA
Annual
4.89%
Annual
09/20/23
(a)
09/20/28
GBP
2,000
(14,616)
11,951
(26,567)
6-mo.
WIBOR
Semi-Annual
4.96%
Annual
09/20/23
(a)
09/20/28
PLN
12,000
11,707
—
11,707
1-day
SONIA
Annual
4.96%
Annual
09/20/23
(a)
09/20/28
GBP
4,000
(14,646)
1,621
(16,267)
6-mo.
WIBOR
Semi-Annual
5.16%
Annual
09/20/23
(a)
09/20/28
PLN
5,000
15,052
—
15,052
6-mo.
WIBOR
Semi-Annual
5.20%
Annual
09/20/23
(a)
09/20/28
PLN
2,000
6,746
—
6,746
6-mo.
WIBOR
Semi-Annual
5.28%
Annual
09/20/23
(a)
09/20/28
PLN
8,000
34,024
—
34,024
6-mo.
WIBOR
Semi-Annual
5.32%
Annual
09/20/23
(a)
09/20/28
PLN
19,000
87,693
—
87,693
6-mo.
WIBOR
Semi-Annual
5.38%
Annual
09/20/23
(a)
09/20/28
PLN
7,000
37,020
—
37,020
6-mo.
WIBOR
Semi-Annual
5.45%
Annual
09/20/23
(a)
09/20/28
PLN
21,000
126,934
—
126,934
6-mo.
WIBOR
Semi-Annual
5.48%
Annual
09/20/23
(a)
09/20/28
PLN
20,000
126,419
—
126,419
6-mo.
WIBOR
Semi-Annual
5.70%
Annual
09/20/23
(a)
09/20/28
PLN
18,900
162,680
—
162,680
6-mo.
WIBOR
Semi-Annual
5.78%
Annual
09/20/23
(a)
09/20/28
PLN
14,000
131,667
—
131,667
6-mo.
WIBOR
Semi-Annual
5.84%
Annual
09/20/23
(a)
09/20/28
PLN
10,000
100,623
—
100,623
6-mo.
WIBOR
Semi-Annual
5.85%
Annual
09/20/23
(a)
09/20/28
PLN
7,000
71,084
—
71,084
6-mo.
WIBOR
Semi-Annual
5.92%
Annual
09/20/23
(a)
09/20/28
PLN
5,000
54,454
—
54,454
1-day
MIBOR
Semi-Annual
6.11%
Semi-Annual
09/20/23
(a)
09/20/28
INR
327,000
(29,621)
—
(29,621)
1-day
MIBOR
Semi-Annual
6.11%
Semi-Annual
09/20/23
(a)
09/20/28
INR
122,000
(10,776)
—
(10,776)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
18
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
MIBOR
Semi-Annual
6.14%
Semi-Annual
09/20/23
(a)
09/20/28
INR
46,000
$
(3,521)
$
—
$
(3,521)
1-day
MIBOR
Semi-Annual
6.19%
Semi-Annual
09/20/23
(a)
09/20/28
INR
150,000
(7,649)
—
(7,649)
1-day
MIBOR
Semi-Annual
6.20%
Semi-Annual
09/20/23
(a)
09/20/28
INR
88,384
(3,975)
—
(3,975)
1-day
MIBOR
Semi-Annual
6.21%
Semi-Annual
09/20/23
(a)
09/20/28
INR
238,965
(9,371)
—
(9,371)
1-day
MIBOR
Semi-Annual
6.21%
Semi-Annual
09/20/23
(a)
09/20/28
INR
163,650
(6,295)
—
(6,295)
1-day
MIBOR
Semi-Annual
6.23%
Semi-Annual
09/20/23
(a)
09/20/28
INR
140,420
(4,486)
—
(4,486)
1-day
MIBOR
Semi-Annual
6.23%
Semi-Annual
09/20/23
(a)
09/20/28
INR
206,500
(6,494)
—
(6,494)
1-day
MIBOR
Semi-Annual
6.23%
Semi-Annual
09/20/23
(a)
09/20/28
INR
66,080
(2,177)
—
(2,177)
1-day
MIBOR
Semi-Annual
6.25%
Semi-Annual
09/20/23
(a)
09/20/28
INR
152,256
—
—
—
1-day
MIBOR
Semi-Annual
6.26%
Semi-Annual
09/20/23
(a)
09/20/28
INR
187,200
—
—
—
1-day
MIBOR
Semi-Annual
6.27%
Semi-Annual
09/20/23
(a)
09/20/28
INR
140,544
—
—
—
2.83%
Semi-Annual
1-day
SORA
Semi-Annual
09/20/23
(a)
09/20/28
SGD
2,000
29,663
20,901
8,762
3.85%
Quarterly
3-mo.
HIBOR
Quarterly
09/20/23
(a)
09/20/28
HKD
10,000
9,948
—
9,948
3.89%
Quarterly
3-mo.
HIBOR
Quarterly
09/20/23
(a)
09/20/28
HKD
14,500
11,592
—
11,592
3.88%
Quarterly
3-mo.
HIBOR
Quarterly
09/20/23
(a)
09/20/28
HKD
14,500
11,997
—
11,997
8.76%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
45,000
1,405
—
1,405
9.08%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
78,000
(50,668)
—
(50,668)
9.12%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
33,000
(24,131)
—
(24,131)
9.11%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
39,000
(27,785)
—
(27,785)
8.89%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
91,000
—
—
—
9.03%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
21,000
(11,442)
—
(11,442)
9.02%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
35,000
(18,337)
—
(18,337)
9.04%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
47,000
(26,100)
—
(26,100)
8.98%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
44,000
(19,457)
—
(19,457)
9.09%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
35,000
(23,396)
—
(23,396)
9.06%
Quarterly
3-mo.
JIBAR
Quarterly
09/20/23
(a)
09/20/28
ZAR
39,000
(23,618)
—
(23,618)
3.18%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
18,000
11,140
6,049
5,091
3.24%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
8,000
2,353
2,353
—
3.26%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
18,000
5,365
(14,828)
20,193
3.24%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
276,000
111,011
165,798
(54,787)
3.13%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
37,000
31,380
22,850
8,530
3.31%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
12,000
1,276
759
517
3.05%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
7,000
8,267
549
7,718
3.19%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
22,000
12,791
1,976
10,815
3.09%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
19,000
19,202
9,686
9,516
3.26%
Annual
3-mo.
STIBOR
Quarterly
09/20/23
(a)
09/20/28
SEK
24,000
7,553
(10,586)
18,139
3.76%
Annual
3-mo.
TELBOR01
Quarterly
09/20/23
(a)
09/20/28
ILS
12,000
(22,364)
—
(22,364)
3.73%
Annual
3-mo.
TELBOR01
Quarterly
09/20/23
(a)
09/20/28
ILS
6,000
(9,099)
—
(9,099)
3.49%
Annual
3-mo.
TELBOR01
Quarterly
09/20/23
(a)
09/20/28
ILS
4,000
5,688
—
5,688
3.86%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
1,500
19,611
—
19,611
3.82%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
1,500
21,575
—
21,575
3.84%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
1,500
20,477
—
20,477
3.87%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
3,500
44,828
—
44,828
4.35%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
3,000
(3,904)
—
(3,904)
4.28%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
3,000
2,263
—
2,263
3.96%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
1,500
15,352
—
15,352
3.81%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
1,000
14,731
—
14,731
4.00%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
5,000
45,368
—
45,368
4.21%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
4,500
12,712
—
12,712
4.20%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
4,500
13,711
—
13,711
3.96%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/20/23
(a)
09/20/28
AUD
1,500
15,441
—
15,441
3.11%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
6,000
29,917
14,726
15,191
3.18%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
3,000
4,914
(24,980)
29,894
3.16%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
1,000
2,711
(1)
2,712
3.14%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
7,000
25,942
(26,691)
52,633
3.04%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
1,000
8,526
(390)
8,916
2.97%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
6,000
70,390
18,736
51,654
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
19
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.12%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
5,000
$
23,454
$
13,479
$
9,975
3.18%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
3,000
4,175
(8,880)
13,055
3.37%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
1,000
(7,914)
1,004
(8,918)
3.00%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
6,000
62,118
(15,038)
77,156
3.13%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
17,000
68,855
89,322
(20,467)
3.14%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
3,000
11,266
7,569
3,697
3.39%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
3,000
(26,549)
1,838
(28,387)
3.08%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
6,000
37,598
(9,231)
46,829
3.09%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
2,000
11,531
(448)
11,979
3.02%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
4,000
38,064
73
37,991
3.24%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
1,000
(1,513)
(2,716)
1,203
3.12%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
3,000
13,038
390
12,648
3.13%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
2,000
8,495
1,000
7,495
3.13%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
2,000
8,397
(1,427)
9,824
3.33%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
3,000
(16,800)
(16,398)
(402)
3.05%
Annual
6-mo.
EURIBOR
Semi-Annual
09/20/23
(a)
09/20/28
EUR
2,000
16,137
(561)
16,698
$
1,363,588
$
452,224
$
911,364
(a)
Forward
swap.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
10.21%
At
Termination
HSBC
Bank
plc
01/04/27
BRL
5,000
$
5,142
$
—
$
5,142
1-day
BZDIOVER
At
Termination
10.31%
At
Termination
HSBC
Bank
plc
01/04/27
BRL
8,000
13,617
—
13,617
$
18,759
$
—
$
18,759
OTC
Total
Return
Swap
s
-
Future
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
July
2023
................
TWD
156,951,614
Merrill
Lynch
International
&
Co.
07/19/23
TWD
156,952
$
(80,631)
$
—
$
(80,631)
BOVESPA
Index
Futures
August
2023
................
BRL
(2,517,323)
Merrill
Lynch
International
&
Co.
08/16/23
BRL
2,517
559
—
559
BOVESPA
Index
Futures
August
2023
................
BRL
(19,803,133)
Merrill
Lynch
International
&
Co.
08/16/23
BRL
19,803
9,442
—
9,442
KOSPI
200
Index
Futures
September
2023
........
KRW
(28,971,855,250)
Merrill
Lynch
International
&
Co.
09/14/23
KRW
28,971,855
345,297
—
345,297
Mexican
Bolsa
Index
Futures
September
2023
........
MXN
8,784,184
Merrill
Lynch
International
&
Co.
09/15/23
MXN
8,784
(1,553)
—
(1,553)
Swiss
Market
Index
Futures
September
2023
........
CHF
(13,524,757)
HSBC
Bank
plc
09/15/23
CHF
13,525
50,977
—
50,977
$
324,091
$
—
$
324,091
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
20
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
MSCI
Chile
Net
Return
Index
..........
At
Termination
1-day
SOFR
plus
0.15%
At
Termination
Merrill
Lynch
International
&
Co.
09/05/23
USD
1,601
$
24,350
$
—
$
24,350
1-day
SOFR
plus
0.27%
Quarterly
Russel
1000
Value
Index
Total
Return
Quarterly
JPMorgan
Chase
Bank
NA
11/10/23
USD
7,497
305,040
—
305,040
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
minus
0.15%
Quarterly
Merrill
Lynch
International
&
Co.
05/16/24
USD
759
16,087
—
16,087
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
minus
0.20%
Quarterly
BNP
Paribas
SA
05/16/24
USD
1,106
(10,477)
—
(10,477)
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
minus
0.40%
Quarterly
BNP
Paribas
SA
05/16/24
USD
697
(43,816)
—
(43,816)
S&P
500
Total
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.33%
Quarterly
UBS
AG
05/24/24
USD
44,358
(2,566,309)
—
(2,566,309)
$
(2,275,125)
$
—
$
(2,275,125)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.05
%
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
6.90
1-day
SARON
........................................
Swiss
Average
Rate
Overnight
1.71
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5.07
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
4.93
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
4.00
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
1.99
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
2.60
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11.50
3-mo.
BA
...........................................
Canadian
Bankers
Acceptances
5.40
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3.75
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
4.97
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8.50
3-mo.
STIBOR
.......................................
Stockholm
Interbank
Offered
Rate
3.81
3-mo.
TELBOR01
.....................................
Tel
Aviv
Interbank
Offer
Rate
4.83
3-mo.
TWCPBA
.......................................
Taiwan
Secondary
Markets
Bills
Rate
1.49
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4.70
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3.90
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
7.15
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
6.85
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
.........................................................
$
601,668
$
(137,178)
$
2,041,283
$
(1,068,098)
OTC
Swaps
...................................................................
—
—
770,511
(2,702,786)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
21
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
740,212
$
—
$
910,563
$
—
$
1,650,775
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
207,474
—
—
207,474
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
61,821
—
—
1,979,462
—
2,041,283
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
751,752
—
18,759
—
770,511
$
—
$
61,821
$
1,491,964
$
207,474
$
2,908,784
$
—
$
4,670,043
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
1,576,166
$
—
$
701,656
$
—
$
2,277,822
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
173,298
—
—
173,298
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
1,068,098
—
1,068,098
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
2,702,786
—
—
—
2,702,786
$
—
$
—
$
4,278,952
$
173,298
$
1,769,754
$
—
$
6,222,004
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(5,210,361)
$
—
$
4,634,830
$
—
$
(575,531)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(246,999)
—
—
(246,999)
Swaps
..............................
—
12,331
(2,633,279)
—
926,758
—
(1,694,190)
$
—
$
12,331
$
(7,843,640)
$
(246,999)
$
5,561,588
$
—
$
(2,516,720)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(4,828,507)
$
—
$
(3,866,092)
$
—
$
(8,694,599)
Forward
foreign
currency
exchange
contracts
....
—
—
—
157,668
—
—
157,668
Swaps
..............................
—
61,821
(2,093,117)
—
272,385
—
(1,758,911)
$
—
$
61,821
$
(6,921,624)
$
157,668
$
(3,593,707)
$
—
$
(10,295,842)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
22
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
131,129,710
Average
notional
value
of
contracts
—
short
.................................................................................
$
266,768,502
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
12,665,080
Average
amounts
sold
—
in
USD
........................................................................................
$
22,616,517
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
1,257,500
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
199,560,614
Average
notional
value
—
receives
fixed
rate
................................................................................
$
192,460,660
Total
return
swaps
Average
notional
value
...............................................................................................
$
77,356,584
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
728,782
$
—
Forward
foreign
currency
exchange
contracts
.................................................................
207,474
173,298
Swaps
—
centrally
cleared
..............................................................................
294,320
—
Swaps
—
OTC
(a)
.....................................................................................
770,511
2,702,786
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
2,001,087
$
2,876,084
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(1,023,102)
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
977,985
$
2,876,084
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statement
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Goldman
Sachs
International
........................
$
140,591
$
(19,504)
$
—
$
—
$
121,087
HSBC
Bank
plc
..................................
97,807
(24,292)
—
—
73,515
JPMorgan
Chase
Bank
NA
..........................
310,717
(6,201)
—
(270,000)
34,516
Merrill
Lynch
International
&
Co.
......................
395,735
(82,184)
—
(313,551)
—
Morgan
Stanley
&
Co.
International
plc
..................
29,326
(29,326)
—
—
—
Toronto
Dominion
Bank
............................
3,809
(2,295)
—
—
1,514
$
977,985
$
(163,802)
$
—
$
(583,551)
$
230,632
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
23
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(b)
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
9,345
$
—
$
—
$
—
$
9,345
Barclays
Bank
plc
................................
12,546
—
—
—
12,546
BNP
Paribas
SA
.................................
60,190
—
—
—
60,190
Citibank
NA
....................................
39,141
—
—
—
39,141
Goldman
Sachs
International
........................
19,504
(19,504)
—
—
—
HSBC
Bank
plc
..................................
24,292
(24,292)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
6,201
(6,201)
—
—
—
Merrill
Lynch
International
&
Co.
......................
82,184
(82,184)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
54,077
(29,326)
—
—
24,751
Toronto
Dominion
Bank
............................
2,295
(2,295)
—
—
—
UBS
AG
......................................
2,566,309
—
—
(910,000)
1,656,309
$
2,876,084
$
(163,802)
$
—
$
(910,000)
$
1,802,282
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
23,314
$
375,927
$
—
$
399,241
Air
Freight
&
Logistics
....................................
—
87,698
—
87,698
Automobile
Components
..................................
64,215
187,419
—
251,634
Automobiles
..........................................
1,972,894
861,758
—
2,834,652
Banks
...............................................
3,395,040
2,563,665
—
5,958,705
Beverages
...........................................
789,957
613,859
—
1,403,816
Biotechnology
.........................................
1,206,032
247,903
—
1,453,935
Broadline
Retail
........................................
3,389,858
120,971
—
3,510,829
Building
Products
.......................................
—
194,554
—
194,554
Capital
Markets
........................................
2,435,678
989,818
—
3,425,496
Chemicals
............................................
4,143,671
1,145,987
—
5,289,658
Commercial
Services
&
Supplies
.............................
20,613
136,692
—
157,305
Communications
Equipment
................................
586,724
41,777
—
628,501
Construction
&
Engineering
................................
424,280
216,885
—
641,165
Construction
Materials
....................................
31,049
189,034
—
220,083
Consumer
Finance
......................................
553,290
—
—
553,290
Consumer
Staples
Distribution
&
Retail
........................
1,931,606
213,009
—
2,144,615
Containers
&
Packaging
..................................
2,924,349
72,248
—
2,996,597
Distributors
...........................................
81,672
—
—
81,672
Diversified
REITs
.......................................
—
87,007
—
87,007
Electric
Utilities
........................................
1,157,281
694,211
—
1,851,492
Electrical
Equipment
.....................................
48,537
568,182
—
616,719
Electronic
Equipment,
Instruments
&
Components
.................
541,655
834,106
—
1,375,761
Energy
Equipment
&
Services
..............................
240,884
11,967
—
252,851
Entertainment
.........................................
996,500
173,854
—
1,170,354
Financial
Services
......................................
3,859,509
428,065
—
4,287,574
Food
Products
.........................................
1,644,390
1,155,349
—
2,799,739
Gas
Utilities
...........................................
—
86,095
—
86,095
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
24
Level
1
Level
2
Level
3
Total
Ground
Transportation
...................................
$
524,143
$
308,387
$
—
$
832,530
Health
Care
Equipment
&
Supplies
...........................
1,196,795
650,738
—
1,847,533
Health
Care
Providers
&
Services
............................
937,785
14,645
—
952,430
Health
Care
REITs
......................................
43,923
—
—
43,923
Health
Care
Technology
..................................
—
28,346
—
28,346
Hotels,
Restaurants
&
Leisure
..............................
1,231,014
526,069
—
1,757,083
Household
Durables
.....................................
881,772
331,904
—
1,213,676
Household
Products
.....................................
3,917,042
97,215
—
4,014,257
Independent
Power
and
Renewable
Electricity
Producers
............
98,880
101,153
—
200,033
Industrial
Conglomerates
..................................
313,921
476,897
—
790,818
Industrial
REITs
........................................
217,791
162,947
—
380,738
Insurance
............................................
276,775
1,323,557
—
1,600,332
Interactive
Media
&
Services
...............................
4,631,066
61,391
—
4,692,457
IT
Services
...........................................
751,464
616,975
—
1,368,439
Leisure
Products
.......................................
124,682
20,842
—
145,524
Life
Sciences
Tools
&
Services
..............................
901,290
202,171
—
1,103,461
Machinery
............................................
95,713
424,951
—
520,664
Marine
Transportation
....................................
—
16,841
—
16,841
Media
...............................................
322,722
—
—
322,722
Metals
&
Mining
........................................
1,022,693
1,171,383
—
2,194,076
Multi-Utilities
..........................................
599,305
316,317
—
915,622
Office
REITs
..........................................
—
80,159
—
80,159
Oil,
Gas
&
Consumable
Fuels
...............................
3,035,243
1,193,556
—
4,228,799
Paper
&
Forest
Products
..................................
—
90,138
—
90,138
Passenger
Airlines
......................................
1,815,346
109,707
—
1,925,053
Personal
Care
Products
..................................
572,840
722,830
—
1,295,670
Pharmaceuticals
.......................................
3,957,722
2,787,686
—
6,745,408
Professional
Services
....................................
111,567
214,570
—
326,137
Real
Estate
Management
&
Development
.......................
49,717
566,715
—
616,432
Residential
REITs
.......................................
53,073
—
—
53,073
Retail
REITs
..........................................
87,940
101,611
—
189,551
Semiconductors
&
Semiconductor
Equipment
....................
5,670,063
1,143,540
—
6,813,603
Software
.............................................
9,896,539
510,388
—
10,406,927
Specialized
REITs
......................................
555,874
—
—
555,874
Specialty
Retail
........................................
4,519,036
226,375
—
4,745,411
Technology
Hardware,
Storage
&
Peripherals
....................
6,683,765
125,425
—
6,809,190
Textiles,
Apparel
&
Luxury
Goods
............................
1,629,901
968,612
—
2,598,513
Tobacco
.............................................
303,433
147,770
—
451,203
Trading
Companies
&
Distributors
............................
262,870
318,045
—
580,915
Transportation
Infrastructure
...............................
—
102,232
—
102,232
Water
Utilities
.........................................
126,477
97,312
—
223,789
Corporate
Bonds
........................................
—
27,571
—
27,571
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
.......................................
—
255,967
—
255,967
Rights
................................................
—
—
296
296
Warrants
..............................................
14,629
—
—
14,629
Short-Term
Securities
Money
Market
Funds
......................................
8,341,366
—
—
8,341,366
U.S.
Treasury
Obligations
...................................
—
22,143,552
—
22,143,552
$
98,239,175
$
51,084,530
$
296
$
149,324,001
Investments
valued
at
NAV
(a)
......................................
955,004
$
—
$
150,279,005
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
61,821
$
—
$
61,821
Equity
contracts
...........................................
239,281
1,252,683
—
1,491,964
Foreign
currency
exchange
contracts
............................
—
207,474
—
207,474
Interest
rate
contracts
.......................................
910,563
1,998,221
—
2,908,784
Liabilities
Equity
contracts
...........................................
(1,240,938)
(3,038,014)
—
(4,278,952)
Foreign
currency
exchange
contracts
............................
—
(173,298)
—
(173,298)
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Volatility
V.I.
Fund
Schedule
of
Investments
25
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Interest
rate
contracts
.......................................
$
(701,656)
$
(1,068,098)
$
—
$
(1,769,754)
$
(792,750)
$
(759,211)
$
—
$
(1,551,961)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
BlackRock
Managed
Volatility
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
140,982,635‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
9,296,370‌
Cash
.............................................................................................................
19,149‌
Cash
pledged:
–‌
Collateral
—
OTC
derivatives
............................................................................................
910,000‌
Futures
contracts
....................................................................................................
13,711,000‌
Centrally
cleared
swaps
................................................................................................
5,071,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
3,488,128‌
Receivables:
–‌
Investments
sold
....................................................................................................
149‌
Securities
lending
income
—
affiliated
......................................................................................
689‌
Swaps  
..........................................................................................................
204,588‌
Dividends
—
unaffiliated
...............................................................................................
185,369‌
Dividends
—
affiliated
.................................................................................................
28,852‌
Interest
—
unaffiliated
.................................................................................................
78‌
Variation
margin
on
futures
contracts
.......................................................................................
728,782‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
294,320‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
207,474‌
OTC
swaps
........................................................................................................
770,511‌
Prepaid
expenses
.....................................................................................................
46,267‌
Total
assets
.........................................................................................................
175,945,361‌
LIABILITIES
Cash
received:
–‌
Collateral
—
OTC
derivatives
............................................................................................
590,000‌
Collateral
on
securities
loaned
.............................................................................................
954,071‌
Payables:
–‌
Investments
purchased
................................................................................................
4,186‌
Swaps  
..........................................................................................................
225,499‌
Accounting
services
fees
...............................................................................................
78,745‌
Capital
shares
redeemed
...............................................................................................
84,150‌
Custodian
fees
......................................................................................................
60,064‌
Distribution
fees
.....................................................................................................
28,605‌
Investment
advisory
fees
..............................................................................................
22,696‌
Professional
fees
....................................................................................................
43,175‌
Transfer
agent
fees
..................................................................................................
98,331‌
Other
accrued
expenses
...............................................................................................
16,598‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
173,298‌
OTC
swaps
........................................................................................................
2,702,786‌
Total
liabilities
........................................................................................................
5,082,204‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
170,863,157‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
284,596,631‌
Accumulated
loss
.....................................................................................................
(113,733,474‌)
NET
ASSETS
........................................................................................................
$
170,863,157‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
132,867,319‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
950,828‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
9,296,369‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
3,489,727‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
27
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Managed
Volatility
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
7,656,050‌
Shares
outstanding
..................................................................................................
533,344‌
Net
asset
value
.....................................................................................................
$
14.35‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
163,207,107‌
Shares
outstanding
..................................................................................................
11,443,235‌
Net
asset
value
.....................................................................................................
$
14.26‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
28
See
notes
to
financial
statements.
BlackRock
Managed
Volatility
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
1,440,478‌
Dividends
—
affiliated
.................................................................................................
181,996‌
Interest
—
unaffiliated
.................................................................................................
821,590‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
4,954‌
Foreign
taxes
withheld
................................................................................................
(75,901‌)
Total
investment
income
.................................................................................................
2,373,117‌
EXPENSES
Investment
advisory
..................................................................................................
464,514‌
Distribution
—
class
specific
............................................................................................
201,532‌
Transfer
agent
—
class
specific
..........................................................................................
159,136‌
Accounting
services
..................................................................................................
101,863‌
Custodian
.........................................................................................................
71,208‌
Professional
.......................................................................................................
35,614‌
Printing
and
postage
.................................................................................................
6,261‌
Transfer
agent
......................................................................................................
5,544‌
Directors
and
Officer
.................................................................................................
3,917‌
Miscellaneous
......................................................................................................
14,656‌
Total
expenses
.......................................................................................................
1,064,245‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(205,280‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(159,136‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
699,829‌
Net
investment
income
..................................................................................................
1,673,288‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
1,952,477‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
2,946,856‌
Investments
—
affiliated
.............................................................................................
2,487‌
Forward
foreign
currency
exchange
contracts
...............................................................................
(246,999‌)
Foreign
currency
transactions
.........................................................................................
(97,768‌)
Futures
contracts
..................................................................................................
(575,531‌)
Swaps
.........................................................................................................
(1,694,190‌)
A
334,855‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
11,868,269‌
Investments
—
affiliated
.............................................................................................
(15‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
157,668‌
Foreign
currency
translations
..........................................................................................
45,210‌
Futures
contracts
..................................................................................................
(8,694,599‌)
Swaps
.........................................................................................................
(1,758,911‌)
A
1,617,622‌
Net
realized
and
unrealized
gain
...........................................................................................
1,952,477‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
3,625,765‌
Statements
of
Changes
in
Net
Assets

29
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Managed
Volatility
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
1,673,288
‌
$
1,468,644
‌
Net
realized
gain
..................................................................................
334,855
‌
31,605,359
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
1,617,622
‌
(23,239,154
)
Net
increase
in
net
assets
resulting
from
operations
.............................................................
3,625,765
‌
9,834,849
‌
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(6,811,750
)
(50,560,876
)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(3,185,985
)
(40,726,027
)
Beginning
of
period
..................................................................................
174,049,142
‌
214,775,169
‌
End
of
period
......................................................................................
$
170,863,157
‌
$
174,049,142
‌
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
30
BlackRock
Managed
Volatility
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
14.03
‌
$
13.21
‌
$
13.21
‌
$
13.27
‌
$
13.45
‌
$
13.71
‌
Net
investment
income
(a)
........................
0.15
‌
0.14
‌
0.06
‌
0.10
‌
0.22
‌
0.15
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.17
‌
0.68
‌
0.03
‌
0.36
‌
0.06
‌
(0.01
)
Net
increase
from
investment
operations
...............
0.32
‌
0.82
‌
0.09
‌
0.46
‌
0.28
‌
0.14
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
—
‌
(0.09
)
(0.52
)
(0.46
)
(0.25
)
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
—
‌
(0.00
)
(c)
(0.15
)
Total
distributions
..............................
—
‌
—
‌
(0.09
)
(0.52
)
(0.46
)
(0.40
)
Net
asset
value,
end
of
period
.....................
$
14.35
‌
$
14.03
‌
$
13.21
‌
$
13.21
‌
$
13.27
‌
$
13.45
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
2.28
%
(e)
6.21
%
0.68
%
(f)
3.49
%
2.11
%
1.02
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
1.02
%
(h)
0.97
%
0.93
%
1.00
%
0.93
%
1.21
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.59
%
(h)
0.59
%
0.59
%
0.59
%
0.59
%
0.71
%
Net
investment
income
..........................
2.21
%
(h)
1.04
%
0.47
%
0.74
%
1.62
%
1.09
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
7,656
‌
$
8,182
‌
$
8,853
‌
$
9,844
‌
$
10,808
‌
$
12,571
‌
Portfolio
turnover
rate
............................
70
%
155
%
103
%
181
%
314
%
319
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
31
Financial
Highlights
BlackRock
Managed
Volatility
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Period
from
02/14/18
(a)
to
12/31/18
Net
asset
value,
beginning
of
period
................
$
13.96
‌
$
13.18
‌
$
13.20
‌
$
13.27
‌
$
13.45
‌
$
13.70
‌
Net
investment
income
(b)
........................
0.14
‌
0.10
‌
0.03
‌
0.06
‌
0.19
‌
0.15
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.16
‌
0.68
‌
0.04
‌
0.36
‌
0.06
‌
(0.02
)
Net
increase
from
investment
operations
...............
0.30
‌
0.78
‌
0.07
‌
0.42
‌
0.25
‌
0.13
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
—
‌
(0.09
)
(0.49
)
(0.43
)
(0.23
)
From
net
realized
gain
..........................
—
‌
—
‌
—
‌
—
‌
(0.00
)
(d)
(0.15
)
Total
distributions
..............................
—
‌
—
‌
(0.09
)
(0.49
)
(0.43
)
(0.38
)
Net
asset
value,
end
of
period
.....................
$
14.26
‌
$
13.96
‌
$
13.18
‌
$
13.20
‌
$
13.27
‌
$
13.45
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
2.15
%
(f)
5.92
%
0.53
%
(g)
3.17
%
1.85
%
0.90
%
(f)
Ratios
to
Average
Net
Assets
(h)
Total
expenses
................................
1.27
%
(i)
1.22
%
1.18
%
1.25
%
1.36
%
0.99
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.84
%
(i)
0.84
%
0.84
%
0.84
%
0.84
%
0.84
%
(i)
Net
investment
income
..........................
1.97
%
(i)
0.78
%
0.22
%
0.49
%
1.39
%
1.22
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
163,207
‌
$
165,867
‌
$
205,922
‌
$
213,851
‌
$
225,423
‌
$
235,579
‌
Portfolio
turnover
rate
............................
70
%
155
%
103
%
181
%
314
%
319
%
(j)
(a)
Recommencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
is
representative
of
the
portfolio
for
the
entire
year.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
32
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Managed
Volatility
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
Notes
to
Financial
Statements
(unaudited)
(continued)
33
Notes
to
Financial
Statements
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.  Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
34
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
35
Notes
to
Financial
Statements
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Z
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter
(“OTC”).
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Credit
Suisse
Securities
(USA)
LLC
....................
$
16,045‌
$
(16,045‌)
$
—‌
$
—‌
Goldman
Sachs
&
Co.
LLC
..........................
214,278‌
(214,278‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
141,126‌
(141,126‌)
—‌
—‌
Morgan
Stanley
..................................
579,379‌
(579,379‌)
—‌
—‌
$
950,828‌
$
(950,828‌)
$
—‌
$
—‌
(a)
  Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
36
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
—
The
Fund
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
the
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Notes
to
Financial
Statements
(unaudited)
(continued)
37
Notes
to
Financial
Statements
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
BlackRock
(Singapore)
Limited
(“BSL”)
and
BlackRock
Asset
Management
North
Asia
Limited
("BAMNA"),
(collectively,
the
“Sub-Advisers'),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL,
BSL
and
BAMNA
for
services
they
provide
for
that
portion
of
the
Fund
for
which
BIL,
BSL
and
BAMNA,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual rate
of 
0.25
%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
class
specific
distribution
fees
borne
directly
by Class III were
$201,532.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations
.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.55%
$1
billion
-
$3
billion
.....................................................................................................
0.52
$3
billion
-
$5
billion
.....................................................................................................
0.50
$5
billion
-
$10
billion
....................................................................................................
0.48
Greater
than
$10
billion
...................................................................................................
0.47
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
38
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$2,755.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
certain
expenses
to
0.00%
of
average
daily
net
assets
for
Class
I
and
Class
III
shares.
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
class
specific
expense
reimbursements
were
as
follows: 
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$202,525 which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $1,134
for
securities
lending agent
services. 
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
7,273‌
$
151,863‌
$
159,136‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
7,273‌
Class
III
......................................................................................................
151,863‌
$
159,136‌
Class
I
Class
III
Expense
Limitations
..................................................................................
0.59‌%
0.84‌%
Notes
to
Financial
Statements
(unaudited)
(continued)
39
Notes
to
Financial
Statements
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
including
paydowns
excluding
short-term
securities, were $84,167,094
and
$92,019,540,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
December
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$105,416,910. 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
Purchases
...............................................................................................................
$
3,252,932‌
Sales
...................................................................................................................
1,171,289‌
Net
Realized
Loss
..........................................................................................................
(11,428‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Managed
Volatility
V.I.
Fund
..................................
$
144,311,769‌
$
14,671,655‌
$
(10,256,380‌)
$
4,415,275‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
40
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Notes
to
Financial
Statements
(unaudited)
(continued)
41
Notes
to
Financial
Statements
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
June
30,
2023,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 730
Class
III
Shares
of
the
Fund.
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Managed
Volatility
V.I.
Fund
Class
I
Shares
sold
.............................................
22,969‌
$
318,635‌
4,892‌
$
64,305‌
Shares
redeemed
.........................................
(72,637‌)
(1,010,266‌)
(91,838‌)
(1,213,086‌)
(49,668‌)
$
(691,631‌)
(86,946‌)
$
(1,148,781‌)
Class
III
Shares
sold
.............................................
754,443‌
$
10,385,956‌
745,299‌
$
9,876,991‌
Shares
redeemed
.........................................
(1,192,495‌)
(16,506,075‌)
(4,489,884‌)
(59,289,086‌)
(438,052‌)
$
(6,120,119‌)
(3,744,585‌)
$
(49,412,095‌)
(487,720‌)
$
(6,811,750‌)
(3,831,531‌)
$
(50,560,876‌)
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
42
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BA
Canadian
Bankers
Acceptances
BBR
Australian
Bank
Bill
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CVR
Contingent
Value
Rights
EURIBOR
Euro
Interbank
Offered
Rate
HIBOR
Hong
Kong
Interbank
Offered
Rate
JIBAR
Johannesburg
Interbank
Average
Rate
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OMX
Stockholm
Nordic
Exchange
OTC
Over-the-counter
PRIBOR
Prague
Interbank
Offered
Rate
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SORA
Singapore
Overnight
Rate
Average
STIBOR
Stockholm
Interbank
Offered
Rate
TWCPBA
Taiwan
Secondary
Markets
Bills
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
S&P
500
Index
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
S&P
500
Index
V.I.
Fund
Investment
Objective
BlackRock
S&P
500
Index
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
investment
results
that,
before
expenses,
correspond
to
the
aggregate
price
and
yield
performance
of
the
Standard
and
Poor’s
(“S&P”)
500
®
Index.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund’s
Class
I,
Class
II
and
Class
III
Shares
returned
16.82%,
16.75%
and
16.69%,
respectively.
The
benchmark
S&P
500
®
Index
returned
16.89%
for
the
same
period.
Returns
for
the
Fund’s
respective
share
classes
differ
from
the
benchmark
index
based
on
individual
share-class
expenses.
Describe
the
market
environment.
The
U.S.
equity
market
rallied
over
the
first
quarter
of
2023
on
the
back
of
cooling
inflation
and
resilient
economic
data.
In
combination
with
a
stronger-than-expected
gross
domestic
product
(“GDP”),
inflation
data
led
investors
to
position
for
slower
rate
rises
from
the
Federal
Reserve
(“Fed”).
The
Fed
reiterated
their
commitment
to
raise
interest
rates
to
bring
the
inflation
rate
down
in
February
2023,
especially
if
macro
data
continued
to
come
in
stronger
than
expected.
Later
in
the
quarter,
investors’
attention
quickly
switched
to
headline
news
about
the
banking
sector
which
led
to
a
major
sell
off
in
the
financial
sectors.
The
overall
market
calmed
after
the
central
banks
set
out
reassuring
plans.
During
the
first
quarter
2023,
the
Fed
raised
the
interest
rate
by
25
basis
points
in
February
and
March
2023,
bringing
it
to
the
range
of
4.75%
to
5.00%.
This
represented
the
9th
consecutive
interest
rate
hike.
A
slight
shift
in
rhetoric
was
interpreted
that
the
rate
hiking
cycle
was
nearing
a
pause,
although
Fed
Chair,
Jerome
Powell
was
clear
that
additional
“policy
firming”
may
be
required.
In
the
second
quarter
of
2023,
the
U.S.
equity
market
continued
to
rally,
despite
concerns
over
the
debt
ceiling.
Robust
gains
were
supported
by
resilient
economic
data
and
strong
performance
by
large-cap
growth
stocks.
Concerns
regarding
the
United
States
debt
ceiling
dampened
market
sentiment
in
May
2023
before
Congress
reached
an
agreement
to
suspend
it.
Later
in
the
quarter,
markets
rallied
boosted
by
the
technology
sector
on
the
back
of
enthusiasm
over
artificial
intelligence
and
chipmakers.
The
Fed
raised
the
interest
rate
by
25
basis
points
over
the
quarter,
bringing
rates
to
the
range
of
5.00%
to
5.25%.
The
Fed
paused
rate
hikes
late
in
the
quarter
but
expressed
the
need
to
retain
flexibility
to
bring
inflation
down.
Describe
recent
portfolio
activity.
During
the
six-month
period,
as
changes
were
made
to
the
composition
of
the
S&P
500
®
Index,
the
Fund
purchased
and
sold
securities
to
maintain
its
objective
of
replicating
the
risks
and
return
of
the
benchmark
index.
Describe
portfolio
positioning
at
period
end.
The
Fund
remains
positioned
to
match
the
risk
characteristics
of
its
benchmark
index,
irrespective
of
the
market’s
future
direction.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)(c)
.................................................................
16.82‌%
19.40‌%
12.15‌%
12.60‌%
Class
II
(b)(c)
................................................................
16.75‌
19.28‌
11.99‌
12.44‌
Class
III
(b)(c)
................................................................
16.69‌
19.15‌
11.88‌
12.33‌
(d)
S&P
500
®
Index
(e)
...........................................................
16.89‌
19.59‌
12.31‌
12.86‌
(a)
For
a
portion
of
the
period,
the
Fund’s
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund’s
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
Under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
assets
in
the
common
stocks
represented
in
the
S&P
500
®
Index
and
in
derivative
instruments
linked
to
the
S&P
500
®
Index.
(d)
The
returns
for
Class
III
Shares
prior
to
February
14,
2018,
the
recommencement
of
operations
of
Class
III
Shares,
are
based
upon
the
performance
of
the
Fund’s
Class
I
Shares,
as
adjusted
to
reflect
the
distribution
(12b-1)
fees
applicable
to
Class
III
Shares.
(e)
An
unmanaged
index
that
covers
500
leading
companies
and
captures
approximately
80%
coverage
of
available
market
capitalization.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
S&P
500
Index
V.I.
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,168.20‌
$
0.70‌
$
1,000.00‌
$
1,024.15‌
$
0.65‌
0.13‌%
Class
II
..................................
1,000.00‌
1,167.50‌
1.56‌
1,000.00‌
1,023.36‌
1.45‌
0.29‌
Class
III
..................................
1,000.00‌
1,166.90‌
2.10‌
1,000.00‌
1,022.86‌
1.96‌
0.39‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Information
Technology
..............................
28.2‌
%
Health
Care
.....................................
13.4‌
Financials
.......................................
12.4‌
Consumer
Discretionary
.............................
10.6‌
Industrials
.......................................
8.6‌
Communication
Services
.............................
8.4‌
Consumer
Staples
.................................
6.7‌
Energy
.........................................
4.1‌
Utilities
.........................................
2.6‌
Materials
.......................................
2.4‌
Real
Estate
......................................
2.4‌
Short-Term
Securities
...............................
1.8‌
Liabilities
in
Excess
of
Other
Assets
.....................
(1.6‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
S&P
500
Index
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.7%
Axon
Enterprise,
Inc.
(a)
...............
3,932
$
767,212
Boeing
Co.
(The)
(a)
..................
32,441
6,850,241
General
Dynamics
Corp.
..............
12,960
2,788,344
Howmet
Aerospace,
Inc.
..............
21,039
1,042,693
Huntington
Ingalls
Industries,
Inc.
........
2,299
523,252
L3Harris
Technologies,
Inc.
............
10,941
2,141,920
Lockheed
Martin
Corp.
...............
13,108
6,034,661
Northrop
Grumman
Corp.
.............
8,300
3,783,140
Raytheon
Technologies
Corp.
..........
84,510
8,278,600
Textron,
Inc.
......................
12,085
817,308
TransDigm
Group,
Inc.
...............
3,004
2,686,087
35,713,458
Air
Freight
&
Logistics
—
0.6%
CH
Robinson
Worldwide,
Inc.
(b)
.........
6,795
641,108
Expeditors
International
of
Washington,
Inc.
(b)
8,819
1,068,245
FedEx
Corp.
......................
13,421
3,327,066
United
Parcel
Service,
Inc.,
Class
B
......
42,102
7,546,784
12,583,203
Automobile
Components
—
0.1%
Aptiv
plc
(a)
........................
15,578
1,590,358
BorgWarner,
Inc.
...................
13,336
652,264
2,242,622
Automobiles
—
2.2%
Ford
Motor
Co.
....................
226,121
3,421,211
General
Motors
Co.
.................
80,454
3,102,306
Tesla,
Inc.
(a)
.......................
155,151
40,613,877
47,137,394
Banks
—
3.0%
Bank
of
America
Corp.
...............
400,197
11,481,652
Citigroup,
Inc.
.....................
111,733
5,144,187
Citizens
Financial
Group,
Inc.
..........
28,511
743,567
Comerica,
Inc.
.....................
7,642
323,715
Fifth
Third
Bancorp
.................
39,466
1,034,404
Huntington
Bancshares,
Inc.
...........
82,784
892,412
JPMorgan
Chase
&
Co.
(b)
.............
168,681
24,532,965
KeyCorp
.........................
53,292
492,418
M&T
Bank
Corp.
...................
9,755
1,207,279
PNC
Financial
Services
Group,
Inc.
(The)
..
23,228
2,925,567
Regions
Financial
Corp.
..............
53,548
954,225
Truist
Financial
Corp.
................
76,781
2,330,303
US
Bancorp
......................
79,362
2,622,120
Wells
Fargo
&
Co.
..................
216,587
9,243,933
Zions
Bancorp
NA
..................
8,970
240,934
64,169,681
Beverages
—
1.7%
Brown-Forman
Corp.,
Class
B
..........
10,444
697,450
Coca-Cola
Co.
(The)
................
224,525
13,520,896
Constellation
Brands,
Inc.,
Class
A
.......
9,331
2,296,639
Keurig
Dr
Pepper,
Inc.
...............
48,783
1,525,445
Molson
Coors
Beverage
Co.,
Class
B
.....
10,962
721,738
Monster
Beverage
Corp.
(a)
.............
43,944
2,524,143
PepsiCo,
Inc.
.....................
79,451
14,715,914
36,002,225
Biotechnology
—
1.9%
AbbVie,
Inc.
......................
102,020
13,745,155
Amgen,
Inc.
......................
30,804
6,839,104
Biogen,
Inc.
(a)
.....................
8,322
2,370,522
Gilead
Sciences,
Inc.
................
71,937
5,544,185
Incyte
Corp.
(a)
.....................
10,533
655,679
Moderna,
Inc.
(a)
....................
19,128
2,324,052
Security
Shares
Shares
Value
Biotechnology
(continued)
Regeneron
Pharmaceuticals,
Inc.
(a)
.......
6,199
$
4,454,229
Vertex
Pharmaceuticals,
Inc.
(a)
..........
14,823
5,216,362
41,149,288
Broadline
Retail
—
3.2%
Amazon.com,
Inc.
(a)
.................
515,258
67,169,033
eBay,
Inc.
........................
31,287
1,398,216
Etsy,
Inc.
(a)
.......................
7,268
614,945
69,182,194
Building
Products
—
0.4%
Allegion
plc
.......................
5,040
604,901
AO
Smith
Corp.
....................
7,204
524,307
Carrier
Global
Corp.
(b)
................
48,202
2,396,121
Johnson
Controls
International
plc
.......
39,807
2,712,449
Masco
Corp.
......................
13,186
756,613
Trane
Technologies
plc
...............
13,146
2,514,304
9,508,695
Capital
Markets
—
2.6%
Ameriprise
Financial,
Inc.
.............
6,047
2,008,571
Bank
of
New
York
Mellon
Corp.
(The)
.....
41,451
1,845,398
BlackRock,
Inc.
(c)
...................
8,640
5,971,450
Cboe
Global
Markets,
Inc.
.............
6,153
849,176
Charles
Schwab
Corp.
(The)
...........
85,780
4,862,010
CME
Group,
Inc.,
Class
A
.............
20,708
3,836,985
FactSet
Research
Systems,
Inc.
.........
2,234
895,052
Franklin
Resources,
Inc.
(b)
.............
16,359
436,949
Goldman
Sachs
Group,
Inc.
(The)
.......
19,190
6,189,543
Intercontinental
Exchange,
Inc.
.........
32,331
3,655,989
Invesco
Ltd.
......................
26,309
442,254
MarketAxess
Holdings,
Inc.
............
2,149
561,792
Moody's
Corp.
.....................
9,075
3,155,559
Morgan
Stanley
....................
75,369
6,436,513
MSCI,
Inc.
.......................
4,620
2,168,120
Nasdaq,
Inc.
......................
19,745
984,288
Northern
Trust
Corp.
.................
12,102
897,242
Raymond
James
Financial,
Inc.
.........
11,195
1,161,705
S&P
Global,
Inc.
...................
18,991
7,613,302
State
Street
Corp.
..................
19,294
1,411,935
T.
Rowe
Price
Group,
Inc.
(b)
............
12,878
1,442,594
56,826,427
Chemicals
—
1.7%
Air
Products
&
Chemicals,
Inc.
..........
12,790
3,830,989
Albemarle
Corp.
...................
6,751
1,506,081
Celanese
Corp.
(b)
...................
5,832
675,346
CF
Industries
Holdings,
Inc.
............
11,310
785,140
Corteva,
Inc.
......................
41,215
2,361,619
Dow,
Inc.
........................
40,773
2,171,570
DuPont
de
Nemours,
Inc.
.............
26,305
1,879,229
Eastman
Chemical
Co.
...............
6,877
575,742
Ecolab,
Inc.
......................
14,326
2,674,521
FMC
Corp.
.......................
7,336
765,438
International
Flavors
&
Fragrances,
Inc.
....
14,597
1,161,775
Linde
plc
........................
28,261
10,769,702
LyondellBasell
Industries
NV,
Class
A
.....
14,654
1,345,677
Mosaic
Co.
(The)
...................
19,368
677,880
PPG
Industries,
Inc.
.................
13,519
2,004,868
Sherwin-Williams
Co.
(The)
(b)
...........
13,634
3,620,100
36,805,677
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
......................
4,997
2,483,909
Copart,
Inc.
(a)
.....................
24,636
2,247,049
Republic
Services,
Inc.
...............
11,896
1,822,110
Rollins,
Inc.
.......................
13,371
572,680
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
S&P
500
Index
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Waste
Management,
Inc.
..............
21,388
$
3,709,107
10,834,855
Communications
Equipment
—
0.9%
Arista
Networks,
Inc.
(a)
...............
14,279
2,314,055
Cisco
Systems,
Inc.
.................
236,988
12,261,759
F5,
Inc.
(a)
........................
3,407
498,308
Juniper
Networks,
Inc.
...............
18,412
576,848
Motorola
Solutions,
Inc.
..............
9,658
2,832,498
18,483,468
Construction
&
Engineering
—
0.1%
Quanta
Services,
Inc.
................
8,286
1,627,785
Construction
Materials
—
0.2%
Martin
Marietta
Materials,
Inc.
..........
3,605
1,664,392
Vulcan
Materials
Co.
................
7,688
1,733,183
3,397,575
Consumer
Finance
—
0.5%
American
Express
Co.
...............
34,345
5,982,899
Capital
One
Financial
Corp.
............
22,087
2,415,655
Discover
Financial
Services
............
14,658
1,712,787
Synchrony
Financial
.................
25,001
848,034
10,959,375
Consumer
Staples
Distribution
&
Retail
—
1.8%
Costco
Wholesale
Corp.
..............
25,598
13,781,451
Dollar
General
Corp.
................
12,915
2,192,709
Dollar
Tree,
Inc.
(a)
...................
12,066
1,731,471
Kroger
Co.
(The)
...................
37,478
1,761,466
Sysco
Corp.
......................
29,210
2,167,382
Target
Corp.
......................
26,491
3,494,163
Walgreens
Boots
Alliance,
Inc.
(b)
.........
41,574
1,184,443
Walmart,
Inc.
......................
80,898
12,715,548
39,028,633
Containers
&
Packaging
—
0.2%
Amcor
plc
........................
86,139
859,667
Avery
Dennison
Corp.
................
4,677
803,509
Ball
Corp.
........................
18,187
1,058,665
International
Paper
Co.
...............
20,519
652,709
Packaging
Corp.
of
America
...........
5,306
701,241
Sealed
Air
Corp.
...................
8,455
338,200
WestRock
Co.
.....................
14,873
432,358
4,846,349
Distributors
—
0.1%
Genuine
Parts
Co.
..................
8,072
1,366,025
LKQ
Corp.
.......................
14,589
850,101
Pool
Corp.
(b)
......................
2,250
842,940
3,059,066
Diversified
Telecommunication
Services
—
0.7%
AT&T,
Inc.
........................
411,199
6,558,624
Verizon
Communications,
Inc.
..........
242,282
9,010,468
15,569,092
Electric
Utilities
—
1.7%
Alliant
Energy
Corp.
.................
14,434
757,496
American
Electric
Power
Co.,
Inc.
........
29,749
2,504,866
Constellation
Energy
Corp.
............
18,825
1,723,429
Duke
Energy
Corp.
.................
44,350
3,979,969
Edison
International
.................
22,153
1,538,526
Entergy
Corp.
.....................
11,800
1,148,966
Evergy,
Inc.
.......................
13,291
776,460
Eversource
Energy
.................
20,010
1,419,109
Exelon
Corp.
......................
57,217
2,331,021
FirstEnergy
Corp.
..................
31,091
1,208,818
Security
Shares
Shares
Value
Electric
Utilities
(continued)
NextEra
Energy,
Inc.
................
116,796
$
8,666,263
NRG
Energy,
Inc.
...................
13,321
498,072
PG&E
Corp.
(a)
.....................
93,083
1,608,474
Pinnacle
West
Capital
Corp.
...........
6,448
525,254
PPL
Corp.
.......................
42,338
1,120,264
Southern
Co.
(The)
.................
62,751
4,408,258
Xcel
Energy,
Inc.
...................
31,746
1,973,649
36,188,894
Electrical
Equipment
—
0.6%
AMETEK,
Inc.
.....................
13,237
2,142,805
Eaton
Corp.
plc
....................
22,996
4,624,496
Emerson
Electric
Co.
................
33,048
2,987,209
Generac
Holdings,
Inc.
(a)
..............
3,675
548,053
Rockwell
Automation,
Inc.
.............
6,605
2,176,017
12,478,580
Electronic
Equipment,
Instruments
&
Components
—
0.6%
Amphenol
Corp.,
Class
A
.............
34,260
2,910,387
CDW
Corp.
.......................
7,866
1,443,411
Corning,
Inc.
......................
44,201
1,548,803
Keysight
Technologies,
Inc.
(a)
...........
10,333
1,730,261
TE
Connectivity
Ltd.
.................
18,245
2,557,219
Teledyne
Technologies,
Inc.
(a)
...........
2,680
1,101,775
Trimble,
Inc.
(a)
.....................
14,108
746,877
Zebra
Technologies
Corp.,
Class
A
(a)
......
2,985
883,053
12,921,786
Energy
Equipment
&
Services
—
0.4%
Baker
Hughes
Co.,
Class
A
............
57,963
1,832,210
Halliburton
Co.
....................
52,037
1,716,701
Schlumberger
NV
..................
81,735
4,014,823
7,563,734
Entertainment
—
1.4%
Activision
Blizzard,
Inc.
(a)
..............
41,177
3,471,221
Electronic
Arts,
Inc.
.................
15,037
1,950,299
Live
Nation
Entertainment,
Inc.
(a)
........
8,108
738,720
Netflix,
Inc.
(a)
......................
25,691
11,316,628
Take-Two
Interactive
Software,
Inc.
(a)
......
9,104
1,339,745
Walt
Disney
Co.
(The)
(a)
..............
105,385
9,408,773
Warner
Bros
Discovery,
Inc.
(a)
..........
127,387
1,597,433
29,822,819
Financial
Services
—
4.2%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
102,935
35,100,835
Fidelity
National
Information
Services,
Inc.
..
34,290
1,875,663
Fiserv,
Inc.
(a)
......................
35,632
4,494,977
FleetCor
Technologies,
Inc.
(a)
...........
4,223
1,060,311
Global
Payments,
Inc.
...............
15,249
1,502,331
Jack
Henry
&
Associates,
Inc.
..........
4,282
716,507
Mastercard,
Inc.,
Class
A
..............
48,300
18,996,390
PayPal
Holdings,
Inc.
(a)
...............
64,401
4,297,479
Visa,
Inc.,
Class
A
(b)
.................
93,407
22,182,294
90,226,787
Food
Products
—
1.0%
Archer-Daniels-Midland
Co.
............
31,542
2,383,314
Bunge
Ltd.
.......................
8,574
808,957
Campbell
Soup
Co.
.................
11,440
522,922
Conagra
Brands,
Inc.
................
27,352
922,309
General
Mills,
Inc.
..................
34,135
2,618,155
Hershey
Co.
(The)
..................
8,513
2,125,696
Hormel
Foods
Corp.
.................
16,572
666,526
JM
Smucker
Co.
(The)
...............
6,147
907,727
Kellogg
Co.
.......................
14,794
997,116
Kraft
Heinz
Co.
(The)
................
45,822
1,626,681
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
S&P
500
Index
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Lamb
Weston
Holdings,
Inc.
...........
8,366
$
961,672
McCormick
&
Co.,
Inc.
(Non-Voting)
......
14,394
1,255,589
Mondelez
International,
Inc.,
Class
A
......
78,646
5,736,439
Tyson
Foods,
Inc.,
Class
A
............
16,311
832,513
22,365,616
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
.................
8,232
957,711
Ground
Transportation
—
0.8%
CSX
Corp.
.......................
117,352
4,001,703
JB
Hunt
Transport
Services,
Inc.
........
4,740
858,082
Norfolk
Southern
Corp.
...............
13,157
2,983,481
Old
Dominion
Freight
Line,
Inc.
.........
5,240
1,937,490
Union
Pacific
Corp.
.................
35,298
7,222,677
17,003,433
Health
Care
Equipment
&
Supplies
—
2.9%
Abbott
Laboratories
.................
100,583
10,965,559
Align
Technology,
Inc.
(a)
...............
4,205
1,487,056
Baxter
International,
Inc.
..............
29,297
1,334,771
Becton
Dickinson
&
Co.
..............
16,334
4,312,339
Boston
Scientific
Corp.
(a)
..............
82,567
4,466,049
Cooper
Cos.,
Inc.
(The)
..............
2,849
1,092,392
Dentsply
Sirona,
Inc.
................
12,258
490,565
Dexcom,
Inc.
(a)
....................
22,281
2,863,331
Edwards
Lifesciences
Corp.
(a)
..........
35,570
3,355,318
GE
HealthCare
Technologies,
Inc.
.......
20,898
1,697,754
Hologic,
Inc.
(a)
.....................
14,336
1,160,786
IDEXX
Laboratories,
Inc.
(a)
.............
4,781
2,401,162
Insulet
Corp.
(a)
.....................
4,014
1,157,397
Intuitive
Surgical,
Inc.
(a)
...............
20,213
6,911,633
Medtronic
plc
.....................
76,735
6,760,354
ResMed,
Inc.
.....................
8,503
1,857,906
STERIS
plc
.......................
5,684
1,278,786
Stryker
Corp.
.....................
19,450
5,934,001
Teleflex,
Inc.
(b)
.....................
2,712
656,385
Zimmer
Biomet
Holdings,
Inc.
..........
12,039
1,752,878
61,936,422
Health
Care
Providers
&
Services
—
2.9%
AmerisourceBergen
Corp.
.............
9,354
1,799,990
Cardinal
Health,
Inc.
.................
14,830
1,402,473
Centene
Corp.
(a)
...................
31,703
2,138,367
Cigna
Group
(The)
..................
17,209
4,828,846
CVS
Health
Corp.
..................
74,078
5,121,012
DaVita,
Inc.
(a)
......................
3,104
311,859
Elevance
Health,
Inc.
................
13,683
6,079,220
HCA
Healthcare,
Inc.
................
11,909
3,614,143
Henry
Schein,
Inc.
(a)
.................
7,888
639,717
Humana,
Inc.
.....................
7,199
3,218,889
Laboratory
Corp.
of
America
Holdings
.....
5,161
1,245,504
McKesson
Corp.
...................
7,827
3,344,556
Molina
Healthcare,
Inc.
(a)
..............
3,388
1,020,601
Quest
Diagnostics,
Inc.
...............
6,337
890,729
UnitedHealth
Group,
Inc.
..............
53,741
25,830,074
Universal
Health
Services,
Inc.,
Class
B
...
3,722
587,220
62,073,200
Health
Care
REITs
—
0.2%
Healthpeak
Properties,
Inc.
............
31,865
640,486
Ventas,
Inc.
......................
22,902
1,082,578
Welltower,
Inc.
.....................
28,690
2,320,734
4,043,798
Hotel
&
Resort
REITs
—
0.0%
Host
Hotels
&
Resorts,
Inc.
............
40,753
685,873
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
—
2.1%
Booking
Holdings,
Inc.
(a)
..............
2,132
$
5,757,104
Caesars
Entertainment,
Inc.
(a)
..........
12,198
621,732
Carnival
Corp.
(a)
....................
57,442
1,081,633
Chipotle
Mexican
Grill,
Inc.
(a)
...........
1,591
3,403,149
Darden
Restaurants,
Inc.
(b)
............
7,069
1,181,089
Domino's
Pizza,
Inc.
.................
2,059
693,862
Expedia
Group,
Inc.
(a)
................
8,231
900,389
Hilton
Worldwide
Holdings,
Inc.
.........
15,351
2,234,338
Las
Vegas
Sands
Corp.
(a)
.............
19,033
1,103,914
Marriott
International,
Inc.,
Class
A
.......
14,884
2,734,042
McDonald's
Corp.
..................
42,252
12,608,419
MGM
Resorts
International
............
18,038
792,229
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
23,858
519,389
Royal
Caribbean
Cruises
Ltd.
(a)
.........
12,589
1,305,983
Starbucks
Corp.
....................
66,301
6,567,777
Wynn
Resorts
Ltd.
..................
5,891
622,148
Yum!
Brands,
Inc.
..................
16,238
2,249,775
44,376,972
Household
Durables
—
0.4%
DR
Horton,
Inc.
....................
18,075
2,199,547
Garmin
Ltd.
.......................
8,884
926,513
Lennar
Corp.,
Class
A
................
14,704
1,842,558
Mohawk
Industries,
Inc.
(a)
.............
3,112
321,034
Newell
Brands,
Inc.
.................
22,256
193,627
NVR,
Inc.
(a)
.......................
172
1,092,307
PulteGroup,
Inc.
...................
13,127
1,019,705
Whirlpool
Corp.
(b)
...................
3,128
465,415
8,060,706
Household
Products
—
1.4%
Church
&
Dwight
Co.,
Inc.
.............
14,121
1,415,348
Clorox
Co.
(The)
...................
7,180
1,141,907
Colgate-Palmolive
Co.
...............
48,297
3,720,801
Kimberly-Clark
Corp.
................
19,385
2,676,293
Procter
&
Gamble
Co.
(The)
...........
136,094
20,650,904
29,605,253
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
AES
Corp.
(The)
...................
38,851
805,381
Industrial
Conglomerates
—
0.8%
3M
Co.
..........................
31,831
3,185,965
General
Electric
Co.
.................
62,839
6,902,864
Honeywell
International,
Inc.
...........
38,544
7,997,880
18,086,709
Industrial
REITs
—
0.3%
Prologis,
Inc.
......................
53,250
6,530,047
Insurance
—
2.1%
Aflac,
Inc.
(b)
.......................
32,231
2,249,724
Allstate
Corp.
(The)
.................
15,221
1,659,698
American
International
Group,
Inc.
.......
41,777
2,403,849
Aon
plc,
Class
A
...................
11,849
4,090,275
Arch
Capital
Group
Ltd.
(a)
.............
21,519
1,610,697
Arthur
J
Gallagher
&
Co.
..............
12,286
2,697,637
Assurant,
Inc.
.....................
2,990
375,903
Brown
&
Brown,
Inc.
.................
13,620
937,601
Chubb
Ltd.
.......................
23,934
4,608,731
Cincinnati
Financial
Corp.
.............
9,042
879,967
Everest
Re
Group
Ltd.
...............
2,256
771,236
Globe
Life,
Inc.
....................
5,321
583,288
Hartford
Financial
Services
Group,
Inc.
(The)
18,308
1,318,542
Lincoln
National
Corp.
...............
9,321
240,109
Loews
Corp.
......................
11,333
672,954
Marsh
&
McLennan
Cos.,
Inc.
..........
28,555
5,370,624
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
S&P
500
Index
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
MetLife,
Inc.
......................
37,132
$
2,099,072
Principal
Financial
Group,
Inc.
..........
13,264
1,005,942
Progressive
Corp.
(The)
..............
33,717
4,463,119
Prudential
Financial,
Inc.
..............
21,368
1,885,085
Travelers
Cos.,
Inc.
(The)
.............
13,335
2,315,756
Willis
Towers
Watson
plc
..............
6,156
1,449,738
WR
Berkley
Corp.
..................
11,674
695,303
44,384,850
Interactive
Media
&
Services
—
5.3%
(a)
Alphabet,
Inc.,
Class
A
...............
342,927
41,048,362
Alphabet,
Inc.,
Class
C
...............
294,982
35,683,972
Match
Group,
Inc.
..................
15,923
666,378
Meta
Platforms,
Inc.,
Class
A
...........
127,690
36,644,476
114,043,188
IT
Services
—
1.2%
Accenture
plc,
Class
A
...............
36,328
11,210,094
Akamai
Technologies,
Inc.
(a)
............
9,100
817,817
Cognizant
Technology
Solutions
Corp.,
Class
A
29,442
1,921,974
DXC
Technology
Co.
(a)
...............
13,050
348,696
EPAM
Systems,
Inc.
(a)
................
3,354
753,811
Gartner,
Inc.
(a)
.....................
4,573
1,601,968
International
Business
Machines
Corp.
....
52,157
6,979,128
VeriSign,
Inc.
(a)
....................
5,272
1,191,314
24,824,802
Leisure
Products
—
0.0%
Hasbro,
Inc.
......................
7,661
496,203
Life
Sciences
Tools
&
Services
—
1.6%
Agilent
Technologies,
Inc.
.............
17,102
2,056,516
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
1,262
478,449
Bio-Techne
Corp.
...................
9,040
737,935
Charles
River
Laboratories
International,
Inc.
(a)
2,946
619,397
Danaher
Corp.
....................
38,334
9,200,160
Illumina,
Inc.
(a)
.....................
9,029
1,692,847
IQVIA
Holdings,
Inc.
(a)
................
10,729
2,411,557
Mettler-Toledo
International,
Inc.
(a)
.......
1,278
1,676,276
Revvity,
Inc.
......................
7,336
871,443
Thermo
Fisher
Scientific,
Inc.
...........
22,265
11,616,764
Waters
Corp.
(a)
....................
3,427
913,433
West
Pharmaceutical
Services,
Inc.
......
4,269
1,632,764
33,907,541
Machinery
—
1.8%
Caterpillar,
Inc.
....................
29,747
7,319,249
Cummins,
Inc.
.....................
8,133
1,993,886
Deere
&
Co.
......................
15,600
6,320,964
Dover
Corp.
......................
8,082
1,193,307
Fortive
Corp.
......................
20,475
1,530,916
IDEX
Corp.
.......................
4,379
942,624
Illinois
Tool
Works,
Inc.
...............
16,015
4,006,312
Ingersoll
Rand,
Inc.
.................
23,271
1,520,993
Nordson
Corp.
.....................
3,063
760,175
Otis
Worldwide
Corp.
................
23,970
2,133,570
PACCAR,
Inc.
.....................
30,090
2,517,029
Parker-Hannifin
Corp.
................
7,396
2,884,736
Pentair
plc
.......................
9,503
613,894
Snap-on,
Inc.
.....................
3,065
883,302
Stanley
Black
&
Decker,
Inc.
(b)
..........
8,647
810,310
Westinghouse
Air
Brake
Technologies
Corp.
.
10,430
1,143,858
Xylem,
Inc.
.......................
13,718
1,544,921
38,120,046
Security
Shares
Shares
Value
Media
—
0.7%
Charter
Communications,
Inc.,
Class
A
(a)
...
6,055
$
2,224,425
Comcast
Corp.,
Class
A
..............
240,089
9,975,698
Fox
Corp.,
Class
A
..................
15,531
528,054
Fox
Corp.,
Class
B
..................
8,161
260,254
Interpublic
Group
of
Cos.,
Inc.
(The)
(b)
.....
22,579
871,098
News
Corp.,
Class
A
.................
21,687
422,897
News
Corp.,
Class
B
................
7,277
143,502
Omnicom
Group,
Inc.
................
11,797
1,122,485
Paramount
Global,
Class
B
(b)
...........
29,470
468,868
16,017,281
Metals
&
Mining
—
0.4%
Freeport-McMoRan,
Inc.
..............
82,732
3,309,280
Newmont
Corp.
....................
46,039
1,964,024
Nucor
Corp.
......................
14,566
2,388,532
Steel
Dynamics,
Inc.
.................
9,545
1,039,737
8,701,573
Multi-Utilities
—
0.7%
Ameren
Corp.
.....................
14,911
1,217,782
CenterPoint
Energy,
Inc.
..............
36,325
1,058,874
CMS
Energy
Corp.
..................
16,963
996,576
Consolidated
Edison,
Inc.
.............
20,425
1,846,420
Dominion
Energy,
Inc.
................
47,923
2,481,932
DTE
Energy
Co.
...................
11,186
1,230,684
NiSource,
Inc.
.....................
23,218
635,012
Public
Service
Enterprise
Group,
Inc.
.....
28,783
1,802,104
Sempra
Energy
....................
18,202
2,650,029
WEC
Energy
Group,
Inc.
..............
18,222
1,607,909
15,527,322
Office
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
......
8,725
990,200
Boston
Properties,
Inc.
...............
8,382
482,720
1,472,920
Oil,
Gas
&
Consumable
Fuels
—
3.8%
APA
Corp.
.......................
18,735
640,175
Chevron
Corp.
.....................
100,591
15,827,994
ConocoPhillips
....................
69,847
7,236,848
Coterra
Energy,
Inc.
.................
43,722
1,106,167
Devon
Energy
Corp.
.................
37,720
1,823,385
Diamondback
Energy,
Inc.
.............
10,288
1,351,432
EOG
Resources,
Inc.
................
33,885
3,877,799
EQT
Corp.
.......................
21,122
868,748
Exxon
Mobil
Corp.
..................
233,371
25,029,040
Hess
Corp.
.......................
15,969
2,170,985
Kinder
Morgan,
Inc.
.................
113,667
1,957,346
Marathon
Oil
Corp.
..................
35,649
820,640
Marathon
Petroleum
Corp.
............
24,491
2,855,651
Occidental
Petroleum
Corp.
............
41,473
2,438,612
ONEOK,
Inc.
......................
25,973
1,603,054
Phillips
66
........................
26,487
2,526,330
Pioneer
Natural
Resources
Co.
.........
13,492
2,795,272
Targa
Resources
Corp.
...............
13,098
996,758
Valero
Energy
Corp.
.................
20,868
2,447,816
Williams
Cos.,
Inc.
(The)
..............
70,061
2,286,090
80,660,142
Passenger
Airlines
—
0.2%
Alaska
Air
Group,
Inc.
(a)
...............
7,577
402,945
American
Airlines
Group,
Inc.
(a)
..........
37,959
680,984
Delta
Air
Lines,
Inc.
(a)
................
36,947
1,756,460
Southwest
Airlines
Co.
...............
34,018
1,231,792
United
Airlines
Holdings,
Inc.
(a)
..........
18,673
1,024,588
5,096,769
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
S&P
500
Index
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Personal
Care
Products
—
0.1%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
13,347
$
2,621,084
Pharmaceuticals
—
4.1%
Bristol-Myers
Squibb
Co.
..............
121,265
7,754,897
Catalent,
Inc.
(a)
....................
10,453
453,242
Eli
Lilly
&
Co.
.....................
45,495
21,336,245
Johnson
&
Johnson
.................
150,005
24,828,828
Merck
&
Co.,
Inc.
...................
146,262
16,877,172
Organon
&
Co.
(b)
...................
14,483
301,391
Pfizer,
Inc.
.......................
323,820
11,877,717
Viatris,
Inc.
.......................
69,066
689,279
Zoetis,
Inc.,
Class
A
.................
26,876
4,628,316
88,747,087
Professional
Services
—
0.8%
Automatic
Data
Processing,
Inc.
.........
23,903
5,253,640
Broadridge
Financial
Solutions,
Inc.
......
6,845
1,133,737
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
8,944
598,980
CoStar
Group,
Inc.
(a)
.................
23,573
2,097,997
Equifax,
Inc.
(b)
.....................
7,056
1,660,277
Jacobs
Solutions,
Inc.
................
7,290
866,708
Leidos
Holdings,
Inc.
................
7,853
694,833
Paychex,
Inc.
.....................
18,469
2,066,127
Paycom
Software,
Inc.
...............
2,795
897,866
Robert
Half
International,
Inc.
...........
6,205
466,740
Verisk
Analytics,
Inc.
.................
8,358
1,889,159
17,626,064
Real
Estate
Management
&
Development
—
0.1%
CBRE
Group,
Inc.,
Class
A
(a)
...........
18,216
1,470,213
Residential
REITs
—
0.3%
AvalonBay
Communities,
Inc.
..........
8,121
1,537,062
Camden
Property
Trust
...............
6,272
682,833
Equity
Residential
..................
19,717
1,300,730
Essex
Property
Trust,
Inc.
.............
3,692
865,035
Invitation
Homes,
Inc.
................
33,650
1,157,560
Mid-America
Apartment
Communities,
Inc.
..
6,678
1,014,121
UDR,
Inc.
........................
18,104
777,748
7,335,089
Retail
REITs
—
0.3%
Federal
Realty
Investment
Trust
.........
4,305
416,595
Kimco
Realty
Corp.
.................
35,352
697,141
Realty
Income
Corp.
.................
38,860
2,323,439
Regency
Centers
Corp.
..............
9,019
557,104
Simon
Property
Group,
Inc.
............
18,914
2,184,189
6,178,468
Semiconductors
&
Semiconductor
Equipment
—
7.4%
Advanced
Micro
Devices,
Inc.
(a)
.........
93,013
10,595,111
Analog
Devices,
Inc.
.................
29,239
5,696,050
Applied
Materials,
Inc.
...............
48,635
7,029,703
Broadcom,
Inc.
(b)
...................
24,107
20,911,135
Enphase
Energy,
Inc.
(a)
...............
7,877
1,319,240
First
Solar,
Inc.
(a)
...................
5,683
1,080,281
Intel
Corp.
.......................
238,655
7,980,623
KLA
Corp.
........................
7,975
3,868,034
Lam
Research
Corp.
................
7,784
5,004,022
Microchip
Technology,
Inc.
.............
31,601
2,831,134
Micron
Technology,
Inc.
...............
63,067
3,980,158
Monolithic
Power
Systems,
Inc.
.........
2,570
1,388,391
NVIDIA
Corp.
.....................
142,754
60,387,797
NXP
Semiconductors
NV
.............
14,945
3,058,943
ON
Semiconductor
Corp.
(a)
............
24,975
2,362,136
Qorvo,
Inc.
(a)
......................
5,807
592,488
QUALCOMM,
Inc.
..................
64,322
7,656,891
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Skyworks
Solutions,
Inc.
..............
9,158
$
1,013,699
SolarEdge
Technologies,
Inc.
(a)
..........
3,216
865,265
Teradyne,
Inc.
.....................
9,025
1,004,753
Texas
Instruments,
Inc.
...............
52,277
9,410,906
158,036,760
Software
—
10.3%
Adobe,
Inc.
(a)
......................
26,410
12,914,226
ANSYS,
Inc.
(a)
.....................
5,027
1,660,267
Autodesk,
Inc.
(a)
....................
12,495
2,556,602
Cadence
Design
Systems,
Inc.
(a)
........
15,825
3,711,279
Fair
Isaac
Corp.
(a)
...................
1,449
1,172,545
Fortinet,
Inc.
(a)
.....................
37,486
2,833,567
Gen
Digital,
Inc.
....................
33,136
614,673
Intuit,
Inc.
........................
16,206
7,425,427
Microsoft
Corp.
....................
429,193
146,157,384
Oracle
Corp.
......................
88,658
10,558,281
Palo
Alto
Networks,
Inc.
(a)
.............
17,467
4,462,993
PTC,
Inc.
(a)
.......................
6,061
862,480
Roper
Technologies,
Inc.
..............
6,105
2,935,284
Salesforce,
Inc.
(a)
...................
56,511
11,938,514
ServiceNow,
Inc.
(a)
..................
11,711
6,581,231
Synopsys,
Inc.
(a)
...................
8,813
3,837,268
Tyler
Technologies,
Inc.
(a)
.............
2,414
1,005,359
221,227,380
Specialized
REITs
—
1.1%
American
Tower
Corp.
...............
26,860
5,209,228
Crown
Castle,
Inc.
(b)
.................
25,081
2,857,729
Digital
Realty
Trust,
Inc.
(b)
.............
16,524
1,881,588
Equinix,
Inc.
......................
5,332
4,179,968
Extra
Space
Storage,
Inc.
(b)
............
7,776
1,157,458
Iron
Mountain,
Inc.
(b)
.................
16,708
949,349
Public
Storage
.....................
9,156
2,672,453
SBA
Communications
Corp.
...........
6,275
1,454,294
VICI
Properties,
Inc.
.................
56,469
1,774,821
Weyerhaeuser
Co.
..................
42,053
1,409,196
23,546,084
Specialty
Retail
—
2.1%
Advance
Auto
Parts,
Inc.
..............
3,365
236,560
AutoZone,
Inc.
(a)
...................
1,062
2,647,948
Bath
&
Body
Works,
Inc.
..............
13,281
498,037
Best
Buy
Co.,
Inc.
..................
11,483
941,032
CarMax,
Inc.
(a)(b)
....................
9,006
753,802
Home
Depot,
Inc.
(The)
..............
58,453
18,157,840
Lowe's
Cos.,
Inc.
(b)
..................
34,423
7,769,271
O'Reilly
Automotive,
Inc.
(a)
.............
3,514
3,356,924
Ross
Stores,
Inc.
...................
19,808
2,221,071
TJX
Cos.,
Inc.
(The)
.................
66,659
5,652,017
Tractor
Supply
Co.
(b)
.................
6,401
1,415,261
Ulta
Beauty,
Inc.
(a)
..................
2,948
1,387,314
45,037,077
Technology
Hardware,
Storage
&
Peripherals
—
7.9%
Apple,
Inc.
.......................
853,421
165,538,071
Hewlett
Packard
Enterprise
Co.
.........
74,078
1,244,511
HP,
Inc.
.........................
50,023
1,536,206
NetApp,
Inc.
......................
12,307
940,255
Seagate
Technology
Holdings
plc
(b)
.......
11,240
695,419
Western
Digital
Corp.
(a)
...............
18,442
699,505
170,653,967
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
NIKE,
Inc.,
Class
B
.................
71,119
7,849,404
Ralph
Lauren
Corp.,
Class
A
(b)
..........
2,403
296,290
Tapestry,
Inc.
......................
13,812
591,154
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
S&P
500
Index
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
VF
Corp.
........................
19,545
$
373,114
9,109,962
Tobacco
—
0.6%
Altria
Group,
Inc.
...................
102,971
4,664,586
Philip
Morris
International,
Inc.
(b)
.........
89,430
8,730,157
13,394,743
Trading
Companies
&
Distributors
—
0.3%
Fastenal
Co.
......................
32,885
1,939,886
United
Rentals,
Inc.
.................
4,001
1,781,926
WW
Grainger,
Inc.
..................
2,595
2,046,391
5,768,203
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
(b)
........
10,725
1,530,994
Wireless
Telecommunication
Services
—
0.2%
T-Mobile
US,
Inc.
(a)
..................
33,245
4,617,730
Total
Long-Term
Investments
—
99.8%
(Cost:
$787,937,650)
.............................
2,145,014,325
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.8%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
4,883,073
$
4,883,073
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(e)
.......................
33,942,029
33,945,423
Total
Short-Term
Securities
—
1.8%
(Cost:
$38,828,496)
..............................
38,828,496
Total
Investments
—
101.6%
(Cost:
$826,766,146
)
.............................
2,183,842,821
Liabilities
in
Excess
of
Other
Assets
—
(1.6)%
............
(33,364,639)
Net
Assets
—
100.0%
..............................
$
2,150,478,182
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
5,778,012
$
—
$
(894,939)
(a)
$
—
$
—
$
4,883,073
4,883,073
$
129,413
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
25,459,134
8,492,882
(a)
—
(5,535)
(
1
,
058
)
33,945,423
33,942,029
66,419
(b)
—
BlackRock,
Inc.
............
6,342,947
—
(212,675)
149,626
(308,448)
5,971,450
8,640
87,325
—
$
144,091
$
(309,506)
$
44,799,946
$
283,157
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
S&P
500
Index
V.I.
Fund
Schedule
of
Investments
11
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
28
09/15/23
$
6,284
$
142,265
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
142,265
$
—
$
—
$
—
$
142,265
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
663,211
$
—
$
—
$
—
$
663,211
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
235,541
$
—
$
—
$
—
$
235,541
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
5,417,538
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
S&P
500
Index
V.I.
Fund
12
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,145,014,325
$
—
$
—
$
2,145,014,325
Short-Term
Securities
Money
Market
Funds
......................................
4,883,073
—
—
4,883,073
$
2,149,897,398
$
—
$
—
$
2,149,897,398
Investments
valued
at
NAV
(a)
......................................
33,945,423
$
—
$
2,183,842,821
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
142,265
$
—
$
—
$
142,265
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
13
Financial
Statements
BlackRock
S&P
500
Index
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
2,139,042,875‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
44,799,946‌
Cash
.............................................................................................................
1,221‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
317,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
97‌
Receivables:
–‌
Securities
lending
income
—
affiliated
......................................................................................
8,891‌
Capital
shares
sold
...................................................................................................
299,201‌
Dividends
—
unaffiliated
...............................................................................................
1,386,251‌
Dividends
—
affiliated
.................................................................................................
28,899‌
Variation
margin
on
futures
contracts
.......................................................................................
73,490‌
Prepaid
expenses
.....................................................................................................
20,931‌
Total
assets
.........................................................................................................
2,185,978,802‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
34,066,399‌
Payables:
–‌
Capital
shares
redeemed
...............................................................................................
504,970‌
Distribution
fees
.....................................................................................................
39,462‌
Investment
advisory
fees
..............................................................................................
120,450‌
Printing
and
postage
fees
..............................................................................................
237,796‌
Professional
fees
....................................................................................................
56,210‌
Transfer
agent
fees
..................................................................................................
355,751‌
Other
accrued
expenses
...............................................................................................
119,582‌
Total
liabilities
........................................................................................................
35,500,620‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
2,150,478,182‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
742,866,946‌
Accumulated
earnings
..................................................................................................
1,407,611,236‌
NET
ASSETS
........................................................................................................
$
2,150,478,182‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
785,099,675‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
33,684,869‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
41,666,471‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
100‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
See
notes
to
financial
statements.
BlackRock
S&P
500
Index
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
1,918,468,852‌
Shares
outstanding
..................................................................................................
66,534,437‌
Net
asset
value
.....................................................................................................
$
28.83‌
Shares
authorized
...................................................................................................
300
million
Par
value
.........................................................................................................
$
0.10‌
Class
II
Net
assets
.........................................................................................................
$
12,076,842‌
Shares
outstanding
..................................................................................................
424,644‌
Net
asset
value
.....................................................................................................
$
28.44‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
219,932,488‌
Shares
outstanding
..................................................................................................
7,728,073‌
Net
asset
value
.....................................................................................................
$
28.46‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
15
Financial
Statements
BlackRock
S&P
500
Index
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
16,175,800‌
Dividends
—
affiliated
.................................................................................................
216,738‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
66,419‌
Foreign
taxes
withheld
................................................................................................
(4,582‌)
Total
investment
income
.................................................................................................
16,454,375‌
EXPENSES
Investment
advisory
..................................................................................................
698,457‌
Transfer
agent
—
class
specific
..........................................................................................
462,143‌
Distribution
—
class
specific
............................................................................................
268,721‌
Accounting
services
..................................................................................................
70,456‌
Printing
and
postage
.................................................................................................
43,366‌
Professional
.......................................................................................................
21,337‌
Transfer
agent
......................................................................................................
18,352‌
Custodian
.........................................................................................................
17,801‌
Directors
and
Officer
.................................................................................................
9,596‌
Miscellaneous
......................................................................................................
3,068‌
Total
expenses
.......................................................................................................
1,613,297‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(2,083‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(2,626‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
1,608,588‌
Net
investment
income
..................................................................................................
14,845,787‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
299,889,754‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
45,986,041‌
Investments
—
affiliated
.............................................................................................
144,091‌
Foreign
currency
transactions
.........................................................................................
(104‌)
Futures
contracts
..................................................................................................
663,211‌
A
46,793,239‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
253,170,481‌
Investments
—
affiliated
.............................................................................................
(309,506‌)
Foreign
currency
translations
..........................................................................................
(3‌)
Futures
contracts
..................................................................................................
235,541‌
A
253,096,513‌
Net
realized
and
unrealized
gain
...........................................................................................
299,889,752‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
314,735,539‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
S&P
500
Index
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
14,845,787
‌
$
30,590,284
‌
Net
realized
gain
..................................................................................
46,793,239
‌
98,182,631
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
253,096,513
‌
(578,671,287
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
314,735,539
‌
(449,898,372
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(110,562,048
)
  Class
II
.......................................................................................
—
‌
(641,014
)
  Class
III
.......................................................................................
—
‌
(12,762,094
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(123,965,156
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(81,543,799
)
(19,914,425
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
233,191,740
‌
(593,777,953
)
Beginning
of
period
..................................................................................
1,917,286,442
‌
2,511,064,395
‌
End
of
period
......................................................................................
$
2,150,478,182
‌
$
1,917,286,442
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
BlackRock
S&P
500
Index
V.I.
Fund
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
24.68
‌
$
32.25
‌
$
27.28
‌
$
24.94
‌
$
20.50
‌
$
22.82
‌
Net
investment
income
(a)
........................
0.20
‌
0.41
‌
0.40
‌
0.43
‌
0.45
‌
0.44
‌
Net
realized
and
unrealized
gain
(loss)
...............
3.95
‌
(6.28
)
7.28
‌
4.05
‌
5.94
‌
(1.51
)
Net
increase
(decrease)
from
investment
operations
.......
4.15
‌
(5.87
)
7.68
‌
4.48
‌
6.39
‌
(1.07
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.42
)
(0.41
)
(0.46
)
(0.54
)
(0.25
)
From
net
realized
gain
..........................
—
‌
(1.28
)
(2.30
)
(1.68
)
(1.41
)
(1.00
)
Total
distributions
..............................
—
‌
(1.70
)
(2.71
)
(2.14
)
(1.95
)
(1.25
)
Net
asset
value,
end
of
period
.....................
$
28.83
‌
$
24.68
‌
$
32.25
‌
$
27.28
‌
$
24.94
‌
$
20.50
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
16.82
%
(d)
(18.23
)%
28.53
%
18.24
%
31.34
%
(4.61
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
0.13
%
(f)
0.14
%
0.14
%
0.16
%
0.15
%
0.19
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.13
%
(f)
0.14
%
0.14
%
0.15
%
0.14
%
0.16
%
(g)
Net
investment
income
..........................
1.51
%
(f)
1.48
%
1.28
%
1.73
%
1.90
%
1.88
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
1,918,469
‌
$
1,704,055
‌
$
2,218,337
‌
$
1,857,885
‌
$
1,709,703
‌
$
1,412,400
‌
Portfolio
turnover
rate
............................
1
%
2
%
3
%
4
%
3
%
5
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.18%
and
0.15%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
BlackRock
S&P
500
Index
V.I.
Fund
Class
II
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
24.36
‌
$
31.86
‌
$
26.98
‌
$
24.70
‌
$
20.32
‌
$
22.63
‌
Net
investment
income
(a)
........................
0.18
‌
0.37
‌
0.35
‌
0.39
‌
0.41
‌
0.38
‌
Net
realized
and
unrealized
gain
(loss)
...............
3.90
‌
(6.21
)
7.20
‌
3.99
‌
5.89
‌
(1.47
)
Net
increase
(decrease)
from
investment
operations
.......
4.08
‌
(5.84
)
7.55
‌
4.38
‌
6.30
‌
(1.09
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
—
‌
(0.38
)
(0.37
)
(0.42
)
(0.51
)
(0.22
)
From
net
realized
gain
..........................
—
‌
(1.28
)
(2.30
)
(1.68
)
(1.41
)
(1.00
)
Total
distributions
..............................
—
‌
(1.66
)
(2.67
)
(2.10
)
(1.92
)
(1.22
)
Net
asset
value,
end
of
period
.....................
$
28.44
‌
$
24.36
‌
$
31.86
‌
$
26.98
‌
$
24.70
‌
$
20.32
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
16.75
%
(d)
(18.36
)%
28.34
%
18.03
%
31.17
%
(4.74
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
0.29
%
(f)
0.29
%
0.29
%
0.31
%
0.31
%
0.40
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.29
%
(f)
0.29
%
0.29
%
0.30
%
0.30
%
0.33
%
(g)
Net
investment
income
..........................
1.37
%
(f)
1.33
%
1.13
%
1.60
%
1.74
%
1.64
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
12,077
‌
$
10,411
‌
$
11,633
‌
$
9,215
‌
$
7,979
‌
$
4,485
‌
Portfolio
turnover
rate
............................
1
%
2
%
3
%
4
%
3
%
5
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.39%
and
0.33%,
respectively.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
BlackRock
S&P
500
Index
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Period
from
02/14/18
(a)
to
12/31/18
Net
asset
value,
beginning
of
period
...............
$
24.39
‌
$
31.88
‌
$
26.99
‌
$
24.70
‌
$
20.32
‌
$
22.88
‌
Net
investment
income
(b)
.......................
0.16
‌
0.34
‌
0.31
‌
0.36
‌
0.39
‌
0.34
‌
Net
realized
and
unrealized
gain
(loss)
..............
3.91
‌
(6.21
)
7.21
‌
4.00
‌
5.87
‌
(1.69
)
Net
increase
(decrease)
from
investment
operations
......
4.07
‌
(5.87
)
7.52
‌
4.36
‌
6.26
‌
(1.35
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
....................
—
‌
(0.34
)
(0.33
)
(0.39
)
(0.47
)
(0.21
)
From
net
realized
gain
.........................
—
‌
(1.28
)
(2.30
)
(1.68
)
(1.41
)
(1.00
)
Total
distributions
.............................
—
‌
(1.62
)
(2.63
)
(2.07
)
(1.88
)
(1.21
)
Net
asset
value,
end
of
period
....................
$
28.46
‌
$
24.39
‌
$
31.88
‌
$
26.99
‌
$
24.70
‌
$
20.32
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
........................
16.69
%
(e)
(18.42
)%
28.23
%
17.92
%
30.97
%
(5.82
)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................
0.39
%
(g)
0.39
%
0.39
%
0.41
%
0.44
%
0.38
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.39
%
(g)
0.39
%
0.39
%
0.40
%
0.40
%
0.36
%
(g)(h)
Net
investment
income
.........................
1.26
%
(g)
1.23
%
1.03
%
1.49
%
1.65
%
1.64
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
219,932
‌
$
202,820
‌
$
281,094
‌
$
269,805
‌
$
298,712
‌
$
319,453
‌
Portfolio
turnover
rate
...........................
1
%
2
%
3
%
4
%
3
%
5
%
(i)
(a)
Recommencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.37%
and
0.35%,
respectively.
(i)
Portfolio
turnover
rate
is
representative
of
the
portfolio
for
the
entire
year.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
S&P
500
Index
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I,
Class
II
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
II
and
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the New
York
Stock
Exchange ("NYSE").
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter
(“OTC”).
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
(b)
Barclays
Capital,
Inc.
..............................
$
35,377‌
$
(35,377‌)
$
—‌
$
—‌
Citigroup
Global
Markets,
Inc.
........................
1,677,254‌
(1,677,254‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................
22,570‌
(22,570‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
..........................
25,165,129‌
(25,165,129‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
3,625,943‌
(3,625,943‌)
—‌
—‌
National
Financial
Services
LLC
.......................
266,233‌
(262,733‌)
—‌
3,500‌
State
Street
Bank
&
Trust
Co.
........................
2,892,363‌
(2,892,363‌)
—‌
—‌
$
33,684,869‌
$
(33,681,369‌)
$
—‌
$
3,500‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
June
30,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
0.07%
of
the
average
daily
value
of
the
Fund’s
net
assets.
Distribution
Fees:
 The
Company,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual
rate
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
following
table
shows
the
class
specific
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$2,083.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
These
amounts
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
reimbursements
were
as
follows: 
Share
Class
Distribution
Fees
Class
II
...............................................................................................................
0.15‌%
Class
III
...............................................................................................................
0.25‌
Share
Class
Distribution
Fees
Class
II
.........................................................................................................
$
8,405‌
Class
III
.........................................................................................................
260,316‌
$
268,721‌
Class
I
Class
II
Class
III
Total
Transfer
agent
fees
-
class
specific
.......................................................
$
410,052‌
$
2,729‌
$
49,362‌
$
462,143‌
Class
I
................................................................................................................
0.05‌%
Class
II
...............................................................................................................
0.05‌
Class
III
...............................................................................................................
0.05‌
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
I
......................................................................................................
$
5‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
The
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements were as
follows:
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $14,314
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
Class
I
Class
II
Class
III
Expense
Limitations
.................................................................
0.15‌%
0.30‌%
0.40‌%
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
2,324‌
Class
II
......................................................................................................
15‌
Class
III
......................................................................................................
282‌
$
2,621‌
Purchases
...............................................................................................................
$
6,338,202‌
Sales
...................................................................................................................
4,137,719‌
Net
Realized
Gain
..........................................................................................................
530,070‌
Notes
to
Financial
Statements
(unaudited)
(continued)
25
Notes
to
Financial
Statements
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $10,323,885
and
$75,338,977,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
December
31,
2022, the Fund
had
qualified
late-year
losses of
$138,661. 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Manager
uses
a
“passive”
or
index
approach
to
try
to
achieve
the
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
The
Manager
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
the
Manager.
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
S&P
500
Index
V.I.
Fund
.....................................
$
852
,
597
,
625‌
$
1,
371
,
024
,
472‌
$
(39,637,011‌)
$
1,
331
,
387
,
461‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
Notes
to
Financial
Statements
(unaudited)
(continued)
27
Notes
to
Financial
Statements
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
June
30,
2023,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 437
Class
III
Shares
of
the
Fund.
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
S&P
500
Index
V.I.
Fund
Class
I
Shares
sold
.............................................
951,928‌
$
25,408,478‌
1,897,087‌
$
53,168,227‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
4,451,316‌
110,562,048‌
Shares
redeemed
.........................................
(3,458,642‌)
(91,493,862‌)
(6,095,843‌)
(169,386,601‌)
(2,506,714‌)
$
(66,085,384‌)
252,560‌
$
(5,656,326‌)
Class
II
Shares
sold
.............................................
37,295‌
$
964,986‌
95,292‌
$
2,575,434‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
26,151‌
641,014‌
Shares
redeemed
.........................................
(40,006‌)
(1,045,319‌)
(59,245‌)
(1,665,390‌)
(2,711‌)
$
(80,333‌)
62,198‌
$
1,551,058‌
Class
III
Shares
sold
.............................................
624,712‌
$
16,325,038‌
962,446‌
$
26,299,385‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
519,793‌
12,761,386‌
Shares
redeemed
.........................................
(1,212,102‌)
(31,703,120‌)
(1,983,232‌)
(54,869,928‌)
(587,390‌)
$
(15,378,082‌)
(500,993‌)
$
(15,809,157‌)
(3,096,815‌)
$
(81,543,799‌)
(186,235‌)
$
(19,914,425‌)
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
28
Portfolio
Abbreviation
MSCI
Morgan
Stanley
Capital
International
S&P
Standard
&
Poor's
June
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Variable
Series
Funds,
Inc.
BlackRock
Small
Cap
Index
V.I.
Fund
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
2
BlackRock
Small
Cap
Index
V.I.
Fund
Investment
Objective
BlackRock
Small
Cap
Index
V.I.
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
match
the
performance
of
the
Russell
2000
®
Index
(the
“Russell
2000”
or
the
“Underlying
Index”)
as
closely
as
possible
before
the
deduction
of
Fund
expenses.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund’s
Class
I
and
Class
III
Shares
returned
8.04%
and
7.86%,
respectively.
The
Russell
2000
®
Index
returned
8.09%
for
the
same
period.
The
Russell
2000
®
Index
is
a
subset
of
the
Russell
3000
®
Index
representing
approximately
10%
of
the
total
market
capitalization
of
that
index.
It
includes
approximately
2000
of
the
smallest
securities
based
on
a
combination
of
their
market
cap
and
current
index
membership.
Describe
the
market
environment.
The
U.S.
equity
market
rallied
over
the
first
quarter
of
2023
on
the
back
of
cooling
inflation
and
resilient
economic
data.
In
combination
with
a
stronger-than-expected
gross
domestic
product
(“GDP”),
inflation
data
led
investors
to
position
for
slower
rate
rises
from
the
Federal
Reserve
(“Fed”).
The
Fed
reiterated
their
commitment
to
raise
interest
rates
to
bring
the
inflation
rate
down
in
February
2023,
especially
if
macro
data
continued
to
come
in
stronger
than
expected.
Later
in
the
quarter,
investors’
attention
quickly
switched
to
headline
news
about
the
banking
sector
which
led
to
a
major
sell
off
in
the
financial
sectors.
The
overall
market
calmed
after
the
central
banks
set
out
reassuring
plans.
During
the
first
quarter
of
2023,
the
Fed
raised
the
interest
rate
by
25
basis
points
in
February
and
March
2023,
bringing
it
to
the
range
of
4.75%
and
5.00%.
This
represented
the
9th
consecutive
interest
rate
hike.
A
slight
shift
in
rhetoric
was
interpreted
that
the
rate
hiking
cycle
was
nearing
a
pause,
although
Fed
Chair,
Jerome
Powell
was
clear
that
additional
“policy
firming”
may
be
required.
In
the
second
quarter
of
2023,
the
U.S.
equity
market
continued
to
rally,
despite
concerns
over
the
debt
ceiling.
Robust
gains
were
supported
by
resilient
economic
data
and
strong
performance
by
large-cap
growth
stocks.
Concerns
regarding
the
United
States
debt
ceiling
dampened
market
sentiment
in
May
2023
before
Congress
reached
an
agreement
to
suspend
it.
Later
in
the
quarter,
markets
rallied
boosted
by
the
technology
sector
on
the
back
of
enthusiasm
over
artificial
intelligence
and
chipmakers.
The
Fed
raised
the
interest
rate
by
25
basis
points
over
the
quarter,
bringing
rates
to
the
range
of
5.00%
and
5.25%.
The
paused
rate
hikes
late
in
the
quarter
but
expressed
the
need
to
retain
flexibility
to
bring
inflation
down.
Describe
recent
portfolio
activity.
During
the
six-month
period,
as
changes
were
made
to
the
composition
of
the
Russell
2000
®
Index,
the
Fund
purchased
and
sold
securities
to
maintain
its
objective
of
seeking
to
match
the
risks
and
return
of
the
benchmark
index.
Describe
portfolio
positioning
at
period
end.
The
Fund
remains
positioned
to
match
the
risk
characteristics
of
its
benchmark
index,
irrespective
of
the
market’s
future
direction.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
3
Fund
Summary
BlackRock
Small
Cap
Index
V.I.
Fund
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
(a)
1
Year
5
Years
10
Years
Class
I
(b)(c)
.................................................................
8.04‌%
12.34‌%
4.07‌%
8.01‌%
Class
III
(b)(c)(d)
...............................................................
7.86‌
11.89‌
3.81‌
7.74‌
Russell
2000
®
Index
(e)
........................................................
8.09‌
12.31‌
4.21‌
8.26‌
(a)
For
a
portion
of
the
period,
the
Fund's
investment
adviser
waived
and/or
reimbursed
a
portion
of
its
fee.
Without
such
waiver
and/or
reimbursement,
the
Fund's
performance
would
have
been
lower.
(b)
Average
annual
total
returns
are
based
on
changes
in
net
asset
value
(“NAV”)
for
the
periods
shown,
and
assume
reinvestment
of
all
distributions
at
NAV
on
the
ex-dividend
date.
Insurance-
related
fees
and
expenses
are
not
reflected
in
these
returns.
(c)
Under
normal
circumstances,
the
Fund
will
invest
at
least
90%
of
its
assets
in
securities
or
other
financial
instruments
that
are
components
of
or
have
economic
characteristics
similar
to
the
securities
included
in
the
Russell
2000.
On
October
29,
2018,
the
Fund
acquired
all
of
the
assets
and
assumed
certain
stated
liabilities
of
the
Small
Cap
Equity
Index
Fund
(the
“Predecessor
Fund”),
a
series
of
State
Farm
Variable
Product
Trust,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization;
accordingly,
the
Fund
assumed
the
performance
and
financial
history
of
the
Predecessor
Fund
upon
completion
of
the
Reorganization.
(d)
The
returns
for
Class
III
Shares
prior
to
February
9,
2021,
the
commencement
of
operations
of
Class
III
Shares,
are
based
upon
the
performance
of
the
Fund’s
Class
I
Shares,
as
adjusted
to
reflect
the
distribution
(12b-1)
fees
applicable
to
Class
III
Shares.
(e)
An
index
that
measures
the
performance
of
the
small-cap
segment
of
the
US
equity
universe.
It
is
a
subset
of
the
Russell
3000
®
Index
representing
approximately
10%
of
the
total
market
capitalization
of
that
index.
It
includes
approximately
2,000
of
the
smallest
securities
based
on
a
combination
of
their
market
cap
and
current
index
membership.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Class
I
..................................
$
1,000.00‌
$
1,080.40‌
$
1.08‌
$
1,000.00‌
$
1,023.75‌
$
1.05‌
0.21‌%
Class
III
..................................
1,000.00‌
1,078.60‌
2.37‌
1,000.00‌
1,022.51‌
2.31‌
0.46‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Industrials
.......................................
17.3‌
%
Health
Care
.....................................
16.8‌
Financials
.......................................
15.0‌
Information
Technology
..............................
13.6‌
Consumer
Discretionary
.............................
10.4‌
Energy
.........................................
6.8‌
Real
Estate
......................................
6.0‌
Materials
.......................................
4.6‌
Consumer
Staples
.................................
3.4‌
Utilities
.........................................
3.0‌
Communication
Services
.............................
2.5‌
Short-Term
Securities
...............................
16.4‌
Liabilities
in
Excess
of
Other
Assets
.....................
(15.8‌)
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
Disclosure
of
Expenses
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses,
and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.0%
AAR
Corp.
(a)
......................
4,338
$
250,563
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
9,676
530,922
AeroVironment,
Inc.
(a)
................
3,020
308,886
AerSale
Corp.
(a)
....................
2,995
44,027
Archer
Aviation,
Inc.,
Class
A
(a)
..........
19,303
79,528
Astronics
Corp.
(a)
...................
3,107
61,705
Cadre
Holdings,
Inc.
.................
2,235
48,723
Ducommun,
Inc.
(a)
..................
1,391
60,606
Eve
Holding,
Inc.
(a)
..................
2,134
22,364
Kaman
Corp.
.....................
3,662
89,097
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
.
15,268
218,943
Leonardo
DRS,
Inc.
(a)
................
6,076
105,358
Moog,
Inc.,
Class
A
.................
3,521
381,782
National
Presto
Industries,
Inc.
(b)
.........
663
48,532
Park
Aerospace
Corp.
................
2,528
34,886
Parsons
Corp.
(a)
....................
5,192
249,943
Redwire
Corp.
(a)(b)
...................
2,246
5,727
Rocket
Lab
USA,
Inc.
(a)
...............
34,160
204,960
Terran
Orbital
Corp.
(a)
................
11,116
16,674
Triumph
Group,
Inc.
(a)
................
8,216
101,632
V2X,
Inc.
(a)(b)
......................
1,374
68,095
Virgin
Galactic
Holdings,
Inc.
(a)(b)
.........
31,308
121,475
3,054,428
Air
Freight
&
Logistics
—
0.3%
Air
Transport
Services
Group,
Inc.
(a)(b)
.....
7,111
134,184
Forward
Air
Corp.
..................
3,180
337,430
Hub
Group,
Inc.,
Class
A
(a)
.............
3,996
320,959
Radiant
Logistics,
Inc.
(a)
..............
4,387
29,481
822,054
Automobile
Components
—
1.5%
Adient
plc
(a)
.......................
11,808
452,483
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
14,354
118,708
Cooper-Standard
Holdings,
Inc.
(a)
........
331
4,720
Dana,
Inc.
........................
16,285
276,845
Dorman
Products,
Inc.
(a)(b)
.............
3,234
254,936
Fox
Factory
Holding
Corp.
(a)
............
5,275
572,390
Gentherm,
Inc.
(a)
...................
4,063
229,600
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
......
34,620
473,602
Holley,
Inc.
(a)
......................
5,970
24,417
LCI
Industries
(b)
....................
3,042
384,387
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
33,493
230,432
Modine
Manufacturing
Co.
(a)
...........
6,373
210,436
Patrick
Industries,
Inc.
(b)
..............
2,671
213,680
Solid
Power,
Inc.,
Class
A
(a)
............
19,650
49,911
Standard
Motor
Products,
Inc.
..........
2,658
99,728
Stoneridge,
Inc.
(a)(b)
..................
3,103
58,492
Visteon
Corp.
(a)(b)
...................
3,443
494,449
XPEL,
Inc.
(a)(c)
.....................
2,752
231,773
4,380,989
Automobiles
—
0.1%
Fisker,
Inc.,
Class
A
(a)(b)
...............
24,062
135,710
Livewire
Group,
Inc.
(a)
................
1,266
14,951
Winnebago
Industries,
Inc.
(b)
...........
3,648
243,285
Workhorse
Group,
Inc.
(a)(b)
.............
18,052
15,734
409,680
Banks
—
7.8%
1st
Source
Corp.
...................
2,055
86,166
ACNB
Corp.
......................
981
32,540
Amalgamated
Financial
Corp.
..........
2,735
44,006
Amerant
Bancorp,
Inc.,
Class
A
.........
3,520
60,509
American
National
Bankshares,
Inc.
......
1,408
40,804
Security
Shares
Shares
Value
Banks
(continued)
Ameris
Bancorp
(b)
...................
7,852
$
268,617
Ames
National
Corp.
................
1,111
20,031
Arrow
Financial
Corp.
(b)
...............
2,242
45,154
Associated
Banc-Corp.
...............
19,810
321,516
Atlantic
Union
Bankshares
Corp.
........
9,198
238,688
Axos
Financial,
Inc.
(a)(b)
...............
6,807
268,468
Banc
of
California,
Inc.
(b)
..............
6,474
74,969
BancFirst
Corp.
(b)
...................
2,730
251,160
Bancorp,
Inc.
(The)
(a)
................
6,170
201,451
Bank
First
Corp.
(b)
..................
1,248
103,834
Bank
of
Hawaii
Corp.
................
2,082
85,841
Bank
of
Marin
Bancorp
(b)
..............
2,055
36,312
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
....
6,240
170,726
Bank7
Corp.
......................
407
9,984
BankUnited,
Inc.
(b)
..................
9,013
194,230
Bankwell
Financial
Group,
Inc.
..........
1,001
24,404
Banner
Corp.
.....................
4,086
178,436
Bar
Harbor
Bankshares
..............
1,956
48,196
BayCom
Corp.
....................
1,492
24,887
BCB
Bancorp,
Inc.
(b)
.................
2,193
25,746
Berkshire
Hills
Bancorp,
Inc.
...........
5,072
105,143
Blue
Foundry
Bancorp
(a)
..............
3,298
33,343
Blue
Ridge
Bankshares,
Inc.
(b)
..........
2,069
18,311
Bridgewater
Bancshares,
Inc.
(a)
.........
3,294
32,446
Brookline
Bancorp,
Inc.
...............
9,965
87,094
Burke
&
Herbert
Financial
Services
Corp.
..
797
51,167
Business
First
Bancshares,
Inc.
(b)
........
3,118
46,988
Byline
Bancorp,
Inc.
.................
3,175
57,436
C&F
Financial
Corp.
.................
365
19,600
Cadence
Bank
(b)
...................
19,124
375,595
Cambridge
Bancorp
.................
1,068
58,003
Camden
National
Corp.
(b)
.............
2,052
63,550
Capital
Bancorp,
Inc.
(b)
...............
1,075
19,458
Capital
City
Bank
Group,
Inc.
(b)
..........
1,779
54,509
Capitol
Federal
Financial,
Inc.
(b)
.........
15,065
92,951
Capstar
Financial
Holdings,
Inc.
.........
2,443
29,976
Carter
Bankshares,
Inc.
(a)(b)
............
3,079
45,538
Cathay
General
Bancorp
..............
9,423
303,326
Central
Pacific
Financial
Corp.
..........
3,251
51,073
Central
Valley
Community
Bancorp
.......
1,294
19,992
Chemung
Financial
Corp.
.............
440
16,900
ChoiceOne
Financial
Services,
Inc.
.......
808
18,584
Citizens
&
Northern
Corp.
(b)
............
1,779
34,335
Citizens
Financial
Services,
Inc.
(b)
........
493
36,714
City
Holding
Co.
(b)
..................
1,731
155,773
Civista
Bancshares,
Inc.
..............
1,975
34,365
CNB
Financial
Corp.
.................
2,429
42,872
Coastal
Financial
Corp.
(a)
.............
1,325
49,886
Codorus
Valley
Bancorp,
Inc.
...........
1,184
23,218
Colony
Bankcorp,
Inc.
(b)
..............
1,900
17,898
Columbia
Financial,
Inc.
(a)
.............
3,794
65,598
Community
Bank
System,
Inc.
(b)
.........
6,039
283,108
Community
Financial
Corp.
(The)
........
641
17,365
Community
Trust
Bancorp,
Inc.
.........
2,021
71,887
ConnectOne
Bancorp,
Inc.
............
5,255
87,180
CrossFirst
Bankshares,
Inc.
(a)
...........
5,614
56,140
Customers
Bancorp,
Inc.
(a)
.............
3,518
106,455
CVB
Financial
Corp.
(b)
................
15,419
204,764
Dime
Community
Bancshares,
Inc.
.......
3,957
69,762
Eagle
Bancorp,
Inc.
.................
3,599
76,155
Eastern
Bankshares,
Inc.
.............
19,579
240,234
Enterprise
Bancorp,
Inc.
..............
1,148
33,223
Enterprise
Financial
Services
Corp.
......
4,783
187,015
Equity
Bancshares,
Inc.,
Class
A
........
2,170
49,433
Esquire
Financial
Holdings,
Inc.
.........
818
37,415
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
ESSA
Bancorp,
Inc.
.................
1,030
$
15,398
Evans
Bancorp,
Inc.
.................
721
17,975
Farmers
&
Merchants
Bancorp,
Inc.
(b)
.....
1,698
38,222
Farmers
National
Banc
Corp.
(b)
..........
4,586
56,729
FB
Financial
Corp.
..................
5,155
144,598
Fidelity
D&D
Bancorp,
Inc.
.............
564
27,405
Financial
Institutions,
Inc.
.............
1,836
28,899
First
Bancorp
(b)
....................
4,466
132,864
First
BanCorp
.....................
20,904
255,447
First
Bancorp,
Inc.
(The)
..............
1,391
33,857
First
Bancshares,
Inc.
(The)
............
3,896
100,673
First
Bank
(b)
.......................
2,185
22,680
First
Busey
Corp.
...................
6,922
139,132
First
Business
Financial
Services,
Inc.
.....
1,154
34,031
First
Commonwealth
Financial
Corp.
......
11,304
142,996
First
Community
Bankshares,
Inc.
.......
2,268
67,428
First
Community
Corp.
...............
748
12,985
First
Financial
Bancorp
(b)
..............
10,809
220,936
First
Financial
Bankshares,
Inc.
(b)
........
16,278
463,760
First
Financial
Corp.
.................
1,440
46,757
First
Foundation,
Inc.
................
8,332
33,078
First
Interstate
BancSystem,
Inc.,
Class
A
(b)
.
11,026
262,860
First
Merchants
Corp.
................
7,954
224,541
First
Mid
Bancshares,
Inc.
.............
2,908
70,199
First
of
Long
Island
Corp.
(The)
(b)
........
3,497
42,034
First
Western
Financial,
Inc.
(a)
..........
917
17,056
Five
Star
Bancorp
..................
1,483
33,175
Flushing
Financial
Corp.
(b)
.............
3,731
45,854
FS
Bancorp,
Inc.
...................
752
22,613
Fulton
Financial
Corp.
................
20,398
243,144
FVCBankcorp,
Inc.
(a)
.................
1,733
18,664
German
American
Bancorp,
Inc.
.........
4,029
109,508
Glacier
Bancorp,
Inc.
(b)
...............
13,853
431,798
Great
Southern
Bancorp,
Inc.
...........
1,246
63,210
Greene
County
Bancorp,
Inc.
...........
786
23,423
Guaranty
Bancshares,
Inc.
............
1,095
29,653
Hancock
Whitney
Corp.
(b)
.............
10,592
406,521
Hanmi
Financial
Corp.
...............
3,597
53,703
HarborOne
Bancorp,
Inc.
.............
5,296
45,969
HBT
Financial,
Inc.
..................
1,855
34,206
Heartland
Financial
USA,
Inc.
..........
5,004
139,461
Heritage
Commerce
Corp.
(b)
............
8,542
70,728
Heritage
Financial
Corp.
..............
4,119
66,604
Hilltop
Holdings,
Inc.
.................
5,873
184,765
Hingham
Institution
for
Savings
(The)
.....
194
41,357
Home
Bancorp,
Inc.
.................
1,076
35,734
Home
BancShares,
Inc.
(b)
.............
24,174
551,167
HomeStreet,
Inc.
...................
3,468
20,531
HomeTrust
Bancshares,
Inc.
...........
2,165
45,227
Hope
Bancorp,
Inc.
.................
13,842
116,550
Horizon
Bancorp,
Inc.
(b)
...............
5,969
62,137
Independent
Bank
Corp.
(b)
.............
2,494
42,298
Independent
Bank
Corp.
..............
5,245
233,455
Independent
Bank
Group,
Inc.
..........
4,268
147,374
International
Bancshares
Corp.
.........
6,643
293,621
John
Marshall
Bancorp,
Inc.
...........
1,610
32,345
Kearny
Financial
Corp.
...............
7,196
50,732
Lakeland
Bancorp,
Inc.
...............
8,426
112,824
Lakeland
Financial
Corp.
(b)
............
2,815
136,584
LCNB
Corp.
......................
1,117
16,487
Live
Oak
Bancshares,
Inc.
.............
4,523
119,000
Luther
Burbank
Corp.
................
1,727
15,405
Macatawa
Bank
Corp.
...............
3,277
30,411
MainStreet
Bancshares,
Inc.
...........
648
14,684
Mercantile
Bank
Corp.
(b)
..............
2,049
56,593
Security
Shares
Shares
Value
Banks
(continued)
Metrocity
Bankshares,
Inc.
............
2,420
$
43,294
Metropolitan
Bank
Holding
Corp.
(a)
.......
1,255
43,586
Mid
Penn
Bancorp,
Inc.
...............
1,833
40,473
Middlefield
Banc
Corp.
...............
888
23,798
Midland
States
Bancorp,
Inc.
...........
2,729
54,334
MidWestOne
Financial
Group,
Inc.
.......
1,893
40,453
MVB
Financial
Corp.
................
1,668
35,161
National
Bank
Holdings
Corp.,
Class
A
....
3,603
104,631
National
Bankshares,
Inc.
.............
704
20,550
NBT
Bancorp,
Inc.
..................
4,818
153,453
Nicolet
Bankshares,
Inc.
(b)
.............
1,621
110,082
Northeast
Bank
....................
983
40,962
Northeast
Community
Bancorp,
Inc.
......
1,375
20,460
Northfield
Bancorp,
Inc.
(b)
.............
5,107
56,075
Northwest
Bancshares,
Inc.
............
14,187
150,382
Norwood
Financial
Corp.
(b)
.............
849
25,071
Oak
Valley
Bancorp
.................
678
17,079
OceanFirst
Financial
Corp.
............
8,043
125,632
OFG
Bancorp
.....................
5,564
145,109
Old
National
Bancorp
(b)
...............
37,661
524,994
Old
Second
Bancorp,
Inc.
.............
5,507
71,921
Orange
County
Bancorp,
Inc.
...........
601
22,237
Origin
Bancorp,
Inc.
.................
3,953
115,823
Orrstown
Financial
Services,
Inc.
........
1,383
26,484
Pacific
Premier
Bancorp,
Inc.
...........
10,317
213,356
PacWest
Bancorp
..................
15,105
123,106
Park
National
Corp.
(b)
................
1,818
186,018
Parke
Bancorp,
Inc.
.................
1,173
19,929
Pathward
Financial,
Inc.
..............
3,282
152,154
PCB
Bancorp
.....................
1,351
19,873
Peapack-Gladstone
Financial
Corp.
......
2,447
66,265
Penns
Woods
Bancorp,
Inc.
............
728
18,222
Peoples
Bancorp,
Inc.
(b)
..............
4,545
120,670
Peoples
Financial
Services
Corp.
........
912
39,936
Pioneer
Bancorp,
Inc.
(a)(b)
..............
1,483
13,273
Plumas
Bancorp
...................
613
21,878
Ponce
Financial
Group,
Inc.
(a)
..........
2,558
22,229
Preferred
Bank
....................
1,161
63,843
Premier
Financial
Corp.
..............
5,026
80,517
Primis
Financial
Corp.
................
3,336
28,089
Princeton
Bancorp,
Inc.
...............
601
16,419
Provident
Financial
Services,
Inc.
(b)
.......
8,845
144,527
QCR
Holdings,
Inc.
.................
2,225
91,292
RBB
Bancorp
(b)
....................
2,075
24,776
Red
River
Bancshares,
Inc.
(b)
...........
655
32,187
Renasant
Corp.
....................
6,498
169,793
Republic
Bancorp,
Inc.,
Class
A
.........
1,050
44,625
S&T
Bancorp,
Inc.
(b)
.................
3,944
107,237
Sandy
Spring
Bancorp,
Inc.
............
6,049
137,191
Seacoast
Banking
Corp.
of
Florida
.......
8,098
178,966
ServisFirst
Bancshares,
Inc.
(b)
..........
6,205
253,909
Shore
Bancshares,
Inc.
...............
2,531
29,258
Sierra
Bancorp
(b)
...................
1,907
32,362
Simmons
First
National
Corp.,
Class
A
(b)
...
14,164
244,329
SmartFinancial,
Inc.
.................
1,999
42,998
South
Plains
Financial,
Inc.
(b)
...........
1,349
30,366
Southern
First
Bancshares,
Inc.
(a)(b)
.......
985
24,379
Southern
Missouri
Bancorp,
Inc.
.........
1,201
46,178
Southern
States
Bancshares,
Inc.
........
759
16,015
Southside
Bancshares,
Inc.
(b)
...........
3,717
97,237
SouthState
Corp.
...................
9,548
628,258
Stellar
Bancorp,
Inc.
(b)
................
6,227
142,536
Sterling
Bancorp,
Inc.
(a)
...............
1,988
10,874
Stock
Yards
Bancorp,
Inc.
(b)
............
3,452
156,617
Summit
Financial
Group,
Inc.
...........
1,531
31,630
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Texas
Capital
Bancshares,
Inc.
(a)
........
6,041
$
311,112
Third
Coast
Bancshares,
Inc.
(a)
..........
1,458
23,138
Timberland
Bancorp,
Inc.
.............
953
24,378
Tompkins
Financial
Corp.
(b)
............
1,632
90,902
Towne
Bank
(b)
.....................
9,026
209,764
TriCo
Bancshares
..................
3,865
128,318
Triumph
Financial,
Inc.
(a)
..............
2,670
162,122
TrustCo
Bank
Corp.
.................
2,175
62,227
Trustmark
Corp.
...................
7,317
154,535
UMB
Financial
Corp.
................
5,570
339,213
United
Bankshares,
Inc.
..............
15,822
469,439
United
Community
Banks,
Inc.
(b)
.........
12,802
319,922
Unity
Bancorp,
Inc.
..................
817
19,273
Univest
Financial
Corp.
(b)
..............
3,673
66,408
USCB
Financial
Holdings,
Inc.,
Class
A
(a)(b)
..
1,251
12,760
Valley
National
Bancorp
(b)
.............
54,396
421,569
Veritex
Holdings,
Inc.
................
5,521
98,992
Virginia
National
Bankshares
Corp.
.......
781
25,109
Washington
Federal,
Inc.
(b)
............
7,854
208,288
Washington
Trust
Bancorp,
Inc.
.........
2,537
68,017
WesBanco,
Inc.
....................
7,422
190,077
West
BanCorp,
Inc.
(b)
................
2,084
38,366
Westamerica
BanCorp
...............
3,052
116,892
WSFS
Financial
Corp.
(b)
..............
7,195
271,395
23,056,085
Beverages
—
0.4%
Coca-Cola
Consolidated,
Inc.
...........
592
376,524
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
5,314
68,923
MGP
Ingredients,
Inc.
................
1,907
202,676
National
Beverage
Corp.
(a)
.............
2,933
141,810
Primo
Water
Corp.
..................
19,047
238,849
Vita
Coco
Co.,
Inc.
(The)
(a)
.............
3,549
95,362
Zevia
PBC,
Class
A
(a)
................
3,030
13,059
1,137,203
Biotechnology
—
7.5%
2seventy
bio,
Inc.
(a)(b)
................
6,266
63,412
4D
Molecular
Therapeutics,
Inc.
(a)
........
3,978
71,882
89bio,
Inc.
(a)
......................
7,550
143,072
Aadi
Bioscience,
Inc.
(a)
...............
1,681
11,498
ACADIA
Pharmaceuticals,
Inc.
(a)
.........
14,786
354,125
Acrivon
Therapeutics,
Inc.
(a)
............
1,049
13,595
Actinium
Pharmaceuticals,
Inc.
(a)
........
3,105
23,039
Adicet
Bio,
Inc.
(a)
...................
3,229
7,846
ADMA
Biologics,
Inc.
(a)
...............
25,367
93,604
Aerovate
Therapeutics,
Inc.
(a)
...........
1,066
18,282
Agenus,
Inc.
(a)
.....................
42,392
67,827
Agios
Pharmaceuticals,
Inc.
(a)
..........
6,738
190,820
Akero
Therapeutics,
Inc.
(a)(b)
............
5,481
255,908
Aldeyra
Therapeutics,
Inc.
(a)(b)
...........
5,597
46,959
Alector,
Inc.
(a)
.....................
7,656
46,013
Alkermes
plc
(a)
.....................
20,430
639,459
Allakos,
Inc.
(a)
.....................
8,136
35,473
Allogene
Therapeutics,
Inc.
(a)
...........
11,052
54,928
Allovir,
Inc.
(a)
......................
5,354
18,204
Alpine
Immune
Sciences,
Inc.
(a)
.........
4,171
42,878
Altimmune,
Inc.
(a)
...................
6,203
21,897
ALX
Oncology
Holdings,
Inc.
(a)
..........
2,617
19,654
Amicus
Therapeutics,
Inc.
(a)
............
34,148
428,899
AnaptysBio,
Inc.
(a)
..................
2,588
52,640
Anavex
Life
Sciences
Corp.
(a)(b)
.........
8,432
68,552
Anika
Therapeutics,
Inc.
(a)
.............
1,826
47,439
Annexon,
Inc.
(a)
....................
5,442
19,156
Arbutus
Biopharma
Corp.
(a)(b)
...........
16,101
37,032
Arcellx,
Inc.
(a)
.....................
4,616
145,958
Security
Shares
Shares
Value
Biotechnology
(continued)
Arcturus
Therapeutics
Holdings,
Inc.
(a)
.....
3,040
$
87,187
Arcus
Biosciences,
Inc.
(a)(b)
............
6,712
136,321
Arcutis
Biotherapeutics,
Inc.
(a)(b)
.........
6,480
61,754
Ardelyx,
Inc.
(a)(b)
....................
25,791
87,431
Arrowhead
Pharmaceuticals,
Inc.
(a)
.......
12,574
448,389
ARS
Pharmaceuticals,
Inc.
(a)
...........
2,869
19,222
Astria
Therapeutics,
Inc.
(a)
.............
3,063
25,515
Atara
Biotherapeutics,
Inc.
(a)
...........
10,470
16,857
Aura
Biosciences,
Inc.
(a)(b)
.............
3,613
44,621
Aurinia
Pharmaceuticals,
Inc.
(a)
..........
16,342
158,191
Avid
Bioservices,
Inc.
(a)(b)
..............
7,426
103,741
Avidity
Biosciences,
Inc.
(a)
.............
8,734
96,860
Avita
Medical,
Inc.
(a)
.................
3,069
52,204
Beam
Therapeutics,
Inc.
(a)
.............
8,417
268,755
BioAtla,
Inc.
(a)
.....................
5,567
16,701
BioCryst
Pharmaceuticals,
Inc.
(a)
.........
23,888
168,172
Biohaven
Ltd.
(a)
....................
7,156
171,172
Biomea
Fusion,
Inc.
(a)
................
2,410
52,899
Bioxcel
Therapeutics,
Inc.
(a)
............
2,672
17,796
Bluebird
Bio,
Inc.
(a)(b)
.................
12,488
41,086
Blueprint
Medicines
Corp.
(a)
............
7,463
471,662
Bridgebio
Pharma,
Inc.
(a)
..............
14,019
241,127
Cabaletta
Bio,
Inc.
(a)
.................
3,084
39,814
CareDx,
Inc.
(a)
.....................
7,024
59,704
Caribou
Biosciences,
Inc.
(a)
............
6,657
28,292
Carisma
Therapeutics,
Inc.
(b)
...........
3,312
29,046
Catalyst
Pharmaceuticals,
Inc.
(a)
.........
11,958
160,716
Celcuity,
Inc.
(a)
.....................
2,019
22,169
Celldex
Therapeutics,
Inc.
(a)
............
5,598
189,940
Century
Therapeutics,
Inc.
(a)
...........
2,259
7,138
Cerevel
Therapeutics
Holdings,
Inc.
(a)
.....
7,584
241,095
Chinook
Therapeutics,
Inc.
(a)
...........
7,079
271,975
Cogent
Biosciences,
Inc.
(a)(b)
...........
8,456
100,119
Coherus
Biosciences,
Inc.
(a)
............
8,697
37,136
Compass
Therapeutics,
Inc.
(a)
..........
10,922
34,732
Crinetics
Pharmaceuticals,
Inc.
(a)
........
6,577
118,518
Cue
Biopharma,
Inc.
(a)
...............
4,136
15,096
Cullinan
Oncology,
Inc.
(a)
..............
3,008
32,366
Cytokinetics,
Inc.
(a)
..................
11,350
370,237
Day
One
Biopharmaceuticals,
Inc.
(a)
......
6,071
72,488
Deciphera
Pharmaceuticals,
Inc.
(a)
.......
6,260
88,141
Denali
Therapeutics,
Inc.
(a)(b)
...........
14,404
425,062
Design
Therapeutics,
Inc.
(a)
............
3,934
24,784
Disc
Medicine,
Inc.
(a)
.................
938
41,647
Dynavax
Technologies
Corp.
(a)
..........
15,911
205,570
Dyne
Therapeutics,
Inc.
(a)
.............
5,206
58,567
Eagle
Pharmaceuticals,
Inc.
(a)(b)
.........
1,204
23,406
Editas
Medicine,
Inc.
(a)
...............
8,673
71,379
Emergent
BioSolutions,
Inc.
(a)
..........
6,258
45,996
Enanta
Pharmaceuticals,
Inc.
(a)
.........
2,510
53,714
Entrada
Therapeutics,
Inc.
(a)
...........
2,594
39,273
EQRx,
Inc.
(a)(b)
.....................
39,551
73,565
Erasca,
Inc.
(a)(b)
....................
10,169
28,066
Fate
Therapeutics,
Inc.
(a)
..............
10,282
48,942
Fennec
Pharmaceuticals,
Inc.
(a)
.........
2,017
17,810
FibroGen,
Inc.
(a)
....................
11,090
29,943
Foghorn
Therapeutics,
Inc.
(a)
...........
2,367
16,664
Genelux
Corp.
(a)(b)
..................
321
10,503
Generation
Bio
Co.
(a)
................
6,557
36,063
Geron
Corp.
(a)
.....................
60,538
194,327
Graphite
Bio,
Inc.
(a)
..................
3,383
8,796
Gritstone
bio,
Inc.
(a)
.................
11,011
21,471
Halozyme
Therapeutics,
Inc.
(a)
..........
16,459
593,676
Heron
Therapeutics,
Inc.
(a)(b)
............
12,272
14,236
HilleVax,
Inc.
(a)(b)
...................
2,625
45,124
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Humacyte,
Inc.
(a)
...................
7,148
$
20,443
Icosavax,
Inc.
(a)
....................
3,727
37,009
Ideaya
Biosciences,
Inc.
(a)
.............
6,621
155,594
IGM
Biosciences,
Inc.
(a)
...............
1,388
12,811
Immuneering
Corp.,
Class
A
(a)
..........
2,511
25,462
ImmunityBio,
Inc.
(a)
..................
13,903
38,650
ImmunoGen,
Inc.
(a)
..................
29,694
560,326
Immunovant,
Inc.
(a)
..................
6,564
124,519
Inhibrx,
Inc.
(a)(b)
....................
4,257
110,512
Inozyme
Pharma,
Inc.
(a)
..............
4,097
22,820
Insmed,
Inc.
(a)
.....................
16,169
341,166
Intellia
Therapeutics,
Inc.
(a)(b)
...........
10,809
440,791
Intercept
Pharmaceuticals,
Inc.
(a)
........
2,996
33,136
Iovance
Biotherapeutics,
Inc.
(a)
..........
25,549
179,865
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)
..
16,643
177,082
iTeos
Therapeutics,
Inc.
(a)(b)
............
2,794
36,993
IVERIC
bio,
Inc.
(a)(b)
.................
16,925
665,830
Janux
Therapeutics,
Inc.
(a)(b)
............
2,217
26,316
KalVista
Pharmaceuticals,
Inc.
(a)
.........
2,926
26,334
Karyopharm
Therapeutics,
Inc.
(a)
........
14,309
25,613
Keros
Therapeutics,
Inc.
(a)
.............
2,749
110,455
Kezar
Life
Sciences,
Inc.
(a)
.............
9,437
23,121
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(a)
....
4,097
57,686
Kodiak
Sciences,
Inc.
(a)
...............
3,902
26,924
Krystal
Biotech,
Inc.
(a)
................
2,624
308,058
Kura
Oncology,
Inc.
(a)
................
7,824
82,778
Kymera
Therapeutics,
Inc.
(a)
............
4,884
112,283
Larimar
Therapeutics,
Inc.
(a)
............
3,087
9,662
Lexicon
Pharmaceuticals,
Inc.
(a)
.........
13,460
30,823
Lineage
Cell
Therapeutics,
Inc.
(a)
........
15,149
21,360
Lyell
Immunopharma,
Inc.
(a)(b)
...........
21,226
67,499
MacroGenics,
Inc.
(a)
.................
7,026
37,589
Madrigal
Pharmaceuticals,
Inc.
(a)
........
1,662
383,922
MannKind
Corp.
(a)
..................
30,804
125,372
MeiraGTx
Holdings
plc
(a)
..............
3,584
24,084
Merrimack
Pharmaceuticals,
Inc.
(a)
.......
1,214
14,932
Mersana
Therapeutics,
Inc.
(a)
...........
13,844
45,547
MiMedx
Group,
Inc.
(a)
................
14,489
95,772
Mineralys
Therapeutics,
Inc.
(a)
..........
2,022
34,475
Mirum
Pharmaceuticals,
Inc.
(a)(b)
.........
3,261
84,362
Monte
Rosa
Therapeutics,
Inc.
(a)
.........
4,328
29,647
Morphic
Holding,
Inc.
(a)
...............
3,714
212,924
Myriad
Genetics,
Inc.
(a)
...............
9,883
229,088
Nkarta,
Inc.
(a)
......................
3,764
8,243
Novavax,
Inc.
(a)(b)
...................
10,947
81,336
Nurix
Therapeutics,
Inc.
(a)
.............
5,686
56,803
Nuvalent,
Inc.,
Class
A
(a)(b)
.............
2,913
122,841
Nuvectis
Pharma,
Inc.
(a)
..............
748
11,946
Ocean
Biomedical,
Inc.
(a)(b)
.............
1,635
9,826
Olema
Pharmaceuticals,
Inc.
(a)
..........
3,360
30,341
Omega
Therapeutics,
Inc.
(a)
............
2,911
16,302
Organogenesis
Holdings,
Inc.,
Class
A
(a)
...
8,338
27,682
ORIC
Pharmaceuticals,
Inc.
(a)
..........
4,865
37,752
Outlook
Therapeutics,
Inc.
(a)(b)
..........
20,297
35,317
Ovid
therapeutics,
Inc.
(a)
..............
6,988
22,921
PDS
Biotechnology
Corp.
(a)
............
3,397
17,087
PepGen,
Inc.
(a)
....................
920
8,225
PMV
Pharmaceuticals,
Inc.
(a)
...........
5,716
35,782
Point
Biopharma
Global,
Inc.
(a)
..........
11,124
100,783
Poseida
Therapeutics,
Inc.
(a)
...........
8,603
15,141
Precigen,
Inc.
(a)
....................
19,112
21,979
Prelude
Therapeutics,
Inc.
(a)
............
1,647
7,411
Prime
Medicine,
Inc.
(a)
................
4,866
71,287
ProKidney
Corp.,
Class
A
(a)
............
7,479
83,690
Protagonist
Therapeutics,
Inc.
(a)(b)
........
6,616
182,734
Security
Shares
Shares
Value
Biotechnology
(continued)
Protalix
BioTherapeutics,
Inc.
(a)
.........
6,500
$
13,000
Prothena
Corp.
plc
(a)
.................
5,055
345,155
PTC
Therapeutics,
Inc.
(a)
..............
8,617
350,453
Rallybio
Corp.
(a)
....................
3,813
21,582
RAPT
Therapeutics,
Inc.
(a)
.............
3,769
70,480
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)
.
17,301
129,238
REGENXBIO,
Inc.
(a)
.................
5,135
102,649
Relay
Therapeutics,
Inc.
(a)
.............
11,206
140,747
Reneo
Pharmaceuticals,
Inc.
(a)
..........
1,158
7,596
Replimune
Group,
Inc.
(a)
..............
5,017
116,495
REVOLUTION
Medicines,
Inc.
(a)
.........
12,402
331,753
Rhythm
Pharmaceuticals,
Inc.
(a)
.........
6,290
103,722
Rigel
Pharmaceuticals,
Inc.
(a)
...........
19,837
25,590
Rocket
Pharmaceuticals,
Inc.
(a)
..........
6,925
137,600
Sage
Therapeutics,
Inc.
(a)
.............
6,413
301,539
Sana
Biotechnology,
Inc.
(a)(b)
...........
11,676
69,589
Sangamo
Therapeutics,
Inc.
(a)
..........
15,688
20,394
Savara,
Inc.
(a)
.....................
9,153
29,244
Scholar
Rock
Holding
Corp.
(a)
..........
3,501
26,398
Selecta
Biosciences,
Inc.
(a)
............
14,486
16,224
Seres
Therapeutics,
Inc.
(a)
.............
11,970
57,336
SpringWorks
Therapeutics,
Inc.
(a)
........
7,120
186,686
Stoke
Therapeutics,
Inc.
(a)
.............
3,562
37,864
Summit
Therapeutics,
Inc.
(a)(b)
...........
14,196
35,632
Sutro
Biopharma,
Inc.
(a)
...............
6,952
32,327
Syndax
Pharmaceuticals,
Inc.
(a)(b)
........
8,066
168,821
Tango
Therapeutics,
Inc.
(a)
.............
5,414
17,974
Tenaya
Therapeutics,
Inc.
(a)
............
5,455
32,021
TG
Therapeutics,
Inc.
(a)(b)
..............
16,743
415,896
Travere
Therapeutics,
Inc.
(a)
............
8,972
137,810
Twist
Bioscience
Corp.
(a)
..............
7,161
146,514
Tyra
Biosciences,
Inc.
(a)
..............
1,546
26,328
UroGen
Pharma
Ltd.
(a)
...............
2,331
24,126
Vanda
Pharmaceuticals,
Inc.
(a)(b)
.........
6,350
41,847
Vaxcyte,
Inc.
(a)
.....................
11,389
568,767
Vaxxinity,
Inc.,
Class
A
(a)
..............
5,507
13,878
Vera
Therapeutics,
Inc.,
Class
A
(a)
........
4,194
67,314
Veracyte,
Inc.
(a)
....................
8,787
223,805
Vericel
Corp.
(a)
.....................
5,794
217,681
Verve
Therapeutics,
Inc.
(a)
.............
6,259
117,356
Vigil
Neuroscience,
Inc.
(a)
.............
1,912
17,973
Viking
Therapeutics,
Inc.
(a)
.............
11,707
189,770
Vir
Biotechnology,
Inc.
(a)
..............
10,245
251,310
Viridian
Therapeutics,
Inc.
(a)
............
5,167
122,923
Vor
BioPharma,
Inc.
(a)
................
4,609
14,242
Voyager
Therapeutics,
Inc.
(a)
...........
3,865
44,254
X4
Pharmaceuticals,
Inc.
(a)
............
15,386
29,849
Xencor,
Inc.
(a)
.....................
6,923
172,867
XOMA
Corp.
(a)
.....................
843
15,924
Y-mAbs
Therapeutics,
Inc.
(a)
............
4,220
28,654
Zentalis
Pharmaceuticals,
Inc.
(a)
.........
6,228
175,692
Zura
Bio
Ltd.,
Class
A
(a)
...............
933
7,651
Zymeworks,
Inc.
(a)
..................
6,479
55,979
22,166,603
Broadline
Retail
—
0.1%
Big
Lots,
Inc.
(b)
.....................
3,538
31,240
ContextLogic,
Inc.,
Class
A
(a)
...........
3,322
21,859
Dillard's,
Inc.,
Class
A
(b)
...............
446
145,521
198,620
Building
Products
—
1.7%
AAON,
Inc.
(b)
......................
5,575
528,566
American
Woodmark
Corp.
(a)
...........
2,082
159,002
Apogee
Enterprises,
Inc.
(b)
.............
2,776
131,777
AZZ,
Inc.
........................
3,072
133,509
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
(continued)
CSW
Industrials,
Inc.
................
1,910
$
317,423
Gibraltar
Industries,
Inc.
(a)
.............
3,855
242,557
Griffon
Corp.
......................
5,383
216,935
Insteel
Industries,
Inc.
................
2,323
72,292
Janus
International
Group,
Inc.
(a)
........
10,312
109,926
JELD-WEN
Holding,
Inc.
(a)
.............
10,556
185,152
Masonite
International
Corp.
(a)
..........
2,692
275,769
Masterbrand,
Inc.
(a)
.................
15,745
183,114
PGT
Innovations,
Inc.
(a)(b)
..............
7,234
210,871
Quanex
Building
Products
Corp.
.........
4,145
111,293
Resideo
Technologies,
Inc.
(a)
...........
18,205
321,500
Simpson
Manufacturing
Co.,
Inc.
(b)
.......
5,256
727,956
UFP
Industries,
Inc.
.................
7,428
720,887
Zurn
Elkay
Water
Solutions
Corp.
(b)
.......
18,123
487,328
5,135,857
Capital
Markets
—
1.4%
AlTi
Global,
Inc.,
Class
A
(a)
.............
2,561
19,617
Artisan
Partners
Asset
Management,
Inc.,
Class
A
(b)
......................
7,297
286,845
AssetMark
Financial
Holdings,
Inc.
(a)
......
2,606
77,294
Avantax,
Inc.
(a)
.....................
4,876
109,125
B
Riley
Financial,
Inc.
................
2,441
112,237
Bakkt
Holdings,
Inc.,
Class
A
(a)
..........
6,599
8,117
BGC
Partners,
Inc.,
Class
A
............
39,144
173,408
Brightsphere
Investment
Group,
Inc.
......
3,811
79,840
Cohen
&
Steers,
Inc.
(b)
...............
3,339
193,629
Diamond
Hill
Investment
Group,
Inc.
......
356
60,983
Donnelley
Financial
Solutions,
Inc.
(a)
......
3,012
137,136
Focus
Financial
Partners,
Inc.,
Class
A
(a)
...
7,268
381,643
Forge
Global
Holdings,
Inc.
(a)
...........
14,122
34,316
GCM
Grosvenor,
Inc.,
Class
A
..........
5,090
38,379
Hamilton
Lane,
Inc.,
Class
A
...........
4,537
362,869
MarketWise,
Inc.,
Class
A
.............
5,688
11,376
Moelis
&
Co.,
Class
A
(b)
...............
7,778
352,655
Open
Lending
Corp.,
Class
A
(a)
..........
12,437
130,713
P10,
Inc.,
Class
A
..................
4,575
51,697
Patria
Investments
Ltd.,
Class
A
.........
6,512
93,122
Perella
Weinberg
Partners,
Class
A
.......
5,549
46,223
Piper
Sandler
Cos.
(b)
.................
2,137
276,229
PJT
Partners,
Inc.,
Class
A
(b)
...........
3,022
210,452
Sculptor
Capital
Management,
Inc.,
Class
A
.
3,484
30,764
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
.......................
1,151
23,308
StepStone
Group,
Inc.,
Class
A
.........
6,722
166,773
StoneX
Group,
Inc.
(a)
................
2,179
181,031
Value
Line,
Inc.
....................
105
4,819
Victory
Capital
Holdings,
Inc.,
Class
A
.....
3,462
109,191
Virtus
Investment
Partners,
Inc.
.........
858
169,429
WisdomTree,
Inc.
...................
15,487
106,241
4,039,461
Chemicals
—
2.1%
AdvanSix,
Inc.
.....................
3,233
113,090
American
Vanguard
Corp.
.............
3,269
58,417
Amyris,
Inc.
(a)
.....................
30,633
31,552
Aspen
Aerogels,
Inc.
(a)(b)
..............
6,090
48,050
Avient
Corp.
......................
11,233
459,430
Balchem
Corp.
(b)
...................
3,893
524,815
Cabot
Corp.
(b)
.....................
6,821
456,257
Chase
Corp.
......................
878
106,431
Core
Molding
Technologies,
Inc.
(a)
........
752
17,108
Danimer
Scientific,
Inc.,
Class
A
(a)
........
10,436
24,838
Diversey
Holdings
Ltd.
(a)
..............
10,059
84,395
Ecovyst,
Inc.
(a)(b)
....................
11,297
129,464
FutureFuel
Corp.
...................
3,620
32,037
Security
Shares
Shares
Value
Chemicals
(continued)
Hawkins,
Inc.
.....................
2,418
$
115,314
HB
Fuller
Co.
.....................
6,511
465,602
Ingevity
Corp.
(a)
....................
4,711
273,992
Innospec,
Inc.
.....................
3,005
301,822
Intrepid
Potash,
Inc.
(a)
................
1,251
28,385
Koppers
Holdings,
Inc.
...............
2,456
83,749
Kronos
Worldwide,
Inc.
...............
3,407
29,743
Livent
Corp.
(a)
.....................
22,076
605,545
LSB
Industries,
Inc.
(a)
................
6,852
67,492
Mativ
Holdings,
Inc.
.................
6,590
99,641
Minerals
Technologies,
Inc.
............
4,059
234,164
Origin
Materials,
Inc.,
Class
A
(a)
.........
12,352
52,619
Orion
SA
........................
6,877
145,930
Perimeter
Solutions
SA
(a)
..............
19,115
117,557
PureCycle
Technologies,
Inc.
(a)(b)
.........
14,555
155,593
Quaker
Chemical
Corp.
(b)
.............
1,709
333,084
Rayonier
Advanced
Materials,
Inc.
(a)
......
7,618
32,605
Sensient
Technologies
Corp.
(b)
..........
5,074
360,914
Stepan
Co.
.......................
2,636
251,896
Trinseo
plc
.......................
4,810
60,943
Tronox
Holdings
plc
.................
14,435
183,469
Valhi,
Inc.
........................
267
3,431
6,089,374
Commercial
Services
&
Supplies
—
1.5%
ABM
Industries,
Inc.
(b)
................
8,170
348,451
ACCO
Brands
Corp.
.................
11,547
60,160
ACV
Auctions,
Inc.,
Class
A
(a)
...........
15,463
267,046
Aris
Water
Solutions,
Inc.,
Class
A
(b)
......
3,751
38,710
Aurora
Innovation,
Inc.,
Class
A
(a)
........
37,637
110,653
BrightView
Holdings,
Inc.
(a)
............
4,961
35,620
Brink's
Co.
(The)
...................
5,676
385,003
Casella
Waste
Systems,
Inc.,
Class
A
(a)
....
6,836
618,316
CECO
Environmental
Corp.
(a)
...........
3,552
47,455
Cimpress
plc
(a)
.....................
2,280
135,614
CoreCivic,
Inc.
(a)
...................
14,460
136,069
Deluxe
Corp.
......................
5,871
102,625
Ennis,
Inc.
.......................
3,242
66,072
Enviri
Corp.
(a)
.....................
10,399
102,638
GEO
Group,
Inc.
(The)
(a)(b)
.............
15,195
108,796
Healthcare
Services
Group,
Inc.
.........
9,525
142,208
Heritage-Crystal
Clean,
Inc.
(a)
...........
2,034
76,865
HNI
Corp.
........................
5,921
166,854
Interface,
Inc.
.....................
7,046
61,934
LanzaTech
Global,
Inc.
(a)
..............
2,680
18,304
Li-Cycle
Holdings
Corp.
(a)(b)
............
18,097
100,438
Liquidity
Services,
Inc.
(a)(b)
.............
2,650
43,725
Matthews
International
Corp.,
Class
A
.....
3,699
157,651
MillerKnoll,
Inc.
....................
9,710
143,514
Montrose
Environmental
Group,
Inc.
(a)
.....
3,514
148,010
NL
Industries,
Inc.
..................
1,159
6,409
OPENLANE,
Inc.
(a)
..................
13,553
206,277
Performant
Financial
Corp.
(a)
...........
8,196
22,129
Pitney
Bowes,
Inc.
..................
15,420
54,587
Quad/Graphics,
Inc.,
Class
A
(a)
..........
4,043
15,202
SP
Plus
Corp.
(a)
....................
2,418
94,568
Steelcase,
Inc.,
Class
A
(b)
.............
11,725
90,400
UniFirst
Corp.
(b)
....................
1,882
291,729
Viad
Corp.
(a)
......................
2,488
66,877
VSE
Corp.
.......................
1,237
67,652
4,538,561
Communications
Equipment
—
0.8%
ADTRAN
Holdings,
Inc.
(b)
.............
10,024
105,553
Aviat
Networks,
Inc.
(a)
................
794
26,496
Calix,
Inc.
(a)
.......................
7,245
361,598
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Communications
Equipment
(continued)
Cambium
Networks
Corp.
(a)
............
1,625
$
24,732
Clearfield,
Inc.
(a)
....................
1,548
73,298
CommScope
Holding
Co.,
Inc.
(a)(b)
........
26,415
148,716
Comtech
Telecommunications
Corp.
......
3,848
35,171
Digi
International,
Inc.
(a)
...............
4,205
165,635
DZS,
Inc.
(a)
.......................
2,131
8,460
Extreme
Networks,
Inc.
(a)
..............
15,328
399,294
Harmonic,
Inc.
(a)
....................
13,410
216,840
Infinera
Corp.
(a)
....................
25,509
123,208
KVH
Industries,
Inc.
(a)
................
1,931
17,649
NETGEAR,
Inc.
(a)
...................
3,336
47,238
NetScout
Systems,
Inc.
(a)
.............
8,315
257,349
Ribbon
Communications,
Inc.
(a)
.........
11,507
32,105
Viavi
Solutions,
Inc.
(a)
................
27,581
312,493
2,355,835
Construction
&
Engineering
—
1.5%
Ameresco,
Inc.,
Class
A
(a)
.............
4,007
194,860
API
Group
Corp.
(a)
..................
25,511
695,430
Arcosa,
Inc.
......................
5,942
450,225
Argan,
Inc.
.......................
1,410
55,568
Bowman
Consulting
Group
Ltd.
(a)
........
1,121
35,737
Comfort
Systems
USA,
Inc.
............
4,336
711,971
Concrete
Pumping
Holdings,
Inc.
(a)
.......
2,502
20,091
Construction
Partners,
Inc.,
Class
A
(a)(b)
....
5,027
157,798
Dycom
Industries,
Inc.
(a)
..............
3,498
397,548
Fluor
Corp.
(a)
......................
17,444
516,342
Granite
Construction,
Inc.
(b)
............
5,320
211,630
Great
Lakes
Dredge
&
Dock
Corp.
(a)
......
7,801
63,656
IES
Holdings,
Inc.
(a)
.................
1,037
58,985
INNOVATE
Corp.
(a)
..................
6,428
11,249
Limbach
Holdings,
Inc.
(a)
..............
1,073
26,535
MYR
Group,
Inc.
(a)(b)
.................
2,002
276,957
Northwest
Pipe
Co.
(a)
................
1,286
38,889
Primoris
Services
Corp.
(b)
.............
6,380
194,399
Southland
Holdings,
Inc.
(a)
.............
1,020
8,374
Sterling
Infrastructure,
Inc.
(a)
...........
3,626
202,331
Tutor
Perini
Corp.
(a)
.................
6,153
43,994
4,372,569
Construction
Materials
—
0.3%
Knife
River
Corp.
(a)
..................
6,296
273,876
Summit
Materials,
Inc.,
Class
A
(a)
........
14,620
553,367
United
States
Lime
&
Minerals,
Inc.
(b)
.....
231
48,254
875,497
Consumer
Finance
—
0.8%
Atlanticus
Holdings
Corp.
(a)(b)
...........
508
21,341
Bread
Financial
Holdings,
Inc.
(b)
.........
3,398
106,663
Consumer
Portfolio
Services,
Inc.
(a)
.......
1,600
18,672
Encore
Capital
Group,
Inc.
(a)
...........
2,936
142,748
Enova
International,
Inc.
(a)
.............
3,866
205,362
FirstCash
Holdings,
Inc.
..............
4,680
436,784
Green
Dot
Corp.,
Class
A
(a)
............
5,435
101,852
LendingClub
Corp.
(a)
.................
13,060
127,335
LendingTree,
Inc.
(a)
..................
1,625
35,929
Navient
Corp.
.....................
11,542
214,450
Nelnet,
Inc.,
Class
A
.................
1,791
172,796
NerdWallet,
Inc.,
Class
A
(a)(b)
...........
4,360
41,028
OppFi,
Inc.,
Class
A
(a)
................
2,409
4,914
PRA
Group,
Inc.
(a)
..................
4,717
107,784
PROG
Holdings,
Inc.
(a)
...............
5,685
182,602
Regional
Management
Corp.
...........
939
28,640
Upstart
Holdings,
Inc.
(a)(b)
..............
8,893
318,458
World
Acceptance
Corp.
(a)
.............
449
60,171
2,327,529
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
—
0.5%
Andersons,
Inc.
(The)
................
3,887
$
179,385
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
4,255
152,159
HF
Foods
Group,
Inc.
(a)
...............
5,136
24,088
Ingles
Markets,
Inc.,
Class
A
...........
1,713
141,579
Natural
Grocers
by
Vitamin
Cottage,
Inc.
...
1,096
13,437
PriceSmart,
Inc.
....................
3,155
233,659
SpartanNash
Co.
...................
4,315
97,131
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
12,831
471,283
United
Natural
Foods,
Inc.
(a)
............
7,448
145,608
Village
Super
Market,
Inc.,
Class
A
(b)
......
1,200
27,384
Weis
Markets,
Inc.
(b)
.................
1,962
125,980
1,611,693
Containers
&
Packaging
—
0.3%
Greif,
Inc.,
Class
A
..................
3,215
221,481
Greif,
Inc.,
Class
B
..................
626
48,359
Myers
Industries,
Inc.
................
4,293
83,413
O-I
Glass,
Inc.
(a)
....................
19,004
405,355
Pactiv
Evergreen,
Inc.
...............
5,271
39,901
Ranpak
Holdings
Corp.,
Class
A
(a)
.......
5,649
25,534
TriMas
Corp.
(b)
.....................
4,890
134,426
958,469
Distributors
—
0.0%
Weyco
Group,
Inc.
..................
685
18,283
Diversified
Consumer
Services
—
1.0%
2U,
Inc.
(a)
........................
9,551
38,491
Adtalem
Global
Education,
Inc.
(a)
........
5,430
186,466
Carriage
Services,
Inc.
...............
1,563
50,751
Chegg,
Inc.
(a)
......................
14,481
128,591
Coursera,
Inc.
(a)
....................
16,037
208,802
Duolingo,
Inc.,
Class
A
(a)
..............
3,501
500,433
European
Wax
Center,
Inc.,
Class
A
(a)(b)
....
4,196
78,171
Frontdoor,
Inc.
(a)
....................
9,968
317,979
Graham
Holdings
Co.,
Class
B
..........
457
261,166
Laureate
Education,
Inc.
..............
16,296
197,019
Lincoln
Educational
Services
Corp.
(a)
......
2,422
16,324
Nerdy,
Inc.,
Class
A
(a)
................
8,498
35,437
OneSpaWorld
Holdings
Ltd.
(a)
..........
9,129
110,461
Perdoceo
Education
Corp.
(a)
...........
7,926
97,252
Rover
Group,
Inc.,
Class
A
(a)(b)
..........
10,766
52,861
Strategic
Education,
Inc.
(b)
.............
2,783
188,799
Stride,
Inc.
(a)
......................
5,336
198,659
Udemy,
Inc.
(a)
.....................
10,557
113,277
Universal
Technical
Institute,
Inc.
(a)
.......
3,761
25,988
WW
International,
Inc.
(a)
..............
6,282
42,215
2,849,142
Diversified
REITs
—
0.6%
Alexander
&
Baldwin,
Inc.
.............
8,768
162,909
Alpine
Income
Property
Trust,
Inc.
.......
1,913
31,086
American
Assets
Trust,
Inc.
............
6,047
116,102
Armada
Hoffler
Properties,
Inc.
.........
7,903
92,307
Broadstone
Net
Lease,
Inc.
............
23,103
356,710
CTO
Realty
Growth,
Inc.
..............
2,802
48,026
Empire
State
Realty
Trust,
Inc.,
Class
A
....
15,604
116,874
Essential
Properties
Realty
Trust,
Inc.
.....
18,938
445,801
Gladstone
Commercial
Corp.
...........
5,840
72,241
Global
Net
Lease,
Inc.
(b)
..............
13,708
140,918
NexPoint
Diversified
Real
Estate
Trust
....
4,184
52,384
One
Liberty
Properties,
Inc.
............
1,961
39,848
Star
Holdings
(a)
....................
1,552
22,768
1,697,974
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
—
0.5%
Anterix,
Inc.
(a)(b)
....................
2,179
$
69,053
AST
SpaceMobile,
Inc.,
Class
A
(a)
........
7,595
35,696
ATN
International,
Inc.
(b)
..............
1,274
46,628
Bandwidth,
Inc.,
Class
A
(a)
.............
3,347
45,787
Charge
Enterprises,
Inc.
(a)
.............
16,803
16,467
Cogent
Communications
Holdings,
Inc.
....
5,290
355,964
Consolidated
Communications
Holdings,
Inc.
(a)
8,625
33,034
EchoStar
Corp.,
Class
A
(a)
.............
3,994
69,256
Globalstar,
Inc.
(a)(b)
..................
83,309
89,974
IDT
Corp.,
Class
B
(a)
.................
2,017
52,139
Liberty
Latin
America
Ltd.,
Class
A
(a)(b)
.....
5,114
44,747
Liberty
Latin
America
Ltd.,
Class
C
(a)(b)
.....
17,759
153,083
Lumen
Technologies,
Inc.
.............
124,216
280,728
Ooma,
Inc.
(a)
......................
2,827
42,320
Radius
Global
Infrastructure,
Inc.
(a)(b)
......
10,355
154,290
1,489,166
Electric
Utilities
—
0.8%
ALLETE,
Inc.
.....................
7,115
412,457
Genie
Energy
Ltd.,
Class
B
............
2,291
32,395
MGE
Energy,
Inc.
(b)
.................
4,450
352,039
Otter
Tail
Corp.
....................
5,020
396,379
PNM
Resources,
Inc.
................
10,442
470,934
Portland
General
Electric
Co.
(b)
..........
11,834
554,186
2,218,390
Electrical
Equipment
—
1.7%
374Water,
Inc.
(a)
....................
6,928
16,558
Allied
Motion
Technologies,
Inc.
.........
1,738
69,416
Amprius
Technologies,
Inc.
(a)
...........
938
6,735
Array
Technologies,
Inc.
(a)
.............
18,765
424,089
Atkore,
Inc.
(a)
......................
4,913
766,133
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
6,886
40,627
Blink
Charging
Co.
(a)
.................
5,417
32,448
Bloom
Energy
Corp.,
Class
A
(a)
..........
23,697
387,446
Encore
Wire
Corp.
..................
2,048
380,785
Energy
Vault
Holdings,
Inc.
(a)(b)
..........
13,528
36,931
EnerSys
.........................
5,080
551,282
Enovix
Corp.
(a)(b)
....................
16,781
302,729
Eos
Energy
Enterprises,
Inc.,
Class
A
(a)(b)
...
13,615
59,089
ESS
Tech,
Inc.
(a)
...................
16,016
23,544
Fluence
Energy,
Inc.,
Class
A
(a)
.........
4,983
132,747
FTC
Solar,
Inc.
(a)
...................
8,359
26,916
FuelCell
Energy,
Inc.
(a)(b)
..............
49,332
106,557
GrafTech
International
Ltd.
............
24,548
123,722
LSI
Industries,
Inc.
..................
3,083
38,723
NEXTracker,
Inc.,
Class
A
(a)
............
3,961
157,687
NuScale
Power
Corp.,
Class
A
(a)
.........
6,531
44,411
Powell
Industries,
Inc.
................
1,192
72,223
Preformed
Line
Products
Co.
...........
290
45,269
SES
AI
Corp.,
Class
A
(a)
..............
15,997
39,033
Shoals
Technologies
Group,
Inc.,
Class
A
(a)
.
20,968
535,942
SKYX
Platforms
Corp.
(a)
..............
6,518
17,338
Stem,
Inc.
(a)(b)
.....................
17,311
99,019
SunPower
Corp.
(a)
..................
10,843
106,261
Thermon
Group
Holdings,
Inc.
(a)
.........
3,965
105,469
TPI
Composites,
Inc.
(a)
...............
5,282
54,774
Vicor
Corp.
(a)
......................
2,726
147,204
4,951,107
Electronic
Equipment,
Instruments
&
Components
—
2.8%
908
Devices,
Inc.
(a)
..................
2,594
17,795
Advanced
Energy
Industries,
Inc.
(b)
.......
4,643
517,462
Aeva
Technologies,
Inc.
(a)
.............
9,944
12,430
Akoustis
Technologies,
Inc.
(a)(b)
..........
9,072
28,849
Arlo
Technologies,
Inc.
(a)
..............
11,100
121,101
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Badger
Meter,
Inc.
(b)
.................
3,613
$
533,134
Bel
Fuse,
Inc.,
Class
B
...............
1,277
73,312
Belden,
Inc.
......................
5,252
502,354
Benchmark
Electronics,
Inc.
(b)
..........
4,508
116,442
Climb
Global
Solutions,
Inc.
............
456
21,824
CTS
Corp.
.......................
3,872
165,063
Daktronics,
Inc.
(a)
...................
4,665
29,856
ePlus,
Inc.
(a)
......................
3,255
183,256
Evolv
Technologies
Holdings,
Inc.
(a)
.......
13,774
82,644
Fabrinet
(a)
........................
4,517
586,668
FARO
Technologies,
Inc.
(a)
.............
2,760
44,712
Insight
Enterprises,
Inc.
(a)(b)
............
3,510
513,653
Iteris,
Inc.
(a)
.......................
4,835
19,147
Itron,
Inc.
(a)
.......................
5,538
399,290
Kimball
Electronics,
Inc.
(a)
.............
2,771
76,563
Knowles
Corp.
(a)
...................
11,244
203,067
Lightwave
Logic,
Inc.
(a)(b)
..............
14,442
100,661
Luna
Innovations,
Inc.
(a)
..............
3,909
35,650
Methode
Electronics,
Inc.
.............
4,365
146,315
MicroVision,
Inc.
(a)(b)
.................
21,927
100,426
Mirion
Technologies,
Inc.,
Class
A
(a)
......
24,506
207,076
Napco
Security
Technologies,
Inc.
.......
3,979
137,872
nLight,
Inc.
(a)
......................
5,642
87,000
Novanta,
Inc.
(a)
....................
4,413
812,433
OSI
Systems,
Inc.
(a)(b)
................
1,920
226,234
PAR
Technology
Corp.
(a)
..............
3,328
109,591
PC
Connection,
Inc.
.................
1,428
64,403
Plexus
Corp.
(a)
.....................
3,379
331,953
Presto
Automation,
Inc.
(a)
..............
1,811
9,453
Richardson
Electronics
Ltd.
............
1,438
23,727
Rogers
Corp.
(a)
....................
2,118
342,968
Sanmina
Corp.
(a)
...................
7,087
427,133
ScanSource,
Inc.
(a)
..................
3,029
89,537
SmartRent,
Inc.,
Class
A
(a)
.............
22,841
87,481
Tingo
Group,
Inc.
(a)
..................
14,148
17,119
TTM
Technologies,
Inc.
(a)
..............
12,341
171,540
Vishay
Intertechnology,
Inc.
............
15,722
462,227
Vishay
Precision
Group,
Inc.
(a)
..........
1,433
53,236
8,292,657
Energy
Equipment
&
Services
—
2.3%
Archrock,
Inc.
(b)
....................
16,767
171,862
Atlas
Energy
Solutions,
Inc.,
Class
A
......
1,993
34,598
Borr
Drilling
Ltd.
(a)(b)
.................
27,861
209,793
Bristow
Group,
Inc.
(a)
................
2,784
79,984
Cactus,
Inc.,
Class
A
(b)
...............
7,993
338,264
ChampionX
Corp.
(b)
.................
24,640
764,826
Core
Laboratories,
Inc.
...............
5,761
133,943
Diamond
Offshore
Drilling,
Inc.
(a)
.........
12,591
179,296
DMC
Global,
Inc.
(a)
..................
2,255
40,049
Dril-Quip,
Inc.
(a)
....................
4,147
96,501
Expro
Group
Holdings
NV
(a)
............
11,041
195,647
Forum
Energy
Technologies,
Inc.
(a)
.......
1,154
29,531
Helix
Energy
Solutions
Group,
Inc.
(a)
......
17,374
128,220
Helmerich
&
Payne,
Inc.
(b)
.............
12,519
443,799
KLX
Energy
Services
Holdings,
Inc.
(a)
.....
1,542
15,004
Liberty
Energy,
Inc.,
Class
A
...........
21,046
281,385
Mammoth
Energy
Services,
Inc.
(a)
........
2,727
13,171
Nabors
Industries
Ltd.
(a)
..............
1,116
103,821
Newpark
Resources,
Inc.
(a)
............
9,368
48,995
NexTier
Oilfield
Solutions,
Inc.
(a)
.........
24,024
214,775
Noble
Corp.
plc
(a)
...................
13,082
540,417
Oceaneering
International,
Inc.
(a)
........
12,263
229,318
Oil
States
International,
Inc.
(a)
...........
7,905
59,050
Patterson-UTI
Energy,
Inc.
(b)
...........
25,520
305,474
ProFrac
Holding
Corp.,
Class
A
(a)
........
2,833
31,616
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
ProPetro
Holding
Corp.
(a)
..............
12,624
$
104,022
Ranger
Energy
Services,
Inc.
(a)
.........
1,498
15,340
RPC,
Inc.
(b)
.......................
10,531
75,297
SEACOR
Marine
Holdings,
Inc.
(a)
........
2,854
32,621
Seadrill
Ltd.
(a)
.....................
6,166
254,471
Select
Water
Solutions,
Inc.,
Class
A
......
10,279
83,260
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
4,262
35,502
TETRA
Technologies,
Inc.
(a)
............
14,638
49,476
Tidewater,
Inc.
(a)(b)
..................
5,751
318,835
US
Silica
Holdings,
Inc.
(a)
.............
9,558
115,939
Valaris
Ltd.
(a)
......................
7,539
474,429
Weatherford
International
plc
(a)
..........
8,797
584,297
6,832,828
Entertainment
—
0.4%
Cinemark
Holdings,
Inc.
(a)
.............
13,523
223,130
IMAX
Corp.
(a)(b)
....................
5,497
93,394
Liberty
Media
Corp.-Liberty
Braves,
Class
A
(a)
1,365
55,856
Liberty
Media
Corp.-Liberty
Braves,
Class
C
(a)(b)
4,554
180,429
Lions
Gate
Entertainment
Corp.,
Class
A
(a)
..
7,893
69,695
Lions
Gate
Entertainment
Corp.,
Class
B
(a)
..
13,753
114,838
Loop
Media,
Inc.
(a)
..................
4,484
10,717
Madison
Square
Garden
Entertainment
Corp.
(a)
(b)
...........................
5,334
179,329
Marcus
Corp.
(The)
(b)
................
3,200
47,456
Playstudios,
Inc.,
Class
A
(a)
............
11,111
54,555
Reservoir
Media,
Inc.
(a)
...............
2,375
14,297
Sphere
Entertainment
Co.,
Class
A
(a)
......
3,241
88,771
Vivid
Seats,
Inc.,
Class
A
(a)(b)
...........
2,872
22,746
1,155,213
Financial
Services
—
2.1%
Acacia
Research
Corp.
(a)
..............
4,540
18,886
Alerus
Financial
Corp.
(b)
..............
2,444
43,943
A-Mark
Precious
Metals,
Inc.
(b)
..........
2,322
86,924
AvidXchange
Holdings,
Inc.
(a)
...........
18,789
195,030
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
....................
3,281
72,379
Cannae
Holdings,
Inc.
(a)
..............
9,129
184,497
Cantaloupe,
Inc.
(a)
..................
6,923
55,107
Cass
Information
Systems,
Inc.
.........
1,674
64,918
Compass
Diversified
Holdings
..........
7,842
170,093
Enact
Holdings,
Inc.
.................
3,850
96,751
Essent
Group
Ltd.
..................
13,049
610,693
EVERTEC,
Inc.
....................
8,021
295,413
Federal
Agricultural
Mortgage
Corp.,
Class
C
1,081
155,383
Finance
of
America
Cos.,
Inc.,
Class
A
(a)
...
6,243
11,924
Flywire
Corp.
(a)
....................
11,739
364,379
Home
Point
Capital,
Inc.
(a)
.............
965
2,239
I3
Verticals,
Inc.,
Class
A
(a)
.............
2,982
68,169
International
Money
Express,
Inc.
(a)
.......
3,685
90,393
Jackson
Financial,
Inc.,
Class
A
(b)
........
10,074
308,365
Marqeta,
Inc.,
Class
A
(a)
..............
60,561
294,932
Merchants
Bancorp
.................
1,980
50,648
Mr
Cooper
Group,
Inc.
(a)
..............
8,328
421,730
NewtekOne,
Inc.
(b)
..................
3,060
48,654
NMI
Holdings,
Inc.,
Class
A
(a)
...........
10,038
259,181
Ocwen
Financial
Corp.
(a)
..............
821
24,605
Pagseguro
Digital
Ltd.,
Class
A
(a)(b)
.......
24,346
229,826
Payoneer
Global,
Inc.
(a)
...............
29,768
143,184
Paysafe
Ltd.
(a)
.....................
4,133
41,702
Paysign,
Inc.
(a)
.....................
3,739
9,161
PennyMac
Financial
Services,
Inc.
(b)
......
3,294
231,601
Priority
Technology
Holdings,
Inc.
(a)
.......
1,951
7,063
Radian
Group,
Inc.
..................
18,946
478,955
Remitly
Global,
Inc.
(a)
................
10,349
194,768
Security
Shares
Shares
Value
Financial
Services
(continued)
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
10,324
$
80,837
Security
National
Financial
Corp.,
Class
A
(a)
.
1,207
10,706
StoneCo
Ltd.,
Class
A
(a)
..............
35,619
453,786
SWK
Holdings
Corp.
(a)
...............
413
6,914
Velocity
Financial,
Inc.
(a)
..............
1,023
11,795
Walker
&
Dunlop,
Inc.
................
3,988
315,411
Waterstone
Financial,
Inc.
.............
2,445
35,428
6,246,373
Food
Products
—
1.2%
Alico,
Inc.
........................
1,070
27,242
B&G
Foods,
Inc.
...................
8,791
122,371
Benson
Hill,
Inc.
(a)(b)
.................
19,877
25,840
Beyond
Meat,
Inc.
(a)(b)
................
7,668
99,531
BRC,
Inc.,
Class
A
(a)
.................
4,682
24,159
Calavo
Growers,
Inc.
................
2,114
61,348
Cal-Maine
Foods,
Inc.
................
4,757
214,065
Dole
plc
.........................
8,579
115,988
Fresh
Del
Monte
Produce,
Inc.
..........
4,178
107,416
Hain
Celestial
Group,
Inc.
(The)
(a)(b)
.......
11,083
138,648
Hostess
Brands,
Inc.,
Class
A
(a)
.........
16,176
409,576
J
&
J
Snack
Foods
Corp.
..............
1,813
287,107
John
B
Sanfilippo
&
Son,
Inc.
...........
1,123
131,694
Lancaster
Colony
Corp.
..............
2,378
478,192
Limoneira
Co.
.....................
1,958
30,467
Mission
Produce,
Inc.
(a)
...............
5,804
70,344
Seneca
Foods
Corp.,
Class
A
(a)
.........
591
19,314
Simply
Good
Foods
Co.
(The)
(a)
.........
10,978
401,685
Sovos
Brands,
Inc.
(a)
.................
4,828
94,436
SunOpta,
Inc.
(a)
....................
10,875
72,754
TreeHouse
Foods,
Inc.
(a)
..............
6,242
314,472
Utz
Brands,
Inc.,
Class
A
(b)
............
8,718
142,626
Vital
Farms,
Inc.
(a)
..................
3,731
44,735
Westrock
Coffee
Co.
(a)
...............
3,342
36,328
3,470,338
Gas
Utilities
—
1.0%
Brookfield
Infrastructure
Corp.,
Class
A
(b)
...
12,146
553,615
Chesapeake
Utilities
Corp.
............
2,178
259,182
New
Jersey
Resources
Corp.
...........
11,945
563,804
Northwest
Natural
Holding
Co.
..........
4,529
194,973
ONE
Gas,
Inc.
.....................
6,877
528,222
RGC
Resources,
Inc.
................
893
17,887
Southwest
Gas
Holdings,
Inc.
(b)
.........
7,658
487,432
Spire,
Inc.
(b)
.......................
6,381
404,811
3,009,926
Ground
Transportation
—
0.5%
ArcBest
Corp.
(b)
....................
3,041
300,451
Covenant
Logistics
Group,
Inc.,
Class
A
....
1,100
48,213
Daseke,
Inc.
(a)
.....................
5,022
35,807
FTAI
Infrastructure,
Inc.
...............
11,882
43,845
Heartland
Express,
Inc.
...............
5,149
84,495
Marten
Transport
Ltd.
(b)
...............
7,258
156,047
PAM
Transportation
Services,
Inc.
(a)
......
707
18,926
RXO,
Inc.
(a)
.......................
14,253
323,116
TuSimple
Holdings,
Inc.,
Class
A
(a)
.......
21,399
35,522
Universal
Logistics
Holdings,
Inc.
(b)
.......
814
23,451
US
Xpress
Enterprises,
Inc.,
Class
A
(a)
.....
3,832
23,528
Werner
Enterprises,
Inc.
(b)
.............
7,717
340,937
1,434,338
Health
Care
Equipment
&
Supplies
—
3.5%
Accuray,
Inc.
(a)
.....................
11,215
43,402
Alphatec
Holdings,
Inc.
(a)(b)
.............
9,564
171,961
AngioDynamics,
Inc.
(a)
...............
5,151
53,725
Artivion,
Inc.
(a)
.....................
5,060
86,981
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
AtriCure,
Inc.
(a)
....................
5,732
$
282,931
Atrion
Corp.
......................
173
97,866
Avanos
Medical,
Inc.
(a)
...............
5,814
148,606
AxoGen,
Inc.
(a)
.....................
4,664
42,582
Axonics,
Inc.
(a)(b)
....................
6,011
303,375
Beyond
Air,
Inc.
(a)
...................
3,226
13,743
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
16,148
37,140
Cerus
Corp.
(a)
.....................
23,654
58,189
ClearPoint
Neuro,
Inc.
(a)
..............
2,841
20,569
CONMED
Corp.
....................
3,757
510,539
Cutera,
Inc.
(a)
.....................
2,055
31,092
CVRx,
Inc.
(a)
......................
1,328
20,504
Embecta
Corp.
(b)
...................
7,296
157,594
Figs,
Inc.,
Class
A
(a)
.................
16,006
132,370
Glaukos
Corp.
(a)
....................
5,714
406,894
Haemonetics
Corp.
(a)
................
6,122
521,227
Inari
Medical,
Inc.
(a)(b)
................
6,334
368,259
Inmode
Ltd.
(a)
.....................
9,500
354,825
Inogen,
Inc.
(a)
.....................
2,708
31,277
Integer
Holdings
Corp.
(a)
..............
4,054
359,225
iRadimed
Corp.
....................
812
38,765
iRhythm
Technologies,
Inc.
(a)
...........
3,785
394,851
KORU
Medical
Systems,
Inc.
(a)
..........
3,441
11,871
Lantheus
Holdings,
Inc.
(a)
.............
8,336
699,557
LeMaitre
Vascular,
Inc.
...............
2,344
157,704
LivaNova
plc
(a)
.....................
6,700
344,581
Merit
Medical
Systems,
Inc.
(a)
...........
6,878
575,276
Nano-X
Imaging
Ltd.
(a)(b)
..............
5,600
86,744
Neogen
Corp.
(a)(b)
...................
26,892
584,901
Nevro
Corp.
(a)
.....................
4,491
114,161
NuVasive,
Inc.
(a)
....................
6,584
273,829
Omnicell,
Inc.
(a)
....................
5,575
410,710
OraSure
Technologies,
Inc.
(a)
...........
8,485
42,510
Orthofix
Medical,
Inc.
(a)
...............
4,464
80,620
OrthoPediatrics
Corp.
(a)
...............
1,931
84,674
Outset
Medical,
Inc.
(a)
................
5,979
130,761
Paragon
28,
Inc.
(a)
..................
5,313
94,253
PROCEPT
BioRobotics
Corp.
(a)
.........
4,427
156,494
Pulmonx
Corp.
(a)
...................
4,607
60,398
Pulse
Biosciences,
Inc.
(a)(b)
.............
1,871
13,452
RxSight,
Inc.
(a)
.....................
3,295
94,896
Sanara
Medtech,
Inc.
(a)
...............
433
17,363
Semler
Scientific,
Inc.
(a)
...............
599
15,718
SI-BONE,
Inc.
(a)
....................
4,296
115,906
Sight
Sciences,
Inc.
(a)
................
2,527
20,924
Silk
Road
Medical,
Inc.
(a)
..............
4,762
154,717
STAAR
Surgical
Co.
(a)
................
5,964
313,527
Surmodics,
Inc.
(a)
...................
1,606
50,284
Tactile
Systems
Technology,
Inc.
(a)
.......
2,848
71,001
Tela
Bio,
Inc.
(a)
.....................
1,829
18,528
TransMedics
Group,
Inc.
(a)(b)
............
3,866
324,667
Treace
Medical
Concepts,
Inc.
(a)
.........
5,432
138,951
UFP
Technologies,
Inc.
(a)(b)
.............
859
166,517
Utah
Medical
Products,
Inc.
............
363
33,832
Varex
Imaging
Corp.
(a)
...............
4,877
114,951
Vicarious
Surgical,
Inc.,
Class
A
(a)
........
10,575
19,352
ViewRay,
Inc.
(a)
....................
17,061
6,009
Zimvie,
Inc.
(a)
......................
3,284
36,879
Zynex,
Inc.
(a)
......................
2,352
22,556
10,347,566
Health
Care
Providers
&
Services
—
2.8%
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
30,482
53,343
Accolade,
Inc.
(a)
....................
7,977
107,450
AdaptHealth
Corp.
(a)(b)
................
8,805
107,157
Addus
HomeCare
Corp.
(a)
.............
1,959
181,599
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Agiliti,
Inc.
(a)
......................
3,678
$
60,687
AirSculpt
Technologies,
Inc.
(b)
...........
1,033
8,904
Alignment
Healthcare,
Inc.
(a)
...........
10,399
59,794
AMN
Healthcare
Services,
Inc.
(a)
.........
4,959
541,126
Apollo
Medical
Holdings,
Inc.
(a)
..........
5,260
166,216
ATI
Physical
Therapy,
Inc.
(a)
............
1
9
Aveanna
Healthcare
Holdings,
Inc.
(a)
......
3,955
6,684
Brookdale
Senior
Living,
Inc.
(a)
..........
22,076
93,161
Cano
Health,
Inc.,
Class
A
(a)
............
30,142
41,897
CareMax,
Inc.,
Class
A
(a)
..............
9,597
29,847
Castle
Biosciences,
Inc.
(a)
.............
3,023
41,476
Community
Health
Systems,
Inc.
(a)
.......
14,812
65,173
CorVel
Corp.
(a)(b)
....................
1,059
204,917
Cross
Country
Healthcare,
Inc.
(a)
........
4,464
125,349
DocGo,
Inc.
(a)
.....................
9,541
89,399
Enhabit,
Inc.
(a)
.....................
6,202
71,323
Ensign
Group,
Inc.
(The)
(b)
.............
6,665
636,241
Fulgent
Genetics,
Inc.
(a)
..............
2,569
95,130
Guardant
Health,
Inc.
(a)
...............
13,612
487,310
HealthEquity,
Inc.
(a)(b)
................
10,289
649,647
Hims
&
Hers
Health,
Inc.,
Class
A
(a)
.......
15,185
142,739
InfuSystem
Holdings,
Inc.
(a)
............
2,010
19,356
Innovage
Holding
Corp.
(a)(b)
............
2,186
16,395
Invitae
Corp.
(a)(b)
....................
37,811
42,726
Joint
Corp.
(The)
(a)
..................
1,617
21,829
LifeStance
Health
Group,
Inc.
(a)
.........
12,972
118,434
ModivCare,
Inc.
(a)
...................
1,556
70,347
National
HealthCare
Corp.
(b)
...........
1,502
92,854
National
Research
Corp.
..............
1,725
75,055
NeoGenomics,
Inc.
(a)
................
15,586
250,467
OPKO
Health,
Inc.
(a)(b)
................
48,843
105,989
Option
Care
Health,
Inc.
(a)
.............
20,834
676,897
Owens
&
Minor,
Inc.
(a)
................
9,071
172,712
P3
Health
Partners,
Inc.,
Class
A
(a)
.......
5,268
15,751
Patterson
Cos.,
Inc.
.................
10,923
363,299
Pediatrix
Medical
Group,
Inc.
(a)
..........
9,976
141,759
Pennant
Group,
Inc.
(The)
(a)
............
3,760
46,173
PetIQ,
Inc.,
Class
A
(a)
................
3,723
56,478
Privia
Health
Group,
Inc.
(a)
.............
8,337
217,679
Progyny,
Inc.
(a)
.....................
9,584
377,035
Quipt
Home
Medical
Corp.
(a)
...........
4,359
23,277
RadNet,
Inc.
(a)(b)
....................
5,992
195,459
Select
Medical
Holdings
Corp.
..........
12,846
409,274
Surgery
Partners,
Inc.
(a)
..............
8,322
374,407
US
Physical
Therapy,
Inc.
.............
1,619
196,530
Viemed
Healthcare,
Inc.
(a)
.............
3,706
36,245
8,183,005
Health
Care
REITs
—
0.6%
CareTrust
REIT,
Inc.
.................
12,633
250,891
Community
Healthcare
Trust,
Inc.
(b)
.......
3,200
105,664
Diversified
Healthcare
Trust
............
31,390
70,627
Global
Medical
REIT,
Inc.
.............
8,621
78,710
LTC
Properties,
Inc.
(b)
................
5,250
173,355
National
Health
Investors,
Inc.
..........
5,233
274,314
Physicians
Realty
Trust
(b)
.............
30,320
424,177
Sabra
Health
Care
REIT,
Inc.
...........
29,079
342,260
Universal
Health
Realty
Income
Trust
.....
1,795
85,406
1,805,404
Health
Care
Technology
—
0.6%
American
Well
Corp.,
Class
A
(a)(b)
........
28,979
60,856
Babylon
Holdings
Ltd.,
Class
A
(a)(b)
.......
505
37
Computer
Programs
&
Systems,
Inc.
(a)(b)
...
1,729
42,689
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
....
5,763
63,393
Evolent
Health,
Inc.,
Class
A
(a)
..........
13,435
407,080
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
Health
Catalyst,
Inc.
(a)
................
6,886
$
86,075
HealthStream,
Inc.
..................
2,970
72,943
Multiplan
Corp.,
Class
A
(a)(b)
............
47,109
99,400
NextGen
Healthcare,
Inc.
(a)(b)
...........
6,422
104,165
OptimizeRx
Corp.
(a)
.................
2,300
32,867
Phreesia,
Inc.
(a)(b)
...................
6,302
195,425
Schrodinger,
Inc.
(a)(b)
.................
6,757
337,309
Sharecare,
Inc.,
Class
A
(a)(b)
............
40,269
70,471
Simulations
Plus,
Inc.
................
2,021
87,570
Veradigm,
Inc.
(a)
....................
13,443
169,382
1,829,662
Hotel
&
Resort
REITs
—
0.8%
Apple
Hospitality
REIT,
Inc.
(b)
...........
27,133
409,980
Braemar
Hotels
&
Resorts,
Inc.
(b)
........
8,632
34,701
Chatham
Lodging
Trust
...............
5,768
53,988
DiamondRock
Hospitality
Co.
(b)
.........
25,503
204,279
Hersha
Hospitality
Trust,
Class
A
........
3,817
23,246
Pebblebrook
Hotel
Trust
..............
15,843
220,851
RLJ
Lodging
Trust
..................
19,532
200,594
Ryman
Hospitality
Properties,
Inc.
.......
7,125
662,055
Service
Properties
Trust
..............
20,094
174,617
Summit
Hotel
Properties,
Inc.
...........
13,855
90,196
Sunstone
Hotel
Investors,
Inc.
(b)
.........
25,600
259,072
Xenia
Hotels
&
Resorts,
Inc.
...........
13,463
165,729
2,499,308
Hotels,
Restaurants
&
Leisure
—
2.4%
Accel
Entertainment,
Inc.,
Class
A
(a)
......
6,784
71,639
Bally's
Corp.
(a)
.....................
3,691
57,432
Biglari
Holdings,
Inc.,
Class
B
(a)
.........
65
12,814
BJ's
Restaurants,
Inc.
(a)
...............
2,971
94,478
Bloomin'
Brands,
Inc.
................
10,774
289,713
Bluegreen
Vacations
Holding
Corp.
.......
1,428
50,908
Bowlero
Corp.,
Class
A
(a)
..............
3,489
40,612
Brinker
International,
Inc.
(a)
............
5,311
194,383
Carrols
Restaurant
Group,
Inc.
(a)
.........
4,331
21,828
Century
Casinos,
Inc.
(a)
...............
3,716
26,384
Cheesecake
Factory,
Inc.
(The)
.........
5,863
202,743
Chuy's
Holdings,
Inc.
(a)(b)
..............
2,210
90,212
Cracker
Barrel
Old
Country
Store,
Inc.
(b)
...
2,727
254,102
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
5,363
238,975
Denny's
Corp.
(a)(b)
...................
6,672
82,199
Dine
Brands
Global,
Inc.
..............
1,980
114,899
El
Pollo
Loco
Holdings,
Inc.
............
3,140
27,538
Everi
Holdings,
Inc.
(a)
................
10,723
155,055
Fiesta
Restaurant
Group,
Inc.
(a)
.........
1,935
15,364
First
Watch
Restaurant
Group,
Inc.
(a)
......
1,836
31,028
Full
House
Resorts,
Inc.
(a)
.............
3,953
26,485
Global
Business
Travel
Group
I
(a)
........
3,738
27,026
Golden
Entertainment,
Inc.
(a)
...........
2,374
99,233
Hilton
Grand
Vacations,
Inc.
(a)
..........
9,939
451,628
Inspired
Entertainment,
Inc.
(a)
...........
2,571
37,819
International
Game
Technology
plc
.......
13,525
431,312
Jack
in
the
Box,
Inc.
(b)
................
2,576
251,237
Krispy
Kreme,
Inc.
(b)
.................
10,509
154,798
Kura
Sushi
USA,
Inc.,
Class
A
(a)
.........
718
66,738
Life
Time
Group
Holdings,
Inc.
(a)
.........
5,394
106,100
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
11,181
768,806
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
4,188
45,565
Monarch
Casino
&
Resort,
Inc.
..........
1,662
117,088
Mondee
Holdings,
Inc.,
Class
A
(a)
........
5,362
47,775
Nathan's
Famous,
Inc.
...............
364
28,589
Noodles
&
Co.,
Class
A
(a)
.............
5,344
18,063
ONE
Group
Hospitality,
Inc.
(The)
(a)
.......
3,303
24,178
Papa
John's
International,
Inc.
..........
4,264
314,811
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
PlayAGS,
Inc.
(a)(b)
...................
4,435
$
25,058
Portillo's,
Inc.,
Class
A
(a)
..............
5,161
116,277
Potbelly
Corp.
(a)
....................
2,991
26,261
RCI
Hospitality
Holdings,
Inc.
...........
1,076
81,765
Red
Robin
Gourmet
Burgers,
Inc.
(a)
.......
1,939
26,816
Red
Rock
Resorts,
Inc.,
Class
A
(b)
........
5,832
272,821
Rush
Street
Interactive,
Inc.,
Class
A
(a)(b)
...
7,983
24,907
Sabre
Corp.
(a)
.....................
41,704
133,036
SeaWorld
Entertainment,
Inc.
(a)(b)
........
4,938
276,577
Shake
Shack,
Inc.,
Class
A
(a)
...........
4,657
361,942
Six
Flags
Entertainment
Corp.
(a)
.........
8,870
230,443
Super
Group
SGHC
Ltd.
(a)(b)
............
16,574
48,065
Sweetgreen,
Inc.,
Class
A
(a)
............
11,966
153,404
Target
Hospitality
Corp.
(a)
.............
3,946
52,955
Xponential
Fitness,
Inc.,
Class
A
(a)
.......
2,984
51,474
6,971,358
Household
Durables
—
2.1%
Beazer
Homes
USA,
Inc.
(a)(b)
...........
3,705
104,814
Cavco
Industries,
Inc.
(a)(b)
..............
1,078
318,010
Century
Communities,
Inc.
............
3,482
266,791
Cricut,
Inc.,
Class
A
.................
5,860
71,492
Dream
Finders
Homes,
Inc.,
Class
A
(a)
.....
2,945
72,418
Ethan
Allen
Interiors,
Inc.
.............
2,628
74,320
GoPro,
Inc.,
Class
A
(a)
................
15,442
63,930
Green
Brick
Partners,
Inc.
(a)(b)
...........
3,253
184,770
Helen
of
Troy
Ltd.
(a)
.................
2,994
323,412
Hooker
Furnishings
Corp.
.............
1,280
23,885
Hovnanian
Enterprises,
Inc.,
Class
A
(a)
.....
589
58,435
Installed
Building
Products,
Inc.
.........
2,921
409,407
iRobot
Corp.
(a)
.....................
3,461
156,610
KB
Home
(b)
.......................
9,273
479,507
Landsea
Homes
Corp.
(a)
..............
1,327
12,394
La-Z-Boy,
Inc.
(b)
....................
5,168
148,012
Legacy
Housing
Corp.
(a)(b)
.............
963
22,332
LGI
Homes,
Inc.
(a)
..................
2,553
344,374
Lovesac
Co.
(The)
(a)
.................
1,802
48,564
M/I
Homes,
Inc.
(a)
...................
3,301
287,814
MDC
Holdings,
Inc.
(b)
................
7,198
336,650
Meritage
Homes
Corp.
(b)
..............
4,468
635,662
Purple
Innovation,
Inc.
(b)
..............
9,867
27,430
Skyline
Champion
Corp.
(a)
.............
6,534
427,650
Snap
One
Holdings
Corp.
(a)
............
2,210
25,747
Sonos,
Inc.
(a)
......................
15,632
255,271
Taylor
Morrison
Home
Corp.
(a)
..........
12,841
626,256
Traeger,
Inc.
(a)
.....................
4,596
19,533
Tri
Pointe
Homes,
Inc.
(a)(b)
.............
11,988
393,926
United
Homes
Group,
Inc.,
Class
A
(a)
......
827
9,229
Vizio
Holding
Corp.,
Class
A
(a)
..........
9,317
62,890
VOXX
International
Corp.,
Class
A
(a)
......
1,576
19,668
Vuzix
Corp.
(a)(b)
....................
6,990
35,649
6,346,852
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
(a)
............
1,281
49,665
Central
Garden
&
Pet
Co.,
Class
A
(a)
......
4,616
168,299
Energizer
Holdings,
Inc.
(b)
.............
8,904
298,996
Oil-Dri
Corp.
of
America
..............
566
33,388
WD-40
Co.
.......................
1,683
317,498
867,846
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
(b)
Altus
Power,
Inc.,
Class
A
(a)
............
8,211
44,340
Montauk
Renewables,
Inc.
(a)
...........
8,056
59,937
Ormat
Technologies,
Inc.
..............
6,553
527,254
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Sunnova
Energy
International,
Inc.
(a)
......
12,404
$
227,117
858,648
Industrial
Conglomerates
—
0.0%
Brookfield
Business
Corp.,
Class
A
.......
3,016
56,942
Industrial
REITs
—
0.4%
Innovative
Industrial
Properties,
Inc.
(b)
.....
3,432
250,570
LXP
Industrial
Trust
(b)
................
35,442
345,560
Plymouth
Industrial
REIT,
Inc.
(b)
.........
5,289
121,753
Terreno
Realty
Corp.
................
10,093
606,589
1,324,472
Insurance
—
1.7%
Ambac
Financial
Group,
Inc.
(a)
..........
5,361
76,341
American
Equity
Investment
Life
Holding
Co.
(b)
9,490
494,524
AMERISAFE,
Inc.
..................
2,367
126,208
Argo
Group
International
Holdings
Ltd.
....
4,076
120,690
BRP
Group,
Inc.,
Class
A
(a)(b)
...........
7,385
183,000
CNO
Financial
Group,
Inc.
.............
14,151
334,954
Crawford
&
Co.,
Class
A
..............
2,364
26,217
Donegal
Group,
Inc.,
Class
A
...........
2,120
30,591
eHealth,
Inc.
(a)(b)
....................
3,900
31,356
Employers
Holdings,
Inc.
..............
3,300
123,453
Enstar
Group
Ltd.
(a)
.................
1,453
354,881
F&G
Annuities
&
Life,
Inc.
(b)
............
2,285
56,622
Genworth
Financial,
Inc.,
Class
A
(a)
.......
57,381
286,905
GoHealth,
Inc.,
Class
A
(a)
..............
535
10,545
Goosehead
Insurance,
Inc.,
Class
A
(a)(b)
....
2,658
167,162
Greenlight
Capital
Re
Ltd.,
Class
A
(a)
......
2,816
29,666
HCI
Group,
Inc.
(b)
...................
839
51,833
Hippo
Holdings,
Inc.
(a)(b)
...............
1,313
21,704
Horace
Mann
Educators
Corp.
..........
4,848
143,792
Investors
Title
Co.
..................
115
16,790
James
River
Group
Holdings
Ltd.
........
3,796
69,315
Kingsway
Financial
Services,
Inc.
(a)
.......
985
8,028
Lemonade,
Inc.
(a)
...................
6,368
107,301
Maiden
Holdings
Ltd.
(a)
...............
10,057
21,120
MBIA,
Inc.
(a)
......................
6,545
56,549
Mercury
General
Corp.
...............
3,571
108,094
National
Western
Life
Group,
Inc.,
Class
A
(b)
.
289
120,097
NI
Holdings,
Inc.
(a)
..................
1,275
18,934
Oscar
Health,
Inc.,
Class
A
(a)
...........
19,090
153,865
Palomar
Holdings,
Inc.
(a)
..............
3,074
178,415
ProAssurance
Corp.
(b)
................
6,229
93,996
Safety
Insurance
Group,
Inc.
...........
1,633
117,119
Selective
Insurance
Group,
Inc.
(b)
........
7,388
708,879
Selectquote,
Inc.
(a)
..................
20,577
40,125
SiriusPoint
Ltd.
(a)
...................
11,529
104,107
Skyward
Specialty
Insurance
Group,
Inc.
(a)
..
1,258
31,953
Stewart
Information
Services
Corp.
.......
3,201
131,689
Tiptree,
Inc.
......................
3,191
47,897
Trupanion,
Inc.
(a)
...................
4,776
93,992
United
Fire
Group,
Inc.
...............
2,555
57,896
United
Insurance
Holdings
Corp.
(a)
.......
2,392
10,668
Universal
Insurance
Holdings,
Inc.
.......
2,707
41,769
5,009,042
Interactive
Media
&
Services
—
0.7%
Bumble,
Inc.,
Class
A
(a)
...............
12,447
208,861
Cargurus,
Inc.,
Class
A
(a)
..............
12,010
271,786
Cars.com,
Inc.
(a)
....................
7,880
156,182
DHI
Group,
Inc.
(a)
...................
4,964
19,012
Eventbrite,
Inc.,
Class
A
(a)
.............
9,999
95,490
EverQuote,
Inc.,
Class
A
(a)
.............
2,728
17,732
fuboTV,
Inc.
(a)
.....................
24,096
50,120
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
Grindr,
Inc.
(a)
......................
4,871
$
26,937
MediaAlpha,
Inc.,
Class
A
(a)
............
3,268
33,693
Nextdoor
Holdings,
Inc.,
Class
A
(a)
.......
18,214
59,378
Outbrain,
Inc.
(a)
....................
4,636
22,809
QuinStreet,
Inc.
(a)
...................
6,940
61,280
Shutterstock,
Inc.
...................
3,050
148,443
System1,
Inc.,
Class
A
(a)
..............
3,236
14,562
TrueCar,
Inc.
(a)
.....................
9,635
21,775
Vimeo,
Inc.
(a)
......................
17,025
70,143
Yelp,
Inc.
(a)
.......................
8,237
299,909
Ziff
Davis,
Inc.
(a)(b)
...................
5,746
402,565
ZipRecruiter,
Inc.,
Class
A
(a)
............
8,918
158,384
2,139,061
IT
Services
—
0.5%
BigBear.ai
Holdings,
Inc.
(a)(b)
............
3,896
9,156
BigCommerce
Holdings,
Inc.
(a)
..........
8,251
82,097
Brightcove,
Inc.
(a)
...................
5,129
20,567
DigitalOcean
Holdings,
Inc.
(a)
...........
7,819
313,855
Fastly,
Inc.,
Class
A
(a)(b)
...............
14,585
230,005
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)
....
7,467
69,070
Hackett
Group,
Inc.
(The)
.............
3,173
70,917
Information
Services
Group,
Inc.
.........
4,126
22,115
Perficient,
Inc.
(a)(b)
...................
4,243
353,569
Rackspace
Technology,
Inc.
(a)
..........
12,289
33,426
Squarespace,
Inc.,
Class
A
(a)
...........
5,440
171,578
Thoughtworks
Holding,
Inc.
(a)
...........
11,655
87,995
Tucows,
Inc.,
Class
A
(a)
...............
1,282
35,563
Unisys
Corp.
(a)
.....................
7,794
31,020
1,530,933
Leisure
Products
—
0.5%
Acushnet
Holdings
Corp.
..............
3,857
210,901
AMMO,
Inc.
(a)(b)
....................
10,187
21,698
Clarus
Corp.
(b)
.....................
2,888
26,396
Escalade,
Inc.
.....................
986
13,163
Funko,
Inc.,
Class
A
(a)
................
4,428
47,911
JAKKS
Pacific,
Inc.
(a)
................
822
16,415
Johnson
Outdoors,
Inc.,
Class
A
.........
635
39,021
Latham
Group,
Inc.
(a)
................
5,052
18,743
Malibu
Boats,
Inc.,
Class
A
(a)
...........
2,472
145,008
Marine
Products
Corp.
...............
798
13,454
MasterCraft
Boat
Holdings,
Inc.
(a)
........
2,195
67,277
Smith
&
Wesson
Brands,
Inc.
...........
5,641
73,559
Solo
Brands,
Inc.,
Class
A
(a)
............
3,296
18,655
Sturm
Ruger
&
Co.,
Inc.
(b)
.............
2,009
106,397
Topgolf
Callaway
Brands
Corp.
(a)
........
17,585
349,062
Vista
Outdoor,
Inc.
(a)
.................
6,796
188,045
1,355,705
Life
Sciences
Tools
&
Services
—
0.4%
Adaptive
Biotechnologies
Corp.
(a)
........
13,904
93,296
Akoya
Biosciences,
Inc.
(a)
.............
2,922
21,594
BioLife
Solutions,
Inc.
(a)
...............
4,286
94,721
Codexis,
Inc.
(a)
.....................
7,084
19,835
CryoPort,
Inc.
(a)
....................
5,270
90,908
Cytek
Biosciences,
Inc.
(a)
..............
14,912
127,348
Harvard
Bioscience,
Inc.
(a)
.............
4,660
25,583
MaxCyte,
Inc.
(a)
....................
10,631
48,796
Mesa
Laboratories,
Inc.
..............
604
77,614
NanoString
Technologies,
Inc.
(a)
.........
5,292
21,433
Nautilus
Biotechnology,
Inc.
(a)
...........
5,534
21,417
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares
(a)(d)
.....................
703
—
OmniAb
Operations.
Inc.,
12.50
Earnout
Shares
(a)(d)
.....................
703
—
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
OmniAb,
Inc.
(a)
.....................
11,395
$
57,317
Pacific
Biosciences
of
California,
Inc.
(a)
....
30,758
409,081
Quanterix
Corp.
(a)
...................
4,455
100,460
Quantum-Si,
Inc.,
Class
A
(a)
............
10,604
18,981
Seer,
Inc.,
Class
A
(a)
.................
7,871
33,609
SomaLogic,
Inc.,
Class
A
(a)
............
20,213
46,692
1,308,685
Machinery
—
3.8%
3D
Systems
Corp.
(a)
.................
16,298
161,839
Alamo
Group,
Inc.
..................
1,244
228,784
Albany
International
Corp.,
Class
A
.......
3,793
353,811
Astec
Industries,
Inc.
................
2,763
125,551
Barnes
Group,
Inc.
..................
6,012
253,646
Berkshire
Grey,
Inc.,
Class
A
(a)
..........
5,667
7,990
Blue
Bird
Corp.
(a)
...................
2,234
50,220
Chart
Industries,
Inc.
(a)
...............
5,178
827,393
CIRCOR
International,
Inc.
(a)
...........
2,306
130,174
Columbus
McKinnon
Corp.
............
3,534
143,657
Commercial
Vehicle
Group,
Inc.
(a)
........
3,905
43,346
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
34,977
61,909
Douglas
Dynamics,
Inc.
..............
2,910
86,951
Energy
Recovery,
Inc.
(a)
..............
6,825
190,759
Enerpac
Tool
Group
Corp.,
Class
A
.......
6,992
188,784
EnPro
Industries,
Inc.
(b)
...............
2,593
346,243
ESCO
Technologies,
Inc.
(b)
............
3,048
315,864
Federal
Signal
Corp.
................
7,382
472,669
Franklin
Electric
Co.,
Inc.
(b)
............
5,652
581,591
Gencor
Industries,
Inc.
(a)
..............
1,043
16,250
Gorman-Rupp
Co.
(The)
..............
2,709
78,100
Greenbrier
Cos.,
Inc.
(The)
............
3,971
171,150
Helios
Technologies,
Inc.
..............
4,094
270,572
Hillenbrand,
Inc.
...................
8,448
433,213
Hillman
Solutions
Corp.
(a)
.............
20,940
188,669
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
21,512
35,925
Hyster-Yale
Materials
Handling,
Inc.
(b)
.....
1,387
77,450
John
Bean
Technologies
Corp.
(b)
.........
3,913
474,647
Kadant,
Inc.
(b)
.....................
1,446
321,157
Kennametal,
Inc.
...................
10,158
288,386
Lindsay
Corp.
(b)
....................
1,350
161,109
Luxfer
Holdings
plc
.................
3,156
44,910
Manitowoc
Co.,
Inc.
(The)
(a)
............
4,179
78,691
Mayville
Engineering
Co.,
Inc.
(a)
.........
1,333
16,609
Microvast
Holdings,
Inc.
(a)(b)
............
13,925
22,280
Miller
Industries,
Inc.
................
1,243
44,089
Mueller
Industries,
Inc.
(b)
..............
6,882
600,661
Mueller
Water
Products,
Inc.,
Class
A
(b)
....
18,639
302,511
Nikola
Corp.
(a)(b)
....................
74,101
102,259
Omega
Flex,
Inc.
...................
375
38,918
Park-Ohio
Holdings
Corp.
.............
1,037
19,703
Proterra,
Inc.
(a)(b)
...................
27,034
32,441
Proto
Labs,
Inc.
(a)
...................
3,307
115,613
REV
Group,
Inc.
...................
4,239
56,209
Shyft
Group,
Inc.
(The)
...............
4,344
95,829
SPX
Technologies,
Inc.
(a)
..............
5,429
461,302
Standex
International
Corp.
............
1,406
198,907
Tennant
Co.
......................
2,184
177,144
Terex
Corp.
(b)
.....................
8,255
493,897
Titan
International,
Inc.
(a)
..............
6,771
77,731
Trinity
Industries,
Inc.
(b)
...............
9,911
254,812
Velo3D,
Inc.
(a)
.....................
11,461
24,756
Wabash
National
Corp.
...............
5,970
153,071
Watts
Water
Technologies,
Inc.,
Class
A
....
3,351
615,679
11,115,831
Security
Shares
Shares
Value
Marine
Transportation
—
0.3%
Costamare,
Inc.
....................
6,404
$
61,927
Eagle
Bulk
Shipping,
Inc.
(b)
............
1,745
83,830
Eneti,
Inc.
........................
3,379
40,920
Genco
Shipping
&
Trading
Ltd.
..........
5,272
73,966
Golden
Ocean
Group
Ltd.
.............
15,156
114,428
Himalaya
Shipping
Ltd.
(a)
..............
2,882
16,024
Matson,
Inc.
(b)
.....................
4,354
338,436
Pangaea
Logistics
Solutions
Ltd.
........
3,688
24,968
Safe
Bulkers,
Inc.
(b)
.................
9,571
31,201
785,700
Media
—
0.7%
Advantage
Solutions,
Inc.,
Class
A
(a)
......
13,084
30,617
AMC
Networks,
Inc.,
Class
A
(a)
..........
3,512
41,968
Boston
Omaha
Corp.,
Class
A
(a)
.........
2,765
52,037
Cardlytics,
Inc.
(a)
...................
3,814
24,105
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
43,610
59,746
Daily
Journal
Corp.
(a)
................
155
44,838
Emerald
Holding,
Inc.
(a)
...............
2,004
8,216
Entravision
Communications
Corp.,
Class
A
.
8,024
35,225
EW
Scripps
Co.
(The),
Class
A
(a)(b)
.......
7,028
64,306
Gambling.com
Group
Ltd.
(a)
............
1,007
10,312
Gannett
Co.,
Inc.
(a)(b)
.................
18,552
41,742
Gray
Television,
Inc.
.................
10,125
79,785
iHeartMedia,
Inc.,
Class
A
(a)
............
14,446
52,584
Integral
Ad
Science
Holding
Corp.
(a)
......
4,565
82,079
John
Wiley
&
Sons,
Inc.,
Class
A
(b)
.......
5,414
184,239
Magnite,
Inc.
(a)
.....................
16,673
227,587
PubMatic,
Inc.,
Class
A
(a)
..............
5,286
96,628
Quotient
Technology,
Inc.
(a)
............
10,963
42,098
Scholastic
Corp.
...................
3,534
137,437
Sinclair,
Inc.,
Class
A
................
4,174
57,685
Stagwell,
Inc.,
Class
A
(a)
..............
13,311
95,972
TechTarget,
Inc.
(a)
...................
3,310
103,040
TEGNA,
Inc.
......................
27,593
448,110
Thryv
Holdings,
Inc.
(a)
................
3,809
93,701
Townsquare
Media,
Inc.,
Class
A
........
1,297
15,447
Urban
One,
Inc.,
Class
A
(a)
.............
2,778
16,655
WideOpenWest,
Inc.
(a)
...............
6,242
52,683
2,198,842
Metals
&
Mining
—
1.8%
5E
Advanced
Materials,
Inc.
(a)
..........
4,685
15,367
Alpha
Metallurgical
Resources,
Inc.
......
1,633
268,400
Arconic
Corp.
(a)
....................
12,352
365,372
ATI,
Inc.
(a)
........................
15,749
696,578
Caledonia
Mining
Corp.
plc
............
1,720
19,986
Carpenter
Technology
Corp.
(b)
..........
5,901
331,223
Century
Aluminum
Co.
(a)
..............
6,320
55,110
Coeur
Mining,
Inc.
(a)
.................
39,149
111,183
Commercial
Metals
Co.
...............
14,521
764,676
Compass
Minerals
International,
Inc.
......
4,317
146,778
Constellium
SE,
Class
A
(a)
.............
15,357
264,140
Contango
ORE,
Inc.
(a)
................
341
8,689
Dakota
Gold
Corp.
(a)
.................
5,897
17,219
Haynes
International,
Inc.
.............
1,537
78,110
Hecla
Mining
Co.
(b)
..................
73,090
376,414
i-80
Gold
Corp.
(a)
...................
22,518
50,666
Ivanhoe
Electric,
Inc.
(a)
...............
6,769
88,268
Kaiser
Aluminum
Corp.
(b)
..............
2,029
145,358
Materion
Corp.
....................
2,519
287,670
Novagold
Resources,
Inc.
(a)
............
29,791
118,866
Olympic
Steel,
Inc.
..................
1,180
57,820
Perpetua
Resources
Corp.
(a)(b)
..........
4,246
15,583
Piedmont
Lithium,
Inc.
(a)(b)
.............
2,197
126,789
PolyMet
Mining
Corp.
(a)
...............
6,169
4,874
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Ramaco
Resources,
Inc.,
Class
A
........
2,603
$
21,970
Ramaco
Resources,
Inc.,
Class
B
(a)(b)
.....
520
5,517
Ryerson
Holding
Corp.
...............
2,803
121,594
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
3,180
95,368
SunCoke
Energy,
Inc.
................
10,374
81,643
TimkenSteel
Corp.
(a)
.................
5,164
111,387
Tredegar
Corp.
....................
3,463
23,098
Warrior
Met
Coal,
Inc.
................
6,283
244,723
Worthington
Industries,
Inc.
............
3,732
259,262
5,379,701
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.2%
AFC
Gamma,
Inc.
(b)
.................
2,019
25,137
Angel
Oak
Mortgage
REIT,
Inc.
.........
1,478
12,179
Apollo
Commercial
Real
Estate
Finance,
Inc.
(b)
16,969
192,089
Arbor
Realty
Trust,
Inc.
(b)
..............
19,889
294,755
Ares
Commercial
Real
Estate
Corp.
(b)
.....
7,325
74,349
ARMOUR
Residential
REIT,
Inc.
(b)
.......
24,247
129,236
Blackstone
Mortgage
Trust,
Inc.,
Class
A
(b)
..
21,884
455,406
BrightSpire
Capital,
Inc.,
Class
A
(b)
.......
16,679
112,250
Chicago
Atlantic
Real
Estate
Finance,
Inc.
..
1,895
28,709
Chimera
Investment
Corp.
(b)
............
28,130
162,310
Claros
Mortgage
Trust,
Inc.
............
11,378
129,027
Dynex
Capital,
Inc.
..................
6,391
80,463
Ellington
Financial,
Inc.
...............
8,314
114,733
Franklin
BSP
Realty
Trust,
Inc.
(b)
.........
10,434
147,745
Granite
Point
Mortgage
Trust,
Inc.
.......
6,283
33,300
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(b)
...................
12,805
320,125
Invesco
Mortgage
Capital,
Inc.
(b)
.........
5,464
62,672
KKR
Real
Estate
Finance
Trust,
Inc.
......
7,483
91,068
Ladder
Capital
Corp.,
Class
A
(b)
.........
14,119
153,191
MFA
Financial,
Inc.
(b)
................
12,823
144,130
New
York
Mortgage
Trust,
Inc.
..........
10,974
108,862
Nexpoint
Real
Estate
Finance,
Inc.
.......
1,513
23,588
Orchid
Island
Capital,
Inc.
(b)
............
4,972
51,460
PennyMac
Mortgage
Investment
Trust
.....
10,681
143,980
Ready
Capital
Corp.
(b)
................
19,659
221,753
Redwood
Trust,
Inc.
(b)
................
14,113
89,900
TPG
RE
Finance
Trust,
Inc.
(b)
...........
8,122
60,184
Two
Harbors
Investment
Corp.
(b)
.........
11,745
163,021
3,625,622
Multi-Utilities
—
0.5%
Avista
Corp.
(b)
.....................
8,428
330,968
Black
Hills
Corp.
...................
8,427
507,811
NorthWestern
Corp.
.................
7,574
429,900
Unitil
Corp.
.......................
1,938
98,276
1,366,955
Office
REITs
—
0.6%
Brandywine
Realty
Trust
(b)
.............
20,253
94,176
City
Office
REIT,
Inc.
................
5,072
28,251
Corporate
Office
Properties
Trust
........
14,070
334,163
Douglas
Emmett,
Inc.
(b)
...............
6,766
85,049
Easterly
Government
Properties,
Inc.
(b)
....
11,961
173,435
Equity
Commonwealth
...............
13,073
264,859
Hudson
Pacific
Properties,
Inc.
..........
5,749
24,261
JBG
SMITH
Properties
(b)
..............
13,647
205,251
Office
Properties
Income
Trust
..........
6,831
52,599
Orion
Office
REIT,
Inc.
(b)
..............
8,184
54,096
Paramount
Group,
Inc.
(b)
..............
23,301
103,223
Peakstone
Realty
Trust,
Class
E
........
3,466
96,771
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
17,094
124,273
Postal
Realty
Trust,
Inc.,
Class
A
(b)
.......
2,571
37,819
Security
Shares
Shares
Value
Office
REITs
(continued)
SL
Green
Realty
Corp.
...............
1,648
$
49,522
1,727,748
Oil,
Gas
&
Consumable
Fuels
—
4.4%
Amplify
Energy
Corp.
(a)
...............
4,141
28,035
Arch
Resources,
Inc.,
Class
A
..........
2,302
259,573
Ardmore
Shipping
Corp.
..............
4,820
59,527
Berry
Corp.
.......................
9,538
65,621
California
Resources
Corp.
............
8,938
404,802
Callon
Petroleum
Co.
(a)
...............
7,675
269,162
Centrus
Energy
Corp.,
Class
A
(a)
.........
1,127
36,695
Chord
Energy
Corp.
.................
5,139
790,378
Civitas
Resources,
Inc.
(b)
..............
8,505
589,992
Clean
Energy
Fuels
Corp.
(a)(b)
...........
20,123
99,810
CNX
Resources
Corp.
(a)
..............
19,868
352,061
Comstock
Resources,
Inc.
(b)
............
11,776
136,602
CONSOL
Energy,
Inc.
................
4,198
284,666
Crescent
Energy,
Inc.,
Class
A
(b)
.........
5,603
58,383
CVR
Energy,
Inc.
(b)
..................
4,123
123,525
Delek
US
Holdings,
Inc.
..............
8,605
206,090
Denbury,
Inc.
(a)
....................
6,209
535,588
DHT
Holdings,
Inc.
..................
16,963
144,694
Dorian
LPG
Ltd.
(b)
..................
3,663
93,956
Earthstone
Energy,
Inc.,
Class
A
(a)
.......
7,135
101,959
Empire
Petroleum
Corp.
(a)
.............
1,392
12,667
Encore
Energy
Corp.
(a)
...............
17,025
41,030
Energy
Fuels,
Inc.
(a)(b)
................
19,542
121,942
Enviva,
Inc.
.......................
4,333
47,013
Equitrans
Midstream
Corp.
............
53,430
510,791
Evolution
Petroleum
Corp.
.............
3,594
29,004
Excelerate
Energy,
Inc.,
Class
A
.........
2,154
43,791
FLEX
LNG
Ltd.
....................
3,589
109,572
Gevo,
Inc.
(a)
......................
32,703
49,709
Golar
LNG
Ltd.
....................
12,215
246,377
Granite
Ridge
Resources,
Inc.
..........
2,861
18,968
Green
Plains,
Inc.
(a)
.................
4,336
139,793
Gulfport
Energy
Corp.
(a)
..............
1,222
128,396
Hallador
Energy
Co.
(a)
................
2,602
22,299
HighPeak
Energy,
Inc.
...............
1,378
14,993
International
Seaways,
Inc.
............
4,937
188,791
Kinetik
Holdings,
Inc.,
Class
A
(b)
.........
2,143
75,305
Kosmos
Energy
Ltd.
(a)
................
56,298
337,225
Magnolia
Oil
&
Gas
Corp.,
Class
A
(b)
......
22,518
470,626
Matador
Resources
Co.
(b)
.............
13,958
730,283
Murphy
Oil
Corp.
...................
18,311
701,311
NACCO
Industries,
Inc.,
Class
A
.........
471
16,325
NextDecade
Corp.
(a)
.................
3,852
31,625
Nordic
American
Tankers
Ltd.
..........
25,459
93,434
Northern
Oil
and
Gas,
Inc.
(b)
............
9,226
316,636
Overseas
Shipholding
Group,
Inc.,
Class
A
(a)
5,660
23,602
Par
Pacific
Holdings,
Inc.
(a)(b)
...........
7,170
190,794
PBF
Energy,
Inc.,
Class
A
.............
14,339
587,039
Peabody
Energy
Corp.
(b)
..............
15,213
329,514
Permian
Resources
Corp.,
Class
A
(b)
......
31,018
339,957
PrimeEnergy
Resources
Corp.
(a)
.........
90
8,283
REX
American
Resources
Corp.
(a)
.......
1,938
67,462
Riley
Exploration
Permian,
Inc.
..........
1,012
36,149
Ring
Energy,
Inc.
(a)
..................
15,880
27,155
SandRidge
Energy,
Inc.
..............
2,484
37,881
Scorpio
Tankers,
Inc.
................
6,406
302,555
SFL
Corp.
Ltd.
(b)
...................
14,159
132,103
SilverBow
Resources,
Inc.
(a)(b)
..........
2,234
65,054
Sitio
Royalties
Corp.,
Class
A
...........
10,225
268,611
SM
Energy
Co.
....................
14,989
474,102
Talos
Energy,
Inc.
(a)
.................
13,868
192,349
Teekay
Corp.
(a)
....................
8,555
51,672
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Teekay
Tankers
Ltd.,
Class
A
...........
2,966
$
113,390
Tellurian,
Inc.
(a)
....................
67,443
95,095
Uranium
Energy
Corp.
(a)(b)
.............
45,579
154,969
VAALCO
Energy,
Inc.
(b)
...............
12,459
46,846
Verde
Clean
Fuels,
Inc.,
Class
A
(a)(b)
......
853
5,553
Vertex
Energy,
Inc.
(a)
.................
8,451
52,819
Vital
Energy,
Inc.
(a)
..................
2,195
99,104
Vitesse
Energy,
Inc.
.................
3,038
68,051
W&T
Offshore,
Inc.
(a)
................
11,854
45,875
World
Kinect
Corp.
..................
7,355
152,101
13,107,110
Paper
&
Forest
Products
—
0.1%
Clearwater
Paper
Corp.
(a)
.............
1,927
60,354
Glatfelter
Corp.
(a)
...................
5,324
16,078
Sylvamo
Corp.
....................
4,548
183,967
260,399
Passenger
Airlines
—
0.6%
Allegiant
Travel
Co.
(a)
................
1,994
251,802
Blade
Air
Mobility,
Inc.,
Class
A
(a)
........
6,516
25,673
Frontier
Group
Holdings,
Inc.
(a)
..........
4,300
41,581
Hawaiian
Holdings,
Inc.
(a)
.............
6,909
74,410
JetBlue
Airways
Corp.
(a)
..............
40,887
362,259
Joby
Aviation,
Inc.,
Class
A
(a)
...........
34,169
350,574
SkyWest,
Inc.
(a)
....................
5,929
241,429
Spirit
Airlines,
Inc.
..................
13,461
230,991
Sun
Country
Airlines
Holdings,
Inc.
(a)
......
4,654
104,622
1,683,341
Personal
Care
Products
—
0.9%
Beauty
Health
Co.
(The),
Class
A
(a)
.......
10,149
84,947
BellRing
Brands,
Inc.
(a)
...............
16,443
601,814
Edgewell
Personal
Care
Co.
(b)
..........
6,237
257,650
elf
Beauty,
Inc.
(a)
...................
6,113
698,288
Herbalife
Ltd.
(a)
....................
12,477
165,195
Inter
Parfums,
Inc.
..................
2,281
308,460
Medifast,
Inc.
.....................
1,320
121,651
Nature's
Sunshine
Products,
Inc.
(a)
.......
1,858
25,362
Nu
Skin
Enterprises,
Inc.,
Class
A
........
6,314
209,625
Thorne
HealthTech,
Inc.
(a)
.............
1,453
6,829
USANA
Health
Sciences,
Inc.
(a)
.........
1,424
89,769
Waldencast
plc,
Class
A
(a)
.............
2,011
15,545
2,585,135
Pharmaceuticals
—
2.0%
Aclaris
Therapeutics,
Inc.
(a)(b)
...........
8,600
89,182
Amneal
Pharmaceuticals,
Inc.,
Class
A
(a)
...
16,279
50,465
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
4,598
264,247
Amylyx
Pharmaceuticals,
Inc.
(a)
.........
6,271
135,265
ANI
Pharmaceuticals,
Inc.
(a)
............
1,537
82,737
Arvinas,
Inc.
(a)
.....................
6,197
153,810
Assertio
Holdings,
Inc.
(a)
..............
6,636
35,967
Atea
Pharmaceuticals,
Inc.
(a)
...........
8,884
33,226
Axsome
Therapeutics,
Inc.
(a)
...........
4,053
291,249
Biote
Corp.,
Class
A
(a)
................
1,433
9,687
Bright
Green
Corp.
(a)
.................
9,996
10,096
Cara
Therapeutics,
Inc.
(a)
.............
5,499
15,562
Cassava
Sciences,
Inc.
(a)(b)
............
4,915
120,516
Citius
Pharmaceuticals,
Inc.
(a)
..........
14,579
17,495
Collegium
Pharmaceutical,
Inc.
(a)
........
4,246
91,247
Corcept
Therapeutics,
Inc.
(a)
...........
9,787
217,761
CorMedix,
Inc.
(a)
....................
5,352
21,221
Cymabay
Therapeutics,
Inc.
(a)
..........
11,805
129,265
DICE
Therapeutics,
Inc.
(a)
.............
4,737
220,081
Edgewise
Therapeutics,
Inc.
(a)
..........
5,638
43,694
Enliven
Therapeutics,
Inc.
(a)
............
2,837
57,903
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Evolus,
Inc.
(a)
.....................
4,536
$
32,977
Eyenovia,
Inc.
(a)
....................
3,507
8,312
EyePoint
Pharmaceuticals,
Inc.
(a)
........
3,102
26,987
Harmony
Biosciences
Holdings,
Inc.
(a)
.....
4,071
143,258
Harrow
Health,
Inc.
(a)
................
3,122
59,443
Ikena
Oncology,
Inc.
(a)
................
2,552
16,741
Innoviva,
Inc.
(a)
....................
7,287
92,764
Intra-Cellular
Therapies,
Inc.
(a)(b)
.........
11,414
722,734
Ligand
Pharmaceuticals,
Inc.
(a)
..........
2,030
146,363
Liquidia
Corp.
(a)(b)
...................
5,540
43,489
Longboard
Pharmaceuticals,
Inc.
(a)
.......
1,801
13,219
Marinus
Pharmaceuticals,
Inc.
(a)
.........
6,096
66,203
NGM
Biopharmaceuticals,
Inc.
(a)
.........
4,552
11,790
Nuvation
Bio,
Inc.,
Class
A
(a)
...........
18,623
33,521
Ocular
Therapeutix,
Inc.
(a)
.............
10,550
54,438
Omeros
Corp.
(a)
....................
7,444
40,495
Optinose,
Inc.
(a)(b)
...................
8,581
10,555
Pacira
BioSciences,
Inc.
(a)
.............
5,621
225,233
Phathom
Pharmaceuticals,
Inc.
(a)
........
3,380
48,402
Phibro
Animal
Health
Corp.,
Class
A
......
2,402
32,907
Pliant
Therapeutics,
Inc.
(a)
.............
6,925
125,481
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
6,062
360,265
Rain
Oncology,
Inc.
(a)
................
6,757
8,108
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
...
3,487
355,535
Revance
Therapeutics,
Inc.
(a)
...........
10,198
258,111
Scilex
Holding
Co.(Acquired
01/06/23,
cost
$82,679)
(a)(b)(e)
...................
7,889
43,174
scPharmaceuticals,
Inc.
(a)
.............
3,467
35,329
SIGA
Technologies,
Inc.
(b)
.............
5,358
27,058
Supernus
Pharmaceuticals,
Inc.
(a)
........
6,085
182,915
Taro
Pharmaceutical
Industries
Ltd.
(a)
.....
995
37,740
Tarsus
Pharmaceuticals,
Inc.
(a)
..........
2,834
51,210
Terns
Pharmaceuticals,
Inc.
(a)
...........
5,217
45,649
Theravance
Biopharma,
Inc.
(a)(b)
.........
7,563
78,277
Theseus
Pharmaceuticals,
Inc.
(a)
........
2,674
24,948
Third
Harmonic
Bio,
Inc.
(a)
.............
3,211
15,445
Trevi
Therapeutics,
Inc.
(a)
.............
5,182
12,385
Ventyx
Biosciences,
Inc.
(a)
.............
5,721
187,649
Verrica
Pharmaceuticals,
Inc.
(a)
..........
2,541
14,662
WaVe
Life
Sciences
Ltd.
(a)
.............
7,083
25,782
Xeris
Biopharma
Holdings,
Inc.
(a)(b)
.......
15,370
40,269
Zevra
Therapeutics,
Inc.
(a)
.............
4,262
21,736
5,872,235
Professional
Services
—
2.4%
Alight,
Inc.,
Class
A
(a)
................
48,431
447,502
ASGN,
Inc.
(a)
......................
5,919
447,654
Asure
Software,
Inc.
(a)
................
1,596
19,407
Barrett
Business
Services,
Inc.
..........
888
77,434
BlackSky
Technology,
Inc.,
Class
A
(a)(b)
.....
15,360
34,099
CBIZ,
Inc.
(a)(b)
......................
6,003
319,840
Conduent,
Inc.
(a)(b)
..................
22,422
76,235
CRA
International,
Inc.
...............
841
85,782
CSG
Systems
International,
Inc.
.........
3,774
199,041
ExlService
Holdings,
Inc.
(a)
............
3,968
599,406
Exponent,
Inc.
.....................
6,227
581,104
First
Advantage
Corp.
(a)
...............
7,098
109,380
FiscalNote
Holdings,
Inc.,
Class
A
(a)
......
7,953
28,949
Forrester
Research,
Inc.
(a)
.............
1,441
41,919
Franklin
Covey
Co.
(a)
................
1,417
61,895
Heidrick
&
Struggles
International,
Inc.
....
2,512
66,493
HireQuest,
Inc.
....................
623
16,217
HireRight
Holdings
Corp.
(a)
............
1,849
20,912
Huron
Consulting
Group,
Inc.
(a)
..........
2,334
198,180
IBEX
Holdings
Ltd.
(a)
.................
1,485
31,526
ICF
International,
Inc.
(b)
...............
2,286
284,355
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Innodata,
Inc.
(a)
....................
3,049
$
34,545
Insperity,
Inc.
......................
4,575
544,242
Kelly
Services,
Inc.,
Class
A
............
4,184
73,680
Kforce,
Inc.
(b)
......................
2,457
153,956
Korn
Ferry
.......................
6,511
322,555
Legalzoom.com,
Inc.
(a)
...............
12,804
154,672
Maximus,
Inc.
.....................
7,567
639,487
Mistras
Group,
Inc.
(a)
................
2,441
18,844
NV5
Global,
Inc.
(a)(b)
.................
1,674
185,429
Planet
Labs
PBC,
Class
A
(a)
............
23,571
75,899
Red
Violet,
Inc.
(a)
...................
1,517
31,205
Resources
Connection,
Inc.
............
4,061
63,798
Skillsoft
Corp.,
Class
A
(a)(b)
.............
9,424
11,686
Sterling
Check
Corp.
(a)
...............
2,749
33,703
TriNet
Group,
Inc.
(a)(b)
................
4,665
443,035
TrueBlue,
Inc.
(a)
....................
3,719
65,863
TTEC
Holdings,
Inc.
(b)
................
2,622
88,728
Upwork,
Inc.
(a)(b)
....................
15,911
148,609
Verra
Mobility
Corp.,
Class
A
(a)
..........
17,248
340,131
Willdan
Group,
Inc.
(a)
................
1,810
34,680
7,212,077
Real
Estate
Management
&
Development
—
0.8%
American
Realty
Investors,
Inc.
(a)
........
484
10,542
Anywhere
Real
Estate,
Inc.
(a)
...........
13,503
90,200
Compass,
Inc.,
Class
A
(a)
..............
37,117
129,909
Cushman
&
Wakefield
plc
(a)
............
19,001
155,428
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
20,229
297,569
Douglas
Elliman,
Inc.
(b)
...............
10,446
23,191
eXp
World
Holdings,
Inc.
(b)
.............
8,642
175,260
Forestar
Group,
Inc.
(a)
................
2,206
49,745
FRP
Holdings,
Inc.
(a)
.................
861
49,568
Kennedy-Wilson
Holdings,
Inc.
..........
15,252
249,065
Marcus
&
Millichap,
Inc.
(b)
.............
3,272
103,101
Maui
Land
&
Pineapple
Co.,
Inc.
(a)
.......
731
10,409
Newmark
Group,
Inc.,
Class
A
(b)
.........
17,742
110,355
Opendoor
Technologies,
Inc.
(a)(b)
.........
67,671
272,037
RE/MAX
Holdings,
Inc.,
Class
A
.........
2,229
42,931
Redfin
Corp.
(a)(b)
....................
13,180
163,696
RMR
Group,
Inc.
(The),
Class
A
.........
1,933
44,788
St.
Joe
Co.
(The)
(b)
..................
4,262
206,025
Stratus
Properties,
Inc.
(b)
..............
685
17,981
Tejon
Ranch
Co.
(a)
..................
2,315
39,841
Transcontinental
Realty
Investors,
Inc.
(a)
...
183
6,703
2,248,344
Residential
REITs
—
0.5%
Apartment
Investment
&
Management
Co.,
Class
A
(b)
......................
17,754
151,264
BRT
Apartments
Corp.
...............
1,549
30,670
Centerspace
......................
1,979
121,431
Clipper
Realty,
Inc.
..................
2,705
15,337
Elme
Communities
..................
10,540
173,278
Independence
Realty
Trust,
Inc.
.........
28,085
511,709
NexPoint
Residential
Trust,
Inc.
(b)
........
3,023
137,486
UMH
Properties,
Inc.
................
6,949
111,045
Veris
Residential,
Inc.
(a)
...............
9,816
157,547
1,409,767
Retail
REITs
—
1.3%
Acadia
Realty
Trust
(b)
................
10,451
150,390
Alexander's,
Inc.
(b)
..................
311
57,180
CBL
&
Associates
Properties,
Inc.
........
3,430
75,597
Getty
Realty
Corp.
(b)
.................
5,527
186,923
InvenTrust
Properties
Corp.
(b)
...........
8,650
200,161
Kite
Realty
Group
Trust
...............
27,011
603,426
Security
Shares
Shares
Value
Retail
REITs
(continued)
Macerich
Co.
(The)
(b)
................
27,240
$
306,995
Necessity
Retail
REIT,
Inc.
(The),
Class
A
..
16,628
112,405
NETSTREIT
Corp.
..................
7,358
131,487
Phillips
Edison
&
Co.,
Inc.
(b)
............
14,705
501,146
Retail
Opportunity
Investments
Corp.
.....
16,696
225,563
RPT
Realty
(b)
......................
9,979
104,281
Saul
Centers,
Inc.
..................
1,667
61,396
SITE
Centers
Corp.
.................
24,513
324,062
Tanger
Factory
Outlet
Centers,
Inc.
(b)
......
12,858
283,776
Urban
Edge
Properties
...............
14,895
229,830
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
3,379
71,838
Whitestone
REIT
...................
6,827
66,222
3,692,678
Semiconductors
&
Semiconductor
Equipment
—
3.3%
ACM
Research,
Inc.,
Class
A
(a)(b)
.........
6,280
82,142
Aehr
Test
Systems
(a)
.................
3,162
130,432
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
2,793
91,610
Ambarella,
Inc.
(a)
...................
4,535
379,443
Amkor
Technology,
Inc.
(b)
..............
12,734
378,836
Atomera,
Inc.
(a)(b)
...................
2,344
20,557
Axcelis
Technologies,
Inc.
(a)
............
3,991
731,670
CEVA,
Inc.
(a)
......................
2,732
69,803
Cohu,
Inc.
(a)
......................
5,717
237,599
Credo
Technology
Group
Holding
Ltd.
(a)
....
11,960
207,386
Diodes,
Inc.
(a)(b)
....................
5,501
508,787
FormFactor,
Inc.
(a)
..................
9,553
326,904
Ichor
Holdings
Ltd.
(a)
.................
3,524
132,150
Impinj,
Inc.
(a)
......................
2,813
252,185
indie
Semiconductor,
Inc.,
Class
A
(a)
......
16,847
158,362
inTEST
Corp.
(a)(b)
...................
1,255
32,956
Kulicke
&
Soffa
Industries,
Inc.
(b)
.........
6,808
404,736
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
...........................
6,573
430,729
Maxeon
Solar
Technologies
Ltd.
(a)
........
3,085
86,874
MaxLinear,
Inc.
(a)
...................
9,231
291,330
Navitas
Semiconductor
Corp.
(a)
.........
12,502
131,771
NVE
Corp.
.......................
559
54,469
Onto
Innovation,
Inc.
(a)
...............
5,970
695,326
PDF
Solutions,
Inc.
(a)
................
3,795
171,154
Photronics,
Inc.
(a)
...................
7,454
192,239
Power
Integrations,
Inc.
(b)
.............
6,995
662,217
Rambus,
Inc.
(a)
....................
13,455
863,407
Semtech
Corp.
(a)
...................
7,939
202,127
Silicon
Laboratories,
Inc.
(a)(b)
............
3,893
614,082
SiTime
Corp.
(a)
.....................
2,120
250,096
SkyWater
Technology,
Inc.
(a)
...........
2,206
20,781
SMART
Global
Holdings,
Inc.
(a)
..........
6,078
176,323
Synaptics,
Inc.
(a)(b)
..................
4,836
412,898
Transphorm,
Inc.
(a)
..................
2,490
8,466
Ultra
Clean
Holdings,
Inc.
(a)(b)
...........
5,523
212,415
Veeco
Instruments,
Inc.
(a)
.............
6,247
160,423
9,782,685
Software
—
5.4%
8x8,
Inc.
(a)
........................
13,294
56,234
A10
Networks,
Inc.
..................
8,641
126,072
ACI
Worldwide,
Inc.
(a)
................
13,213
306,145
Adeia,
Inc.
.......................
13,127
144,528
Agilysys,
Inc.
(a)
....................
2,419
166,040
Alarm.com
Holdings,
Inc.
(a)
............
5,947
307,341
Alkami
Technology,
Inc.
(a)
.............
4,846
79,426
Altair
Engineering,
Inc.,
Class
A
(a)
........
6,561
497,586
American
Software,
Inc.,
Class
A
........
3,744
39,349
Amplitude,
Inc.,
Class
A
(a)
.............
8,471
93,181
Appfolio,
Inc.,
Class
A
(a)
..............
2,368
407,627
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Appian
Corp.,
Class
A
(a)
..............
5,121
$
243,760
Applied
Digital
Corp.
(a)
...............
8,819
82,458
Asana,
Inc.,
Class
A
(a)
................
9,767
215,265
AvePoint,
Inc.,
Class
A
(a)
..............
18,636
107,343
Bit
Digital,
Inc.
(a)
....................
9,176
37,255
Blackbaud,
Inc.
(a)
...................
5,310
377,966
BlackLine,
Inc.
(a)
...................
6,912
372,004
Box,
Inc.,
Class
A
(a)
.................
17,444
512,505
Braze,
Inc.,
Class
A
(a)
................
4,272
187,071
C3.ai,
Inc.,
Class
A
(a)(b)
...............
7,196
262,150
Cerence,
Inc.
(a)(b)
...................
5,025
146,881
Cipher
Mining,
Inc.
(a)(b)
................
4,648
13,293
Cleanspark,
Inc.
(a)
..................
10,848
46,538
Clear
Secure,
Inc.,
Class
A
(b)
...........
10,228
236,983
CommVault
Systems,
Inc.
(a)
............
5,511
400,209
Consensus
Cloud
Solutions,
Inc.
(a)
.......
2,490
77,190
CoreCard
Corp.
(a)
...................
827
20,973
Couchbase,
Inc.
(a)
..................
4,173
66,017
CS
Disco,
Inc.
(a)
....................
2,581
21,216
Digimarc
Corp.
(a)(b)
..................
1,803
53,080
Digital
Turbine,
Inc.
(a)
................
11,614
107,778
Domo,
Inc.,
Class
B
(a)(b)
...............
3,734
54,740
E2open
Parent
Holdings,
Inc.,
Class
A
(a)
...
24,824
139,014
Ebix,
Inc.
(b)
.......................
3,214
80,993
eGain
Corp.
(a)
.....................
2,947
22,073
Enfusion,
Inc.,
Class
A
(a)
..............
3,334
37,407
EngageSmart,
Inc.
(a)
.................
5,889
112,421
Envestnet,
Inc.
(a)
...................
6,100
362,035
Everbridge,
Inc.
(a)
...................
5,177
139,261
EverCommerce,
Inc.
(a)
...............
2,584
30,595
Expensify,
Inc.,
Class
A
(a)
.............
6,987
55,756
ForgeRock,
Inc.,
Class
A
(a)
.............
5,776
118,639
Freshworks,
Inc.,
Class
A
(a)
............
19,787
347,855
Instructure
Holdings,
Inc.
(a)
............
2,357
59,302
Intapp,
Inc.
(a)
......................
1,881
78,833
InterDigital,
Inc.
....................
3,317
320,256
Jamf
Holding
Corp.
(a)(b)
...............
8,645
168,750
Kaltura,
Inc.
(a)(b)
....................
9,763
20,698
LivePerson,
Inc.
(a)
..................
8,297
37,502
LiveRamp
Holdings,
Inc.
(a)
.............
7,779
222,168
LiveVox
Holdings,
Inc.,
Class
A
(a)
........
1,753
4,821
Marathon
Digital
Holdings,
Inc.
(a)
.........
20,691
286,777
Matterport,
Inc.,
Class
A
(a)(b)
............
31,438
99,030
MeridianLink,
Inc.
(a)
.................
3,218
66,934
MicroStrategy,
Inc.,
Class
A
(a)
...........
1,352
462,952
Mitek
Systems,
Inc.
(a)
................
5,018
54,395
Model
N,
Inc.
(a)
....................
4,684
165,626
N-able,
Inc.
(a)
......................
8,562
123,378
NextNav,
Inc.
(a)
....................
8,223
24,176
Olo,
Inc.,
Class
A
(a)
..................
12,836
82,921
ON24,
Inc.
.......................
4,830
39,220
OneSpan,
Inc.
(a)
....................
4,995
74,126
PagerDuty,
Inc.
(a)
...................
10,633
239,030
PowerSchool
Holdings,
Inc.,
Class
A
(a)
.....
6,816
130,458
Progress
Software
Corp.
..............
5,237
304,270
PROS
Holdings,
Inc.
(a)
...............
5,477
168,692
Q2
Holdings,
Inc.
(a)
..................
7,169
221,522
Qualys,
Inc.
(a)(b)
....................
4,558
588,757
Rapid7,
Inc.
(a)
.....................
7,477
338,559
Rimini
Street,
Inc.
(a)(b)
................
6,637
31,791
Riot
Platforms,
Inc.
(a)
................
19,535
230,904
Sapiens
International
Corp.
NV
.........
3,805
101,213
SEMrush
Holdings,
Inc.,
Class
A
(a)
.......
3,883
37,160
SolarWinds
Corp.
(a)
.................
6,455
66,228
SoundHound
AI,
Inc.,
Class
A
(a)
.........
17,560
79,898
Security
Shares
Shares
Value
Software
(continued)
SoundThinking,
Inc.
(a)
................
1,052
$
22,997
Sprinklr,
Inc.,
Class
A
(a)(b)
..............
10,628
146,985
Sprout
Social,
Inc.,
Class
A
(a)
...........
5,897
272,205
SPS
Commerce,
Inc.
(a)
...............
4,509
865,999
Tenable
Holdings,
Inc.
(a)
..............
13,986
609,090
Terawulf,
Inc.
(a)
....................
8,761
15,332
Varonis
Systems,
Inc.
(a)(b)
..............
13,333
355,324
Verint
Systems,
Inc.
(a)(b)
...............
7,813
273,924
Veritone,
Inc.
(a)
....................
4,498
17,632
Viant
Technology,
Inc.,
Class
A
(a)
.........
2,867
13,217
Weave
Communications,
Inc.
(a)
.........
4,628
51,417
Workiva,
Inc.,
Class
A
(a)
...............
5,956
605,487
Xperi,
Inc.
(a)(b)
.....................
5,605
73,706
Yext,
Inc.
(a)
.......................
13,122
148,410
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
16,466
140,620
Zuora,
Inc.,
Class
A
(a)
................
15,579
170,902
16,025,847
Specialized
REITs
—
0.5%
(b)
Farmland
Partners,
Inc.
..............
5,947
72,613
Four
Corners
Property
Trust,
Inc.
........
10,743
272,872
Gladstone
Land
Corp.
...............
4,336
70,547
Outfront
Media,
Inc.
.................
18,984
298,428
PotlatchDeltic
Corp.
.................
9,783
517,032
Safehold,
Inc.
.....................
3,879
92,049
Uniti
Group,
Inc.
...................
30,441
140,637
1,464,178
Specialty
Retail
—
2.3%
1-800-Flowers.com,
Inc.,
Class
A
(a)
.......
3,249
25,342
Aaron's
Co.,
Inc.
(The)
...............
3,894
55,061
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
6,059
228,303
Academy
Sports
&
Outdoors,
Inc.
........
9,234
499,098
American
Eagle
Outfitters,
Inc.
..........
22,389
264,190
America's
Car-Mart,
Inc.
(a)
.............
761
75,933
Arko
Corp.
.......................
9,829
78,141
Asbury
Automotive
Group,
Inc.
(a)
.........
2,680
644,326
BARK,
Inc.
(a)(b)
.....................
13,878
18,458
Big
5
Sporting
Goods
Corp.
............
2,483
22,744
Boot
Barn
Holdings,
Inc.
(a)
.............
3,652
309,288
Buckle,
Inc.
(The)
..................
3,927
135,874
Build-A-Bear
Workshop,
Inc.
(b)
..........
1,647
35,279
Caleres,
Inc.
......................
4,338
103,808
Camping
World
Holdings,
Inc.,
Class
A
(b)
...
5,180
155,918
CarParts.com,
Inc.
(a)
.................
6,656
28,288
Carvana
Co.,
Class
A
(a)
...............
1,677
43,468
Cato
Corp.
(The),
Class
A
.............
2,154
17,297
Chico's
FAS,
Inc.
(a)(b)
.................
15,314
81,930
Children's
Place,
Inc.
(The)
(a)
...........
1,627
37,763
Designer
Brands,
Inc.,
Class
A
..........
6,075
61,357
Destination
XL
Group,
Inc.
(a)
...........
6,938
33,996
Duluth
Holdings,
Inc.,
Class
B
(a)(b)
........
1,881
11,813
Envela
Corp.
(a)
.....................
1,128
8,302
EVgo,
Inc.,
Class
A
(a)
................
9,922
39,688
Foot
Locker,
Inc.
(b)
..................
10,155
275,302
Franchise
Group,
Inc.
(b)
...............
3,060
87,638
Genesco,
Inc.
(a)
....................
1,522
38,111
Group
1
Automotive,
Inc.
(b)
.............
1,687
435,415
GrowGeneration
Corp.
(a)
..............
6,574
22,352
Guess?,
Inc.
......................
3,947
76,769
Haverty
Furniture
Cos.,
Inc.
............
1,754
53,006
Hibbett,
Inc.
(b)
.....................
1,492
54,145
J
Jill,
Inc.
(a)
.......................
435
9,322
Lands'
End,
Inc.
(a)
..................
1,728
13,409
Lazydays
Holdings,
Inc.
(a)
.............
1,303
15,063
Leslie's,
Inc.
(a)
.....................
22,001
206,589
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
MarineMax,
Inc.
(a)
...................
2,482
$
84,785
Monro,
Inc.
.......................
3,831
155,653
National
Vision
Holdings,
Inc.
(a)
.........
9,461
229,808
ODP
Corp.
(The)
(a)
..................
4,172
195,333
OneWater
Marine,
Inc.,
Class
A
(a)(b)
.......
1,285
46,568
Overstock.com,
Inc.
(a)
................
5,633
183,467
PetMed
Express,
Inc.
................
2,618
36,102
Rent
the
Runway,
Inc.,
Class
A
(a)(b)
.......
5,424
10,739
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
5,089
83,460
Sally
Beauty
Holdings,
Inc.
(a)
...........
12,872
158,969
Shoe
Carnival,
Inc.
..................
2,259
53,041
Signet
Jewelers
Ltd.
(b)
................
5,507
359,387
Sleep
Number
Corp.
(a)
...............
2,585
70,519
Sonic
Automotive,
Inc.,
Class
A
.........
1,920
91,526
Sportsman's
Warehouse
Holdings,
Inc.
(a)
...
4,397
25,063
Stitch
Fix,
Inc.,
Class
A
(a)
..............
11,896
45,800
ThredUp,
Inc.,
Class
A
(a)
..............
10,186
24,854
Tile
Shop
Holdings,
Inc.
(a)
.............
4,225
23,406
Tilly's,
Inc.,
Class
A
(a)(b)
...............
3,026
21,212
Torrid
Holdings,
Inc.
(a)
................
1,710
4,805
Upbound
Group,
Inc.
................
6,731
209,536
Urban
Outfitters,
Inc.
(a)
...............
7,923
262,489
Warby
Parker,
Inc.,
Class
A
(a)
...........
10,229
119,577
Winmark
Corp.
....................
333
110,712
Zumiez,
Inc.
(a)
.....................
1,816
30,255
6,939,852
Technology
Hardware,
Storage
&
Peripherals
—
0.7%
Avid
Technology,
Inc.
(a)
...............
4,143
105,647
CompoSecure,
Inc.,
Class
A
(a)
..........
1,448
9,933
Corsair
Gaming,
Inc.
(a)
...............
4,472
79,333
CPI
Card
Group,
Inc.
(a)
...............
500
11,625
Eastman
Kodak
Co.
(a)(b)
...............
6,746
31,167
Immersion
Corp.
...................
2,340
16,567
Intevac,
Inc.
(a)
.....................
2,888
10,830
IonQ,
Inc.
(a)
.......................
19,714
266,731
Super
Micro
Computer,
Inc.
(a)
...........
5,705
1,421,971
Turtle
Beach
Corp.
(a)
.................
1,876
21,855
Xerox
Holdings
Corp.
(b)
...............
14,538
216,471
2,192,130
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Allbirds,
Inc.,
Class
A
(a)
...............
10,956
13,805
Fossil
Group,
Inc.
(a)
.................
5,734
14,736
G-III
Apparel
Group
Ltd.
(a)
.............
5,206
100,320
Hanesbrands,
Inc.
(b)
.................
43,926
199,424
Kontoor
Brands,
Inc.
(b)
...............
6,718
282,828
Movado
Group,
Inc.
.................
1,997
53,580
Oxford
Industries,
Inc.
(b)
..............
1,801
177,254
Rocky
Brands,
Inc.
(b)
.................
963
20,223
Steven
Madden
Ltd.
(b)
................
9,262
302,775
Vera
Bradley,
Inc.
(a)
.................
3,137
20,045
Wolverine
World
Wide,
Inc.
(b)
...........
9,344
137,263
1,322,253
Tobacco
—
0.1%
Turning
Point
Brands,
Inc.
.............
2,148
51,574
Universal
Corp.
....................
2,977
148,671
Vector
Group
Ltd.
..................
17,530
224,559
424,804
Trading
Companies
&
Distributors
—
2.1%
Alta
Equipment
Group,
Inc.,
Class
A
......
2,306
39,963
Applied
Industrial
Technologies,
Inc.
......
4,730
685,046
Beacon
Roofing
Supply,
Inc.
(a)
..........
5,973
495,639
BlueLinx
Holdings,
Inc.
(a)
..............
1,070
100,345
Boise
Cascade
Co.
.................
4,846
437,836
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Custom
Truck
One
Source,
Inc.
(a)
........
7,030
$
47,382
Distribution
Solutions
Group,
Inc.
(a)(b)
......
644
33,527
DXP
Enterprises,
Inc.
(a)
...............
1,768
64,373
EVI
Industries,
Inc.
(a)
.................
550
12,100
FTAI
Aviation
Ltd.
(b)
.................
12,194
386,062
GATX
Corp.
......................
4,332
557,702
Global
Industrial
Co.
(b)
................
1,752
48,653
GMS,
Inc.
(a)
.......................
5,081
351,605
H&E
Equipment
Services,
Inc.
..........
4,097
187,438
Herc
Holdings,
Inc.
..................
3,511
480,480
Hudson
Technologies,
Inc.
(a)
...........
5,008
48,177
Karat
Packaging,
Inc.
................
507
9,253
McGrath
RentCorp
..................
2,910
269,117
MRC
Global,
Inc.
(a)
..................
10,027
100,972
NOW,
Inc.
(a)
......................
13,518
140,046
Rush
Enterprises,
Inc.,
Class
A
.........
5,013
304,490
Rush
Enterprises,
Inc.,
Class
B
.........
853
58,055
Textainer
Group
Holdings
Ltd.
..........
5,155
203,004
Titan
Machinery,
Inc.
(a)
...............
2,427
71,596
Transcat,
Inc.
(a)
....................
959
81,812
Triton
International
Ltd.
...............
6,660
554,512
Veritiv
Corp.
(b)
.....................
1,639
205,875
Willis
Lease
Finance
Corp.
(a)
...........
318
12,443
Xometry,
Inc.,
Class
A
(a)
..............
4,055
85,885
6,073,388
Water
Utilities
—
0.5%
American
States
Water
Co.
(b)
...........
4,574
397,938
Artesian
Resources
Corp.,
Class
A
.......
1,071
50,573
Cadiz,
Inc.
(a)
......................
4,986
20,243
California
Water
Service
Group
(b)
........
6,966
359,655
Consolidated
Water
Co.
Ltd.
...........
1,790
43,372
Global
Water
Resources,
Inc.
...........
1,630
20,668
Middlesex
Water
Co.
................
2,147
173,177
Pure
Cycle
Corp.
(a)(b)
.................
2,785
30,635
SJW
Group
.......................
3,759
263,543
York
Water
Co.
(The)
................
1,683
69,457
1,429,261
Wireless
Telecommunication
Services
—
0.1%
Gogo,
Inc.
(a)
......................
8,210
139,652
Shenandoah
Telecommunications
Co.
.....
5,764
111,994
Spok
Holdings,
Inc.
.................
2,030
26,979
Telephone
and
Data
Systems,
Inc.
(b)
......
12,055
99,213
377,838
Total
Common
Stocks
—
99.4%
(Cost:
$255,518,405)
.............................
293,934,452
Rights
Biotechnology
—
0.0%
(a)(d)
Contra
Aduro
Biotech
I,
CVR
...........
1,703
4,324
Oncternal
Therapeutics,
Inc.,
CVR
.......
105
108
4,432
Semiconductors
&
Semiconductor
Equipment
—
0.0%
Transphorm,
Inc.
(a)
..................
2,490
19
Total
Rights
—
0.0%
(Cost:
$4,324)
.................................
4,451
Total
Long-Term
Investments
—
99.4%
(Cost:
$255,522,729)
.............................
293,938,903
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
16.4%
(f)(g)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
1,500,145
$
1,500,145
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(h)
.......................
46,944,307
46,949,001
Total
Short-Term
Securities
—
16.4%
(Cost:
$48,449,351)
..............................
48,449,146
Total
Investments
—
115.8%
(Cost:
$303,972,080
)
.............................
342,388,049
Liabilities
in
Excess
of
Other
Assets
—
(15.8)%
...........
(46,653,747)
Net
Assets
—
100.0%
..............................
$
295,734,302
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$43,174,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$82,679.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
3,541,118
$
—
$
(2,040,973)
(a)
$
—
$
—
$
1,500,145
1,500,145
$
49,974
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
40,270,527
6,669,979
(a)
—
19,427
(10,932)
46,949,001
46,944,307
185,733
(b)
—
$
19,427
$
(10,932)
$
48,449,146
$
235,707
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
23
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
21
09/15/23
$
1,999
$
3,913
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
3,913
$
—
$
—
$
—
$
3,913
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
57,660
$
—
$
—
$
—
$
57,660
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
5,325
$
—
$
—
$
—
$
5,325
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,450,243
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
24
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
3,054,428
$
—
$
—
$
3,054,428
Air
Freight
&
Logistics
....................................
822,054
—
—
822,054
Automobile
Components
..................................
4,380,989
—
—
4,380,989
Automobiles
..........................................
409,680
—
—
409,680
Banks
...............................................
23,056,085
—
—
23,056,085
Beverages
...........................................
1,137,203
—
—
1,137,203
Biotechnology
.........................................
22,166,603
—
—
22,166,603
Broadline
Retail
........................................
198,620
—
—
198,620
Building
Products
.......................................
5,135,857
—
—
5,135,857
Capital
Markets
........................................
4,039,461
—
—
4,039,461
Chemicals
............................................
6,089,374
—
—
6,089,374
Commercial
Services
&
Supplies
.............................
4,538,561
—
—
4,538,561
Communications
Equipment
................................
2,355,835
—
—
2,355,835
Construction
&
Engineering
................................
4,372,569
—
—
4,372,569
Construction
Materials
....................................
875,497
—
—
875,497
Consumer
Finance
......................................
2,327,529
—
—
2,327,529
Consumer
Staples
Distribution
&
Retail
........................
1,611,693
—
—
1,611,693
Containers
&
Packaging
..................................
958,469
—
—
958,469
Distributors
...........................................
18,283
—
—
18,283
Diversified
Consumer
Services
..............................
2,849,142
—
—
2,849,142
Diversified
REITs
.......................................
1,697,974
—
—
1,697,974
Diversified
Telecommunication
Services
........................
1,489,166
—
—
1,489,166
Electric
Utilities
........................................
2,218,390
—
—
2,218,390
Electrical
Equipment
.....................................
4,951,107
—
—
4,951,107
Electronic
Equipment,
Instruments
&
Components
.................
8,292,657
—
—
8,292,657
Energy
Equipment
&
Services
..............................
6,832,828
—
—
6,832,828
Entertainment
.........................................
1,155,213
—
—
1,155,213
Financial
Services
......................................
6,246,373
—
—
6,246,373
Food
Products
.........................................
3,470,338
—
—
3,470,338
Gas
Utilities
...........................................
3,009,926
—
—
3,009,926
Ground
Transportation
...................................
1,434,338
—
—
1,434,338
Health
Care
Equipment
&
Supplies
...........................
10,347,566
—
—
10,347,566
Health
Care
Providers
&
Services
............................
8,183,005
—
—
8,183,005
Health
Care
REITs
......................................
1,805,404
—
—
1,805,404
Health
Care
Technology
..................................
1,829,662
—
—
1,829,662
Hotel
&
Resort
REITs
....................................
2,499,308
—
—
2,499,308
Hotels,
Restaurants
&
Leisure
..............................
6,971,358
—
—
6,971,358
Household
Durables
.....................................
6,346,852
—
—
6,346,852
Household
Products
.....................................
867,846
—
—
867,846
Independent
Power
and
Renewable
Electricity
Producers
............
858,648
—
—
858,648
Industrial
Conglomerates
..................................
56,942
—
—
56,942
Industrial
REITs
........................................
1,324,472
—
—
1,324,472
Insurance
............................................
5,009,042
—
—
5,009,042
Interactive
Media
&
Services
...............................
2,139,061
—
—
2,139,061
IT
Services
...........................................
1,530,933
—
—
1,530,933
Leisure
Products
.......................................
1,355,705
—
—
1,355,705
Life
Sciences
Tools
&
Services
..............................
1,308,685
—
—
1,308,685
Machinery
............................................
11,115,831
—
—
11,115,831
Marine
Transportation
....................................
785,700
—
—
785,700
Media
...............................................
2,198,842
—
—
2,198,842
Metals
&
Mining
........................................
5,379,701
—
—
5,379,701
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
3,625,622
—
—
3,625,622
Multi-Utilities
..........................................
1,366,955
—
—
1,366,955
Office
REITs
..........................................
1,727,748
—
—
1,727,748
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Small
Cap
Index
V.I.
Fund
Schedule
of
Investments
25
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Oil,
Gas
&
Consumable
Fuels
...............................
$
13,107,110
$
—
$
—
$
13,107,110
Paper
&
Forest
Products
..................................
260,399
—
—
260,399
Passenger
Airlines
......................................
1,683,341
—
—
1,683,341
Personal
Care
Products
..................................
2,585,135
—
—
2,585,135
Pharmaceuticals
.......................................
5,829,061
43,174
—
5,872,235
Professional
Services
....................................
7,212,077
—
—
7,212,077
Real
Estate
Management
&
Development
.......................
2,248,344
—
—
2,248,344
Residential
REITs
.......................................
1,409,767
—
—
1,409,767
Retail
REITs
..........................................
3,692,678
—
—
3,692,678
Semiconductors
&
Semiconductor
Equipment
....................
9,782,685
—
—
9,782,685
Software
.............................................
16,025,847
—
—
16,025,847
Specialized
REITs
......................................
1,464,178
—
—
1,464,178
Specialty
Retail
........................................
6,939,852
—
—
6,939,852
Technology
Hardware,
Storage
&
Peripherals
....................
2,192,130
—
—
2,192,130
Textiles,
Apparel
&
Luxury
Goods
............................
1,322,253
—
—
1,322,253
Tobacco
.............................................
424,804
—
—
424,804
Trading
Companies
&
Distributors
............................
6,073,388
—
—
6,073,388
Water
Utilities
.........................................
1,429,261
—
—
1,429,261
Wireless
Telecommunication
Services
.........................
377,838
—
—
377,838
Rights
................................................
19
—
4,432
4,451
Short-Term
Securities
Money
Market
Funds
......................................
1,500,145
—
—
1,500,145
$
295,391,442
$
43,174
$
4,432
$
295,439,048
Investments
valued
at
NAV
(a)
......................................
46,949,001
$
—
$
342,388,049
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
3,913
$
—
$
—
$
3,913
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
BlackRock
Small
Cap
Index
V.I.
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
293,938,903‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
48,449,146‌
Cash
.............................................................................................................
105,606‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
138,000‌
Receivables:
–‌
Investments
sold
....................................................................................................
833‌
Securities
lending
income
—
affiliated
......................................................................................
34,098‌
Swaps  
..........................................................................................................
986‌
Capital
shares
sold
...................................................................................................
103,448‌
Dividends
—
unaffiliated
...............................................................................................
291,610‌
Dividends
—
affiliated
.................................................................................................
11,048‌
Variation
margin
on
futures
contracts
.......................................................................................
5,247‌
Prepaid
expenses
.....................................................................................................
2,124‌
Total
assets
.........................................................................................................
343,081,049‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
46,961,144‌
Payables:
–‌
Accounting
services
fees
...............................................................................................
25,370‌
Capital
shares
redeemed
...............................................................................................
34,561‌
Distribution
fees
.....................................................................................................
485‌
Investment
advisory
fees
..............................................................................................
34,094‌
Printing
and
postage
fees
..............................................................................................
183,852‌
Professional
fees
....................................................................................................
37,878‌
Transfer
agent
fees
..................................................................................................
48,701‌
Other
accrued
expenses
...............................................................................................
20,662‌
Total
liabilities
........................................................................................................
47,346,747‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
295,734,302‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
250,578,834‌
Accumulated
earnings
..................................................................................................
45,155,468‌
NET
ASSETS
........................................................................................................
$
295,734,302‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
255,522,729‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
45,343,671‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
48,449,351‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
27
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Small
Cap
Index
V.I.
Fund
NET
ASSET
VALUE
Class
I
Net
assets
.........................................................................................................
$
293,184,698‌
Shares
outstanding
..................................................................................................
26,927,307‌
Net
asset
value
.....................................................................................................
$
10.89‌
Shares
authorized
...................................................................................................
100
million
Par
value
.........................................................................................................
$
0.10‌
Class
III
Net
assets
.........................................................................................................
$
2,549,604‌
Shares
outstanding
..................................................................................................
235,099‌
Net
asset
value
.....................................................................................................
$
10.84‌
Shares
authorized
...................................................................................................
10
million
Par
value
.........................................................................................................
$
0.10‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
28
See
notes
to
financial
statements.
BlackRock
Small
Cap
Index
V.I.
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
1,829,775‌
Dividends
—
affiliated
.................................................................................................
49,974‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
185,733‌
Foreign
taxes
withheld
................................................................................................
(4,688‌)
Total
investment
income
.................................................................................................
2,060,794‌
EXPENSES
Investment
advisory
..................................................................................................
113,550‌
Transfer
agent
—
class
specific
..........................................................................................
68,165‌
Professional
.......................................................................................................
37,108‌
Printing
and
postage
.................................................................................................
32,365‌
Accounting
services
..................................................................................................
30,188‌
Recoupment
of
past
waived
and/or
reimbursed
fees
............................................................................
13,582‌
Custodian
.........................................................................................................
6,668‌
Directors
and
Officer
.................................................................................................
4,280‌
Distribution
—
class
specific
............................................................................................
2,814‌
Recoupment
of
past
waived
and/or
reimbursed
fees
—
class
specific
.................................................................
1,622‌
Transfer
agent
......................................................................................................
1,610‌
Miscellaneous
......................................................................................................
1,925‌
Total
expenses
.......................................................................................................
313,877‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(4,249‌)
Transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
....................................................................
(10,627‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
299,001‌
Net
investment
income
..................................................................................................
1,761,793‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
20,406,261‌
Net
realized
gain
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
5,326,800‌
Investments
—
affiliated
.............................................................................................
19,427‌
Futures
contracts
..................................................................................................
57,660‌
A
5,403,887‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
15,007,981‌
Investments
—
affiliated
.............................................................................................
(10,932‌)
Futures
contracts
..................................................................................................
5,325‌
A
15,002,374‌
Net
realized
and
unrealized
gain
...........................................................................................
20,406,261‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
22,168,054‌
Statements
of
Changes
in
Net
Assets

29
Financial
Statements
BlackRock
Small
Cap
Index
V.I.
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
1,761,793
‌
$
3,845,494
‌
Net
realized
gain
..................................................................................
5,403,887
‌
2,665,512
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
15,002,374
‌
(78,404,282
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
22,168,054
‌
(71,893,276
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Class
I
........................................................................................
—
‌
(8,911,398
)
  Class
III
.......................................................................................
—
‌
(56,856
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
—
‌
(8,968,254
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(3,444,669
)
5,899,664
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
18,723,385
‌
(74,961,866
)
Beginning
of
period
..................................................................................
277,010,917
‌
351,972,783
‌
End
of
period
......................................................................................
$
295,734,302
‌
$
277,010,917
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
30
(a)
On
October
29,
2018,
the
Fund
acquired
all
of
the
assets
and
assumed
certain
stated
liabilities
of
the
Small
Cap
Equity
Index
Fund
(the
"Predecessor
Fund"),
a
series
of
State
Farm
Variable
Product
Trust,
through
a
tax-free
reorganization
(the
"Reorganization").
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(h)
Annualized.
(i)
Includes
reorganization
costs
associated
with
the
Fund's
reorganization.  Without
these
costs,
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
0.27%
and
0.23%,
respectively.
BlackRock
Small
Cap
Index
V.I.
Fund
(a)
Class
I
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
...........
$
10.08
‌
$
13.10
‌
$
13.02
‌
$
11.34
‌
$
9.60
‌
$
14.57
‌
Net
investment
income
(b)
...................
0.06
‌
0.14
‌
0.14
‌
0.12
‌
0.15
‌
0.18
‌
Net
realized
and
unrealized
gain
(loss)
..........
0.75
‌
(2.83
)
1.68
‌
2.11
‌
2.29
‌
(1.86
)
Net
increase
(decrease)
from
investment
operations
..
0.81
‌
(2.69
)
1.82
‌
2.23
‌
2.44
‌
(1.68
)
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
................
—
‌
(0.13
)
(0.16
)
(0.16
)
(0.15
)
(0.19
)
From
net
realized
gain
.....................
—
‌
(0.20
)
(1.58
)
(0.39
)
(0.55
)
(3.10
)
Total
distributions
.........................
—
‌
(0.33
)
(1.74
)
(0.55
)
(0.70
)
(3.29
)
Net
asset
value,
end
of
period
................
$
10.89
‌
$
10.08
‌
$
13.10
‌
$
13.02
‌
$
11.34
‌
$
9.60
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
8.04
%
(e)
(20.46
)%
14.57
%
19.84
%
25.40
%
(11.25
)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
(g)
..........................
0.22
%
(h)
0.24
%
0.23
%
0.29
%
0.27
%
0.30
%
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.21
%
(h)
0.21
%
0.22
%
0.22
%
0.22
%
0.23
%
(i)
Net
investment
income
.....................
1.24
%
(h)
1.30
%
0.96
%
1.17
%
1.37
%
1.17
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
293,185
‌
$
274,954
‌
$
351,338
‌
$
321,743
‌
$
284,967
‌
$
242,300
‌
Portfolio
turnover
rate
.......................
10
%
18
%
21
%
16
%
13
%
17
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Expense
ratios
................................................
0.21%
N/A  
0.23%  
N/A  
N/A  
N/A  
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
31
Financial
Highlights
BlackRock
Small
Cap
Index
V.I.
Fund
Class
III
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Period
from
02/09/21
(a)
to
12/31/21
Net
asset
value,
beginning
of
period
......................................................
$
10.05
‌
$
13.07
‌
$
15.16
‌
Net
investment
income
(b)
..............................................................
0.05
‌
0.13
‌
0.16
‌
Net
realized
and
unrealized
gain
(loss)
.....................................................
0.74
‌
(2.83
)
(0.52
)
(c)
Net
increase
(decrease)
from
investment
operations
.............................................
0.79
‌
(2.70
)
(0.36
)
Distributions
(d)
–
–
–
From
net
investment
income
...........................................................
—
‌
(0.12
)
(0.15
)
From
net
realized
gain
................................................................
—
‌
(0.20
)
(1.58
)
Total
distributions
....................................................................
—
‌
(0.32
)
(1.73
)
Net
asset
value,
end
of
period
...........................................................
$
10.84
‌
$
10.05
‌
$
13.07
‌
Total
Return
(e)
—
—
—
Based
on
net
asset
value
...............................................................
7.86
%
(f)
(20.63
)%
(1.85
)%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
......................................................................
0.47
%
(h)
(i)
0.51
%
0.41
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.............................................
0.46
%
(h)
0.45
%
0.41
%
(h)
Net
investment
income
................................................................
0.99
%
(h)
1.21
%
1.23
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................
$
2,550
‌
$
2,057
‌
$
635
‌
Portfolio
turnover
rate
..................................................................
10
%
18
%
21
%
(j)
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
excludes
insurance-related
fees
and
expenses
and
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees
for
the
six
months
ended
June
30,
2023,
the
expense
ratio
would
have
been
0.46%.
(j)
Portfolio
turnover
rate
is
representative
of
the
portfolio
for
the
entire
year.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
32
1.
ORGANIZATION 
BlackRock
Variable
Series
Funds,
Inc. (the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company. The
Company
is
organized
as
a
Maryland
corporation
that
is
comprised
of
15 separate
funds. The
funds
offer shares
to
insurance
companies
for
their
separate
accounts
to
fund
benefits
under
certain
variable
annuity
and
variable
life
insurance
contracts. The
financial
statements
presented
are
for
BlackRock
Small
Cap
Index
V.I.
Fund (the
“Fund”). The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
Class
I
and
Class
III
Shares
have
equal
voting,
dividend,
liquidation
and
other
rights,
except
that
only
shares
of
the
respective
classes
are
entitled
to
vote
on
matters
concerning
only
that
class.
In
addition,
Class
III
Shares
bear
certain
expenses
related
to
the
distribution
of
such
shares.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors
of
the
Company
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
Notes
to
Financial
Statements
(unaudited)
(continued)
33
Notes
to
Financial
Statements
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the New
York
Stock
Exchange ("NYSE").
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
34
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Barclays
Capital,
Inc.
..............................
$
5,404,417‌
$
(5,404,417‌)
$
—‌
$
—‌
BNP
Paribas
SA
.................................
115,578‌
(115,578‌)
—‌
—‌
BofA
Securities,
Inc.
...............................
1,461,121‌
(1,461,121‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................
2,233,884‌
(2,233,884‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................
641,929‌
(641,929‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
22,798,937‌
(22,798,937‌)
—‌
—‌
Jefferies
LLC
....................................
358,747‌
(358,747‌)
—‌
—‌
National
Financial
Services
LLC
.......................
4,560,403‌
(4,560,403‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................
2,419,735‌
(2,419,735‌)
—‌
—‌
Toronto-Dominion
Bank
............................
5,311,282‌
(5,311,282‌)
—‌
—‌
UBS
Securities
LLC
...............................
37,638‌
(37,638‌)
—‌
—‌
$
45,343,671‌
$
(45,343,671‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
35
Notes
to
Financial
Statements
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Company,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
0.08%
of
the
average
daily
value
of
the
Fund’s
net
assets.
Distribution
Fees:
 The
Company
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, the
Fund
pays
BRIL
ongoing
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
an
annual rate
of 
0.25
%
based
upon
the
average
daily
net
assets
attributable
to
Class
III.
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
distribution
services
to
the
Fund.
The
ongoing
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
class
specific
distribution
fees
borne
directly
by Class III were
$2,814.
Transfer
Agent:
On
behalf
of
the
Fund,
the
Manager
entered
into
agreements
with
insurance
companies
and
other
financial
intermediaries
(“Service
Organizations”),
some
of
which
may
be
affiliates.
Pursuant
to
these
agreements,
the
Service
Organizations
provide
the
Fund
with
administrative,
networking,
recordkeeping,
sub-transfer
agency
and
shareholder
services
to
underlying
investor
accounts.
For
these
services,
the
Service
Organizations
receive
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets
of
Fund
shareholders
serviced
by
the
Service
Organizations
which
is
shown
as
transfer
agent
–
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
In
addition,
the
Fund
pays
the
transfer
agent,
which
is
not
an
affiliate,
a
fee
for
the
issuance,
transfer
and
redemption
of
shares
and
the
opening
and
maintenance
of
shareholder
accounts,
which
is
included
in
transfer
agent
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Expense
Limitations,
Waivers
,
Reimbursements
and
Recoupments
:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
directors
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act
(“Independent
Directors”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
 ended
June
30,
2023
,
the
amount
waived
was
$790.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
six
months
ended
June
30,
2023,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
has
contractually
agreed
to
reimburse
certain
transfer
agent
fees
in
order
to
limit
such
expenses
to
a
percentage
of
average
daily
net
assets
as
follows:  
Class
I
Class
III
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
67,552‌
$
613‌
$
68,165‌
Class
I
................................................................................................................
0.05‌%
Class
III
...............................................................................................................
0.05‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
36
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager
are
included
in
transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements
are
as
follows:
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$3,459
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in transfer
agent
fees
reimbursed
by
the
Manager
—
class
specific
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements are as
follows: 
With
respect
to
the
contractual
expense
limitation,
if
during
the
Fund’s
fiscal
year
the
operating
expenses
of
a
share
class,
that
at
any
time
during
the
prior
two
fiscal
years
received
a
waiver
and/or
reimbursement
from
the
Manager,
are
less
than
the
current
expense
limitation
for
that
share
class,
the
Manager
is
entitled
to
be
reimbursed
by
such
share
class
up
to
the
lesser
of:
(a)
the
amount
of
fees
waived
and/or
expenses
reimbursed
during
those
prior
two
fiscal
years
under
the
agreement
and
(b)
an
amount
not
to
exceed
either
the
current
expense
limitation
of
that
share
class
or
the
expense
limitation
of
the
share
class
in
effect
at
the
time
that
the
share
class
received
the
applicable
waiver
and/or
reimbursement,
provided
that:
(1)
the
Fund,
of
which
the
share
class
is
a
part,
has
more
than
$50
million
in
assets
for
the
fiscal
year,
and
(2)
the
Manager
or
an
affiliate
continues
to
serve
as
the
Fund’s
investment
adviser
or
administrator.
This
repayment
applies
only
to
the
contractual
expense
limitation
on
net
expenses
and
does
not
apply
to
the
contractual
investment
advisory
fee
waiver
described
above
or
any
voluntary
waivers
that
may
be
in
effect
from
time
to
time.
Effective
October
26,
2025,
the
repayment
arrangement
between
the
Fund
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under
the
Fund’s
contractual
caps
on
net
expenses will
be terminated.
For
the
six
months
ended
June
30,
2023,
the
Manager
recouped
the
following
fund
level
and
class
specific
waivers
and/or
reimbursements
previously
recorded
by
the
Fund:
As
of June
30,
2023,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement
are
as
follows:  
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
211‌
Class
III
......................................................................................................
50‌
$
261‌
Class
I
Class
III
Expense
Limitations
..................................................................................
0.22‌%
0.47‌%
Share
Class
Transfer
Agent
Fees
Reimbursed
by
the
Manager
-
Class
Specific
Class
I
.......................................................................................................
$
10,28
3‌
Class
III
......................................................................................................
8
3‌
$
10,36
6‌
Fund
Level
...............................................................................................................
$
13,582‌
Class
I
..................................................................................................................
1,622‌
Expiring
December
31,
Fund
Level/Share
Class
2023
2024
2025
Fund
Level
.....................................................................
$
—‌
$
32
,
968‌
$
3,459‌
Class
I
........................................................................
25,063
37,3
50‌
10,283‌
Class
III
.......................................................................
—‌
2
64‌
8
3‌
Notes
to
Financial
Statements
(unaudited)
(continued)
37
Notes
to
Financial
Statements
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $43,132
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers: 
Certain
directors
and/or
officers
of
the Company are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Company's
Chief
Compliance
Officer,
which
is
included
in
Directors and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
directors.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $29,079,725
and
$29,971,702,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Company,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
Purchases
...............................................................................................................
$
4,134,769‌
Sales
...................................................................................................................
9,856,178‌
Net
Realized
Gain
..........................................................................................................
5,729,474‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Small
Cap
Index
V.I.
Fund
....................................
$
305,451,120‌
$
87,009,347‌
$
(50,068,505‌)
$
36,940,842‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
38
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Manager uses
a
“passive”
or
index
approach
to
try
to
achieve
the
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns. The
Manager does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
the
Manager.
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
Notes
to
Financial
Statements
(unaudited)
(continued)
39
Notes
to
Financial
Statements
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
June
30,
2023,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Small
Cap
Index
V.I.
Fund
Class
I
Shares
sold
.............................................
509,871‌
$
5,392,173‌
1,171,651‌
$
12,884,597‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
888,744‌
8,911,160‌
Shares
redeemed
.........................................
(872,344‌)
(9,151,295‌)
(1,597,933‌)
(17,611,192‌)
(362,473‌)
$
(3,759,122‌)
462,462‌
$
4,184,565‌
Class
III
Shares
sold
.............................................
42,673‌
$
445,633‌
157,666‌
$
1,736,503‌
Shares
issued
in
reinvestment
of
distributions
........................
—‌
—‌
5,639‌
56,434‌
Shares
redeemed
.........................................
(12,287‌)
(131,180‌)
(7,169‌)
(77,838‌)
30,386‌
$
314,453‌
156,136‌
$
1,715,099‌
(332,087‌)
$
(3,444,669‌)
618,598‌
$
5,899,664‌
Class
I
..........................................................................................................
710‌
Class
III
.........................................................................................................
1,319‌
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
40
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
REIT
Real
Estate
Investment
Trust
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Variable
Series
Funds,
Inc.
(the
“Corporation”)
met
on
April
18,
2023
(the
“April
Meeting”)
and
May
23-24,
2023
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Corporation,
on
behalf
of
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund
(“Large
Cap
Core
V.I.
Fund”),
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund
(“Large
Cap
Value
V.I.
Fund”),
BlackRock
Advantage
SMID
Cap
V.I.
Fund
(“SMID
Cap
V.I.
Fund”),
BlackRock
Basic
Value
V.I.
Fund
(“Basic
Value
V.I.
Fund”),
BlackRock
Capital
Appreciation
V.I.
Fund
(“Capital
Appreciation
V.I.
Fund”),
BlackRock
Equity
Dividend
V.I.
Fund
(“Equity
Dividend
V.I.
Fund”),
BlackRock
Global
Allocation
V.I.
Fund
(“Global
Allocation
V.I.
Fund”),
BlackRock
Government
Money
Market
V.I.
Fund
(“Government
Money
Market
V.I.
Fund”),
BlackRock
International
V.I.
Fund
(“International
V.I.
Fund”),
BlackRock
International
Index
V.I.
Fund
(“International
Index
V.I.
Fund”),
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
(“60/40
Target
Allocation
ETF
V.I.
Fund”),
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund
(“Large
Cap
Focus
Growth
V.I.
Fund”),
BlackRock
Managed
Volatility
V.I.
Fund
(“Managed
Volatility
V.I.
Fund”),
BlackRock
Small
Cap
Index
V.I.
Fund
(“Small
Cap
Index
V.I.
Fund”)
and
BlackRock
S&P
500
Index
V.I.
Fund
(“S&P
500
Index
V.I.
Fund”)
(each,
a
“Fund,”
and
collectively
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
between
the
Manager
and
(a)
BlackRock
International
Limited
(“BIL”)
with
respect
to
International
V.I.
Fund
and
Managed
Volatility
V.I.
Fund
(the
“BIL
Sub-Advisory
Agreements”);
(b)
BlackRock
Asset
Management
North
Asia
Limited
(“BNA”)
with
respect
to
Managed
Volatility
V.I.
Fund
(the
“BNA
Sub-Advisory
Agreement”);
and
(c)
BlackRock
(Singapore)
Limited
(“BSL”
and
together
with
BIL
and
BNA,
the
“Sub-Advisors”)
with
respect
to
Managed
Volatility
V.I.
Fund
and
Global
Allocation
V.I.
Fund
(the
“BSL
Sub-Advisory
Agreements”
and
together
with
the
BIL
Sub-Advisory
Agreements
and
the
BNA
Sub-Advisory
Agreement,
the
“Sub-Advisory
Agreements”).
The
Manager
and
the
Sub-
Advisor
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Corporation,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
of
which
extended
over
a
two-day
period,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreement[s].
In
considering
the
renewal
of
the
Agreements,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
each
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
each
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
each
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
each
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
each
Fund;
(d)
the
resources
devoted
to
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
each
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
each
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
the
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
each
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
each
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
are
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
each
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
each
Fund’s
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
each
Fund;
(d)
each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
each
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
each
Fund’s
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
each
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
the
Funds
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
each
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Funds.
In
particular,
BlackRock
and
its
affiliates
provide
the
Funds
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
The
Board
noted
that
the
engagement
of,
with
respect
to
International
V.I.
Fund
and
Managed
Volatility
V.I.
Fund,
BIL,
with
respect
to
Managed
Volatility
V.I.
Fund
and
Global
Allocation
V.I.
Fund,
BSL
and,
with
respect
to
Managed
Volatility
V.I.
Fund,
BNA,
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
each
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Funds
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
each
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2022,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and,
with
respect
to
Large
Cap
Focus
Growth
V.I.
Fund,
Capital
Appreciation
V.I.
Fund,
Equity
Dividend
V.I.
Fund,
Basic
Value
V.I.
Fund,
Large
Cap
Value
V.I.
Fund,
Large
Cap
Core
V.I.
Fund,
SMID
Cap
V.I.
Fund,
Global
Allocation
V.I.
Fund,
60/40
Target
Allocation
ETF
V.I.
Fund
and
International
V.I.
Fund,
the
respective
Morningstar
open-end
fund
category
(“Morningstar
Open-End
Category”)
and,
with
respect
to
Managed
Volatility
V.I.
Fund,
in
light
of
each
Fund’s
outcome-oriented
investment
objective,
certain
performance
metrics
(“Outcome-Oriented
Performance
Metrics”)
and,
with
respect
to
International
Index
V.I.
Fund,
Small
Cap
Index
V.I.
Fund
and
S&P
500
Index
V.I.
Fund,
the
performance
of
each
Fund
as
compared
with
its
benchmark
and,
with
respect
to
Government
Money
Market
V.I.
Fund,
a
weighted
average
benchmark
of
similar
funds,
as
defined
by
BlackRock
(“Benchmark
Weighted
Average”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
60/40
Target
Allocation
ETF
V.I.
Fund
ranked
in
the
second
quartile
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Equity
Dividend
V.I.
Fund
ranked
in
the
second,
third
and
second
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
period.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Basic
Value
V.I.
Fund
ranked
in
the
second,
third
and
third
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-
End
Category
during
the
applicable
periods.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
Large
Cap
Value
V.I.
Fund
ranked
in
the
third
quartile
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Global
Allocation
V.I.
Fund
ranked
in
the
third,
second
and
first
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
period.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
SMID
Cap
V.I.
Fund
ranked
in
the
third,
fourth
and
second
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-
End
Category
during
the
applicable
periods.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Large
Cap
Core
V.I.
Fund
ranked
in
the
fourth,
second
and
third
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
International
V.I.
Fund
ranked
in
the
fourth,
third
and
third
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
The
Board
was
informed
that,
among
other
things,
underperformance
was
driven
by
a
uniquely
factor-heavy
market
environment,
creating
headwinds
for
a
more
balanced,
stock
specific
portfolio.
The
Board
and
BlackRock
discussed
BlackRock’s
strategy
for
improving
the
Fund’s
investment
performance.
Discussions
covered
topics
such
as
performance
attribution,
the
Fund’s
investment
personnel,
and
the
resources
appropriate
to
support
the
Fund’s
investment
processes.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
each
of
Large
Cap
Focus
Growth
V.I.
Fund
and
Capital
Appreciation
V.I.
Fund
ranked
in
the
fourth,
fourth
and
third
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
pertinent
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
each
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
The
Board
was
informed
that,
among
other
things,
underperformance
for
each
fund
was
driven
by
significant
style
factor
rotation
in
2021
and
early
2022
out
of
growth
and
momentum
and
into
value.
The
Board
and
BlackRock
discussed
BlackRock’s
strategy
for
improving
the
pertinent
Fund’s
investment
performance.
Discussions
covered
topics
such
as
performance
attribution,
the
Fund’s
investment
personnel,
and
the
resources
appropriate
to
support
the
Fund’s
investment
processes.
The
Board
reviewed
and
considered
Managed
Volatility
V.I.
Fund’s
performance
relative
to
the
Fund’s
Outcome-Oriented
Performance
Metrics
including
a
total
return
target.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
the
Fund
underperformed
its
total
return
target.
The
Board
noted
that
BlackRock
believes
that
the
Outcome-Oriented
Performance
Metrics
are
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
total
return
target
during
the
applicable
periods.
The
Board
noted
that
for
the
one-year
period
reported,
S&P
500
Index
V.I.
Fund’s
net
performance
was
within
the
tolerance
range
of
its
benchmark.
The
Board
noted
that
BlackRock
believes
that
net
performance
relative
to
the
benchmark
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-year
period
reported,
International
Index
V.I.
Fund’s
net
performance
was
above
the
tolerance
range
of
its
benchmark.
The
Board
noted
that
BlackRock
believes
that
net
performance
relative
to
the
benchmark
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
above
tolerance
performance
relative
to
its
benchmark
over
the
period.
The
Board
noted
that
for
the
one-year
period
reported,
Small
Cap
Index
V.I.
Fund’s
net
performance
was
above
the
tolerance
range
of
its
benchmark.
The
Board
noted
that
BlackRock
believes
that
net
performance
relative
to
the
benchmark
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
above
tolerance
performance
relative
to
its
benchmark
over
the
period.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
The
Board
reviewed
the
Government
Money
Market
V.I.
Fund’s
performance
within
the
context
of
the
low
yield
environment
that
existed
for
a
portion
of
the
relative
periods.
In
addition
to
reviewing
the
Fund’s
performance
and
current
yield,
it
also
reviews
the
liquidity,
duration,
credit
quality
and
other
risk
factors
of
the
Fund’s
portfolio.
The
Board
noted
that
for
each
of
the
one-and
three-year
periods
reported,
the
Fund
outperformed
its
Benchmark
Weighted
Average.
The
Board
noted
that
BlackRock
believes
that
the
Benchmark
Weighted
Average
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Funds
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2022
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
Large
Cap
Focus
Growth
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
fourth
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Capital
Appreciation
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
fourth
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Equity
Dividend
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Basic
Value
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
third
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
International
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
second
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
noted
that
Large
Cap
Core
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
second
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Large
Cap
Value
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
first
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
had
voluntarily
agreed
to
waive
a
portion
of
the
advisory
fee
payable
by
the
Fund.
Finally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
SMID
Cap
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Global
Allocation
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
third
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
third
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
BlackRock
has
reviewed
with
the
Board
that
the
varying
fee
structure
for
fund
of
funds
can
limit
the
value
of
management
fee
comparisons. The
Board
noted
that
60/40
Target
Allocation
ETF
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
first
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers. The
Board
further
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
noted
that
Managed
Volatility
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartiles
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
Finally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
S&P
500
Index
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
International
Index
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartiles
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
noted
that
Small
Cap
Index
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Fund
on
a
class-by-class
basis.
The
Board
reviewed
the
expenses
within
the
context
of
the
low
yield
environment
that
existed
for
a
portion
of
the
relative
periods,
and
any
consequent
expense
waivers
and
reimbursements
necessary
to
maintain
minimum
levels
of
daily
net
investment
income,
as
applicable.
The
Board
noted
that
Government
Money
Market
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
third
and
fourth
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
each
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Funds
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
breakpoint
structure
in
order
to
enable
the
Funds
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
pertinent
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
(i)
the
Advisory
Agreement
between
the
Manager
and
the
Corporation,
on
behalf
of
each
Fund,
(ii)
the
BIL
Sub-Advisory
Agreements
between
the
Manager
and
BIL
with
respect
to
International
V.I.
Fund
and
Managed
Volatility
V.I.
Fund,
(iii)
the
BNA
Sub-Advisory
Agreement
between
the
Manager
and
BNA
with
respect
to
Managed
Volatility
V.I.
Fund
and
(iv)
BSL
Sub-Advisory
Agreements
between
the
Manager
and
BSL
with
respect
to
Managed
Volatility
V.I.
Fund
and
Global
Allocation
V.I.
Fund,
each
for
a
one-year
term
ending
June
30,
2024.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and,
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Directors
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Variable
Series
Funds
II,
Inc.
(the
“Company”)
met
on
May
4,
2023
(the
“May
Meeting”)
and
June
1-2,
2023
(the
“June
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Company,
on
behalf
of
BlackRock
High
Yield
V.I.
Fund
(the
“High
Yield
V.I.
Fund”)
and
BlackRock
Total
Return
V.I.
Fund
(the
“Total
Return
V.I.
Fund”
and
together
with
the
High
Yield
V.I.
Fund,
the
“Funds”
and
each,
a
“Fund,”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreements
(the
“Sub-Advisory
Agreements”)
between
(1)
the
Manager
and
BlackRock
International
Limited
(“BIL”),
with
respect
to
each
Fund
and
(2)
BlackRock
(Singapore)
Limited
(“BRS”
and
together
with
BIL,
the
“Sub-Advisors”),
with
respect
to
the
Total
Return
V.I.
Fund.
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Company,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
of
which
extended
over
a
two-day
period,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
each
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
each
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
each
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
each
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
each
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
each
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
each
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
each
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
each
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
May
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
are
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
May
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
each
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
each
Fund’s
operations.
At
the
May
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
June
Meeting.
At
the
June
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a) the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b) the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c) the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
each
Fund;
(d) each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
each
Fund;
and
(g) other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
each
Fund’s
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
each
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
each
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
each
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
each
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
each
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
each
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
The
Board
noted
that
the
engagement
of
the
Sub-Advisers
with
respect
to
each
Fund,
as
applicable,
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
each
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
each
Fund
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
each
Fund
throughout
the
year
and
at
the
May
Meeting.
In
preparation
for
the
May
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2022,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
the
respective
Morningstar
open-end
fund
category
(“Morningstar
Open-End
Category”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
High
Yield
V.I.
Fund
ranked
in
the
second,
second
and
first
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
High
Yield
V.I.
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
Total
Return
V.I.
Fund
ranked
in
the
third,
third
and
second
quartiles,
respectively,
against
its
Morningstar
Open-End
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Open-End
Category
is
an
appropriate
performance
metric
for
the
Total
Return
V.I.
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Total
Return
V.I.
Fund’s
underperformance
relative
to
its
Morningstar
Open-End
Category
during
the
applicable
periods.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
each
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
each
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
period
of
market
volatility.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2022
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
each
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
High
Yield
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
High
Yield
V.I.
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
High
Yield
V.I.
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
the
High
Yield
V.I.
Fund,
combined
with
the
assets
of
the
Total
Return
V.I.
Fund,
increase
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
High
Yield
V.I.
Fund
or
the
Total
Return
V.I
Fund,
decrease
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
High
Yield
V.I.
Fund’s
total
expenses
as
a
percentage
of
the
High
Yield
V.I.
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
High
Yield
V.I.
Fund
on
a
class-by-class
basis.
The
Board
noted
that
the
Total
Return
V.I.
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Total
Return
V.I.
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Total
Return
V.I.
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
aggregate
assets
of
the
Total
Return
V.I.
Fund,
combined
with
the
assets
of
the
High
Yield
V.I.
Fund,
increase
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Total
Return
V.I.
Fund
or
the
High
Yield
V.I
Fund,
decrease
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Total
Return
V.I.
Fund’s
total
expenses
as
a
percentage
of
the
Total
Return
V.I.
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
Additionally,
the
Board
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
certain
operational
and
recordkeeping
fees
for
the
Total
Return
V.I.
Fund
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
each
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
each
Fund
benefits
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
each
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
each
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
each
Fund,
including
for
administrative,
distribution,
securities
lending,
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
each
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
each
Fund.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Conclusion
At
the
June
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
May
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Company,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2024,
and
the
Sub-Advisory
Agreements
between
(1)
the
Manager
and
BIL,
with
respect
to
each
Fund,
and
(2)
the
Manager
and
BRS,
with
respect
to
the
Total
Return
V.I.
Fund,
for
a
one-year
term
ending
June
30,
2024.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Additional
Information
Additional
Information
Tailored
Shareholder
Reports
for
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
(except
BlackRock
Government
Money
Market
V.I.
Fund)
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
The 
BlackRock
Government
Money
Market
V.I.
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
each
month
on
Form
N-MFP.
The
Fund’s
reports
on
Form
N-MFP
are
available
on
the
SEC’s
website
at
sec.gov
.
The
Fund
makes
portfolio
holdings
available
to
shareholders
on
its
website
at
blackrock.com
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com/prospectus/insurance
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800) 
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
International
Limited
(a)
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
Asset
Management
North
Asia
Limited
(b)
Hong
Kong
BlackRock
(Singapore)
Limited
(c)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
(d)
New
York,
NY
10019
Willkie
Farr
&
Gallagher
LLP
(e)
New
York,
NY
10019
Address
of
the
Funds
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
High
Yield
V.I.
Fund,
BlackRock
International
V.I.
Fund,
BlackRock
Managed
Volatility
V.I.
Fund
and
BlackRock
Total
Return
V.I.
Fund.
(b)
For
BlackRock
Managed
Volatility
V.I.
Fund.
(c)
For
BlackRock
Global
Allocation
V.I.
Fund,
BlackRock
Managed
Volatility
V.I.
Fund
and
BlackRock
Total
Return
V.I.
Fund.
(d)
For
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund,
BlackRock
Advantage
Large
Cap
Core
V.I.
Fund,
BlackRock
Advantage
Large
Cap
Value
V.I.
Fund,
BlackRock
Advantage
SMID
Cap
V.I.
Fund,
BlackRock
Basic
Value
V.I.
Fund,
BlackRock
Capital
Appreciation
V.I.
Fund,
BlackRock
Equity
Dividend
V.I.
Fund,
BlackRock
Global
Allocation
V.I.
Fund,
BlackRock
Government
Money
Market
V.I.
Fund,
BlackRock
International
V.I.
Fund,
BlackRock
International
Index
V.I.
Fund,
BlackRock
Large
Cap
Focus
Growth
V.I.
Fund,
BlackRock
Managed
Volatility
V.I.
Fund,
BlackRock
S&P
500
Index
V.I.
Fund
and
BlackRock
Small
Cap
Index
V.I.
Fund.
(e)
For
BlackRock
High
Yield
V.I.
Fund
and
BlackRock
Total
Return
V.I.
Fund.
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
only
for
distribution
to
shareholders
of
the
Funds
of
BlackRock
Variable
Series
Funds,
Inc.
and
BlackRock
Variable
Series
Funds
II,
Inc.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
return
and
principal
value
of
non-money
market
fund
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
You
could
lose
money
by
investing
in
the
Funds.
Although
BlackRock
Government
Money
Market
V.I.
Fund
seeks
to
preserve
the
value
of
your
investment
at
$1.00
per
share,
it
cannot
guarantee
it
will
do
so.
An
investment
in
BlackRock
Government
Money
Market
V.I.
Fund
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
BlackRock
Government
Money
Market
V.I.
Fund’s
sponsor
has
no
legal
obligation
to
provide
financial
support
to
the
Fund
at
any
time.
Performance
data
quoted
represents
past
performance
and
does
not
guarantee
future
results.
Total
return
information
assumes
reinvestment
of
all
distributions.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
For
current
month-end
performance
information,
call
(800)
626-1960.
BlackRock
Government
Money
Market
V.I.
Fund’s
current
7-day
yield
more
closely
reflects
the
current
earnings
of
the
Fund
than
the
total
returns
quoted.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
VS-6/23-SAR
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable                  
 
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached

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, Inc.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Variable Series Funds, Inc.
 
Date: August 14, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Variable Series Funds, Inc.
 
 
Date: August 14, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Variable Series Funds, Inc.
 
Date: August 14, 2023