BlackRock Variable Series Funds II N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23346

Name of Fund:  BlackRock Variable Series Funds II, Inc.

BlackRock High Yield V.I. Fund

BlackRock Total Return V.I. Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Variable Series Funds II, Inc., 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

DECEMBER

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Annual

Report

BlackRock

Variable

Series

Funds,

Inc.

BlackRock

Variable

Series

Funds

II,

Inc.

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

December

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

in

the

first

half

of

the

year

before

stalling

between

3%

and

4%

in

the

second

half.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies

and

small-capitalization

U.S.

stocks

also

advanced.

Meanwhile,

international

developed

market

equities

and

emerging

market

stocks

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

ended

2023

where

it

began

despite

an

eventful

year

that

saw

significant

moves

in

bond

markets.

Overall,

U.S.

Treasuries

gained

as

investors

began

to

anticipate

looser

financial

conditions.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

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”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

four

times

during

the

12-month

period,

but

paused

its

tightening

in

the

second

half

of

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

Supply

constraints

appear

to

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

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

interest

rate

cuts,

as

reflected

in

the

recent

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

We

believe

developed

market

equities

have

priced

in

an

optimistic

scenario

for

rate

cuts,

which

we

view

as

premature,

so

we

prefer

an

underweight

stance

in

the

near

term.

Nevertheless,

we

are

overweight

on

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

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.

mortgage-backed

securities,

and

hard-currency

emerging

market

bonds.

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

December

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

8.04%

26.29%

U.S.

small

cap

equities

(Russell

2000

®

Index)

8.18

16.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

5.88

18.24

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.71

9.83

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.70

5.02

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

1.11

2.83

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

3.37

5.53

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

3.63

6.40

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.65

13.44

This

Page

is

not

Part

of

Your

Fund

Report

December

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Annual

Report

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

High

Yield

V.I.

Fund

Fund

Summary

as

of

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

High

Yield

V.I.

Fund

Investment

Objective

BlackRock

High

Yield

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

total

return,

consistent

with

income

generation

and

prudent

investment

management.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

During

the

12-month

period

ended

December

31,

2023,

the

Fund

underperformed

the

benchmark,

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index.

What

factors

influenced

performance?

High-yield

corporate

bonds

experienced

strong

positive

returns

during

the

reporting

period,

as

credit

sentiment

was

supported

by

continued

declines

in

inflation

and

resilient

economic

data.

In

sector

terms,

security

selection

within

technology

and

chemicals

contributed

positively

to

performance

relative

to

the

benchmark.

By

credit

quality,

the

Fund’s

underweight

allocation

to

BB-rated

issuers

and

security

selection

within

B-rated

issuers

was

additive.

Out-of-benchmark

exposure

to

floating

rate

bank

loans

also

contributed.

On

the

downside,

in

sector

terms

an

underweight

allocation

to

retailers

and

security

selection

within

both

leisure

and

finance

companies

detracted

from

relative

performance.

The

Fund’s

position

in

U.S.

Treasuries

also

weighed

on

performance

in

a

strong

market

for

high

yield.

Describe

recent

portfolio

activity.

While

key

positioning

themes

have

remained

broadly

consistent,

the

Fund

tactically

navigated

sector-

and

issuer-level

positioning

to

take

advantage

of

market

opportunities.

In

this

vein,

the

Fund

reduced

exposure

to

bank

loans

and

investment

grade

corporate

bonds

throughout

the

period

as

more

interesting

relative

value

opportunities

developed

within

the

high

yield

market.

The

Fund

also

increased

its

position

in

B-rated

credits

and

decreased

its

position

in

BB-Rated

credits.

Describe

portfolio

positioning

at

period

end.

Within

the

Fund’s

core

allocation

to

high

yield

corporate

bonds,

the

Fund

was

underweight

BB-rated

credits

and

overweight

B-rated

and

select

CCC-rated

credits.

The

Fund

also

held

tactical

exposure

to

secured

BBB-rated

bonds

issued

by

legacy

high

yield

companies

for

refinancing

purposes.

In

sector

terms,

the

Fund’s

largest

allocations

included

technology,

independent

energy,

midstream

energy,

cable

and

satellite,

and

healthcare.

The

Fund

continued

to

hold

meaningful

tactical

allocations

to

bank

loans

and

investment

grade

corporate

bonds.

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

December

31,

2023

(continued)

3

Fund

Summary

BlackRock

High

Yield

V.I.

Fund

GROWTH

OF

$10,000

INVESTMENT

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.

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

The

Fund

invests

primarily

in

non-investment

grade

bonds

with

maturities

of

ten

years

or

less.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

High

Yield

V.I.

Fund

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.`

(c)

An

unmanaged

index

comprised

of

issuers

that

meet

the

following

criteria:

at

least

$150

million

par

value

outstanding;

maximum

credit

rating

of

Ba1;

at

least

one

year

to

maturity;

and

no

issuer

represents

more

than

2%

of

the

index.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yields

(b)

Unsubsidized

30-Day

Yields

(b)

1

Year

5

Years

10

Years

Class

I

(c)

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

7.33‌%

7.25‌%

13.21‌%

5.74‌%

4.46‌%

Class

III

(c)

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

7.10‌

6.99‌

12.94‌

5.49‌

4.21‌

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index

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

—‌

—‌

13.44‌

5.35‌

4.59‌

(a)

For

a

portion

of

the

period,

the

Fund’s

investment

adviser

waived

and/or

reimbursed

a

portion

of

its

fee.

Without

such

waiver

and/or

reimbursement,

the

Fund’s

performance

would

have

been

lower.

(b)

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

(c)

Average

annual

total

returns

are

based

on

changes

in

net

asset

value

(“NAV”)

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

NAV

on

the

ex-dividend/

payable

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

Fund

Summary

as

of

December

31,

2023

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

High

Yield

V.I.

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Class

I

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

$

1,000.00‌

$

1,072.20‌

$

3.03‌

$

1,000.00‌

$

1,022.28‌

$

2.96‌

0.58‌%

Class

III

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

1,000.00‌

1,070.90‌

4.28‌

1,000.00‌

1,021.07‌

4.18‌

0.82‌

(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

184/365

(to

reflect

the

one-half

year

period

shown).

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

AA/Aa

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

0.1‌

%

A

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

0.8‌

BBB/Baa

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

6.0‌

BB/Ba

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

40.1‌

B

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

43.7‌

CCC/Caa

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

8.8‌

NR

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

0.5‌

(a)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/

Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(b)

Excludes

short-term

securities.

Disclosure

of

Expenses

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

Financial

Statements.

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Capital

Markets

—

0.0%

Ardagh

MP

USA,

Inc.,

(Acquired

08/02/21,

cost

$552,653)

(a)(b)

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

56,202

$

219,188

Chemicals

—

0.1%

Element

Solutions,

Inc.

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

18,781

434,592

Energy

Equipment

&

Services

—

0.0%

Nine

Energy

Service,

Inc.

(a)

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

880

2,359

Financial

Services

—

0.0%

Block,

Inc.,

Class

A

(a)

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

2,003

154,932

Ground

Transportation

—

0.1%

Uber

Technologies,

Inc.

(a)

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

6,319

389,061

Hotels,

Restaurants

&

Leisure

—

0.0%

Aramark

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

7,756

217,945

IT

Services

—

0.0%

Twilio,

Inc.,

Class

A

(a)

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

997

75,642

Metals

&

Mining

—

0.1%

Constellium

SE,

Class

A

(a)

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

58,591

1,169,476

Oil,

Gas

&

Consumable

Fuels

—

0.0%

NGL

Energy

Partners

LP

(a)

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

46,888

261,166

Pharmaceuticals

—

0.1%

Catalent,

Inc.

(a)

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

12,817

575,868

Software

—

0.1%

Informatica,

Inc.,

Class

A

(a)

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

21,967

623,643

Total

Common

Stocks

—

0.5%

(Cost:

$3,984,188)

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

4,123,872

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

3.6%

(c)

Bombardier,

Inc.

7.13%,

06/15/26

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

USD

1,882

1,873,213

7.88%,

04/15/27

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

505

505,089

6.00%,

02/15/28

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

1,539

1,499,410

7.50%,

02/01/29

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

199

202,299

8.75%,

11/15/30

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

1,478

1,573,631

7.45%,

05/01/34

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

301

343,140

BWX

Technologies,

Inc.

4.13%,

06/30/28

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

457

423,772

4.13%,

04/15/29

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

458

417,925

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

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

80

74,893

Embraer

Netherlands

Finance

BV,

7.00%,

07/28/30

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

941

983,241

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

.

1,600

1,563,767

Rolls-Royce

plc,

5.75%,

10/15/27

.......

1,955

1,958,359

Spirit

AeroSystems,

Inc.

9.38%,

11/30/29

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

1,313

1,436,782

9.75%,

11/15/30

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

1,343

1,443,690

TransDigm,

Inc.

6.25%,

03/15/26

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

4,460

4,452,294

6.75%,

08/15/28

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

5,718

5,849,983

7.13%,

12/01/31

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

2,699

2,828,323

Triumph

Group,

Inc.,

9.00%,

03/15/28

....

2,759

2,933,769

30,363,580

Security

Par

(000)

Par

(000)

Value

Air

Freight

&

Logistics

—

0.1%

GN

Bondco

LLC,

9.50%,

10/15/31

(c)

.....

USD

886

$

864,993

Automobile

Components

—

1.6%

Clarios

Global

LP

6.75%,

05/15/25

(c)

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

1,117

1,126,830

4.38%,

05/15/26

(d)

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

EUR

560

612,948

8.50%,

05/15/27

(c)

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

USD

5,696

5,715,856

6.75%,

05/15/28

(c)

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

1,740

1,775,174

Dealer

Tire

LLC,

8.00%,

02/01/28

(c)

......

304

300,960

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

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

176

166,290

5.63%,

04/30/33

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

248

222,304

Icahn

Enterprises

LP

6.25%,

05/15/26

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

202

192,730

5.25%,

05/15/27

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

2,392

2,148,552

9.75%,

01/15/29

(c)

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

720

734,544

4.38%,

02/01/29

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

644

537,779

Tenneco,

Inc.,

8.00%,

11/17/28

(c)

.......

60

51,225

13,585,192

Automobiles

—

0.1%

Ford

Motor

Co.

3.25%,

02/12/32

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

257

213,748

6.10%,

08/19/32

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

597

601,794

815,542

Banks

—

1.2%

Banco

Espirito

Santo

SA

(a)(d)(e)

2.63%,

05/08/17

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

EUR

100

28,703

4.75%,

01/15/18

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

100

28,703

4.00%,

01/21/23

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

100

28,702

Banco

Santander

SA,

6.92%,

08/08/33

....

USD

400

426,266

Barclays

plc

5.20%,

05/12/26

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

200

198,703

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(f)(g)

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

940

730,761

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.43%),

8.00%

(f)(g)

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

390

382,751

(USISSO05

+

5.78%),

9.63%

(f)(g)

......

2,040

2,119,050

BNP

Paribas

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.35%),

8.50%

(c)(f)(g)

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

1,025

1,073,405

Citigroup,

Inc.

(g)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.21%),

7.63%

(f)

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

780

796,458

(1-day

SOFR

+

2.66%),

6.17%,

05/25/34

950

983,037

Credit

Agricole

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

4.75%

(c)(f)(g)

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

460

390,217

HSBC

Holdings

plc

(f)(g)

(5-Year

USD

Swap

Rate

+

3.75%),

6.00%

465

444,103

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.65%),

4.60%

200

166,803

Intesa

Sanpaolo

SpA

(c)(g)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

4.20%,

06/01/32

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

320

263,862

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.75%),

4.95%,

06/01/42

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

235

167,325

Lloyds

Banking

Group

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

(f)(g)

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

505

506,009

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Wells

Fargo

&

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.61%),

7.63%

(f)(g)

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

USD

1,064

$

1,116,467

9,851,325

Broadline

Retail

—

0.4%

(c)

ANGI

Group

LLC,

3.88%,

08/15/28

......

282

238,157

Go

Daddy

Operating

Co.

LLC

5.25%,

12/01/27

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

82

80,353

3.50%,

03/01/29

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

419

379,487

LCM

Investments

Holdings

II

LLC

4.88%,

05/01/29

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

850

789,577

8.25%,

08/01/31

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

768

801,565

Match

Group

Holdings

II

LLC

4.63%,

06/01/28

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

231

221,183

5.63%,

02/15/29

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

164

159,285

4.13%,

08/01/30

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

368

333,925

3.63%,

10/01/31

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

405

349,928

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

...

227

218,135

3,571,595

Building

Products

—

0.9%

Advanced

Drainage

Systems,

Inc.

(c)

5.00%,

09/30/27

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

1,024

988,160

6.38%,

06/15/30

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

724

729,425

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

(c)

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

560

568,416

James

Hardie

International

Finance

DAC,

5.00%,

01/15/28

(c)

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

200

193,467

JELD-WEN,

Inc.,

4.63%,

12/15/25

(c)

.....

600

580,500

Masonite

International

Corp.

(c)

5.38%,

02/01/28

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

74

71,040

3.50%,

02/15/30

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

454

393,536

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(c)

5.25%,

07/15/28

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

181

172,658

9.75%,

07/15/28

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

215

215,000

Standard

Industries,

Inc.

2.25%,

11/21/26

(d)

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

EUR

200

208,095

5.00%,

02/15/27

(c)

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

USD

345

336,353

4.75%,

01/15/28

(c)

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

108

103,971

4.38%,

07/15/30

(c)

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

1,017

934,001

3.38%,

01/15/31

(c)

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

558

480,031

Summit

Materials

LLC

(c)

5.25%,

01/15/29

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

34

32,895

7.25%,

01/15/31

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

1,118

1,178,041

7,185,589

Capital

Markets

—

0.9%

AG

TTMT

Escrow

Issuer

LLC,

8.63%,

09/30/27

(c)

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

311

326,983

Ares

Capital

Corp.,

7.00%,

01/15/27

.....

340

349,723

Aretec

Group,

Inc.,

10.00%,

08/15/30

(c)

....

200

212,530

Blackstone

Private

Credit

Fund

7.05%,

09/29/25

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

167

169,952

3.25%,

03/15/27

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

155

142,189

Blue

Owl

Capital

Corp.

3.75%,

07/22/25

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

380

363,972

3.40%,

07/15/26

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

131

121,789

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

(c)

357

367,797

Blue

Owl

Credit

Income

Corp.

5.50%,

03/21/25

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

386

380,540

3.13%,

09/23/26

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

90

82,191

7.75%,

09/16/27

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

644

663,993

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(c)

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

403

380,682

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

02/15/26

(c)

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

250

229,974

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Macquarie

Bank

Ltd.,

6.80%,

01/18/33

(c)

...

USD

233

$

247,664

Northern

Trust

Corp.,

6.13%,

11/02/32

....

244

262,015

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/28

(c)

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

396

417,113

UBS

Group

AG

(c)(f)(g)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

1,095

1,181,261

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.31%),

4.38%

320

252,729

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

1,240

1,374,249

7,527,346

Chemicals

—

2.4%

Ashland,

Inc.,

3.38%,

09/01/31

(c)

........

403

347,353

Avient

Corp.,

7.13%,

08/01/30

(c)

........

440

457,714

Axalta

Coating

Systems

Dutch

Holding

B

BV,

7.25%,

02/15/31

(c)

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

653

684,823

Axalta

Coating

Systems

LLC

(c)

4.75%,

06/15/27

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

490

476,171

3.38%,

02/15/29

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

687

616,534

Celanese

US

Holdings

LLC,

6.70%,

11/15/33

246

266,811

Chemours

Co.

(The)

(c)

5.75%,

11/15/28

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

818

779,149

4.63%,

11/15/29

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

202

177,347

Element

Solutions,

Inc.,

3.88%,

09/01/28

(c)

.

3,726

3,430,292

Gates

Global

LLC,

6.25%,

01/15/26

(c)

.....

776

772,120

HB

Fuller

Co.,

4.25%,

10/15/28

........

185

172,985

Herens

Holdco

SARL,

4.75%,

05/15/28

(c)

..

1,439

1,180,536

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

...

779

744,880

Ingevity

Corp.,

3.88%,

11/01/28

(c)

.......

132

118,210

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(c)

.

617

460,000

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(c)

..

296

250,308

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(c)

388

373,136

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(c)

.

39

38,659

Olympus

Water

US

Holding

Corp.,

9.75%,

11/15/28

(c)

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

2,240

2,377,520

SCIL

IV

LLC,

5.38%,

11/01/26

(c)

........

537

515,484

Scotts

Miracle-Gro

Co.

(The)

4.50%,

10/15/29

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

222

197,249

4.00%,

04/01/31

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

325

275,732

4.38%,

02/01/32

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

533

450,396

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(c)

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

1,346

1,167,655

WR

Grace

Holdings

LLC

(c)

4.88%,

06/15/27

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

419

403,120

5.63%,

08/15/29

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

2,904

2,555,395

7.38%,

03/01/31

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

816

816,249

20,105,828

Commercial

Services

&

Supplies

—

3.8%

ADT

Security

Corp.

(The)

(c)

4.13%,

08/01/29

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

58

53,375

4.88%,

07/15/32

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

694

641,943

Allied

Universal

Holdco

LLC

(c)

6.63%,

07/15/26

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

2,415

2,402,319

9.75%,

07/15/27

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

617

604,596

4.63%,

06/01/28

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

3,989

3,634,944

6.00%,

06/01/29

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

3,340

2,723,082

APi

Group

DE,

Inc.

(c)

4.13%,

07/15/29

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

453

412,210

4.75%,

10/15/29

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

225

211,347

APX

Group,

Inc.

(c)

6.75%,

02/15/27

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

455

453,862

5.75%,

07/15/29

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

500

466,127

Aramark

Services,

Inc.,

5.00%,

02/01/28

(c)

..

2,050

1,988,582

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Ashtead

Capital,

Inc.,

5.95%,

10/15/33

(c)

...

USD

495

$

504,306

Clean

Harbors,

Inc.

(c)

4.88%,

07/15/27

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

233

228,315

5.13%,

07/15/29

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

108

103,233

6.38%,

02/01/31

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

228

231,661

Covanta

Holding

Corp.

4.88%,

12/01/29

(c)

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

365

318,897

5.00%,

09/01/30

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

200

170,232

Garda

World

Security

Corp.

(c)

4.63%,

02/15/27

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

767

739,533

9.50%,

11/01/27

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

418

421,406

7.75%,

02/15/28

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

1,777

1,838,501

6.00%,

06/01/29

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

63

56,472

GFL

Environmental,

Inc.

(c)

4.25%,

06/01/25

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

176

173,399

3.75%,

08/01/25

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

462

451,192

5.13%,

12/15/26

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

843

834,066

4.00%,

08/01/28

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

689

636,906

3.50%,

09/01/28

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

113

104,419

4.75%,

06/15/29

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

1,333

1,255,633

4.38%,

08/15/29

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

849

783,529

6.75%,

01/15/31

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

1,622

1,671,116

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(c)

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

170

169,745

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(c)

.

846

788,893

Prime

Security

Services

Borrower

LLC

(c)

5.75%,

04/15/26

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

319

320,728

6.25%,

01/15/28

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

1,447

1,438,562

Stericycle,

Inc.,

3.88%,

01/15/29

(c)

.......

105

95,274

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(c)

...

3,537

3,404,362

Williams

Scotsman,

Inc.

(c)

6.13%,

06/15/25

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

421

421,830

4.63%,

08/15/28

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

255

240,854

7.38%,

10/01/31

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

892

935,491

31,930,942

Communications

Equipment

—

0.5%

(c)

CommScope

Technologies

LLC,

6.00%,

06/15/25

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

1,327

1,081,505

CommScope,

Inc.

6.00%,

03/01/26

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

253

225,544

4.75%,

09/01/29

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

592

397,472

Viasat,

Inc.

5.63%,

09/15/25

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

1,046

1,019,891

5.63%,

04/15/27

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

507

490,523

7.50%,

05/30/31

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

126

98,910

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

....

522

456,980

3,770,825

Construction

&

Engineering

—

0.6%

(c)

Arcosa,

Inc.,

4.38%,

04/15/29

.........

676

629,613

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

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

3,599

3,806,050

Dycom

Industries,

Inc.,

4.50%,

04/15/29

...

279

258,890

MasTec,

Inc.,

4.50%,

08/15/28

.........

63

59,161

Pike

Corp.,

8.63%,

01/31/31

..........

214

224,880

4,978,594

Construction

Materials

—

0.4%

Smyrna

Ready

Mix

Concrete

LLC

(c)

6.00%,

11/01/28

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

1,458

1,435,517

8.88%,

11/15/31

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

1,756

1,845,865

3,281,382

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

—

1.3%

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(c)

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

USD

337

$

349,359

Capital

One

Financial

Corp.,

(1-day

SOFR

+

2.86%),

6.38%,

06/08/34

(g)

..........

230

236,715

Ford

Motor

Credit

Co.

LLC

7.35%,

03/06/30

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

1,052

1,130,165

7.20%,

06/10/30

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

1,562

1,663,602

Global

Aircraft

Leasing

Co.

Ltd.

(c)(h)

Series

2021,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(g)

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

403

378,915

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

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

283

265,792

Macquarie

Airfinance

Holdings

Ltd.

(c)

8.38%,

05/01/28

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

228

238,796

8.13%,

03/30/29

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

553

578,008

Navient

Corp.

5.50%,

03/15/29

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

249

229,613

9.38%,

07/25/30

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

787

824,522

OneMain

Finance

Corp.

6.88%,

03/15/25

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

386

390,740

7.13%,

03/15/26

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

837

852,726

3.50%,

01/15/27

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

197

182,312

6.63%,

01/15/28

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

155

156,479

9.00%,

01/15/29

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

1,180

1,247,530

5.38%,

11/15/29

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

157

147,015

7.88%,

03/15/30

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

934

961,433

4.00%,

09/15/30

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

1,035

885,707

SLM

Corp.,

3.13%,

11/02/26

..........

393

366,447

11,085,876

Consumer

Staples

Distribution

&

Retail

—

0.8%

Albertsons

Cos.,

Inc.

(c)

4.63%,

01/15/27

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

471

457,908

5.88%,

02/15/28

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

345

345,232

6.50%,

02/15/28

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

320

323,823

3.50%,

03/15/29

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

662

601,084

4.88%,

02/15/30

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

1,672

1,600,650

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(c)

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

800

733,754

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(c)

155

125,479

US

Foods,

Inc.

(c)

6.88%,

09/15/28

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

471

484,829

4.75%,

02/15/29

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

780

740,800

4.63%,

06/01/30

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

84

78,285

7.25%,

01/15/32

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

568

592,260

Walgreens

Boots

Alliance,

Inc.

3.20%,

04/15/30

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

74

65,140

4.80%,

11/18/44

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

236

196,630

4.10%,

04/15/50

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

353

256,339

6,602,213

Containers

&

Packaging

—

2.7%

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

06/15/27

(c)

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

771

768,238

3.25%,

09/01/28

(c)

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

200

174,964

3.00%,

09/01/29

(d)

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

EUR

200

177,427

4.00%,

09/01/29

(c)

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

USD

2,789

2,360,823

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(c)

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

1,315

1,278,866

2.13%,

08/15/26

(d)

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

EUR

366

359,252

4.13%,

08/15/26

(c)

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

USD

869

792,962

5.25%,

08/15/27

(c)

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

395

306,862

Ball

Corp.,

6.00%,

06/15/29

..........

446

455,443

Canpack

SA,

3.13%,

11/01/25

(c)

........

211

200,582

Clydesdale

Acquisition

Holdings,

Inc.

(c)

6.63%,

04/15/29

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

878

863,574

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

8.75%,

04/15/30

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

USD

1,990

$

1,855,410

Crown

Americas

LLC

4.25%,

09/30/26

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

275

266,750

5.25%,

04/01/30

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

32

31,515

Graphic

Packaging

International

LLC

4.75%,

07/15/27

(c)

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

128

124,160

3.50%,

03/15/28

(c)

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

8

7,423

2.63%,

02/01/29

(d)

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

EUR

200

203,338

LABL,

Inc.

(c)

6.75%,

07/15/26

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

USD

159

154,613

5.88%,

11/01/28

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

489

443,046

9.50%,

11/01/28

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

1,164

1,175,640

Mauser

Packaging

Solutions

Holding

Co.

(c)

7.88%,

08/15/26

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

6,852

6,973,150

9.25%,

04/15/27

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

258

253,241

OI

European

Group

BV,

6.25%,

05/15/28

(c)

.

EUR

270

311,778

Owens-Brockway

Glass

Container,

Inc.

(c)

6.63%,

05/13/27

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

USD

91

91,011

7.25%,

05/15/31

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

396

401,501

Sealed

Air

Corp.

(c)

4.00%,

12/01/27

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

143

134,216

6.13%,

02/01/28

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

347

349,988

5.00%,

04/15/29

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

146

141,184

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(c)

329

352,030

Trivium

Packaging

Finance

BV

(c)(i)

5.50%,

08/15/26

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

1,559

1,529,549

8.50%,

08/15/27

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

200

196,100

22,734,636

Distributors

—

0.1%

(c)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

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

72

64,186

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

702

676,915

Resideo

Funding,

Inc.,

4.00%,

09/01/29

...

124

108,190

Ritchie

Bros

Holdings,

Inc.,

6.75%,

03/15/28

158

162,672

1,011,963

Diversified

Consumer

Services

—

0.6%

Graham

Holdings

Co.,

5.75%,

06/01/26

(c)

..

105

104,368

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(c)

..

244

220,657

Service

Corp.

International

5.13%,

06/01/29

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

302

295,960

3.38%,

08/15/30

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

279

243,315

4.00%,

05/15/31

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

1,352

1,210,716

Sotheby's

(c)

7.38%,

10/15/27

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

1,591

1,534,354

5.88%,

06/01/29

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

1,375

1,189,182

4,798,552

Diversified

REITs

—

0.8%

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(c)

..

198

165,451

HAT

Holdings

I

LLC

(c)

3.38%,

06/15/26

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

384

360,910

8.00%,

06/15/27

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

267

278,039

Highwoods

Realty

LP,

7.65%,

02/01/34

...

130

140,244

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(c)

......

1,086

994,752

MPT

Operating

Partnership

LP

2.50%,

03/24/26

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

GBP

567

586,189

4.63%,

08/01/29

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

USD

1,572

1,130,364

3.50%,

03/15/31

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

1,078

673,995

VICI

Properties

LP

4.63%,

12/01/29

(c)

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

952

897,021

4.95%,

02/15/30

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

323

313,413

4.13%,

08/15/30

(c)

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

562

511,940

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

(continued)

5.63%,

05/15/52

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

USD

697

$

668,291

6,720,609

Diversified

Telecommunication

Services

—

5.1%

Altice

France

SA

(c)

8.13%,

02/01/27

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

2,411

2,222,533

5.50%,

01/15/28

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

503

414,258

5.13%,

07/15/29

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

1,595

1,240,941

5.50%,

10/15/29

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

442

346,583

CCO

Holdings

LLC

(c)

5.00%,

02/01/28

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

390

373,145

5.38%,

06/01/29

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

162

152,699

6.38%,

09/01/29

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

1,584

1,562,082

4.75%,

03/01/30

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

900

822,388

4.50%,

08/15/30

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

334

301,096

4.25%,

02/01/31

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

1,874

1,637,745

7.38%,

03/01/31

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

4,760

4,885,493

4.75%,

02/01/32

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

652

575,038

4.25%,

01/15/34

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

1,431

1,162,869

Frontier

Communications

Holdings

LLC

(c)

5.88%,

10/15/27

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

746

720,712

5.00%,

05/01/28

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

1,499

1,385,341

8.75%,

05/15/30

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

3,005

3,091,270

8.63%,

03/15/31

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

253

257,959

Iliad

Holding

SASU

(c)

6.50%,

10/15/26

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

2,446

2,441,214

7.00%,

10/15/28

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

667

663,725

Level

3

Financing,

Inc.

(c)

3.40%,

03/01/27

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

2,099

2,015,040

4.63%,

09/15/27

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

2,438

1,462,800

3.63%,

01/15/29

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

223

113,730

11.00%,

11/15/29

(j)

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

1,346

1,345,687

10.50%,

05/15/30

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

1,815

1,759,978

Lumen

Technologies,

Inc.,

4.00%,

02/15/27

(c)

1,063

686,028

Sable

International

Finance

Ltd.,

5.75%,

09/07/27

(c)

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

200

189,310

Telecom

Italia

Capital

SA

6.38%,

11/15/33

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

368

359,943

6.00%,

09/30/34

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

1,048

995,263

7.20%,

07/18/36

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

434

435,660

7.72%,

06/04/38

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

488

496,950

Uniti

Group

LP,

10.50%,

02/15/28

(c)

......

2,149

2,178,667

Virgin

Media

Secured

Finance

plc,

4.50%,

08/15/30

(c)

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

200

178,060

Zayo

Group

Holdings,

Inc.

(c)

4.00%,

03/01/27

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

6,416

5,144,186

6.13%,

03/01/28

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

1,909

1,402,084

43,020,477

Electric

Utilities

—

0.9%

Alexander

Funding

Trust

II,

7.47%,

07/31/28

(c)

425

446,266

FirstEnergy

Corp.,

2.65%,

03/01/30

......

122

105,399

NextEra

Energy

Operating

Partners

LP

(c)

4.25%,

09/15/24

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

13

12,578

3.88%,

10/15/26

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

153

145,674

7.25%,

01/15/29

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

402

420,857

NRG

Energy,

Inc.,

7.00%,

03/15/33

(c)

.....

375

396,358

Pacific

Gas

&

Electric

Co.,

6.95%,

03/15/34

.

980

1,076,442

Palomino

Funding

Trust

I,

7.23%,

05/17/28

(c)

323

340,169

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(c)

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

426

402,936

PG&E

Corp.,

4.25%,

12/01/27

(c)(k)

.......

2,070

2,169,360

Vistra

Operations

Co.

LLC

(c)

7.75%,

10/15/31

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

1,218

1,265,002

6.95%,

10/15/33

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

505

531,480

7,312,521

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.5%

(c)

Regal

Rexnord

Corp.

6.05%,

04/15/28

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

USD

1,352

$

1,368,598

6.30%,

02/15/30

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

410

420,623

6.40%,

04/15/33

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

430

448,176

Sensata

Technologies

BV

4.00%,

04/15/29

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

29

26,950

5.88%,

09/01/30

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

315

312,958

Vertiv

Group

Corp.,

4.13%,

11/15/28

.....

1,553

1,457,055

4,034,360

Electronic

Equipment,

Instruments

&

Components

—

0.4%

(c)

Coherent

Corp.,

5.00%,

12/15/29

.......

1,209

1,148,254

Sensata

Technologies,

Inc.

4.38%,

02/15/30

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

1,844

1,710,241

3.75%,

02/15/31

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

597

525,796

3,384,291

Energy

Equipment

&

Services

—

4.5%

Archrock

Partners

LP

(c)

6.88%,

04/01/27

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

579

580,448

6.25%,

04/01/28

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

2,624

2,584,640

Borr

IHC

Ltd.

(c)

10.00%,

11/15/28

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

867

906,041

10.38%,

11/15/30

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

451

465,235

Enerflex

Ltd.,

9.00%,

10/15/27

(c)

........

540

520,913

Nabors

Industries

Ltd.

(c)

7.25%,

01/15/26

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

384

369,105

7.50%,

01/15/28

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

397

343,305

Nabors

Industries,

Inc.

5.75%,

02/01/25

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

1,629

1,628,457

7.38%,

05/15/27

(c)

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

674

660,307

9.13%,

01/31/30

(c)

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

658

660,671

Nine

Energy

Service,

Inc.,

13.00%,

02/01/28

176

155,320

Noble

Finance

II

LLC,

8.00%,

04/15/30

(c)

...

689

716,941

Oceaneering

International,

Inc.,

6.00%,

02/01/28

(c)

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

171

165,747

Patterson-UTI

Energy,

Inc.,

7.15%,

10/01/33

230

243,663

Precision

Drilling

Corp.,

6.88%,

01/15/29

(c)

.

25

24,108

Seadrill

Finance

Ltd.,

8.38%,

08/01/30

(c)

...

577

602,001

Tervita

Corp.,

11.00%,

12/01/25

(c)

.......

125

131,250

Transocean

Aquila

Ltd.,

8.00%,

09/30/28

(c)

.

312

316,670

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(c)

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

368

381,795

Transocean,

Inc.

(c)

7.50%,

01/15/26

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

1,576

1,548,358

11.50%,

01/30/27

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

1,215

1,269,675

8.00%,

02/01/27

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

956

932,100

8.75%,

02/15/30

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

2,404

2,511,082

USA

Compression

Partners

LP

6.88%,

04/01/26

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

1,948

1,939,784

6.88%,

09/01/27

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

899

888,344

Valaris

Ltd.,

8.38%,

04/30/30

(c)

.........

1,758

1,801,141

Venture

Global

LNG,

Inc.

(c)

8.13%,

06/01/28

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

1,836

1,854,171

9.50%,

02/01/29

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

5,331

5,641,088

8.38%,

06/01/31

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

3,098

3,096,396

9.88%,

02/01/32

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

2,538

2,643,680

Weatherford

International

Ltd.

(c)

6.50%,

09/15/28

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

294

304,237

8.63%,

04/30/30

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

1,885

1,968,051

37,854,724

Entertainment

—

0.4%

(c)

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

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

638

477,288

Live

Nation

Entertainment,

Inc.

4.88%,

11/01/24

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

59

58,468

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

5.63%,

03/15/26

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

USD

118

$

116,922

6.50%,

05/15/27

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

1,211

1,232,219

4.75%,

10/15/27

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

801

768,027

3.75%,

01/15/28

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

728

678,927

Playtika

Holding

Corp.,

4.25%,

03/15/29

...

187

163,167

3,495,018

Financial

Services

—

3.0%

Block,

Inc.

2.75%,

06/01/26

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

1,983

1,870,028

3.50%,

06/01/31

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

2,062

1,830,955

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(c)

...

549

547,298

Freedom

Mortgage

Corp.

(c)

12.00%,

10/01/28

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

247

269,755

12.25%,

10/01/30

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

247

271,146

GGAM

Finance

Ltd.

(c)

7.75%,

05/15/26

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

103

104,545

8.00%,

02/15/27

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

1,060

1,086,542

8.00%,

06/15/28

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

399

412,805

Jefferies

Finance

LLC,

5.00%,

08/15/28

(c)

..

665

595,228

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

241

234,594

Nationstar

Mortgage

Holdings,

Inc.

(c)

5.00%,

02/01/26

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

3,471

3,394,493

6.00%,

01/15/27

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

231

229,267

5.13%,

12/15/30

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

270

244,116

5.75%,

11/15/31

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

474

441,961

NCR

Atleos

Escrow

Corp.,

9.50%,

04/01/29

(c)

599

636,435

PennyMac

Financial

Services,

Inc.,

7.88%,

12/15/29

(c)

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

679

698,940

Permian

Resources

Operating

LLC

(c)

5.38%,

01/15/26

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

463

456,835

7.75%,

02/15/26

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

925

941,030

6.88%,

04/01/27

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

322

321,779

8.00%,

04/15/27

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

604

626,092

5.88%,

07/01/29

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

1,198

1,168,002

9.88%,

07/15/31

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

740

822,325

7.00%,

01/15/32

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

797

822,243

Rocket

Mortgage

LLC

(c)

2.88%,

10/15/26

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

2,098

1,935,405

3.88%,

03/01/31

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

890

782,751

4.00%,

10/15/33

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

329

279,495

Shift4

Payments

LLC,

4.63%,

11/01/26

(c)

...

1,645

1,599,615

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(c)

.

2,252

2,267,827

24,891,507

Food

Products

—

1.1%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(c)

.....

273

286,662

Chobani

LLC

(c)

7.50%,

04/15/25

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

3,107

3,091,465

4.63%,

11/15/28

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

1,988

1,858,402

Darling

Global

Finance

BV,

3.63%,

05/15/26

(d)

EUR

290

315,861

Darling

Ingredients,

Inc.

(c)

5.25%,

04/15/27

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

USD

395

388,797

6.00%,

06/15/30

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

459

459,340

Lamb

Weston

Holdings,

Inc.

(c)

4.88%,

05/15/28

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

76

74,328

4.13%,

01/31/30

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

991

913,633

4.38%,

01/31/32

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

1,182

1,078,307

Post

Holdings,

Inc.

(c)

5.75%,

03/01/27

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

2

1,984

5.50%,

12/15/29

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

51

49,142

4.63%,

04/15/30

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

335

308,148

4.50%,

09/15/31

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

180

161,306

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(c)

...

203

175,631

9,163,006

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

—

0.2%

(c)

AmeriGas

Partners

LP,

9.38%,

06/01/28

...

USD

755

$

779,672

Howard

Midstream

Energy

Partners

LLC,

8.88%,

07/15/28

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

629

660,176

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

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

183

165,905

1,605,753

Ground

Transportation

—

0.6%

Albion

Financing

1

SARL,

6.13%,

10/15/26

(c)

389

385,328

Avis

Budget

Car

Rental

LLC,

8.00%,

02/15/31

(c)

564

563,224

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(c)

.

441

407,744

RXO,

Inc.,

7.50%,

11/15/27

(c)

..........

176

181,607

Uber

Technologies,

Inc.

0.00%,

12/15/25

(k)(l)

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

621

631,470

8.00%,

11/01/26

(c)

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

398

405,383

4.50%,

08/15/29

(c)

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

2,332

2,224,650

4,799,406

Health

Care

Equipment

&

Supplies

—

1.5%

Avantor

Funding,

Inc.

2.63%,

11/01/25

(d)

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

EUR

200

215,659

3.88%,

07/15/28

(d)

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

100

107,911

4.63%,

07/15/28

(c)

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

USD

1,363

1,317,313

3.88%,

11/01/29

(c)

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

431

391,399

Bausch

&

Lomb

Escrow

Corp.,

8.38%,

10/01/28

(c)

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

3,836

4,046,750

Garden

Spinco

Corp.,

8.63%,

07/20/30

(c)

...

414

442,208

Medline

Borrower

LP

(c)

3.88%,

04/01/29

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

1,183

1,069,603

5.25%,

10/01/29

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

5,063

4,772,264

Teleflex,

Inc.

4.63%,

11/15/27

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

45

43,743

4.25%,

06/01/28

(c)

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

222

210,408

12,617,258

Health

Care

Providers

&

Services

—

2.4%

Acadia

Healthcare

Co.,

Inc.

(c)

5.50%,

07/01/28

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

189

186,136

5.00%,

04/15/29

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

144

138,240

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(c)

729

634,465

Community

Health

Systems,

Inc.

(c)

5.63%,

03/15/27

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

1,026

953,290

6.00%,

01/15/29

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

1,060

954,138

5.25%,

05/15/30

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

2,107

1,762,182

4.75%,

02/15/31

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

1,436

1,128,890

Encompass

Health

Corp.

4.50%,

02/01/28

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

40

38,271

4.75%,

02/01/30

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

674

634,726

4.63%,

04/01/31

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

527

484,937

HealthEquity,

Inc.,

4.50%,

10/01/29

(c)

.....

1,796

1,667,603

Legacy

LifePoint

Health

LLC,

4.38%,

02/15/27

(c)

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

456

420,997

LifePoint

Health,

Inc.

(c)

9.88%,

08/15/30

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

857

866,076

11.00%,

10/15/30

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

1,411

1,485,998

ModivCare,

Inc.,

5.88%,

11/15/25

(c)

......

1,172

1,157,350

Molina

Healthcare,

Inc.

(c)

4.38%,

06/15/28

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

332

313,999

3.88%,

05/15/32

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

258

225,431

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(c)

.

533

481,703

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(c)

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

118

115,050

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(c)

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

216

214,289

Surgery

Center

Holdings,

Inc.

(c)

6.75%,

07/01/25

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

564

561,885

10.00%,

04/15/27

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

571

576,710

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Tenet

Healthcare

Corp.

4.88%,

01/01/26

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

USD

816

$

806,806

5.13%,

11/01/27

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

653

638,341

4.63%,

06/15/28

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

96

91,614

6.13%,

10/01/28

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

698

696,025

6.13%,

06/15/30

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

375

379,157

6.75%,

05/15/31

(c)

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

2,606

2,663,462

20,277,771

Health

Care

Technology

—

0.9%

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(c)

6,362

5,771,463

IQVIA,

Inc.

1.75%,

03/15/26

(d)

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

EUR

190

201,073

5.00%,

10/15/26

(c)

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

USD

298

295,153

5.00%,

05/15/27

(c)

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

426

418,096

6.25%,

02/01/29

(c)

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

958

1,000,101

6.50%,

05/15/30

(c)

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

200

205,021

7,890,907

Hotel

&

Resort

REITs

—

0.7%

RHP

Hotel

Properties

LP

4.75%,

10/15/27

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

706

681,915

7.25%,

07/15/28

(c)

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

763

793,281

4.50%,

02/15/29

(c)

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

1,146

1,065,826

RLJ

Lodging

Trust

LP

(c)

3.75%,

07/01/26

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

258

244,454

4.00%,

09/15/29

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

217

195,003

Service

Properties

Trust

7.50%,

09/15/25

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

394

398,378

8.63%,

11/15/31

(c)

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

2,768

2,899,295

6,278,152

Hotels,

Restaurants

&

Leisure

—

7.8%

1011778

BC

ULC

(c)

3.88%,

01/15/28

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

384

362,774

4.38%,

01/15/28

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

414

395,403

4.00%,

10/15/30

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

376

337,234

Allwyn

Entertainment

Financing

UK

plc,

7.88%,

04/30/29

(c)

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

300

308,760

Aramark

International

Finance

SARL,

3.13%,

04/01/25

(d)

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

EUR

752

823,084

Boyd

Gaming

Corp.

4.75%,

12/01/27

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

USD

360

346,356

4.75%,

06/15/31

(c)

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

1,025

940,770

Boyne

USA,

Inc.,

4.75%,

05/15/29

(c)

.....

747

702,475

Caesars

Entertainment,

Inc.

(c)

8.13%,

07/01/27

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

3,734

3,827,720

4.63%,

10/15/29

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

1,102

994,011

7.00%,

02/15/30

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

3,069

3,147,066

Carnival

Corp.

(c)

7.63%,

03/01/26

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

494

502,932

5.75%,

03/01/27

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

2,521

2,459,068

4.00%,

08/01/28

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

1,126

1,046,885

6.00%,

05/01/29

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

1,611

1,550,113

7.00%,

08/15/29

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

404

421,824

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(c)

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

5,922

6,445,617

CCM

Merger,

Inc.,

6.38%,

05/01/26

(c)

.....

151

147,225

Cedar

Fair

LP

5.50%,

05/01/25

(c)

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

899

894,481

6.50%,

10/01/28

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

87

86,340

Churchill

Downs,

Inc.

(c)

5.50%,

04/01/27

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

761

753,017

4.75%,

01/15/28

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

875

838,596

5.75%,

04/01/30

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

1,521

1,482,962

6.75%,

05/01/31

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

1,647

1,671,599

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Fertitta

Entertainment

LLC

(c)

4.63%,

01/15/29

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

USD

872

$

791,227

6.75%,

01/15/30

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

139

122,042

GLP

Capital

LP

3.25%,

01/15/32

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

661

558,051

6.75%,

12/01/33

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

375

404,561

Hilton

Domestic

Operating

Co.,

Inc.

5.75%,

05/01/28

(c)

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

531

531,201

3.75%,

05/01/29

(c)

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

305

282,774

4.88%,

01/15/30

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

497

481,671

4.00%,

05/01/31

(c)

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

30

27,478

3.63%,

02/15/32

(c)

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

123

107,343

IRB

Holding

Corp.,

7.00%,

06/15/25

(c)

....

232

232,000

Life

Time,

Inc.

(c)

5.75%,

01/15/26

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

741

735,672

8.00%,

04/15/26

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

922

930,383

Light

&

Wonder

International,

Inc.

(c)

7.00%,

05/15/28

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

256

258,605

7.25%,

11/15/29

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

193

197,615

7.50%,

09/01/31

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

811

845,918

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(c)

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

525

542,832

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(c)

693

689,535

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(c)

412

354,782

Melco

Resorts

Finance

Ltd.

(c)

4.88%,

06/06/25

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

500

485,469

5.63%,

07/17/27

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

200

187,562

5.75%,

07/21/28

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

200

184,125

5.38%,

12/04/29

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

1,800

1,584,000

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(c)

800

791,812

MGM

China

Holdings

Ltd.

(c)

5.25%,

06/18/25

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

200

195,750

5.88%,

05/15/26

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

200

195,000

4.75%,

02/01/27

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

200

189,750

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(c)

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

220

204,600

Motion

Bondco

DAC,

6.63%,

11/15/27

(c)

...

615

568,754

NCL

Corp.

Ltd.

(c)

5.88%,

03/15/26

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

970

947,843

8.38%,

02/01/28

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

279

295,432

8.13%,

01/15/29

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

282

294,572

7.75%,

02/15/29

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

593

596,590

NCL

Finance

Ltd.,

6.13%,

03/15/28

(c)

.....

780

746,641

Ontario

Gaming

GTA

LP,

8.00%,

08/01/30

(c)

.

680

701,250

Premier

Entertainment

Sub

LLC

(c)

5.63%,

09/01/29

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

214

171,200

5.88%,

09/01/31

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

239

186,420

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(c)

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

324

345,768

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(c)

.

371

353,622

Royal

Caribbean

Cruises

Ltd.

(c)

4.25%,

07/01/26

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

181

174,823

5.50%,

08/31/26

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

289

286,153

5.38%,

07/15/27

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

339

335,583

5.50%,

04/01/28

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

242

238,917

8.25%,

01/15/29

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

403

426,958

7.25%,

01/15/30

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

698

728,977

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(c)

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

804

760,126

Six

Flags

Entertainment

Corp.,

7.25%,

05/15/31

(c)

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

2,542

2,549,829

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(c)

284

285,230

Station

Casinos

LLC

(c)

4.50%,

02/15/28

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

392

369,589

4.63%,

12/01/31

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

750

676,256

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Viking

Cruises

Ltd.

(c)

5.88%,

09/15/27

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

USD

612

$

590,580

7.00%,

02/15/29

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

123

121,943

9.13%,

07/15/31

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

2,181

2,324,067

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(c)

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

343

334,425

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(c)

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

227

212,279

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(c)

..

483

470,009

Wynn

Macau

Ltd.

(c)

5.50%,

10/01/27

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

200

187,562

5.63%,

08/26/28

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

2,301

2,126,268

5.13%,

12/15/29

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

480

425,100

Wynn

Resorts

Finance

LLC

(c)

5.13%,

10/01/29

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

2,045

1,930,044

7.13%,

02/15/31

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

1,429

1,488,192

Yum!

Brands,

Inc.,

4.75%,

01/15/30

(c)

.....

388

376,096

65,225,168

Household

Durables

—

0.6%

Ashton

Woods

USA

LLC

(c)

6.63%,

01/15/28

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

116

112,570

4.63%,

08/01/29

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

208

184,965

4.63%,

04/01/30

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

325

291,132

Brookfield

Residential

Properties,

Inc.

(c)

5.00%,

06/15/29

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

418

371,037

4.88%,

02/15/30

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

307

269,984

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(c)

615

608,444

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(c)

283

299,077

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(c)

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

205

198,850

KB

Home,

7.25%,

07/15/30

...........

145

150,091

LGI

Homes,

Inc.,

8.75%,

12/15/28

(c)

......

314

334,017

Mattamy

Group

Corp.

(c)

5.25%,

12/15/27

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

246

239,161

4.63%,

03/01/30

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

262

242,810

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(c)

413

296,844

Taylor

Morrison

Communities,

Inc.

(c)

5.88%,

06/15/27

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

182

182,910

5.13%,

08/01/30

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

49

47,402

Tempur

Sealy

International,

Inc.

(c)

4.00%,

04/15/29

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

711

642,169

3.88%,

10/15/31

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

115

97,225

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

...

123

123,000

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

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

385

378,262

5.70%,

06/15/28

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

91

89,749

5,159,699

Household

Products

—

0.1%

Central

Garden

&

Pet

Co.

5.13%,

02/01/28

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

105

102,018

4.13%,

10/15/30

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

325

295,600

4.13%,

04/30/31

(c)

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

345

304,901

Spectrum

Brands,

Inc.,

5.00%,

10/01/29

(c)

..

264

251,889

954,408

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

Calpine

Corp.

(c)

5.25%,

06/01/26

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

44

43,416

5.13%,

03/15/28

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

817

783,322

4.63%,

02/01/29

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

184

170,904

5.00%,

02/01/31

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

199

182,426

Clearway

Energy

Operating

LLC

(c)

4.75%,

03/15/28

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

382

368,024

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

3.75%,

01/15/32

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

USD

693

$

602,027

NextEra

Energy

Partners

LP

(c)(k)

0.00%,

11/15/25

(l)

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

474

414,039

2.50%,

06/15/26

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

474

424,704

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(c)

287

304,947

TransAlta

Corp.,

7.75%,

11/15/29

.......

228

242,155

3,535,964

Industrial

Conglomerates

—

1.0%

Emerald

Debt

Merger

Sub

LLC

(c)

6.38%,

12/15/30

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

EUR

370

436,257

6.63%,

12/15/30

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

USD

7,400

7,558,138

7,994,395

Insurance

—

3.7%

(c)

Acrisure

LLC,

6.00%,

08/01/29

.........

262

238,065

Alliant

Holdings

Intermediate

LLC

4.25%,

10/15/27

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

2,930

2,815,877

6.75%,

10/15/27

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

5,341

5,322,119

6.75%,

04/15/28

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

1,328

1,358,584

5.88%,

11/01/29

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

2,358

2,234,187

7.00%,

01/15/31

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

1,223

1,290,100

AmWINS

Group,

Inc.,

4.88%,

06/30/29

....

1,037

947,023

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

..

468

472,705

HUB

International

Ltd.

7.00%,

05/01/26

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

1,570

1,576,068

7.25%,

06/15/30

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

4,272

4,512,215

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

03/15/30

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

1,828

1,919,638

10.50%,

12/15/30

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

546

575,430

NFP

Corp.

4.88%,

08/15/28

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

1,480

1,464,675

6.88%,

08/15/28

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

4,265

4,335,802

7.50%,

10/01/30

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

227

241,595

8.50%,

10/01/31

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

458

496,426

Ryan

Specialty

LLC,

4.38%,

02/01/30

....

376

348,740

USI,

Inc.,

7.50%,

01/15/32

...........

1,124

1,150,751

31,300,000

IT

Services

—

1.6%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(c)

.

1,010

823,150

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(c)

.

296

257,890

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(c)

....

188

170,259

Booz

Allen

Hamilton,

Inc.,

4.00%,

07/01/29

(c)

776

727,226

CA

Magnum

Holdings,

5.38%,

10/31/26

(c)

..

1,259

1,170,870

Cablevision

Lightpath

LLC

(c)

3.88%,

09/15/27

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

476

417,997

5.63%,

09/15/28

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

855

673,834

Central

Parent

LLC,

8.00%,

06/15/29

(c)

....

1,104

1,152,311

Gartner,

Inc.

(c)

4.50%,

07/01/28

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

105

99,574

3.75%,

10/01/30

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

122

107,845

GTCR

W-2

Merger

Sub

LLC,

7.50%,

01/15/31

(c)

4,352

4,598,856

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(c)

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

585

516,046

Newfold

Digital

Holdings

Group,

Inc.,

11.75%,

10/15/28

(c)

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

283

304,437

Northwest

Fiber

LLC,

4.75%,

04/30/27

(c)

...

1,258

1,201,390

Presidio

Holdings,

Inc.,

4.88%,

02/01/27

(c)

..

99

97,050

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(c)

.

144

144,272

Twilio,

Inc.

3.63%,

03/15/29

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

334

304,704

3.88%,

03/15/31

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

848

755,148

13,522,859

Security

Par

(000)

Par

(000)

Value

Leisure

Products

—

0.1%

Acushnet

Co.,

7.38%,

10/15/28

(c)

.......

USD

209

$

218,048

Mattel,

Inc.

6.20%,

10/01/40

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

464

448,814

5.45%,

11/01/41

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

476

428,684

1,095,546

Life

Sciences

Tools

&

Services

—

0.5%

(c)

Charles

River

Laboratories

International,

Inc.

4.25%,

05/01/28

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

411

391,218

4.00%,

03/15/31

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

81

73,174

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

...

456

468,299

PRA

Health

Sciences,

Inc.,

2.88%,

07/15/26

204

190,625

Star

Parent,

Inc.,

9.00%,

10/01/30

.......

2,612

2,752,664

3,875,980

Machinery

—

1.9%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(c)

.

230

229,176

ATS

Corp.,

4.13%,

12/15/28

(c)

.........

188

172,909

Chart

Industries,

Inc.

(c)

7.50%,

01/01/30

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

1,703

1,780,056

9.50%,

01/01/31

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

196

212,889

Enpro,

Inc.,

5.75%,

10/15/26

..........

568

562,216

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28

(c)

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

329

253,741

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(c)(h)

........

478

475,905

Madison

IAQ

LLC

(c)

4.13%,

06/30/28

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

585

531,847

5.88%,

06/30/29

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

1,109

977,122

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(c)

145

132,095

OT

Merger

Corp.,

7.88%,

10/15/29

(c)

.....

258

154,542

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(c)

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

272

251,717

Terex

Corp.,

5.00%,

05/15/29

(c)

........

823

775,678

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(c)

...

1,748

1,759,012

Titan

International,

Inc.,

7.00%,

04/30/28

..

115

115,048

TK

Elevator

Holdco

GmbH

6.63%,

07/15/28

(d)

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

EUR

360

365,655

7.63%,

07/15/28

(c)

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

USD

1,997

1,961,636

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

(d)

EUR

472

503,765

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(c)

USD

4,053

3,981,493

Wabash

National

Corp.,

4.50%,

10/15/28

(c)

.

442

398,824

15,595,326

Media

—

5.2%

Altice

Financing

SA,

5.75%,

08/15/29

(c)

....

3,202

2,841,482

AMC

Networks,

Inc.,

4.75%,

08/01/25

....

61

59,402

Banijay

Entertainment

SASU,

8.13%,

05/01/29

(c)

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

222

228,557

Cable

One,

Inc.

0.00%,

03/15/26

(k)(l)

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

185

156,973

1.13%,

03/15/28

(k)

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

419

317,392

4.00%,

11/15/30

(c)

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

814

659,045

Clear

Channel

International

BV,

6.63%,

08/01/25

(c)

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

1,420

1,426,847

Clear

Channel

Outdoor

Holdings,

Inc.

(c)

5.13%,

08/15/27

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

865

825,717

7.75%,

04/15/28

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

650

560,433

9.00%,

09/15/28

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

3,419

3,567,607

7.50%,

06/01/29

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

1,252

1,041,001

CMG

Media

Corp.,

8.88%,

12/15/27

(c)

....

655

519,500

CSC

Holdings

LLC

(c)

5.50%,

04/15/27

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

900

831,867

11.25%,

05/15/28

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

4,704

4,846,814

6.50%,

02/01/29

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

200

176,520

4.13%,

12/01/30

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

666

506,660

4.50%,

11/15/31

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

796

601,836

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

DirecTV

Financing

LLC,

5.88%,

08/15/27

(c)

.

USD

933

$

876,625

DISH

DBS

Corp.

5.25%,

12/01/26

(c)

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

1,575

1,349,381

5.75%,

12/01/28

(c)

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

153

122,033

5.13%,

06/01/29

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

762

392,727

DISH

Network

Corp.,

11.75%,

11/15/27

(c)

..

3,193

3,333,035

GCI

LLC,

4.75%,

10/15/28

(c)

..........

217

199,095

Gray

Television,

Inc.

(c)

5.88%,

07/15/26

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

389

378,385

7.00%,

05/15/27

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

743

706,221

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

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

280

246,392

Lamar

Media

Corp.,

4.00%,

02/15/30

.....

55

50,407

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(c)

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

1,306

1,279,175

Midcontinent

Communications,

5.38%,

08/15/27

(c)

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

307

299,236

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(c)

....

186

179,853

Outfront

Media

Capital

LLC

(c)

5.00%,

08/15/27

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

1,411

1,363,868

4.25%,

01/15/29

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

1,080

974,560

4.63%,

03/15/30

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

566

504,587

7.38%,

02/15/31

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

695

729,847

Radiate

Holdco

LLC

(c)

4.50%,

09/15/26

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

445

339,403

6.50%,

09/15/28

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

1,695

830,524

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(c)

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

151

106,455

Sirius

XM

Radio,

Inc.

(c)

3.13%,

09/01/26

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

374

351,437

5.00%,

08/01/27

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

2,012

1,943,579

4.00%,

07/15/28

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

223

206,240

Stagwell

Global

LLC,

5.63%,

08/15/29

(c)

...

209

192,231

TEGNA,

Inc.,

4.75%,

03/15/26

(c)

........

93

90,456

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(c)

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

400

374,000

Univision

Communications,

Inc.

(c)

6.63%,

06/01/27

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

315

314,141

8.00%,

08/15/28

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

1,723

1,777,481

7.38%,

06/30/30

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

386

384,893

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(c)

882

776,257

Videotron

Ltd.,

3.63%,

06/15/29

(c)

.......

208

188,768

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(c)

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

893

838,705

Warnermedia

Holdings,

Inc.

5.14%,

03/15/52

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

1,387

1,190,539

5.39%,

03/15/62

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

755

646,575

Ziggo

Bond

Co.

BV

(c)

6.00%,

01/15/27

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

296

288,086

5.13%,

02/28/30

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

275

230,000

Ziggo

BV,

4.88%,

01/15/30

(c)

..........

565

503,972

43,726,822

Metals

&

Mining

—

2.5%

Arsenal

AIC

Parent

LLC,

8.00%,

10/01/30

(c)

.

580

605,149

ATI,

Inc.

5.88%,

12/01/27

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

352

346,878

4.88%,

10/01/29

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

225

209,691

7.25%,

08/15/30

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

1,286

1,337,943

5.13%,

10/01/31

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

934

866,294

Big

River

Steel

LLC,

6.63%,

01/31/29

(c)

...

3,226

3,289,165

Carpenter

Technology

Corp.

6.38%,

07/15/28

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

174

173,347

7.63%,

03/15/30

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

590

608,397

Constellium

SE

4.25%,

02/15/26

(d)

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

EUR

223

244,645

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

5.63%,

06/15/28

(c)

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

USD

662

$

646,061

3.75%,

04/15/29

(c)

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

2,446

2,219,404

ERO

Copper

Corp.,

6.50%,

02/15/30

(c)

....

715

630,816

First

Quantum

Minerals

Ltd.,

8.63%,

06/01/31

(c)

771

649,043

Kaiser

Aluminum

Corp.

(c)

4.63%,

03/01/28

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

704

651,080

4.50%,

06/01/31

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

1,550

1,336,142

Mineral

Resources

Ltd.,

9.25%,

10/01/28

(c)

.

70

74,464

New

Gold,

Inc.,

7.50%,

07/15/27

(c)

......

1,189

1,199,549

Novelis

Corp.

(c)

3.25%,

11/15/26

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

1,511

1,422,454

4.75%,

01/30/30

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

1,735

1,631,678

3.88%,

08/15/31

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

2,558

2,254,197

Novelis

Sheet

Ingot

GmbH,

3.38%,

04/15/29

(d)

EUR

500

520,517

20,916,914

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

(c)

Ladder

Capital

Finance

Holdings

LLLP

5.25%,

10/01/25

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

USD

92

90,755

4.25%,

02/01/27

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

369

347,680

4.75%,

06/15/29

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

139

125,334

Starwood

Property

Trust,

Inc.,

4.38%,

01/15/27

84

79,164

642,933

Oil,

Gas

&

Consumable

Fuels

—

7.3%

Aethon

United

BR

LP,

8.25%,

02/15/26

(c)

...

1,291

1,297,455

Antero

Midstream

Partners

LP

(c)

5.75%,

03/01/27

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

309

306,601

5.38%,

06/15/29

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

422

405,698

Antero

Resources

Corp.,

7.63%,

02/01/29

(c)

.

127

130,318

Apache

Corp.,

5.35%,

07/01/49

........

218

181,257

Ascent

Resources

Utica

Holdings

LLC

(c)

9.00%,

11/01/27

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

1,339

1,687,140

8.25%,

12/31/28

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

2,000

2,011,622

Baytex

Energy

Corp.,

8.50%,

04/30/30

(c)

...

819

847,591

Buckeye

Partners

LP

4.13%,

03/01/25

(c)

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

28

27,142

5.85%,

11/15/43

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

237

191,994

5.60%,

10/15/44

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

158

121,569

Callon

Petroleum

Co.

6.38%,

07/01/26

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

342

340,376

8.00%,

08/01/28

(c)

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

1,643

1,677,952

7.50%,

06/15/30

(c)

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

1,651

1,665,068

Chesapeake

Energy

Corp.

(c)

5.88%,

02/01/29

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

32

31,359

6.75%,

04/15/29

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

797

804,414

CITGO

Petroleum

Corp.

(c)

7.00%,

06/15/25

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

453

452,263

6.38%,

06/15/26

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

856

853,174

8.38%,

01/15/29

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

1,234

1,268,959

Civitas

Resources,

Inc.

(c)

8.38%,

07/01/28

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

2,360

2,463,710

8.63%,

11/01/30

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

953

1,010,868

8.75%,

07/01/31

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

2,249

2,394,166

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(c)

232

208,332

CNX

Resources

Corp.,

7.38%,

01/15/31

(c)

..

205

206,423

Comstock

Resources,

Inc.

(c)

6.75%,

03/01/29

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

1,012

925,481

5.88%,

01/15/30

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

1,538

1,333,908

CQP

Holdco

LP,

5.50%,

06/15/31

(c)

......

3,026

2,867,451

Crescent

Energy

Finance

LLC

(c)

7.25%,

05/01/26

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

1,875

1,886,560

9.25%,

02/15/28

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

1,374

1,425,621

CrownRock

LP,

5.00%,

05/01/29

(c)

.......

548

534,300

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(c)

USD

536

$

548,115

DT

Midstream,

Inc.

(c)

4.13%,

06/15/29

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

666

612,709

4.38%,

06/15/31

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

1,509

1,361,169

Enbridge,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.43%),

8.50%,

01/15/84

(g)

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

476

506,296

Energy

Transfer

LP

(c)

6.00%,

02/01/29

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

215

216,932

7.38%,

02/01/31

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

201

211,238

EnLink

Midstream

LLC

5.63%,

01/15/28

(c)

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

616

609,028

5.38%,

06/01/29

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

487

476,508

6.50%,

09/01/30

(c)

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

405

413,493

EnLink

Midstream

Partners

LP

4.85%,

07/15/26

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

15

14,696

5.60%,

04/01/44

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

341

296,780

EnQuest

plc,

11.63%,

11/01/27

(c)

.......

200

190,580

EQM

Midstream

Partners

LP

4.13%,

12/01/26

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

53

51,192

4.50%,

01/15/29

(c)

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

40

37,789

7.50%,

06/01/30

(c)

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

181

194,578

4.75%,

01/15/31

(c)

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

605

563,043

FTAI

Infra

Escrow

Holdings

LLC,

10.50%,

06/01/27

(c)

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

371

384,854

Genesis

Energy

LP

7.75%,

02/01/28

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

266

266,927

8.25%,

01/15/29

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

434

446,605

8.88%,

04/15/30

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

449

464,266

Gulfport

Energy

Corp.,

8.00%,

05/17/26

(c)

..

84

84,911

Harbour

Energy

plc,

5.50%,

10/15/26

(c)

....

200

195,500

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(c)

.

98

97,420

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(c)

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

491

451,720

Hilcorp

Energy

I

LP

(c)

6.25%,

11/01/28

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

309

307,810

5.75%,

02/01/29

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

560

540,789

6.00%,

04/15/30

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

49

47,521

8.38%,

11/01/33

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

1,577

1,670,737

ITT

Holdings

LLC,

6.50%,

08/01/29

(c)

.....

719

636,056

Kinetik

Holdings

LP

(c)

6.63%,

12/15/28

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

223

227,195

5.88%,

06/15/30

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

699

685,755

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

08/01/26

(c)

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

67

65,325

Matador

Resources

Co.

5.88%,

09/15/26

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

569

564,276

6.88%,

04/15/28

(c)

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

810

821,596

Murphy

Oil

Corp.

5.88%,

12/01/27

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

80

79,593

5.88%,

12/01/42

(i)

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

46

40,642

New

Fortress

Energy,

Inc.,

6.75%,

09/15/25

(c)

417

413,673

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(c)

716

723,166

Northern

Oil

&

Gas,

Inc.

(c)

8.13%,

03/01/28

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

2,761

2,795,512

8.75%,

06/15/31

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

734

764,533

NuStar

Logistics

LP

5.75%,

10/01/25

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

232

230,535

6.00%,

06/01/26

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

311

310,453

6.38%,

10/01/30

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

35

35,062

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(c)

..

588

598,819

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(c)

.

717

677,646

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(c)

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

109

104,223

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(c)

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

USD

911

$

943,996

SM

Energy

Co.

6.75%,

09/15/26

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

426

424,891

6.63%,

01/15/27

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

146

145,174

6.50%,

07/15/28

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

229

229,105

Southwestern

Energy

Co.

5.38%,

02/01/29

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

485

473,308

4.75%,

02/01/32

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

8

7,402

Sunoco

LP

6.00%,

04/15/27

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

42

42,036

5.88%,

03/15/28

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

185

184,754

7.00%,

09/15/28

(c)

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

466

480,805

Tallgrass

Energy

Partners

LP

(c)

7.50%,

10/01/25

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

28

28,140

6.00%,

03/01/27

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

96

93,877

5.50%,

01/15/28

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

367

346,818

6.00%,

12/31/30

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

24

22,309

6.00%,

09/01/31

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

288

266,380

Venture

Global

Calcasieu

Pass

LLC

(c)

3.88%,

08/15/29

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

1,238

1,123,237

4.13%,

08/15/31

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

153

134,794

3.88%,

11/01/33

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

2,049

1,736,421

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(c)

..

345

331,215

Vital

Energy,

Inc.

10.13%,

01/15/28

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

659

677,161

9.75%,

10/15/30

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

818

847,997

Western

Midstream

Operating

LP

5.45%,

04/01/44

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

367

332,247

5.30%,

03/01/48

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

609

529,968

5.50%,

08/15/48

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

184

164,092

5.25%,

02/01/50

(i)

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

882

790,766

60,952,931

Passenger

Airlines

—

0.9%

Air

Canada,

3.88%,

08/15/26

(c)

.........

708

676,416

American

Airlines,

Inc.

(c)

5.50%,

04/20/26

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

157

155,398

5.75%,

04/20/29

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

1,246

1,214,761

8.50%,

05/15/29

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

1,191

1,257,695

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(c)

678

680,142

Spirit

Loyalty

Cayman

Ltd.

8.00%,

09/20/25

(c)

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

207

148,580

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

01/15/26

.....

61

58,893

United

Airlines,

Inc.

(c)

4.38%,

04/15/26

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

1,263

1,230,674

4.63%,

04/15/29

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

2,003

1,873,276

VistaJet

Malta

Finance

plc

(c)

7.88%,

05/01/27

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

273

234,803

6.38%,

02/01/30

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

381

266,080

7,796,718

Personal

Care

Products

—

0.1%

(c)

Coty,

Inc.

4.75%,

01/15/29

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

36

34,337

6.63%,

07/15/30

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

627

644,124

Prestige

Brands,

Inc.,

3.75%,

04/01/31

....

177

154,727

833,188

Pharmaceuticals

—

1.0%

1375209

BC

Ltd.,

9.00%,

01/30/28

(c)

.....

710

692,321

Catalent

Pharma

Solutions,

Inc.

(c)

5.00%,

07/15/27

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

611

590,331

3.13%,

02/15/29

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

539

471,690

3.50%,

04/01/30

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

1,066

927,354

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Cheplapharm

Arzneimittel

GmbH,

5.50%,

01/15/28

(c)

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

USD

280

$

264,742

Jazz

Securities

DAC,

4.38%,

01/15/29

(c)

...

600

558,849

Organon

&

Co.

(c)

4.13%,

04/30/28

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

583

536,629

5.13%,

04/30/31

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

400

341,938

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7.13%,

01/31/25

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

287

288,277

3.15%,

10/01/26

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

1,160

1,072,275

4.75%,

05/09/27

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

400

383,684

7.88%,

09/15/29

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

1,026

1,100,980

8.13%,

09/15/31

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

725

787,916

8,016,986

Professional

Services

—

0.6%

(c)

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

...

153

137,993

CoreLogic,

Inc.,

4.50%,

05/01/28

.......

3,253

2,849,660

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

1,913

1,784,485

KBR,

Inc.,

4.75%,

09/30/28

...........

400

370,701

Science

Applications

International

Corp.,

4.88%,

04/01/28

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

314

299,085

5,441,924

Real

Estate

Management

&

Development

—

0.4%

Anywhere

Real

Estate

Group

LLC

Series

AI,

7.00%,

04/15/30

..........

570

526,017

7.00%,

04/15/30

(c)

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

678

625,061

Cushman

&

Wakefield

US

Borrower

LLC

(c)

6.75%,

05/15/28

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

669

665,655

8.88%,

09/01/31

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

776

822,381

Howard

Hughes

Corp.

(The)

(c)

4.13%,

02/01/29

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

469

418,212

4.38%,

02/01/31

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

192

166,512

3,223,838

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(c)

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

358

322,200

Semiconductors

&

Semiconductor

Equipment

—

0.6%

(c)

Entegris

Escrow

Corp.,

4.75%,

04/15/29

...

4,678

4,506,850

Synaptics,

Inc.,

4.00%,

06/15/29

........

335

300,490

4,807,340

Software

—

4.2%

Alteryx,

Inc.,

8.75%,

03/15/28

(c)

........

632

672,684

Boxer

Parent

Co.,

Inc.

(c)

7.13%,

10/02/25

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

864

868,631

9.13%,

03/01/26

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

2,260

2,255,034

Camelot

Finance

SA,

4.50%,

11/01/26

(c)

...

672

656,154

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(c)

.

726

755,301

Central

Parent,

Inc.,

7.25%,

06/15/29

(c)

....

1,241

1,265,644

Clarivate

Science

Holdings

Corp.

(c)

3.88%,

07/01/28

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

2,766

2,608,046

4.88%,

07/01/29

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

2,242

2,103,745

Cloud

Software

Group,

Inc.

(c)

6.50%,

03/31/29

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

8,145

7,757,629

9.00%,

09/30/29

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

4,102

3,898,758

Consensus

Cloud

Solutions,

Inc.

(c)

6.00%,

10/15/26

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

159

151,185

6.50%,

10/15/28

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

146

132,430

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

84

75,913

Elastic

NV,

4.13%,

07/15/29

(c)

.........

794

729,088

Fair

Isaac

Corp.,

4.00%,

06/15/28

(c)

......

669

633,115

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

(c)

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

200

182,452

McAfee

Corp.,

7.38%,

02/15/30

(c)

.......

2,392

2,184,498

Security

Par

(000)

Par

(000)

Value

Software

(continued)

MicroStrategy,

Inc.,

6.13%,

06/15/28

(c)

....

USD

1,080

$

1,047,751

Open

Text

Corp.,

6.90%,

12/01/27

(c)

......

1,848

1,921,275

PTC,

Inc.

(c)

3.63%,

02/15/25

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

16

15,642

4.00%,

02/15/28

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

61

57,809

Sabre

GLBL,

Inc.,

8.63%,

06/01/27

(c)

.....

905

823,567

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(c)

2,252

2,219,870

Veritas

US,

Inc.,

7.50%,

09/01/25

(c)

......

448

369,856

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(c)

2,027

1,838,479

35,224,556

Specialized

REITs

—

0.5%

Iron

Mountain,

Inc.

(c)

7.00%,

02/15/29

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

1,519

1,561,347

5.63%,

07/15/32

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

143

135,374

SBA

Communications

Corp.

3.88%,

02/15/27

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

1,463

1,404,939

3.13%,

02/01/29

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

1,442

1,295,632

4,397,292

Specialty

Retail

—

1.2%

Arko

Corp.,

5.13%,

11/15/29

(c)

.........

168

145,363

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

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

328

311,518

4.75%,

03/01/30

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

186

173,626

5.00%,

02/15/32

(c)

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

297

269,915

eG

Global

Finance

plc,

12.00%,

11/30/28

(c)

.

1,109

1,181,118

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(c)

..

747

681,939

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(c)

220

208,206

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

440

416,900

Penske

Automotive

Group,

Inc.,

3.50%,

09/01/25

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

286

277,465

PetSmart,

Inc.

(c)

4.75%,

02/15/28

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

390

367,686

7.75%,

02/15/29

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

2,114

2,056,537

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(c)

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

186

182,421

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(c)

..

3,788

3,666,828

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(c)(h)

...........

462

459,853

10,399,375

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Seagate

HDD

Cayman

(c)

8.25%,

12/15/29

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

1,152

1,242,463

8.50%,

07/15/31

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

1,096

1,189,493

2,431,956

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

(c)

Crocs,

Inc.,

4.13%,

08/15/31

..........

534

451,867

Hanesbrands,

Inc.,

4.88%,

05/15/26

.....

278

268,162

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

....

224

202,103

Levi

Strauss

&

Co.,

3.50%,

03/01/31

.....

580

502,187

1,424,319

Trading

Companies

&

Distributors

—

2.4%

(c)

Aircastle

Ltd.,

6.50%,

07/18/28

.........

326

332,428

Beacon

Roofing

Supply,

Inc.

4.13%,

05/15/29

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

251

228,826

6.50%,

08/01/30

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

666

680,966

Fortress

Transportation

&

Infrastructure

Investors

LLC

6.50%,

10/01/25

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

1,781

1,775,298

9.75%,

08/01/27

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

934

971,360

5.50%,

05/01/28

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

1,666

1,602,098

7.88%,

12/01/30

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

1,807

1,882,496

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

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

153

137,567

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

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

USD

75

$

68,199

Herc

Holdings,

Inc.,

5.50%,

07/15/27

.....

1,234

1,218,349

Imola

Merger

Corp.,

4.75%,

05/15/29

.....

655

622,318

SRS

Distribution,

Inc.

4.63%,

07/01/28

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

1,950

1,849,957

6.13%,

07/01/29

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

1,636

1,550,977

6.00%,

12/01/29

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

2,096

1,954,324

United

Rentals

North

America,

Inc.,

6.00%,

12/15/29

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

4,061

4,123,003

WESCO

Distribution,

Inc.

7.13%,

06/15/25

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

205

206,497

7.25%,

06/15/28

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

501

514,940

19,719,603

Wireless

Telecommunication

Services

—

0.5%

(c)

Connect

Finco

SARL,

6.75%,

10/01/26

....

2,889

2,871,694

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%,

01/15/31

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

244

250,215

Vmed

O2

UK

Financing

I

plc

4.25%,

01/31/31

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

413

360,650

4.75%,

07/15/31

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

617

550,738

4,033,297

Total

Corporate

Bonds

—

90.7%

(Cost:

$760,995,165)

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

759,983,270

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.2%

(g)

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.21%

,

 02/01/28

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

577

578,081

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.75%),

13.22%

,

 02/01/29

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

1,189

1,180,037

1,758,118

Air

Freight

&

Logistics

—

0.1%

Forward

Air

Corp.,

Term

Loan

B,

9.86%

,

 09/20/30

(g)

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

495

468,186

Automobile

Components

—

0.0%

Tenneco,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

10.45%

-

10.47%

,

 11/17/28

(g)

.........

319

280,893

Beverages

—

0.0%

(g)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.70%

,

 01/24/29

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

60

57,601

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.01%

Cap

+

6.00%),

11.45%

,

 01/24/30

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

69

55,200

112,801

Broadline

Retail

—

0.0%

Pug

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.97%

,

 02/12/27

(g)

....

283

278,208

Capital

Markets

—

0.1%

Ascensus

Group

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

7.00%

,

 08/02/29

(g)

.....

378

362,320

Security

Par

(000)

Par

(000)

Value

Chemicals

—

0.3%

(g)

ARC

Falcon

I,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.96%

,

 09/30/28

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

USD

152

$

150,057

Aruba

Investments

Holdings,

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.75%),

13.21%

,

 11/24/28

.

190

177,692

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.38%),

9.77%

,

 10/04/29

.......

1,100

1,082,414

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.93%),

9.37%

,

 07/03/28

...........

330

297,759

Momentive

Performance

Materials,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.50%),

9.86%

,

 03/29/28

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

452

435,502

2,143,424

Commercial

Services

&

Supplies

—

0.1%

(g)

KDC/ONE

Development

Corp.,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

5.00%),

10.36%

,

 08/15/28

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

468

462,618

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.89%

,

 12/15/28

.......

552

427,375

TruGreen

LP,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

8.50%),

14.14%

,

 11/02/28

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

275

203,500

1,093,493

Communications

Equipment

—

0.1%

ViaSat,

Inc.,

Term

Loan,

9.96%

,

 05/30/30

(g)

.

584

571,137

Construction

&

Engineering

—

0.3%

Brand

Industrial

Services,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.50%),

10.88%

,

 08/01/30

(g)

..........

2,127

2,112,171

Containers

&

Packaging

—

0.0%

Trident

TPI

Holdings,

Inc.,

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.85%

,

 09/15/28

(g)

..........

251

251,057

Diversified

Consumer

Services

—

0.1%

(g)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.96%

,

 12/11/28

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

348

341,538

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.75%),

11.21%

,

 12/10/29

...........

284

242,718

584,256

Diversified

Telecommunication

Services

—

0.1%

(g)

Altice

France

SA,

Term

Loan

B14,

(3-mo.

CME

Term

SOFR

+

5.50%),

10.89%

,

 08/15/28

.

235

210,441

Radiate

Holdco

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.25%),

8.72%

,

 09/25/26

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

358

285,198

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 03/09/27

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

306

261,685

757,324

Energy

Equipment

&

Services

—

0.0%

Lealand

Finance

Co.

BV,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 06/28/24

(g)(m)

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

25

16,436

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

—

0.1%

(g)

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.75%),

9.10%

,

 04/09/27

.......

USD

220

$

218,048

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

6.75%),

12.36%

,

 04/07/28

......

426

405,233

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.11%

,

 10/19/27

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

177

177,602

800,883

Food

Products

—

0.1%

Chobani

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.11%

,

 10/25/27

(g)

....

566

566,470

Health

Care

Equipment

&

Supplies

—

0.1%

Bausch

+

Lomb

Corp.,

Term

Loan

(g)

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%, 05/10/27

.........

558

550,773

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%, 09/29/28

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

493

490,917

1,041,690

Health

Care

Providers

&

Services

—

0.1%

(g)

LifePoint

Health,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

5.50%),

11.17%

,

 11/16/28

.

253

252,410

Quorum

Health

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

8.25%),

13.76%

,

 04/29/25

(m)

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

491

294,705

Surgery

Center

Holdings,

Inc.,

Term

Loan,

8.86%

,

 12/19/30

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

243

243,261

790,376

Health

Care

Technology

—

0.9%

(g)

Athenahealth

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.61%

,

 02/15/29

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

4,181

4,158,041

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.45%

,

 10/01/27

...........

513

497,934

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.47%

,

 06/02/28

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

587

578,301

Verscend

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.47%

,

 08/27/25

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

2,392

2,393,509

7,627,785

Household

Durables

—

0.2%

(g)

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.88%

,

 02/26/29

...........

470

467,378

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 10/06/28

...........

936

837,428

1,304,806

Interactive

Media

&

Services

—

0.0%

Acuris

Finance

US,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.50%

,

 02/16/28

(g)

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

194

193,222

IT

Services

—

0.0%

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.75%),

10.11%

,

 10/28/30

(g)

.....

279

280,193

Security

Par

(000)

Par

(000)

Value

Leisure

Products

—

0.0%

Peloton

Interactive,

Inc.,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.50%

Cap

+

7.00%),

12.48%

,

 05/25/27

(g)

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

USD

218

$

218,284

Life

Sciences

Tools

&

Services

—

0.1%

Star

Parent,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.35%

,

 09/27/30

(g)

....

911

899,234

Machinery

—

0.4%

(g)

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 03/28/25

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

1,826

1,822,165

Roper

Industrial

Products

Investment

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.35%

,

 11/22/29

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

308

308,030

SPX

Flow,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.96%

,

 04/05/29

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

847

848,501

2,978,696

Media

—

0.4%

(g)

AVSC

Holding

Corp.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

7.25%),

12.72%

,

 09/01/25

...........

252

229,713

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

3.50%),

9.14%

,

 08/21/26

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

1,775

1,754,253

DirecTV

Financing

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.65%

,

 08/02/27

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

1,237

1,235,345

3,219,311

Oil,

Gas

&

Consumable

Fuels

—

0.3%

(g)

Freeport

LNG

investments

LLLP,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

9.18%

,

 12/21/28

...........

249

248,761

New

Fortress

Energy

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.39%

,

 10/30/28

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

2,327

2,286,277

2,535,038

Passenger

Airlines

—

0.1%

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.43%

,

 04/20/28

(g)

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

1,081

1,109,508

Pharmaceuticals

—

0.0%

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

5.50%),

10.86%

,

 05/04/28

(g)

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

148

145,707

Professional

Services

—

0.1%

(g)

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 06/02/28

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

272

263,927

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.75%),

10.13%

,

 04/29/29

(m)

.........

273

224,057

OMNIA

Partners

LLC,

Delayed

Draw

Term

Loan,

07/25/30

(n)

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

10

10,510

498,494

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

U.S.

Borrower

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.36%

,

 01/31/30

(g)(m)

USD

196

$

195,576

Software

—

1.3%

(g)

Banff

Guarantor,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.50%),

10.97%

,

 02/27/26

...........

1,325

1,318,786

Boxer

Parent

Co.,

Inc.,

Term

Loan

 12/29/28

(n)

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

239

240,374

(1-mo.

CME

Term

SOFR

+

4.25%),

9.21%, 12/29/28

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

160

160,579

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.95%

-

9.99%

,

 03/30/29

......

1,931

1,882,522

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

6.00%),

11.46%

,

 10/08/29

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

712

678,698

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.64%

,

 07/27/28

...........

1,280

898,978

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

8.25%),

13.89%

,

 07/27/29

...........

830

315,400

McAfee

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.20%

,

 03/01/29

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

996

989,528

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.61%

,

 05/03/28

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

1,753

1,720,809

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

6.25%),

11.61%

,

 02/23/29

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

103

95,606

Planview

Parent,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.25%),

12.70%

,

 12/18/28

...........

288

261,720

Proofpoint,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

6.25%),

11.72%

,

 08/31/29

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

738

743,447

Sabre

GLBL,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 12/17/27

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

97

84,781

Sabre

GLBL,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 12/17/27

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

153

133,571

Sophia

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.96%

,

 10/07/27

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

327

327,729

Sovos

Compliance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.97%

,

 08/11/28

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

354

348,806

UKG,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.68%

,

 05/03/27

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

958

958,242

11,159,576

Trading

Companies

&

Distributors

—

0.0%

SRS

Distribution,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.96%

,

 06/02/28

(g)

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

—

(o)

1

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

—

0.0%

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.86%

,

 09/22/28

(g)

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

USD

121

$

121,212

Wireless

Telecommunication

Services

—

0.1%

(g)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

(3-mo.

LIBOR

USD

+

2.25%),

10.75%

,

 05/28/24

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

1,198

1,110,004

Digicel

International

Work

Fee,

Term

Loan,

01/01/38

(n)

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

52

48,108

1,158,112

Total

Floating

Rate

Loan

Interests

—

5.7%

(Cost:

$48,591,312)

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

47,633,998

Foreign

Agency

Obligations

France

—

0.0%

Electricite

de

France

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.41%),

9.13%

(c)(f)(g)

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

230

256,775

Total

Foreign

Agency

Obligations

—

0.0%

(Cost:

$230,000)

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

256,775

Preferred

Securities

Capital

Trusts

—

0.8%

Banks

—

0.2%

(f)(g)

Citigroup,

Inc.,

Series

Y,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15%

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

5

4,291

JPMorgan

Chase

&

Co.,

Series

Q,

(3-mo.

CME

Term

SOFR

+

3.51%),

8.89%

........

190

191,108

PNC

Financial

Services

Group,

Inc.

(The)

Series

V,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

6.20%

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

629

611,538

Series

W,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25%

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

606

564,893

1,371,830

Capital

Markets

—

0.1%

Goldman

Sachs

Group,

Inc.

(The),

Series

R,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.22%),

4.95%

(f)(g)

...

921

879,444

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.,

Series

C,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.00%),

5.70%

(f)(g)

210

193,933

Electric

Utilities

—

0.3%

(f)(g)

Edison

International

Series

A,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

5.38%

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

900

851,219

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.90%),

5.00%

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

581

540,971

NRG

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25%

(c)

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

983

1,023,388

2,415,578

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00%

(c)(f)(g)

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

516

508,260

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

H,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50%

(f)(g)

.........

USD

950

$

902,766

Total

Preferred

Securities

—

0.8%

(Cost:

$6,466,847)

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

6,271,811

Total

Long-Term

Investments

—

97.7%

(Cost:

$820,267,512)

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

818,269,726

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.1%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

(p)(q)

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

9,375,946

$

9,375,946

Total

Short-Term

Securities

—

1.1%

(Cost:

$9,375,946)

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

9,375,946

Total

Investments

—

98.8%

(Cost:

$829,643,458

)

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

827,645,672

Other

Assets

Less

Liabilities

—

1.2%

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

10,139,706

Net

Assets

—

100.0%

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

$

837,785,378

(a)

Non-income

producing

security.

(b)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$219,188,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$552,653.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(f)

Perpetual

security

with

no

stated

maturity

date.

(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)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(i)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(j)

When-issued

security.

(k)

Convertible

security.

(l)

Zero-coupon

bond.

(m)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(n)

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.

(o)

Rounds

to

less

than

1,000.

(p)

Affiliate

of

the

Fund.

(q)

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

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

18,647,211

$

—

$

(9,271,265)

(a)

$

—

$

—

$

9,375,946

9,375,946

$

933,564

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

Schedule

of

Investments

21

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

U.S.

Treasury

5-Year

Note

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

124

03/28/24

$

13,488

$

305,931

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

5,121,169

EUR

4,667,000

UBS

AG

03/20/24

$

(47,023)

USD

589,354

GBP

465,000

State

Street

Bank

and

Trust

Co.

03/20/24

(3,585)

$

(50,608)

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

41.V2

...........

5.00

%

Quarterly

12/20/28

B+

USD

7,821

$

467,084

$

86,894

$

380,190

(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.

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

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

$

86,894

$

—

$

380,190

$

—

(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.

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)

......

$

—

$

—

$

—

$

—

$

305,931

$

—

$

305,931

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

380,190

—

—

—

—

380,190

$

—

$

380,190

$

—

$

—

$

305,931

$

—

$

686,121

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

$

—

$

—

$

—

$

50,608

$

—

$

—

$

50,608

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

22

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

(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

December

31,

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

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

$

—

$

—

$

(624,223)

$

—

$

(686,372)

$

—

$

(1,310,595)

Forward

foreign

currency

exchange

contracts

....

—

—

—

41,447

—

—

41,447

Swaps

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

—

361,305

—

—

—

—

361,305

$

—

$

361,305

$

(624,223)

$

41,447

$

(686,372)

$

—

$

(907,843)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(221,608)

$

—

$

189,710

$

—

$

(31,898)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(38,361)

—

—

(38,361)

Swaps

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

—

305,473

—

—

—

—

305,473

$

—

$

305,473

$

(221,608)

$

(38,361)

$

189,710

$

—

$

235,214

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

8,476,109

Average

notional

value

of

contracts

—

short

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

$

7,186,329

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

$

5,185,831

Credit

default

swaps

Average

notional

value

—

sell

protection

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

$

6,276,755

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

10,648

$

—

Forward

foreign

currency

exchange

contracts

.................................................................

—

50,608

Swaps

—

centrally

cleared

..............................................................................

—

11,187

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

10,648

$

61,795

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(10,648)

(11,187)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

—

$

50,608

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)

State

Street

Bank

and

Trust

Co.

......................

$

3,585

$

—

$

—

$

—

$

3,585

UBS

AG

......................................

47,023

—

—

—

47,023

$

50,608

$

—

$

—

$

—

$

50,608

(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.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Capital

Markets

........................................

$

—

$

219,188

$

—

$

219,188

Chemicals

............................................

434,592

—

—

434,592

Energy

Equipment

&

Services

..............................

2,359

—

—

2,359

Financial

Services

......................................

154,932

—

—

154,932

Ground

Transportation

...................................

389,061

—

—

389,061

Hotels,

Restaurants

&

Leisure

..............................

217,945

—

—

217,945

IT

Services

...........................................

75,642

—

—

75,642

Metals

&

Mining

........................................

1,169,476

—

—

1,169,476

Oil,

Gas

&

Consumable

Fuels

...............................

261,166

—

—

261,166

Pharmaceuticals

.......................................

575,868

—

—

575,868

Software

.............................................

623,643

—

—

623,643

Corporate

Bonds

........................................

—

759,983,270

—

759,983,270

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

1,758,118

—

1,758,118

Air

Freight

&

Logistics

....................................

—

468,186

—

468,186

Automobile

Components

..................................

—

280,893

—

280,893

Beverages

...........................................

—

112,801

—

112,801

Broadline

Retail

........................................

—

278,208

—

278,208

Capital

Markets

........................................

—

362,320

—

362,320

Chemicals

............................................

—

2,143,424

—

2,143,424

Commercial

Services

&

Supplies

.............................

—

1,093,493

—

1,093,493

Communications

Equipment

................................

—

571,137

—

571,137

Construction

&

Engineering

................................

—

2,112,171

—

2,112,171

Containers

&

Packaging

..................................

—

251,057

—

251,057

Diversified

Consumer

Services

..............................

—

584,256

—

584,256

Diversified

Telecommunication

Services

........................

—

757,324

—

757,324

Energy

Equipment

&

Services

..............................

—

—

16,436

16,436

Financial

Services

......................................

—

800,883

—

800,883

Food

Products

.........................................

—

566,470

—

566,470

Health

Care

Equipment

&

Supplies

...........................

—

1,041,690

—

1,041,690

Health

Care

Providers

&

Services

............................

—

495,671

294,705

790,376

Health

Care

Technology

..................................

—

7,627,785

—

7,627,785

Household

Durables

.....................................

—

1,304,806

—

1,304,806

Interactive

Media

&

Services

...............................

—

193,222

—

193,222

IT

Services

...........................................

—

280,193

—

280,193

Leisure

Products

.......................................

—

218,284

—

218,284

Life

Sciences

Tools

&

Services

..............................

—

899,234

—

899,234

Machinery

............................................

—

2,978,696

—

2,978,696

Media

...............................................

—

3,219,311

—

3,219,311

Oil,

Gas

&

Consumable

Fuels

...............................

—

2,535,038

—

2,535,038

Passenger

Airlines

......................................

—

1,109,508

—

1,109,508

Pharmaceuticals

.......................................

—

145,707

—

145,707

Professional

Services

....................................

—

274,437

224,057

498,494

Real

Estate

Management

&

Development

.......................

—

—

195,576

195,576

Software

.............................................

—

11,159,576

—

11,159,576

Trading

Companies

&

Distributors

............................

—

1

—

1

Transportation

Infrastructure

...............................

—

121,212

—

121,212

Wireless

Telecommunication

Services

.........................

—

1,158,112

—

1,158,112

Foreign

Agency

Obligations

.................................

—

256,775

—

256,775

Preferred

Securities

.......................................

—

6,271,811

—

6,271,811

Short-Term

Securities

Money

Market

Funds

......................................

9,375,946

—

—

9,375,946

$

13,280,630

$

813,634,268

$

730,774

$

827,645,672

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

High

Yield

V.I.

Fund

24

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

380,190

$

—

$

380,190

Interest

rate

contracts

.......................................

305,931

—

—

305,931

Liabilities

Foreign

currency

exchange

contracts

............................

—

(50,608)

—

(50,608)

$

305,931

$

329,582

$

—

$

635,513

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statement

of

Assets

and

Liabilities

December

31,

2023

25

Financial

Statements

BlackRock

High

Yield

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

818,269,726‌

Investments,

at

value

—

affiliated

(b)

..........................................................................................

9,375,946‌

Cash

.............................................................................................................

585,868‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

176,000‌

Centrally

cleared

swaps

................................................................................................

660,000‌

Foreign

currency,

at

value

(c)

...............................................................................................

1,297‌

Receivables:

–‌

Investments

sold

....................................................................................................

4,241,871‌

Capital

shares

sold

...................................................................................................

249,878‌

Dividends

—

affiliated

.................................................................................................

60,150‌

Interest

—

unaffiliated

.................................................................................................

13,381,345‌

Variation

margin

on

futures

contracts

.......................................................................................

10,648‌

Prepaid

expenses

.....................................................................................................

11,985‌

Total

assets

.........................................................................................................

847,024,714‌

LIABILITIES

Payables:

–‌

Investments

purchased

................................................................................................

3,153,992‌

Swaps  

..........................................................................................................

72‌

Capital

shares

redeemed

...............................................................................................

774,089‌

Distribution

fees

.....................................................................................................

113,934‌

Income

dividend

distributions

............................................................................................

4,248,037‌

Investment

advisory

fees

..............................................................................................

312,533‌

Directors'

and

Officer's

fees

.............................................................................................

380‌

Professional

fees

....................................................................................................

68,224‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

11,187‌

Other

accrued

expenses

...............................................................................................

506,280‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

50,608‌

Total

liabilities

........................................................................................................

9,239,336‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

........................................................................................................

$

837,785,378‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

899,972,571‌

Accumulated

loss

.....................................................................................................

(62,187,193‌)

NET

ASSETS

........................................................................................................

$

837,785,378‌

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

820,267,512‌

(b)

  Investments,

at

cost

—

affiliated

...................................................................................

$

9,375,946‌

(c)

  Foreign

currency,

at

cost

.......................................................................................

$

1,284‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

26

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

.........................................................................................................

$

263,380,267‌

Shares

outstanding

..................................................................................................

38,511,632‌

Net

asset

value

.....................................................................................................

$

6.84‌

Shares

authorized

...................................................................................................

300

million

Par

value

.........................................................................................................

$

0.10‌

Class

III

Net

assets

.........................................................................................................

$

574,405,111‌

Shares

outstanding

..................................................................................................

84,032,750‌

Net

asset

value

.....................................................................................................

$

6.84‌

Shares

authorized

...................................................................................................

200

million

Par

value

.........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2023

27

Financial

Statements

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

...............................................................................................

$

3,921‌

Dividends

—

affiliated

.................................................................................................

933,564‌

Interest

—

unaffiliated

.................................................................................................

52,075,541‌

Total

investment

income

.................................................................................................

53,013,026‌

EXPENSES

Investment

advisory

..................................................................................................

3,372,101‌

Distribution

—

class

specific

............................................................................................

1,315,812‌

Transfer

agent

—

class

specific

..........................................................................................

1,133,203‌

Accounting

services

..................................................................................................

161,502‌

Professional

.......................................................................................................

91,707‌

Printing

and

postage

.................................................................................................

36,711‌

Custodian

.........................................................................................................

31,929‌

Registration

.......................................................................................................

13,009‌

Directors

and

Officer

.................................................................................................

11,097‌

Transfer

agent

......................................................................................................

5,729‌

Miscellaneous

......................................................................................................

128,798‌

Total

expenses

excluding

interest

expense

.....................................................................................

6,301,598‌

Interest

expense

....................................................................................................

167‌

Total

expenses

.......................................................................................................

6,301,765‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(14,231‌)

Transfer

agent

fees

reimbursed

by

the

Manager

—

class

specific

....................................................................

(734,413‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

5,553,121‌

Net

investment

income

..................................................................................................

47,459,905‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

44,924,645‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

(28,323,215‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

41,447‌

Foreign

currency

transactions

.........................................................................................

(16,591‌)

Futures

contracts

..................................................................................................

(1,310,595‌)

Swaps

.........................................................................................................

361,305‌

A

(29,247,649‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

73,905,049‌

Forward

foreign

currency

exchange

contracts

...............................................................................

(38,361‌)

Foreign

currency

translations

..........................................................................................

(2‌)

Futures

contracts

..................................................................................................

(31,898‌)

Swaps

.........................................................................................................

305,473‌

Unfunded

floating

rate

loan

interests

.....................................................................................

32,033‌

A

74,172,294‌

Net

realized

and

unrealized

gain

...........................................................................................

44,924,645‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

92,384,550‌

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Annual

Report

to

Shareholders

28

See

notes

to

financial

statements.

BlackRock

High

Yield

V.I.

Fund

Year

Ended

12/31/23

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

47,459,905

‌

$

35,545,985

‌

Net

realized

loss

..................................................................................

(29,247,649

)

(29,228,628

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

74,172,294

‌

(92,780,449

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

92,384,550

‌

(86,463,092

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(14,957,317

)

(10,135,624

)

  Class

III

.......................................................................................

(33,379,272

)

(26,358,661

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(48,336,589

)

(36,494,285

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

126,444,002

‌

(47,378,409

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

170,491,963

‌

(170,335,786

)

Beginning

of

year

....................................................................................

667,293,415

‌

837,629,201

‌

End

of

year

........................................................................................

$

837,785,378

‌

$

667,293,415

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

29

Financial

Highlights

BlackRock

High

Yield

V.I.

Fund

Class

I

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

..............................

$

6.45

‌

$

7.59

‌

$

7.56

‌

$

7.43

‌

$

6.80

‌

Net

investment

income

(a)

....................................

0.43

‌

0.35

‌

0.33

‌

0.37

‌

0.38

‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.39

‌

(1.13

)

0.06

‌

0.14

‌

0.64

‌

Net

increase

(decrease)

from

investment

operations

...................

0.82

‌

(0.78

)

0.39

‌

0.51

‌

1.02

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.43

)

(0.35

)

(0.34

)

(0.38

)

(0.39

)

From

net

realized

gain

......................................

—

‌

(0.01

)

(0.02

)

—

‌

—

‌

Total

distributions

..........................................

(0.43

)

(0.36

)

(0.36

)

(0.38

)

(0.39

)

Net

asset

value,

end

of

year

..................................

$

6.84

‌

$

6.45

‌

$

7.59

‌

$

7.56

‌

$

7.43

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

.....................................

13.21

%

(10.35

)%

5.34

%

7.27

%

15.29

%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

............................................

0.67

%

0.65

%

0.67

%

0.69

%

0.70

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.57

%

0.56

%

0.57

%

0.58

%

0.59

%

Net

investment

income

......................................

6.49

%

5.15

%

4.38

%

5.13

%

5.28

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

263,380

‌

$

175,009

‌

$

224,592

‌

$

182,845

‌

$

178,147

‌

Portfolio

turnover

rate

........................................

50

%

46

%

57

%

103

%

83

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

30

BlackRock

High

Yield

V.I.

Fund

Class

III

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

..............................

$

6.45

‌

$

7.59

‌

$

7.55

‌

$

7.42

‌

$

6.80

‌

Net

investment

income

(a)

....................................

0.41

‌

0.34

‌

0.31

‌

0.35

‌

0.37

‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.40

‌

(1.14

)

0.08

‌

0.14

‌

0.62

‌

Net

increase

(decrease)

from

investment

operations

...................

0.81

‌

(0.80

)

0.39

‌

0.49

‌

0.99

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.42

)

(0.33

)

(0.33

)

(0.36

)

(0.37

)

From

net

realized

gain

......................................

—

‌

(0.01

)

(0.02

)

—

‌

—

‌

Total

distributions

..........................................

(0.42

)

(0.34

)

(0.35

)

(0.36

)

(0.37

)

Net

asset

value,

end

of

year

..................................

$

6.84

‌

$

6.45

‌

$

7.59

‌

$

7.55

‌

$

7.42

‌

Total

Return

(c)

—

—

—

—

—

Based

on

net

asset

value

.....................................

12.94

%

(10.56

)%

5.23

%

7.01

%

14.86

%

Ratios

to

Average

Net

Assets

(d)

Total

expenses

............................................

0.91

%

0.90

%

0.91

%

0.92

%

0.94

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.81

%

0.80

%

0.81

%

0.82

%

0.83

%

Net

investment

income

......................................

6.23

%

4.93

%

4.13

%

4.86

%

5.06

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

574,405

‌

$

492,285

‌

$

613,037

‌

$

487,109

‌

$

397,249

‌

Portfolio

turnover

rate

........................................

50

%

46

%

57

%

103

%

83

%

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

31

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company. The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of 2 separate

funds.

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

High

Yield

V.I.

Fund (the

“Fund”). The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statement

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates. Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually. The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”), the directors

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Directors”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Directors.

This

has

the

same

economic

effect

for

the

Independent Directors

as

if

the

Independent Directors

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Directors’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed

Income

Complex

and

reflected

as Directors

and

Officer

expense

on

the

Statement(s)

of

Operations.

The Directors

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

32

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Fund’s

Manager

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service.Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

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. 

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

(continued)

33

Notes

to

Financial

Statements

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

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

involves

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.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

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

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

34

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Forward

Commitments, When-Issued

and

Delayed

Delivery

Securities

:

The

Fund

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made.

The

Fund

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement,

the

Fund

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

the

fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty,

the

Fund’s

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

These

types

of

securities

may

be

considered

unfunded

and

may

obligate

the

Fund

to

make

future

cash

payments.

An

unfunded

commitment

is

marked-to-market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

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

Notes

to

Financial

Statements

(continued)

35

Notes

to

Financial

Statements

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

 Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities. The

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.

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

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between the

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

36

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, the

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

based

on

a

percentage

of

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

Total

Return

V.I.

Fund,

a

series

of

the

Company,

at

the

following

annual

rates:

For

the year

ended

December

31,

2023,

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

Total

Return

V.I.

Fund

were

approximately

$1,554,238,202.

The

Manager

entered

into

a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”)

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it

provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act, the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

an

annual rate

of 

0.25

%

based

upon

the

average

daily

net

assets

attributable

to

Class

III.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services

to

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution

related

services

to

shareholders.

For

the year

ended

December

31,

2023,

the

class

specific

distribution

fees

borne

directly

by Class III were

$1,315,812.

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

year

ended

December

31,

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

year ended

December

31,

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

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$250

million

.......................................................................................................

0.55%

$250

million-

$500

million

.................................................................................................

0.50

$500

million-

$750

million

.................................................................................................

0.45

Greater

than

$750

million

.................................................................................................

0.40

Class

I

Class

III

Total

Transfer

agent

fees

-

class

specific

....................................................................

$

349,814‌

$

783,389‌

$

1,133,203‌

Notes

to

Financial

Statements

(continued)

37

Notes

to

Financial

Statements

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

Independent

Directors

,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

ended

December

31,

2023,

the

amount

waived

was

$14,231.

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

year

ended

December

31,

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

year

ended

December

31,

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 year ended

December

31,

2023,

there

were

no fees

waived

and/

or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2023,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2023,

purchases

and

sales

of

investments,

including

paydowns

and

excluding

short-term

securities, were $486,386,683

and

$363,784,683,

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

December

31,

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

................................................................................................................

0.06‌%

Class

III

...............................................................................................................

0.05‌

Share

Class

Transfer

Agent

Fees

Reimbursed

by

the

Manager

-

Class

Specific

Class

I

.......................................................................................................

$

214,186‌

Class

III

......................................................................................................

520,227‌

$

734,413‌

Class

I

Class

III

Expense

Limitations

..................................................................................

1.25‌%

1.50‌%

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

38

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAVs

per

share.

As

of

period

end,

permanent

differences

attributable

to

nondeductible

expenses

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2023,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

losses

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

amortization

and

accretion

methods

of

premiums

and

discounts

on

fixed

income

securities,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

contracts,

the

accrual

of

income

on

securities

in

default,

the

timing

and

recognition

of

partnership

income,

the

classification

of

investments,

and

the

accounting

for

swap

agreements.

(c)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

As

of

December

31,

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

year ended

December

31,

2023,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

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

Paid-in

Capital

Accumulated

Earnings

(Loss)

BlackRock

High

Yield

V.I.

Fund

.................................................................

$

(386‌)

$

386‌

Fund

Name

Year

Ended

12/31/23

Year

Ended

12/31/22

BlackRock

High

Yield

V.I.

Fund

Ordinary

income

...........................................................................................

$

48,336,589‌

$

36,494,285‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Capital

Losses

(c)

Total

BlackRock

High

Yield

V.I.

Fund

............................................

$

(56,360,153)

$

(4,064,679)

$

(1,762,361)

$

(62,187,193)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

High

Yield

V.I.

Fund

........................................

$

831,632,977‌

$

18,203,462‌

$

(21,821,441‌)

$

(3,617,979‌)

Notes

to

Financial

Statements

(continued)

39

Notes

to

Financial

Statements

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund(s) may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Fund’s

performance.

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

recently

transitioned

from,

or

continue

to

be

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,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

to

be

published

under

a

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

Under

U.S.

regulations

that

implement

a

statutory

fallback

mechanism

to

replace

LIBOR,

benchmark

rates

based

on

SOFR

have

replaced

LIBOR

in

certain

financial

contracts.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

40

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.

Year

Ended

12/31/23

Year

Ended

12/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

High

Yield

V.I.

Fund

Class

I

Shares

sold

.............................................

15,909,884‌

$

104,935,881‌

6,833,246‌

$

46,120,099‌

Shares

issued

in

reinvestment

of

distributions

........................

2,197,682‌

14,456,030‌

1,476,363‌

10,079,082‌

Shares

redeemed

.........................................

(6,725,260‌)

(44,419,074‌)

(10,756,938‌)

(72,420,658‌)

11,382,306‌

$

74,972,837‌

(2,447,329‌)

$

(16,221,477‌)

Class

III

Shares

sold

.............................................

23,568,801‌

$

155,449,956‌

23,237,509‌

$

159,830,330‌

Shares

issued

in

reinvestment

of

distributions

........................

5,006,678‌

32,924,247‌

3,804,505‌

25,915,617‌

Shares

redeemed

.........................................

(20,894,867‌)

(136,903,038‌)

(31,468,266‌)

(216,902,879‌)

7,680,612‌

$

51,471,165‌

(4,426,252‌)

$

(31,156,932‌)

19,062,918‌

$

126,444,002‌

(6,873,581‌)

$

(47,378,409‌)

Report

of

Independent

Registered

Public

Accounting

Firm

41

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

High

Yield

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds

II,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

High

Yield

V.I.

Fund

of

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2023,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2023,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023,

by

correspondence

with

custodians

or

counterparties;

when

replies

were

not

received,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

14,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

2023

BlackRock

Annual

Report

to

Shareholders

42

Currency

Abbreviation

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Portfolio

Abbreviation

DAC

Designated

Activity

Company

LIBOR

London

Interbank

Offered

Rate

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

December

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Annual

Report

BlackRock

Variable

Series

Funds

II,

Inc.

BlackRock

Total

Return

V.I.

Fund

Fund

Summary

as

of

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

2

BlackRock

Total

Return

V.I.

Fund

Investment

Objective

BlackRock

Total

Return

V.I.

Fund’s

(the

“Fund”)

investment

objective

is

to

maximize

total

return,

consistent

with

income

generation

and

prudent

investment

management.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2023,

the

Fund’s

Class

I

outperformed

and

Class

III

underperformed

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index.

What

factors

influenced

performance?

The

Fund’s

holdings

in

higher-quality

market

segments

contributed

to

performance,

particularly

in

the

broader

rally

that

occurred

in

the

fixed-income

market

in

the

final

two

months

of

the

reporting

period.

Positions

in

structured

products—primarily

collateralized

loan

obligations

and

commercial

mortgage-backed

securities—also

contributed

to

results

as

spreads

tightened.

Individual

security

selection

added

value

in

these

areas.

Credit

selection

in

U.S.

investment

grade

corporate

bonds

contributed.

Most

notably,

an

underweight

in

the

financials

sector

helped

performance

during

the

regional

banking

crisis

in

the

first

quarter

of

2023.

An

overweight

in

agency

mortgage-backed

securities

(“MBS”)

contributed,

as

did

selection

in

the

category.

A

small

position

in

U.S.

high

yield

bonds

also

added

value.

The

Fund’s

tactical

duration/yield

curve

positioning

was

the

largest

detractor

from

relative

performance.

(Duration

is

a

measure

of

interest

rate

sensitivity.)

Most

of

the

adverse

effect

came

from

being

underweight

to

duration

during

the

bond

market

rally

in

November

and

December

2023.

A

short

position

in

10-year

Japanese

government

bonds

also

hurt

results.

The

Fund

held

futures,

options,

interest-rate

swaps

and

currency

forward

contracts

to

manage

duration

and

portfolio

risk.

The

Fund’s

duration

position,

which

includes

derivatives,

detracted

from

performance.

Describe

recent

portfolio

activity.

At

the

beginning

of

the

reporting

period,

the

investment

adviser

favored

higher-quality

sectors.

It

held

an

overweight

in

investment-grade

corporate

bonds

and

agency

MBS.

In

advance

of

the

regional

banking

crisis,

the

investment

adviser

was

focused

on

de-risking

the

portfolio

in

areas

such

as

high

yield

and

non-U.S.

corporate

bonds

based

on

tight

yield

spreads

and

the

potential

for

reaccelerating

inflation

and

improving

economic

data.

The

Fund

maintained

a

higher-quality

bias

in

the

second

quarter

of

2023.

In

addition,

it

moved

from

an

overweight

to

a

neutral

weight

in

investment-grade

corporate

bonds

and

raised

the

Fund’s

allocation

to

MBS.

The

Fund

also

had

an

overweight

in

non-U.S.

sovereign

debt,

mainly

in

Europe.

The

investment

advisor

increased

the

portfolio’s

duration

late

in

the

second

quarter

of

2023,

with

an

emphasis

on

opportunities

on

the

short

end

of

the

yield

curve.

It

generally

maintained

this

duration

positioning

through

the

remainder

of

2023,

with

periodic

adjustments

based

on

changing

market

conditions.

Later

in

the

period,

the

investment

adviser

raised

the

Fund’s

weighting

in

corporate

bonds

and

reduced

the

extent

of

the

overweight

in

agency

MBS.

It

retained

a

historically

low

allocation

to

high

yield

bonds,

as

it

was

not

inclined

to

“chase”

performance

in

an

environment

of

slowing

growth.

The

investment

adviser

reduced

duration

to

an

underweight

in

the

fourth

quarter

of

2023,

mainly

in

the

front

end

of

the

yield

curve

(short-term

bonds),

on

the

belief

that

the

rally

in

the

bond

market

had

priced

in

interest

rate

cuts

too

soon

given

the

strength

of

the

U.S.

economy.

The

investment

adviser

coupled

this

with

an

overweight

in

the

belly

of

the

curve

(i.e.,

intermediate-term

bonds)

on

the

view

the

yield

curve

could

flatten.

(A

flattening

curve

indicates

outperformance

for

longer-term

bonds

relative

to

shorter-term

issues.)

The

Fund

had

a

meaningful

allocation

to

securitized

assets

throughout

2023.

The

investment

adviser

maintained

a

focus

on

issues

higher

in

the

capital

structure

in

areas

such

as

industrials,

multi-family

housing,

hotels,

select

office

properties

in

the

commercial

mortgage-backed

space,

and

higher-quality

collateralized

loan

obligations

with

structural

protections.

It

maintained

a

cautious

stance

toward

non-agency

residential

MBS

given

declining

fundamentals

and

supply-and-demand

headwinds.

Describe

portfolio

positioning

at

period

end.

The

Fund

was

overweight

in

U.S.

agency

MBS,

investment-grade

corporate

bonds,

structured

products

(namely

asset-backed

securities

and

commercial

mortgage-backed

securities),

and

emerging

market

debt,

and

it

was

underweight

in

non-U.S.

corporate

bonds.

Its

duration

was

below

that

of

the

index.

Additionally,

the

Fund

held

meaningful

out-of-benchmark

positions

in

areas

such

as

high

yield

bonds,

bank

loans,

collateralized

loan

obligations,

and

non-agency

MBS.

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

December

31,

2023

(continued)

3

Fund

Summary

BlackRock

Total

Return

V.I.

Fund

GROWTH

OF

$10,000

INVESTMENT

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.

(a)

Assuming

transaction

costs,

if

any,

and

other

operating

expenses,

including

investment

advisory

fees.

Does

not

include

insurance-related

fees

and

expenses.

(b)

Under

normal

circumstances,

the

Fund

invests

at

least

80%,

and

typically

invests

90%

or

more,

of

its

assets

in

fixed

income

securities,

such

as

corporate

bonds

and

notes,

mortgage-backed

securities,

asset-backed

securities,

convertible

securities,

preferred

securities,

government

obligations

and

money

market

securities.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Total

Return

V.I.

Fund

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(c)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

Average

Annual

Total

Returns

(a)

Standardized

30-Day

Yields

(b)

Unsubsidized

30-Day

Yields

(b)

1

Year

5

Years

10

Years

Class

I

(c)

......................................................

4.31‌%

4.15‌%

5.83‌%

1.34‌%

1.93‌%

Class

III

(c)

.....................................................

4.01‌

3.93‌

5.43‌

1.03‌

1.61‌

Bloomberg

U.S.

Aggregate

Bond

Index

...............................

—‌

—‌

5.53‌

1.10‌

1.81‌

(a)

For

a

portion

of

the

period,

the

Fund's

investment

adviser

waived

and/or

reimbursed

a

portion

of

its

fee.

Without

such

waiver

and/or

reimbursement,

the

Fund’s

performance

would

have

been

lower.

(b)

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

(c)

Average

annual

total

returns

are

based

on

changes

in

net

asset

value

for

the

periods

shown,

and

assume

reinvestment

of

all

distributions

at

net

asset

value

on

the

ex-dividend/payable

date.

Insurance-related

fees

and

expenses

are

not

reflected

in

these

returns.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

the

Predecessor

Fund,

a

series

of

BlackRock

Variable

Series

Funds,

Inc.,

through

the

Reorganization.

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

Fund

Summary

as

of

December

31,

2023

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Total

Return

V.I.

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

5%

Return

Expenses

Paid

During

the

Period

Including

Interest

Expense

Excluding

Interest

Expense

Annualized

Expense

Ratio

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Including

Interest

Expense

(a)

Excluding

Interest

Expense

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Including

Interest

Expense

Excluding

Interest

Expense

Class

I

.......

$

1,000.00‌

$

1,028.90‌

$

2.51‌

$

2.51‌

$

1,000.00‌

$

1,022.74‌

$

2.50‌

$

1,022.74‌

$

2.50‌

0.49‌%

0.49‌%

Class

III

......

1,000.00‌

1,026.40‌

4.09‌

4.09‌

1,000.00‌

1,021.17‌

4.08‌

1,021.17‌

4.08‌

0.80‌

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

184/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

U.S.

Government

Sponsored

Agency

Securities

..............

38.8‌

%

Corporate

Bonds

...................................

20.8‌

U.S.

Treasury

Obligations

.............................

20.8‌

Investment

Companies

...............................

13.4‌

Asset-Backed

Securities

..............................

2.8‌

Foreign

Government

Obligations

........................

1.5‌

Non-Agency

Mortgage-Backed

Securities

..................

1.0‌

Municipal

Bonds

...................................

0.6‌

Foreign

Agency

Obligations

............................

0.3‌

Floating

Rate

Loan

Interests

...........................

0.0‌

(b)

Fixed

Rate

Loan

Interests

.............................

0.0‌

(b)

Other

Interests

....................................

—‌

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(c)

Percent

of

Total

Investments

(a)

AAA/Aaa

(d)

......................................

62.5‌

%

AA/Aa

.........................................

0.8‌

A

.............................................

23.1‌

BBB/Baa

.......................................

12.2‌

BB/Ba

.........................................

0.4‌

B

............................................

0.1‌

CCC/Caa

.......................................

0.1‌

CC/Ca

.........................................

0.1‌

C

............................................

0.1‌

NR

...........................................

0.6‌

(a)

Excludes

short-term

securities,

options

purchased,

options

written

and

TBA

sale

commitments.

(b)

Represents

less

than

0.1%

of

the

Fund's

total

investments.

(c)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(d)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

The

Benefits

and

Risks

of

Leveraging

5

The

Benefits

and

Risks

of

Leveraging

/

Disclosure

of

Expenses

The

Fund

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Fund

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

the

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

the

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments,

the

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to

the

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in

the

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

the

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Fund

had

not

used

leverage.

Furthermore,

the

value

of

the

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

the

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

the

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

the

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

the

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of the

Fund’s

shares

than

if

the

Fund

were

not

leveraged.

In

addition,

the

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit the

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

The

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

the

Fund’s

shareholders

and

may

reduce

income.

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses;

and

(b)

operating

expenses,

including

investment

advisory

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

2023

BlackRock

Annual

Report

to

Shareholders

6

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

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(a)

Series

2003-OP1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.72%

Floor

+

0.83%),

6.19%,

12/25/33

...............

USD

111

$

104,786

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.26%

Floor

+

0.37%),

5.73%,

05/25/37

...............

85

14,333

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.75%,

10/21/28

(a)(b)

........

183

183,436

Allegro

CLO

VII

Ltd.,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.76%,

06/13/31

(a)(b)

.........

238

237,676

American

Homes

4

Rent

Trust,

Series

2014-

SFR3,

Class

A,

3.68%,

12/17/36

(b)

.....

166

162,875

Anchorage

Capital

CLO

4-R

Ltd.,

Series

2014-

4RA,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.70%,

01/28/31

(a)(b)

184

183,318

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.91%,

10/13/30

163

162,976

Series

2018-1RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

6.65%,

04/13/31

...............

268

267,775

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.34%),

6.74%,

04/15/31

(a)(b)

....................

2,437

2,440,936

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.27%),

6.69%,

04/20/31

(a)(b)

.........

473

473,054

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.63%,

10/20/30

(a)(b)

....

350

349,361

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.43%),

6.83%,

10/15/30

(a)(b)

...............

222

222,340

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.95%,

05/25/35

(a)

.....

32

23,989

BankAmerica

Manufactured

Housing

Contract

Trust,

Series

1998-2,

Class

B1,

7.32%,

12/10/25

(a)

.....................

300

50,558

Barings

CLO

Ltd.,

Series

2015-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.45%),

6.87%,

10/20/30

(a)(b)

.........

205

204,595

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.47%,

05/28/39

....................

64

50,563

Series

2005-A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.47%,

02/28/40

....................

80

70,999

Series

2005-E,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.47%,

12/28/40

....................

21

20,379

BCMSC

Trust

(a)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

40

4,457

Series

2000-A,

Class

A3,

7.83%,

06/15/30

37

4,278

Series

2000-A,

Class

A4,

8.29%,

06/15/30

27

3,277

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2007-FS1,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

05/25/35

...............

6

6,274

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

03/25/37

...............

USD

15

$

13,481

Series

2007-HE3,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.82%,

04/25/37

...............

195

204,307

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.77%,

04/20/31

(a)(b)

....................

352

352,231

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.85%,

10/22/30

(a)(b)

....

345

345,454

Carbone

CLO

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.40%),

6.82%,

01/20/31

(a)(b)

....................

630

630,821

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

Series

2013-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.66%,

01/15/31

...............

227

227,372

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.63%,

04/17/31

...............

714

713,442

Series

2014-3RA,

Class

A1A,

(3-mo.

CME

Term

SOFR

+

1.31%),

6.70%,

07/27/31

701

701,671

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

12.50%

Cap

+

0.27%),

5.63%,

10/25/36

(a)

................

25

24,462

CBAM

Ltd.,

Series

2017-1A,

Class

A1,

(3-

mo.

CME

Term

SOFR

+

1.51%),

6.93%,

07/20/30

(a)(b)

....................

189

188,780

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

10/25/36

(a)

..........

35

22,103

CIFC

Funding

Ltd.

(a)(b)

Series

2013-3RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.64%,

04/24/31

...............

395

395,165

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.71%,

04/24/30

...............

199

199,288

Series

2014-5A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.86%,

10/17/31

...............

250

250,395

Series

2015-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.87%

Floor

+

1.13%),

6.53%,

04/19/29

...............

540

538,853

Series

2017-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.48%),

6.90%,

07/20/30

...

616

615,655

Series

2017-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.44%),

6.84%,

11/16/30

....

667

667,383

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

5.67%,

05/25/37

...............

155

100,668

Series

2007-AHL2,

Class

A3C,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.38%),

5.74%,

05/25/37

...............

70

45,742

Conseco

Finance

Corp.

(a)

Series

1997-3,

Class

M1,

7.53%,

03/15/28

17

16,960

Series

1997-6,

Class

M1,

7.21%,

01/15/29

11

10,505

Series

1999-5,

Class

A5,

7.86%,

03/01/30

24

8,606

Series

1999-5,

Class

A6,

7.50%,

03/01/30

25

8,745

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

USD

56

$

10,388

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

151

27,731

Series

2000-5,

Class

A7,

8.20%,

05/01/31

134

37,382

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.22%

Floor

+

0.33%),

5.69%,

12/25/25

(a)

.....................

—

(c)

414

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2006-CB2,

Class

AF4,

3.07%,

12/25/36

(d)

...................

10

8,593

Series

2006-MH1,

Class

B1,

6.75%,

10/25/36

(b)(d)

..................

64

62,522

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(b)(d)

..................

75

3,941

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

07/25/37

(a)(b)

.............

35

22,012

CWABS

Asset-Backed

Certificates

Trust

(a)

Series

2005-16,

Class

1AF,

4.52%,

04/25/36

73

63,405

Series

2006-11,

Class

3AV2,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

09/25/46

...............

—

(c)

85

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

and

16.00%

Cap

+

0.38%),

5.75%,

03/15/34

(a)

..........

6

5,723

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-5,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.01%),

6.37%,

10/25/34

(a)

.....................

64

63,014

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

........

1

1,603

CWHEQ

Revolving

Home

Equity

Loan

Resuritization

Trust

(a)(b)

Series

2006-RES,

Class

4Q1B,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

and

16.00%

Cap

+

0.41%),

5.78%,

12/15/33

.....

1

801

Series

2006-RES,

Class

5B1B,

(1-mo.

CME

Term

SOFR

at

0.19%

Floor

and

16.00%

Cap

+

0.30%),

5.67%,

05/15/35

.....

1

1,108

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.66%,

05/15/35

.........

3

2,521

Series

2006-C,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.66%,

05/15/36

.........

20

19,886

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

and

16.00%

Cap

+

0.26%),

5.63%,

11/15/36

..........

12

11,714

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.18%),

6.58%,

10/15/30

(a)(b)

........

238

238,056

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.82%

Floor

+

1.08%),

6.46%,

11/15/28

(a)(b)

....

136

135,520

Dryden

45

Senior

Loan

Fund,

Series

2016-45A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

10/15/30

(a)(b)

250

249,530

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.78%,

01/15/31

(a)(b)

.........

750

751,803

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-

26A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.56%,

04/15/29

(a)(b)

USD

476

$

475,336

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2004-FFH3,

Class

M3,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

6.52%,

10/25/34

...............

33

29,771

Series

2006-FF16,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.75%,

12/25/36

...............

531

212,657

Series

2006-FF17,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

5.62%,

12/25/36

...............

310

256,601

Series

2006-FFH1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.07%,

01/25/36

...............

97

85,187

Fremont

Home

Loan

Trust,

Series

2006-3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.75%,

02/25/37

(a)

67

50,814

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.38%),

6.78%,

01/15/31

(a)(b)

...............

261

261,180

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.82%,

01/22/31

(a)(b)

.........

929

929,480

GSAA

Home

Equity

Trust,

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

(a)

............

24

4,734

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.87%,

01/25/47

...............

20

10,043

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

3.38%

Floor

+

3.49%),

8.85%,

02/25/47

...............

40

38,258

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.77%,

05/25/37

(a)

.....

64

50,429

Home

Equity

Mortgage

Loan

Asset-Backed

Trust,

Series

2004-A,

Class

M2,

(1-mo.

CME

Term

SOFR

at

2.03%

Floor

+

2.14%),

4.03%,

07/25/34

(a)

................

12

11,256

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(d)

........

50

5,450

HPS

Loan

Management

Ltd.

(a)(b)

Series

11A-17,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.67%,

05/06/30

....................

272

271,921

Series

6A-2015,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.26%),

6.65%,

02/05/31

172

172,028

Irwin

Home

Equity

Loan

Trust,

Series

2006-3,

Class

2A3,

6.53%,

09/25/37

(b)(d)

.......

8

8,016

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CW1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.41%

Floor

+

0.52%),

5.88%,

05/25/36

(a)

.....................

60

57,611

LCM

26

Ltd.,

Series

26A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.75%,

01/20/31

(a)(b)

...............

206

206,400

Lehman

ABS

Manufactured

Housing

Contract

Trust,

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

.....................

25

25,490

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

CME

Term

SOFR

+

2.41%),

7.77%,

12/25/37

(a)

.....................

13

12,711

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Madison

Avenue

Manufactured

Housing

Contract

Trust,

Series

2002-A,

Class

B2,

(1-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.36%),

8.72%,

03/25/32

(a)

..........

USD

2

$

2,445

Madison

Park

Funding

XIII

Ltd.,

Series

2014-

13A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.61%,

04/19/30

(a)(b)

429

428,818

Madison

Park

Funding

XLII

Ltd.,

Series

13A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.44%),

6.85%,

11/21/30

(a)(b)

.........

280

279,917

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.94%

Floor

+

1.20%),

6.61%,

10/21/30

(a)(b)

1,466

1,466,832

Madison

Park

Funding

XXIII

Ltd.,

Series

2017-

23A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.62%,

07/27/31

(a)(b)

728

727,408

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.46%),

6.85%,

07/29/30

(a)(b)

.........

260

260,364

Madison

Park

Funding

XXX

Ltd.,

Series

2018-

30A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.01%),

6.41%,

04/15/29

(a)(b)

949

948,046

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.84%,

12/18/30

(a)(b)

....

212

212,190

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.99%,

06/25/46

(a)(b)

....

7

6,832

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2006-OPT1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.39%

Floor

+

0.50%),

5.86%,

08/25/37

...............

35

29,037

Series

2006-RM3,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

+

0.29%),

5.65%,

06/25/37

...............

24

5,141

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(a)

Series

2005-HE1,

Class

A2MZ,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.07%,

12/25/34

...............

155

139,212

Series

2005-HE5,

Class

M4,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.98%),

6.34%,

09/25/35

...............

94

75,706

MP

CLO

III

Ltd.,

Series

2013-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.93%,

10/20/30

(a)(b)

....................

191

190,632

Oakwood

Mortgage

Investors,

Inc.

(a)

Series

2001-D,

Class

A2,

5.26%,

01/15/19

14

6,094

Series

2001-D,

Class

A4,

6.93%,

09/15/31

8

4,116

Series

2002-B,

Class

M1,

7.62%,

06/15/32

79

76,452

OCP

CLO

Ltd.

(a)(b)

Series

2017-14A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.78%,

11/20/30

...............

458

458,590

Series

2017-14A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.58%,

11/20/30

...............

250

249,874

Octagon

Investment

Partners

31

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.73%,

07/20/30

(a)(b)

....................

605

604,251

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.68%,

07/17/30

(a)(b)

....................

248

247,677

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Octagon

Investment

Partners

XVII

Ltd.,

Series

2013-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

+

1.26%),

6.64%,

01/25/31

(a)(b)

...

USD

226

$

225,583

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.30%),

6.68%,

05/23/31

(a)(b)

...............

222

222,405

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.68%,

03/25/37

(a)

..............

90

72,495

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(d)

...................

63

50,696

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(d)

...................

156

130,161

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(d)

...................

78

68,723

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.68%,

10/15/37

(a)(b)

.........

16

15,960

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(d)

........

58

51,021

OZLM

Funding

IV

Ltd.,

Series

2013-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

6.92%,

10/22/30

(a)(b)

....

226

225,729

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.79%,

01/17/31

...............

162

162,365

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

6.69%,

04/18/31

....................

195

195,241

Series

2018-2A,

Class

A1A,

(3-mo.

CME

Term

SOFR

+

1.36%),

6.76%,

07/16/31

389

389,175

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)

...

68

65,141

Race

Point

X

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.36%),

6.74%,

07/25/31

(a)(b)

...............

220

220,140

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.03%

Floor

+

1.29%),

6.71%,

04/20/31

(a)(b)

.........

234

233,965

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.75%,

01/15/30

(a)(b)

...............

1,205

1,206,539

SG

Mortgage

Securities

Trust,

Series

2006-

OPT2,

Class

A3D,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.68%,

10/25/36

(a)

100

70,547

Signal

Peak

CLO

5

Ltd.,

Series

2018-5A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.37%),

6.75%,

04/25/31

(a)(b)

.........

213

212,767

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.50%),

6.92%,

07/20/30

(a)(b)

........

99

98,983

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

B,

3.50%,

12/17/40

(b)

....

85

82,538

Soundview

Home

Loan

Trust,

Series

2004-

WMC1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.27%,

01/25/35

(a)

1

991

TCI-Symphony

CLO

Ltd.,

Series

2016-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.68%,

10/13/32

(a)(b)

750

749,515

Tricon

American

Homes

Trust,

Series

2018-

SFR1,

Class

E,

4.56%,

05/17/37

(b)

.....

100

97,267

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Venture

XVIII

CLO

Ltd.,

Series

2014-18A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

6.88%,

10/15/29

(a)(b)

....

USD

115

$

114,518

Voya

CLO

Ltd.

(a)(b)

Series

2015-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.56%,

01/18/29

...............

58

57,847

Series

2017-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.79%,

10/15/30

....................

196

195,662

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

Series

2006-HE4,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

09/25/36

...............

121

33,193

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.49%,

10/25/36

...............

102

75,647

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.87%,

06/25/37

(a)(b)

....

75

23,957

Total

Asset-Backed

Securities

—

3.4%

(Cost:

$28,928,063)

..............................

28,185,854

Corporate

Bonds

Aerospace

&

Defense

—

1.3%

BAE

Systems

plc,

3.40%,

04/15/30

(b)

.....

1,051

969,775

Boeing

Co.

(The)

3.83%,

03/01/59

.................

226

167,480

3.95%,

08/01/59

.................

454

347,341

5.93%,

05/01/60

.................

194

200,885

Huntington

Ingalls

Industries,

Inc.

3.48%,

12/01/27

.................

532

502,926

2.04%,

08/16/28

.................

900

791,139

4.20%,

05/01/30

.................

304

289,715

L3Harris

Technologies,

Inc.

4.40%,

06/15/28

.................

579

572,292

2.90%,

12/15/29

.................

658

594,601

1.80%,

01/15/31

.................

271

222,585

5.40%,

07/31/33

.................

558

580,177

Lockheed

Martin

Corp.

4.45%,

05/15/28

.................

219

220,161

5.25%,

01/15/33

.................

202

214,249

3.60%,

03/01/35

.................

205

187,714

4.50%,

05/15/36

.................

278

275,042

Northrop

Grumman

Corp.

4.70%,

03/15/33

.................

456

459,873

4.95%,

03/15/53

.................

302

299,116

RTX

Corp.

7.00%,

11/01/28

.................

445

480,676

4.13%,

11/16/28

.................

516

504,119

5.75%,

01/15/29

.................

165

172,466

2.25%,

07/01/30

.................

169

146,005

5.15%,

02/27/33

.................

420

428,041

6.10%,

03/15/34

.................

458

497,042

3.75%,

11/01/46

.................

130

103,219

2.82%,

09/01/51

.................

369

243,941

3.03%,

03/15/52

.................

508

350,539

Textron,

Inc.

3.90%,

09/17/29

.................

666

633,138

2.45%,

03/15/31

.................

249

212,157

10,666,414

Security

Par

(000)

Par

(000)

Value

Banks

—

3.0%

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

1.57%),

5.82%,

09/15/29

USD

2,959

$

3,054,498

(1-day

SOFR

+

1.21%),

2.57%,

10/20/32

268

222,191

(1-day

SOFR

+

1.83%),

4.57%,

04/27/33

692

659,602

(1-day

SOFR

+

1.91%),

5.29%,

04/25/34

267

267,615

(1-day

SOFR

+

1.84%),

5.87%,

09/15/34

1,911

2,000,378

Barclays

plc,

(USISSO05

+

5.78%),

9.63%

(a)(e)

652

677,265

Citigroup,

Inc.

(a)

(1-day

SOFR

+

0.77%),

1.46%,

06/09/27

131

119,883

(3-mo.

CME

Term

SOFR

+

1.82%),

3.89%,

01/10/28

....................

319

308,469

(1-day

SOFR

+

1.28%),

3.07%,

02/24/28

459

432,505

(1-day

SOFR

+

1.89%),

4.66%,

05/24/28

348

345,223

(3-mo.

CME

Term

SOFR

+

1.41%),

3.52%,

10/27/28

....................

576

544,760

(1-day

SOFR

+

1.35%),

3.06%,

01/25/33

97

82,759

(1-day

SOFR

+

2.34%),

6.27%,

11/17/33

2,269

2,427,855

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

1.75%),

4.57%,

06/14/30

304

297,483

(3-mo.

CME

Term

SOFR

+

1.11%),

1.76%,

11/19/31

....................

251

203,423

(3-mo.

CME

Term

SOFR

+

1.25%),

2.58%,

04/22/32

....................

455

384,855

(1-day

SOFR

+

1.18%),

2.55%,

11/08/32

101

84,272

(1-day

SOFR

+

1.26%),

2.96%,

01/25/33

2,245

1,923,600

(1-day

SOFR

+

1.85%),

5.35%,

06/01/34

222

225,160

(1-day

SOFR

+

1.81%),

6.25%,

10/23/34

1,573

1,705,112

Washington

Mutual

Escrow

Bonds

(f)(g)(h)

0.00%,

11/06/09

.................

300

3,000

0.00%,

09/19/17

(i)

................

250

—

0.00%,

09/29/17

.................

500

—

Wells

Fargo

&

Co.

(a)

(1-day

SOFR

+

1.74%),

5.57%,

07/25/29

1,104

1,127,259

(1-day

SOFR

+

1.79%),

6.30%,

10/23/29

1,065

1,122,427

(1-day

SOFR

+

2.02%),

5.39%,

04/24/34

68

68,296

(1-day

SOFR

+

1.99%),

5.56%,

07/25/34

2,031

2,067,779

(1-day

SOFR

+

2.06%),

6.49%,

10/23/34

2,905

3,160,314

Wells

Fargo

Bank

NA,

5.45%,

08/07/26

...

1,786

1,815,099

25,331,082

Biotechnology

—

0.8%

AbbVie,

Inc.

4.55%,

03/15/35

.................

852

835,518

4.50%,

05/14/35

.................

1,314

1,285,133

4.88%,

11/14/48

.................

50

48,743

Amgen,

Inc.

5.25%,

03/02/30

.................

1,727

1,775,350

4.40%,

02/22/62

.................

627

529,333

5.75%,

03/02/63

.................

905

949,475

Gilead

Sciences,

Inc.

1.65%,

10/01/30

.................

514

430,662

2.60%,

10/01/40

.................

763

561,897

5.65%,

12/01/41

.................

161

171,859

4.50%,

02/01/45

.................

289

267,288

6,855,258

Broadline

Retail

—

0.0%

Amazon.com,

Inc.,

2.50%,

06/03/50

.....

190

126,392

Building

Products

—

0.0%

Owens

Corning,

3.88%,

06/01/30

.......

101

94,739

Capital

Markets

—

4.3%

Credit

Suisse

AG

4.75%,

08/09/24

.................

514

510,816

3.63%,

09/09/24

.................

534

526,427

7.95%,

01/09/25

.................

1,111

1,135,466

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

3.70%,

02/21/25

.................

USD

272

$

266,405

2.95%,

04/09/25

.................

1,030

998,190

5.00%,

07/09/27

.................

1,044

1,044,221

7.50%,

02/15/28

.................

881

964,877

Deutsche

Bank

AG,

5.37%,

09/09/27

.....

1,242

1,259,471

FactSet

Research

Systems,

Inc.,

3.45%,

03/01/32

.....................

677

606,272

Goldman

Sachs

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

0.51%),

5.91%,

09/10/24

1,973

1,969,840

(1-day

SOFR

+

0.91%),

1.95%,

10/21/27

663

606,526

(1-day

SOFR

+

1.73%),

4.48%,

08/23/28

503

494,120

(3-mo.

CME

Term

SOFR

+

1.42%),

3.81%,

04/23/29

....................

464

440,507

(3-mo.

CME

Term

SOFR

+

1.56%),

4.22%,

05/01/29

....................

856

828,032

(1-day

SOFR

+

1.77%),

6.48%,

10/24/29

274

290,727

(1-day

SOFR

+

1.28%),

2.62%,

04/22/32

417

350,034

(1-day

SOFR

+

1.25%),

2.38%,

07/21/32

165

135,568

(1-day

SOFR

+

1.26%),

2.65%,

10/21/32

1,729

1,440,796

(1-day

SOFR

+

1.95%),

6.56%,

10/24/34

2,089

2,295,628

Moody's

Corp.

3.25%,

01/15/28

.................

87

83,020

4.25%,

02/01/29

.................

272

269,227

Morgan

Stanley

(a)

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%,

01/24/29

....................

175

166,894

(1-day

SOFR

+

1.59%),

5.16%,

04/20/29

1,224

1,230,997

(1-day

SOFR

+

1.63%),

5.45%,

07/20/29

811

826,370

(1-day

SOFR

+

1.83%),

6.41%,

11/01/29

2,658

2,816,907

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

1,330

1,162,655

(1-day

SOFR

+

1.18%),

2.24%,

07/21/32

1,364

1,113,354

(1-day

SOFR

+

1.20%),

2.51%,

10/20/32

1,013

838,803

(1-day

SOFR

+

1.29%),

2.94%,

01/21/33

256

217,768

(1-day

SOFR

+

1.88%),

5.42%,

07/21/34

2,476

2,512,838

(1-day

SOFR

+

2.05%),

6.63%,

11/01/34

2,706

2,995,687

MSCI,

Inc.

(b)

3.88%,

02/15/31

.................

1,064

972,156

3.63%,

11/01/31

.................

280

246,439

3.25%,

08/15/33

.................

409

341,837

Nasdaq,

Inc.

5.55%,

02/15/34

.................

589

611,883

6.10%,

06/28/63

.................

336

362,739

S&P

Global,

Inc.

2.90%,

03/01/32

.................

227

202,616

5.25%,

09/15/33

(b)

................

777

812,910

UBS

Group

AG

3.75%,

03/26/25

.................

500

489,824

(SOFR

Index

+

0.98%),

1.31%,

02/02/27

(a)(b)

541

495,137

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.10%),

2.75%,

02/11/33

(a)(b)

..................

1,019

835,809

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

6.30%,

09/22/34

(a)(b)

..................

295

312,294

36,082,087

Chemicals

—

0.0%

Eastman

Chemical

Co.,

5.75%,

03/08/33

..

110

113,654

Commercial

Services

&

Supplies

—

0.1%

Republic

Services,

Inc.,

5.00%,

04/01/34

..

182

186,368

Waste

Management,

Inc.

4.63%,

02/15/33

.................

83

83,260

4.88%,

02/15/34

.................

204

208,089

477,717

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.2%

Motorola

Solutions,

Inc.

2.75%,

05/24/31

.................

USD

630

$

538,461

5.60%,

06/01/32

.................

801

826,317

5.50%,

09/01/44

.................

419

416,170

1,780,948

Consumer

Finance

—

0.1%

Ford

Motor

Credit

Co.

LLC,

7.12%,

11/07/33

400

430,974

Containers

&

Packaging

—

0.0%

Amcor

Finance

USA,

Inc.,

5.63%,

05/26/33

.

80

83,177

Berry

Global,

Inc.,

5.50%,

04/15/28

(b)

.....

87

87,953

171,130

Diversified

REITs

—

0.6%

Extra

Space

Storage

LP,

5.50%,

07/01/30

..

180

184,076

VICI

Properties

LP

(b)

4.50%,

09/01/26

.................

715

692,065

4.25%,

12/01/26

.................

854

821,855

3.75%,

02/15/27

.................

1,041

982,656

3.88%,

02/15/29

.................

724

665,089

4.63%,

12/01/29

.................

2,095

1,974,013

5,319,754

Diversified

Telecommunication

Services

—

1.0%

AT&T,

Inc.

5.40%,

02/15/34

.................

610

629,108

4.50%,

05/15/35

.................

409

387,413

3.55%,

09/15/55

.................

727

522,697

3.80%,

12/01/57

.................

1,028

764,156

3.65%,

09/15/59

.................

1,258

901,599

Sprint

Capital

Corp.,

6.88%,

11/15/28

.....

628

680,457

Verizon

Communications,

Inc.

3.15%,

03/22/30

.................

92

84,089

1.75%,

01/20/31

.................

830

682,658

2.55%,

03/21/31

.................

410

353,522

2.36%,

03/15/32

.................

1,165

969,014

4.40%,

11/01/34

.................

1,623

1,561,462

5.85%,

09/15/35

.................

117

125,432

4.27%,

01/15/36

.................

519

488,675

2.65%,

11/20/40

.................

140

100,873

2.85%,

09/03/41

.................

292

215,718

3.00%,

11/20/60

.................

294

192,722

8,659,595

Electric

Utilities

—

2.5%

AEP

Texas,

Inc.

3.95%,

06/01/28

.................

87

83,707

4.70%,

05/15/32

.................

86

83,985

5.40%,

06/01/33

.................

421

427,417

3.80%,

10/01/47

.................

530

401,177

3.45%,

05/15/51

.................

369

263,509

AEP

Transmission

Co.

LLC

3.80%,

06/15/49

.................

155

123,123

3.15%,

09/15/49

.................

134

96,109

Series

N,

2.75%,

08/15/51

..........

253

163,737

Series

O,

4.50%,

06/15/52

..........

144

130,009

Alabama

Power

Co.

5.50%,

03/15/41

.................

155

154,825

4.15%,

08/15/44

.................

97

83,066

3.75%,

03/01/45

.................

268

217,729

3.45%,

10/01/49

.................

240

180,312

American

Transmission

Systems,

Inc.,

2.65%,

01/15/32

(b)

....................

576

487,319

Baltimore

Gas

&

Electric

Co.

3.75%,

08/15/47

.................

797

630,484

4.25%,

09/15/48

.................

105

90,706

2.90%,

06/15/50

.................

132

89,648

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

CenterPoint

Energy

Houston

Electric

LLC

3.95%,

03/01/48

.................

USD

85

$

72,139

Series

AD,

2.90%,

07/01/50

.........

414

287,967

Series

AF,

3.35%,

04/01/51

.........

226

171,613

Commonwealth

Edison

Co.

Series

127,

3.20%,

11/15/49

.........

879

630,571

Series

130,

3.13%,

03/15/51

.........

115

81,405

Dominion

Energy

South

Carolina,

Inc.,

6.25%,

10/15/53

.....................

125

144,108

DTE

Electric

Co.

3.95%,

03/01/49

.................

533

447,804

Series

B,

3.25%,

04/01/51

..........

399

291,916

Duke

Energy

Carolinas

LLC

3.88%,

03/15/46

.................

104

84,218

3.70%,

12/01/47

.................

326

255,605

3.95%,

03/15/48

.................

435

357,877

3.45%,

04/15/51

.................

351

264,402

5.40%,

01/15/54

.................

139

143,222

Duke

Energy

Florida

LLC

2.50%,

12/01/29

.................

337

300,464

1.75%,

06/15/30

.................

163

135,960

3.00%,

12/15/51

.................

351

239,501

5.95%,

11/15/52

.................

642

702,425

Duke

Energy

Ohio,

Inc.,

5.65%,

04/01/53

..

85

89,023

Duke

Energy

Progress

LLC

3.45%,

03/15/29

.................

299

285,163

2.50%,

08/15/50

.................

732

459,830

4.00%,

04/01/52

.................

338

277,741

5.35%,

03/15/53

.................

106

107,376

Edison

International

5.75%,

06/15/27

.................

397

405,378

5.25%,

11/15/28

.................

420

422,582

6.95%,

11/15/29

.................

562

609,894

Entergy

Arkansas

LLC,

2.65%,

06/15/51

...

129

81,102

Eversource

Energy

5.45%,

03/01/28

.................

146

150,061

Series

O,

4.25%,

04/01/29

..........

194

188,152

FirstEnergy

Corp.

2.05%,

03/01/25

.................

52

50,180

Series

B,

4.15%,

07/15/27

(d)

.........

349

335,670

Series

C,

5.10%,

07/15/47

(d)

.........

43

39,365

Series

C,

3.40%,

03/01/50

..........

192

135,318

FirstEnergy

Transmission

LLC,

4.55%,

04/01/49

(b)

....................

485

419,127

Florida

Power

&

Light

Co.

3.99%,

03/01/49

.................

111

95,047

3.15%,

10/01/49

.................

204

149,657

2.88%,

12/04/51

.................

135

93,513

Generacion

Mediterranea

SA,

9.88%,

12/01/27

(b)

....................

37

32,127

Georgia

Power

Co.

4.95%,

05/17/33

.................

143

144,154

Series

A,

3.25%,

03/15/51

..........

119

86,063

MidAmerican

Energy

Co.,

2.70%,

08/01/52

.

255

164,706

Northern

States

Power

Co.

2.90%,

03/01/50

.................

459

321,539

2.60%,

06/01/51

.................

359

234,815

3.20%,

04/01/52

.................

165

121,601

5.10%,

05/15/53

.................

136

137,107

Ohio

Power

Co.

Series

P,

2.60%,

04/01/30

..........

226

197,910

Series

Q,

1.63%,

01/15/31

..........

425

344,932

5.00%,

06/01/33

.................

578

581,279

4.00%,

06/01/49

.................

146

118,646

Series

R,

2.90%,

10/01/51

..........

605

409,708

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Pacific

Gas

&

Electric

Co.

4.25%,

03/15/46

.................

USD

193

$

148,332

3.95%,

12/01/47

.................

270

197,396

4.95%,

07/01/50

.................

268

228,923

3.50%,

08/01/50

.................

809

558,514

5.25%,

03/01/52

.................

157

139,498

6.70%,

04/01/53

.................

141

152,984

PECO

Energy

Co.

3.90%,

03/01/48

.................

103

86,352

2.80%,

06/15/50

.................

439

295,502

3.05%,

03/15/51

.................

503

355,803

2.85%,

09/15/51

.................

150

100,854

Public

Service

Co.

of

New

Hampshire

3.60%,

07/01/49

.................

116

91,418

5.15%,

01/15/53

.................

299

302,649

Public

Service

Electric

&

Gas

Co.,

2.05%,

08/01/50

.....................

334

193,419

Southern

California

Edison

Co.

2.25%,

06/01/30

.................

1,102

945,710

Series

G,

2.50%,

06/01/31

..........

95

81,342

5.95%,

11/01/32

.................

516

554,350

5.63%,

02/01/36

.................

437

444,948

Union

Electric

Co.,

2.63%,

03/15/51

.....

234

148,753

Virginia

Electric

&

Power

Co.

Series

A,

6.00%,

05/15/37

..........

80

85,993

Series

D,

4.65%,

08/15/43

..........

102

93,321

4.45%,

02/15/44

.................

359

320,019

21,132,905

Financial

Services

—

0.0%

Global

Payments,

Inc.,

2.90%,

05/15/30

...

373

328,084

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.,

4.13%,

03/15/49

....

188

161,486

CenterPoint

Energy

Resources

Corp.

5.25%,

03/01/28

.................

232

237,904

4.00%,

04/01/28

.................

87

84,698

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%,

03/15/31

.....................

176

150,279

Promigas

SA

ESP,

3.75%,

10/16/29

(b)

.....

200

177,380

811,747

Ground

Transportation

—

0.4%

Burlington

Northern

Santa

Fe

LLC

4.15%,

04/01/45

.................

128

113,627

3.30%,

09/15/51

.................

150

113,946

2.88%,

06/15/52

.................

527

368,194

5.20%,

04/15/54

.................

130

135,298

CSX

Corp.

4.30%,

03/01/48

.................

184

163,820

3.35%,

09/15/49

.................

118

89,193

4.50%,

11/15/52

.................

257

238,492

4.65%,

03/01/68

.................

117

107,327

Norfolk

Southern

Corp.

3.40%,

11/01/49

.................

195

147,526

3.05%,

05/15/50

.................

413

293,751

4.05%,

08/15/52

.................

148

125,009

5.35%,

08/01/54

.................

204

212,004

3.16%,

05/15/55

.................

148

103,884

Ryder

System,

Inc.,

6.30%,

12/01/28

.....

123

130,413

Union

Pacific

Corp.

3.95%,

08/15/59

.................

315

257,117

3.84%,

03/20/60

.................

216

176,201

3.55%,

05/20/61

.................

272

204,283

3.75%,

02/05/70

.................

127

97,924

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Union

Pacific

Railroad

Co.

Pass-Through

Trust,

Series

2014-1,

3.23%,

05/14/26

......

USD

79

$

75,741

3,153,750

Health

Care

Providers

&

Services

—

0.7%

CVS

Health

Corp.

2.70%,

08/21/40

.................

302

215,304

5.63%,

02/21/53

.................

201

203,735

5.88%,

06/01/53

.................

140

147,254

6.00%,

06/01/63

.................

157

166,461

Elevance

Health,

Inc.

3.13%,

05/15/50

.................

399

287,507

3.60%,

03/15/51

.................

115

90,105

HCA,

Inc.

5.38%,

02/01/25

.................

346

345,491

5.25%,

04/15/25

.................

1,255

1,253,542

5.88%,

02/15/26

.................

129

130,097

5.25%,

06/15/26

.................

266

267,297

5.38%,

09/01/26

.................

133

133,611

4.13%,

06/15/29

.................

390

372,887

3.50%,

09/01/30

.................

1,232

1,116,840

UnitedHealth

Group,

Inc.

4.20%,

01/15/47

.................

241

213,376

3.25%,

05/15/51

.................

263

199,174

4.75%,

05/15/52

.................

214

205,730

5.20%,

04/15/63

.................

460

469,461

5,817,872

Hotels,

Restaurants

&

Leisure

—

0.3%

GLP

Capital

LP

5.75%,

06/01/28

.................

1,156

1,166,381

4.00%,

01/15/30

.................

752

686,185

3.25%,

01/15/32

.................

650

548,764

6.75%,

12/01/33

.................

177

190,953

Grupo

Posadas

SAB

de

CV,

7.00%,

12/30/27

(d)

(j)

.........................

55

45,636

2,637,919

Insurance

—

0.1%

Ambac

Assurance

Corp.,

5.10%

(b)(e)

......

15

19,299

Aon

Corp.

2.60%,

12/02/31

.................

105

89,034

5.35%,

02/28/33

.................

189

193,830

Hartford

Financial

Services

Group,

Inc.

(The),

6.10%,

10/01/41

................

118

125,866

Marsh

&

McLennan

Cos.,

Inc.

5.45%,

03/15/53

.................

79

82,583

5.70%,

09/15/53

.................

78

84,763

595,375

Interactive

Media

&

Services

—

0.1%

Meta

Platforms,

Inc.,

4.65%,

08/15/62

....

407

378,914

IT

Services

—

0.0%

Booz

Allen

Hamilton,

Inc.,

5.95%,

08/04/33

.

78

82,399

Life

Sciences

Tools

&

Services

—

0.1%

Thermo

Fisher

Scientific,

Inc.

4.95%,

11/21/32

.................

254

262,115

5.09%,

08/10/33

.................

600

625,372

5.20%,

01/31/34

.................

81

84,799

972,286

Machinery

—

0.0%

CNH

Industrial

Capital

LLC,

5.45%,

10/14/25

97

97,422

Otis

Worldwide

Corp.,

5.25%,

08/16/28

...

240

246,665

344,087

Security

Par

(000)

Par

(000)

Value

Media

—

0.4%

Charter

Communications

Operating

LLC

3.70%,

04/01/51

.................

USD

1,217

$

791,573

3.90%,

06/01/52

.................

945

635,399

3.95%,

06/30/62

.................

382

240,321

Comcast

Corp.

4.80%,

05/15/33

.................

288

291,559

3.75%,

04/01/40

.................

99

85,158

2.45%,

08/15/52

.................

309

192,044

2.94%,

11/01/56

.................

616

405,155

2.99%,

11/01/63

.................

365

235,264

Cox

Communications,

Inc.,

3.15%,

08/15/24

(b)

52

51,127

NBCUniversal

Media

LLC,

4.45%,

01/15/43

.

93

85,007

3,012,607

Metals

&

Mining

—

0.1%

Glencore

Funding

LLC

(b)

6.38%,

10/06/30

.................

707

759,038

2.63%,

09/23/31

.................

99

84,003

Newmont

Corp.,

2.25%,

10/01/30

.......

250

215,775

1,058,816

Multi-Utilities

—

0.4%

Ameren

Illinois

Co.

3.70%,

12/01/47

.................

232

189,353

3.25%,

03/15/50

.................

220

162,034

2.90%,

06/15/51

.................

132

89,633

Consumers

Energy

Co.

4.63%,

05/15/33

.................

70

69,881

3.75%,

02/15/50

.................

452

371,904

4.20%,

09/01/52

.................

135

118,768

NiSource,

Inc.

3.49%,

05/15/27

.................

232

223,358

5.25%,

03/30/28

.................

794

809,575

5.40%,

06/30/33

.................

552

569,155

San

Diego

Gas

&

Electric

Co.

3.32%,

04/15/50

.................

114

81,098

5.35%,

04/01/53

.................

541

547,325

3,232,084

Oil,

Gas

&

Consumable

Fuels

—

5.2%

Antero

Resources

Corp.

(b)

7.63%,

02/01/29

.................

409

419,686

5.38%,

03/01/30

.................

446

427,473

Apache

Corp.,

4.75%,

04/15/43

........

551

433,655

Cameron

LNG

LLC

(b)

3.30%,

01/15/35

.................

453

385,716

3.40%,

01/15/38

.................

996

840,159

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

.................

1,161

1,163,474

5.13%,

06/30/27

.................

1,863

1,872,046

3.70%,

11/15/29

.................

583

550,627

2.74%,

12/31/39

.................

457

364,087

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

.................

513

490,668

4.00%,

03/01/31

.................

696

632,763

3.25%,

01/31/32

.................

1,294

1,102,529

5.95%,

06/30/33

(b)

................

307

315,209

Devon

Energy

Corp.,

4.75%,

05/15/42

....

187

163,357

Diamondback

Energy,

Inc.

3.25%,

12/01/26

.................

3,777

3,657,969

3.50%,

12/01/29

.................

4,263

3,959,130

3.13%,

03/24/31

.................

2,053

1,824,755

Energian

Israel

Finance

Ltd.,

8.50%,

09/30/33

(b)

(j)

.........................

6

5,866

Energy

Transfer

LP

5.75%,

04/01/25

.................

331

331,132

5.63%,

05/01/27

(b)

................

100

99,659

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.00%,

02/01/29

(b)

................

USD

538

$

542,833

7.38%,

02/01/31

(b)

................

789

829,188

4.90%,

03/15/35

.................

239

227,486

5.15%,

02/01/43

.................

336

298,803

5.00%,

05/15/50

.................

1,781

1,587,887

EQT

Corp.

3.90%,

10/01/27

.................

1,031

986,302

5.00%,

01/15/29

.................

581

575,551

7.00%,

02/01/30

(d)

................

386

414,271

3.63%,

05/15/31

(b)

................

343

306,323

Hess

Corp.,

5.60%,

02/15/41

..........

113

118,669

Kinder

Morgan

Energy

Partners

LP

5.80%,

03/15/35

.................

82

83,488

4.70%,

11/01/42

.................

532

456,164

Leviathan

Bond

Ltd.,

6.75%,

06/30/30

(b)(j)

..

1

911

NGPL

PipeCo

LLC

(b)

4.88%,

08/15/27

.................

230

225,694

3.25%,

07/15/31

.................

1,253

1,087,958

Northwest

Pipeline

LLC,

4.00%,

04/01/27

..

1,343

1,325,923

ONEOK,

Inc.,

6.63%,

09/01/53

.........

344

384,983

Petrorio

Luxembourg

Trading

SARL,

6.13%,

06/09/26

(b)

....................

55

53,867

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

.....................

101

85,804

Sabine

Pass

Liquefaction

LLC

5.75%,

05/15/24

.................

100

99,942

5.63%,

03/01/25

.................

2,581

2,585,939

5.88%,

06/30/26

.................

1,731

1,762,151

5.00%,

03/15/27

.................

497

499,145

5.90%,

09/15/37

.................

269

283,447

SCC

Power

plc,

4.00%,

(4.00%

Cash

or

4.00%

PIK),

05/17/32

(b)(k)

...............

47

7,627

Targa

Resources

Corp.

5.20%,

07/01/27

.................

795

798,816

6.15%,

03/01/29

.................

149

155,809

4.20%,

02/01/33

.................

258

237,214

6.13%,

03/15/33

.................

188

197,934

6.50%,

03/30/34

.................

635

685,336

Targa

Resources

Partners

LP

5.00%,

01/15/28

.................

168

165,917

4.88%,

02/01/31

.................

902

876,212

Texas

Eastern

Transmission

LP,

3.50%,

01/15/28

(b)

....................

2,030

1,914,049

Transcontinental

Gas

Pipe

Line

Co.

LLC

7.85%,

02/01/26

.................

221

231,412

4.00%,

03/15/28

.................

810

784,658

4.60%,

03/15/48

.................

171

153,973

3.95%,

05/15/50

.................

368

296,936

Viper

Energy,

Inc.

(b)

5.38%,

11/01/27

.................

2,306

2,264,070

7.38%,

11/01/31

.................

1,095

1,133,325

Western

Midstream

Operating

LP,

6.35%,

01/15/29

.....................

93

97,130

43,863,107

Passenger

Airlines

—

0.1%

Air

Canada

Pass-Through

Trust,

Series

2017-1,

Class

B,

3.70%,

01/15/26

(b)

.........

1

483

American

Airlines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.15%,

02/15/32

....

156

135,987

Avianca

Midco

2

plc,

9.00%,

12/01/28

(b)

...

60

52,514

Delta

Air

Lines

Pass-Through

Trust,

Series

2019-1,

Class

AA,

3.20%,

04/25/24

....

420

416,615

United

Airlines

Pass-Through

Trust

Series

2016-2,

Class

B,

3.65%,

10/07/25

7

6,851

Series

2020-1,

Class

B,

4.88%,

01/15/26

82

79,505

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

Series

2014-1,

Class

A,

4.00%,

04/11/26

USD

107

$

102,202

Series

2016-1,

Class

AA,

3.10%,

07/07/28

10

8,722

Series

2016-2,

Class

AA,

2.88%,

10/07/28

61

54,698

Series

2019-2,

Class

AA,

2.70%,

05/01/32

29

24,667

882,244

Pharmaceuticals

—

0.4%

Bayer

US

Finance

LLC,

6.38%,

11/21/30

(b)

.

742

763,414

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.75%,

05/19/33

.................

932

934,092

5.30%,

05/19/53

.................

1,224

1,249,562

Takeda

Pharmaceutical

Co.

Ltd.,

2.05%,

03/31/30

.....................

512

438,720

3,385,788

Real

Estate

Management

&

Development

—

0.0%

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%,

04/17/22

(f)(g)(j)

..................

200

4,500

Retail

REITs

—

0.1%

NNN

REIT,

Inc.

3.50%,

04/15/51

.................

125

90,288

3.00%,

04/15/52

.................

366

238,544

Realty

Income

Corp.,

3.10%,

12/15/29

....

364

333,637

662,469

Semiconductors

&

Semiconductor

Equipment

—

0.3%

Broadcom,

Inc.

(b)

3.42%,

04/15/33

.................

529

464,624

3.47%,

04/15/34

.................

176

153,121

3.14%,

11/15/35

.................

687

564,016

3.19%,

11/15/36

.................

441

357,366

Intel

Corp.

4.90%,

08/05/52

.................

199

194,735

5.90%,

02/10/63

.................

91

101,429

KLA

Corp.

3.30%,

03/01/50

.................

324

247,302

4.95%,

07/15/52

.................

87

87,892

5.25%,

07/15/62

.................

85

88,654

NXP

BV,

4.30%,

06/18/29

............

383

371,441

2,630,580

Software

—

0.3%

Autodesk,

Inc.,

2.40%,

12/15/31

........

98

83,847

Oracle

Corp.

3.85%,

07/15/36

.................

260

226,520

3.60%,

04/01/40

.................

814

649,087

4.13%,

05/15/45

.................

550

448,647

4.00%,

07/15/46

.................

108

86,566

4.00%,

11/15/47

.................

124

98,218

3.60%,

04/01/50

.................

135

99,996

3.95%,

03/25/51

.................

517

404,845

4.38%,

05/15/55

.................

223

184,747

2,282,473

Specialized

REITs

—

0.4%

American

Tower

Corp.

3.95%,

03/15/29

.................

415

395,986

3.80%,

08/15/29

.................

93

88,288

2.10%,

06/15/30

.................

159

133,371

1.88%,

10/15/30

.................

228

186,888

2.70%,

04/15/31

.................

618

530,682

Crown

Castle,

Inc.

3.10%,

11/15/29

.................

926

828,492

3.30%,

07/01/30

.................

565

506,549

Equinix,

Inc.

3.20%,

11/18/29

.................

288

264,509

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

2.15%,

07/15/30

.................

USD

378

$

320,253

3,255,018

Specialty

Retail

—

0.1%

Lowe's

Cos.,

Inc.

4.50%,

04/15/30

.................

220

218,722

2.80%,

09/15/41

.................

845

617,252

835,974

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Dell

International

LLC

6.02%,

06/15/26

.................

260

266,139

4.90%,

10/01/26

.................

748

749,190

Hewlett

Packard

Enterprise

Co.,

5.25%,

07/01/28

.....................

262

267,837

1,283,166

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Tapestry,

Inc.,

7.85%,

11/27/33

........

135

144,029

Tobacco

—

0.5%

Altria

Group,

Inc.

6.20%,

11/01/28

.................

280

293,650

4.80%,

02/14/29

.................

382

380,780

6.88%,

11/01/33

.................

794

873,950

4.50%,

05/02/43

.................

593

494,537

BAT

Capital

Corp.

4.76%,

09/06/49

.................

268

212,415

7.08%,

08/02/53

.................

1,176

1,257,211

Philip

Morris

International,

Inc.

5.13%,

11/17/27

.................

232

236,133

4.88%,

02/15/28

.................

82

82,876

Reynolds

American,

Inc.,

5.85%,

08/15/45

..

219

204,996

4,036,548

Wireless

Telecommunication

Services

—

0.7%

Millicom

International

Cellular

SA,

6.63%,

10/15/26

(b)

....................

180

175,041

Sprint

LLC

7.13%,

06/15/24

.................

4,084

4,101,713

7.63%,

02/15/25

.................

996

1,013,416

T-Mobile

USA,

Inc.,

3.88%,

04/15/30

.....

921

873,386

6,163,556

Total

Corporate

Bonds

—

24.9%

(Cost:

$204,895,463)

.............................

209,098,041

Fixed

Rate

Loan

Interests

Metals

&

Mining

—

0.0%

Vedanta

Holdings

Mauritius

II

Ltd.,

Term

Loan,

04/17/26

(l)

......................

195

195,360

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$195,360)

................................

195,360

Floating

Rate

Loan

Interests

Financial

Services

—

0.0%

EURO

Parfums,

Term

Loan,

12.21%

,

 09/01/28

(a)(h)

..............

28

27,370

Household

Durables

—

0.0%

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 10/06/28

(a)

..........

78

69,420

Media

—

0.0%

Gray

Television,

Inc.,

Term

Loan

D,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 12/01/28

(a)

—

(c)

185

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Ecopetrol

SA,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

0.00%),

10.14%

,

 09/06/30

(a)

...

USD

150

$

148,875

Total

Floating

Rate

Loan

Interests

—

0.0%

(Cost:

$253,342)

................................

245,850

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA

8.50%,

06/27/29

(j)

................

10

9,034

7.00%,

12/15/47

(b)

................

33

24,747

33,781

Mexico

—

0.1%

Petroleos

Mexicanos

4.88%,

01/18/24

.................

46

45,771

Series

13-2,

7.19%,

09/12/24

........

MXN

11

62,398

6.88%,

08/04/26

.................

USD

258

249,331

6.50%,

03/13/27

.................

230

213,756

8.75%,

06/02/29

.................

14

13,095

6.70%,

02/16/32

.................

17

14,068

598,419

Supranational

—

0.3%

European

Union

(j)

2.50%,

10/04/52

.................

EUR

505

494,822

Series

NGEU,

3.00%,

03/04/53

.......

1,760

1,906,075

2,400,897

Total

Foreign

Agency

Obligations

—

0.4%

(Cost:

$2,699,989)

..............................

3,033,097

Foreign

Government

Obligations

Argentina

—

0.0%

Argentine

Republic

(The)

(d)

3.62%,

07/09/35

.................

USD

63

21,324

4.25%,

01/09/38

.................

56

22,099

43,423

Colombia

—

0.2%

Republic

of

Colombia

7.50%,

08/26/26

.................

COP

1,960,300

483,234

5.75%,

11/03/27

.................

641,000

146,344

6.00%,

04/28/28

.................

1,228,400

279,089

7.75%,

09/18/30

.................

748,000

175,272

3.13%,

04/15/31

.................

USD

200

162,563

8.00%,

04/20/33

.................

200

218,313

1,464,815

Czech

Republic

—

0.1%

Czech

Republic

5.50%,

12/12/28

.................

CZK

3,880

187,769

2.75%,

07/23/29

.................

4,910

208,232

5.00%,

09/30/30

.................

2,070

99,380

4.20%,

12/04/36

(j)

................

690

31,982

527,363

Dominican

Republic

—

0.0%

Dominican

Republic

Government

Bond,

4.88%

,

09/23/32

(b)

.....................

USD

200

181,828

Egypt

—

0.0%

Arab

Republic

of

Egypt,

7.63%

,

05/29/32

(j)

..

200

138,437

Guatemala

—

0.0%

Republic

of

Guatemala,

4.65%

,

10/07/41

(b)

..

200

163,000

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Indonesia

—

0.1%

Republic

of

Indonesia

5.50%,

04/15/26

.................

IDR

1,011,000

$

64,414

8.38%,

09/15/26

.................

1,680,000

114,459

7.00%,

05/15/27

.................

4,575,000

302,633

4.10%,

04/24/28

.................

USD

200

195,875

3.05%,

03/12/51

.................

641

488,162

1,165,543

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire,

4.88%

,

01/30/32

(j)

.

EUR

100

92,801

Mexico

—

0.7%

United

Mexican

States

7.50%,

06/03/27

.................

MXN

36

201,018

8.50%,

03/01/29

.................

231

1,328,720

8.50%,

05/31/29

.................

407

2,350,419

2.66%,

05/24/31

.................

USD

1,158

976,701

6.35%,

02/09/35

.................

200

209,187

8.50%,

11/18/38

.................

MXN

39

219,589

4.50%,

01/31/50

.................

USD

1,011

824,281

6,109,915

Oman

—

0.0%

Oman

Government

Bond,

6.50%

,

03/08/47

(j)

.

200

203,750

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

.................

347

319,891

3.16%,

01/23/30

.................

215

182,951

6.40%,

02/14/35

.................

200

195,000

4.50%,

04/01/56

.................

488

327,265

1,025,107

Peru

—

0.1%

Republic

of

Peru

1.86%,

12/01/32

.................

29

22,656

3.55%,

03/10/51

.................

576

435,780

458,436

Philippines

—

0.1%

Republic

of

Philippines

3.00%,

02/01/28

.................

516

485,846

3.20%,

07/06/46

.................

629

482,954

968,800

Poland

—

0.1%

Republic

of

Poland,

2.75%

,

10/25/29

......

PLN

1,703

386,603

Qatar

—

0.0%

State

of

Qatar,

6.40%

,

01/20/40

(j)

........

USD

175

202,900

Romania

—

0.0%

Romania

Government

Bond,

5.25%

,

11/25/27

(b)

200

198,182

Russia

—

0.0%

Russian

Federation,

6.10%

,

07/18/35

(f)(g)

...

RUB

13,759

47,020

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

5.00%,

01/18/53

(b)

................

USD

200

187,937

3.45%,

02/02/61

(j)

................

200

140,313

328,250

South

Africa

—

0.1%

Republic

of

South

Africa

7.00%,

02/28/31

.................

ZAR

7,661

350,739

5.00%,

10/12/46

.................

USD

200

147,250

497,989

Security

Par

(000)

Par

(000)

Value

Ukraine

—

0.0%

Ukraine

Government

Bond

(f)(g)(j)

7.75%,

09/01/29

.................

USD

100

$

27,125

7.75%,

08/01/41

(a)

................

72

32,026

59,151

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay

4.38%,

10/27/27

.................

179

179,596

5.10%,

06/18/50

.................

234

234,296

413,892

Total

Foreign

Government

Obligations

—

1.7%

(Cost:

$15,380,771)

..............................

14,677,205

Shares

Shares

Investment

Companies

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

(m)

.....................

14,408,518

134,287,385

Total

Investment

Companies

—

16.0%

(Cost:

$144,284,000)

.............................

134,287,385

Par

(000)

Par

(000)

Municipal

Bonds

California

—

0.4%

Bay

Area

Toll

Authority

,

Series

2010S-1,

RB,

7.04%, 04/01/50

.................

290

367,185

Los

Angeles

Community

College

District

,

Series

2010E,

GO,

6.60%, 08/01/42

.........

110

129,326

Los

Angeles

Unified

School

District

,

Series

2010RY,

GO,

6.76%, 07/01/34

........

500

565,520

State

of

California

Series

2018,

GO,

4.60%, 04/01/38

.....

1,215

1,168,070

Series

2009,

GO,

7.55%, 04/01/39

.....

65

81,872

University

of

California

,

Series

2012AD,

RB,

4.86%, 05/15/2112

................

75

69,833

2,381,806

Georgia

—

0.0%

Municipal

Electric

Authority

of

Georgia

,

Series

2010-A,

RB,

6.64%, 04/01/57

........

53

60,656

Illinois

—

0.1%

State

of

Illinois

,

Series

2003,

GO,

5.10%, 06/01/33

.................

775

766,381

Louisiana

—

0.1%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Series

2022A,

RB,

4.15%, 02/01/33

.................

620

610,266

Massachusetts

—

0.0%

Massachusetts

Housing

Finance

Agency

,

Series

2015A,

RB,

AMT,

4.50%, 12/01/48

10

9,465

New

Jersey

—

0.1%

New

Jersey

Turnpike

Authority

,

Series

2009F,

RB,

7.41%, 01/01/40

..............

237

296,356

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

—

0.0%

Metropolitan

Transportation

Authority

,

Series

2010A,

RB,

6.67%, 11/15/39

.........

USD

195

$

214,683

New

York

City

Municipal

Water

Finance

Authority

Series

2010EE,

RB,

6.01%, 06/15/42

...

105

118,434

Series

2011CC,

RB,

5.88%, 06/15/44

...

155

172,596

New

York

State

Dormitory

Authority

,

Series

2010H,

RB,

5.39%, 03/15/40

.........

60

62,331

Port

Authority

of

New

York

&

New

Jersey

Series

2010-165,

RB,

5.65%, 11/01/40

..

120

129,193

Series

2014-181,

RB,

4.96%, 08/01/46

..

195

193,588

890,825

Ohio

—

0.0%

American

Municipal

Power,

Inc.

,

Series

2010A,

RB,

8.08%, 02/15/50

..............

135

181,937

Texas

—

0.0%

City

of

San

Antonio

Electric

&

Gas

Systems

,

Series

2010A,

RB,

5.81%, 02/01/41

....

215

233,628

State

of

Texas

,

Series

2009A,

GO,

5.52%, 04/01/39

.................

215

231,297

464,925

Total

Municipal

Bonds

—

0.7%

(Cost:

$6,185,071)

..............................

5,662,617

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.5%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

5.42%

Cap

+

0.46%),

5.42%,

06/25/35

(a)

....

90

74,594

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.00%

Floor

+

1.00%),

6.01%,

02/25/36

(a)

........

13

11,630

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

....................

48

23,606

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

....................

8

3,585

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

and

2.00%

Cap

+

1.73%),

6.74%,

11/25/46

(a)

50

38,348

Series

2006-OA16,

Class

A4C,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.15%,

10/25/46

(a)

..............

123

88,106

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.85%,

07/25/46

(a)

..............

6

5,455

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

5.93%,

11/25/36

(a)

..............

55

44,773

Series

2006-OC7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

0.61%),

5.97%,

07/25/46

(a)

..............

58

48,469

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

....................

9

4,304

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.75%,

04/25/47

(a)

..............

13

10,984

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

American

Home

Mortgage

Assets

Trust

(a)

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

5.95%,

10/25/46

.........

USD

42

$

28,476

Series

2006-4,

Class

1A12,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.32%),

5.68%,

10/25/46

...............

49

25,881

Series

2007-1,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.70%

Floor

+

0.70%),

5.71%,

02/25/47

....................

50

18,013

Angel

Oak

Mortgage

Trust,

Series

2023-7,

Class

A1,

4.80%,

11/25/67

(b)(d)

........

270

262,085

APS

Resecuritization

Trust

(a)(b)

Series

2016-1,

Class

1MZ,

3.03%,

07/31/57

283

113,009

Series

2016-3,

Class

3A,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.32%,

09/27/46

....................

14

14,055

Banc

of

America

Funding

Trust

(a)(b)

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

121

36,465

Series

2016-R2,

Class

1A1,

4.70%,

05/01/33

....................

52

51,506

Bayview

Commercial

Asset

Trust,

Series

2007-

4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.15%,

09/25/37

(a)(b)

71

65,489

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2006-SL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

11.00%

Cap

+

0.39%),

5.75%,

08/25/36

.....

12

11,717

Series

2007-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

10.50%

Cap

+

0.45%),

5.81%,

03/25/37

.....

67

61,647

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

and

10.50%

Cap

+

0.25%),

5.61%,

03/25/37

.....

9

7,289

Series

2007-AR4,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

10.50%

Cap

+

0.51%),

5.87%,

09/25/47

.....

30

26,739

Series

2007-AR4,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

and

10.50%

Cap

+

0.32%),

5.68%,

06/25/37

.....

9

8,845

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

.......

654

275,094

CHL

Mortgage

Pass-Through

Trust

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

5.97%,

04/25/46

(a)

........

128

39,091

Series

2006-OA5,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.31%),

5.87%,

04/25/46

(a)

..............

13

12,431

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

174

64,030

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

36

30,449

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

53

41,604

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

.....................

281

113,036

Cross

Mortgage

Trust,

Series

2023-H2,

Class

A1A,

7.13%,

11/25/68

(b)(d)

...........

148

150,845

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

and

6.25%

Cap

+

1.46%),

6.25%,

11/25/35

(a)

.

41

9,723

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

CSMC

Trust

(a)(b)

Series

2022-NQM3,

Class

A1B,

4.26%,

03/25/67

....................

USD

168

$

155,970

Series

2022-NQM6,

Class

PT,

9.44%,

12/25/67

....................

322

332,850

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

08/25/47

(a)

................

89

78,888

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust,

Series

2006-AB3,

Class

A8,

(1-mo.

LIBOR

USD

+

0.00%),

6.36%,

07/25/36

(a)

.....

7

5,567

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

7.01%,

03/25/36

(a)

................

12

10,871

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.82%,

01/25/35

...............

30

26,260

Series

2005-RP2,

Class

1AF,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.82%,

03/25/35

...............

34

29,423

Series

2006-RP1,

Class

1AF1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

9.15%

Cap

+

0.46%),

5.82%,

01/25/36

.....

27

21,875

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

.........

2

2,628

HarborView

Mortgage

Loan

Trust,

Series

2007-

4,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

10.00%

Cap

+

0.61%),

5.72%,

07/19/47

(a)

82

75,557

Homeward

Opportunities

Fund

Trust,

Series

2022-1,

Class

A1,

5.08%,

07/25/67

(b)(d)

..

99

97,468

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR19,

Class

3A1,

3.69%,

09/25/37

....................

65

43,229

Series

2007-FLX5,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.71%,

08/25/37

...............

73

63,269

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

6.01%,

08/25/37

(a)(b)

........

14

5,098

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.89%,

04/25/37

(a)

................

91

72,279

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(1-mo.

LIBOR

USD

at

0.34%

Floor

and

9.00%

Cap

+

0.34%),

5.80%,

04/16/36

(a)(b)

...............

187

178,199

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)(b)

.

33

31,589

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

6.31%,

06/25/37

(a)

................

10

7,933

PRPM

LLC

(b)

Series

2022-1,

Class

A1,

3.72%,

02/25/27

(d)

737

710,901

Series

2023-1,

Class

A1,

6.88%,

02/25/28

(a)

354

357,210

RALI

Trust,

Series

2007-QH9,

Class

A1,

6.29%,

11/25/37

(a)

.....................

20

16,374

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AF,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

9.50%

Cap

+

0.51%),

5.87%,

09/25/35

(a)(b)

...............

2

2,082

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Seasoned

Credit

Risk

Transfer

Trust,

Series

2018-1,

Class

BX,

3.07%,

05/25/57

(a)

...

USD

19

$

6,754

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

3.81%,

04/25/36

(a)

.....................

35

19,466

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.85%,

06/25/36

.....

55

46,009

Series

2006-AR5,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

and

10.50%

Cap

+

0.53%),

5.89%,

05/25/46

.....

32

22,085

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

35

31,586

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(d)

...................

23

19,410

4,292,203

Commercial

Mortgage-Backed

Securities

—

0.7%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.66%,

06/05/37

(a)(b)

.........

200

160,164

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.79%

Floor

+

1.84%),

7.19%,

09/15/34

...............

100

91,000

Series

2017-280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

7.78%,

09/15/34

...............

137

123,093

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

7.63%,

04/15/35

(a)(b)

....

19

18,189

BAMLL

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2015-200P,

Class

F,

3.60%,

04/14/33

300

266,278

Series

2017-SCH,

Class

CL,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.91%,

11/15/32

...............

100

83,690

Series

2017-SCH,

Class

DL,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.05%),

7.41%,

11/15/32

...............

100

80,198

Series

2018-DSNY,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.00%),

7.36%,

09/15/34

...............

650

640,300

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.56%),

5.92%,

01/25/36

....................

23

21,363

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.45%

Floor

+

0.79%),

6.15%,

01/25/36

...............

17

15,693

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

+

0.65%),

6.01%,

04/25/36

....................

6

5,328

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.49%),

5.85%,

10/25/36

....................

8

7,537

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

+

0.56%),

5.92%,

10/25/36

...

7

6,295

Series

2007-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

+

0.38%),

5.74%,

07/25/37

...

16

14,667

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.92%),

6.28%,

03/15/37

(a)(b)

....

35

32,463

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

................

USD

57

$

53,461

BHMS,

Series

2018-ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.91%,

07/15/35

(a)(b)

...............

140

138,917

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

C,

3.45%,

03/10/33

(b)

..........

105

96,471

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2020-VKNG,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.04%),

6.41%,

10/15/37

...............

60

59,166

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.12%,

12/09/40

....................

126

126,078

Series

2023-XL3,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.59%),

8.95%,

12/09/40

...............

173

172,946

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

(1-mo.

LIBOR

USD

+

0.00%),

3.55%,

08/13/37

....

60

44,524

Series

2017-CC,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.55%,

08/13/37

....

110

74,778

Series

2017-GM,

Class

D,

3.42%,

06/13/39

200

172,092

Series

2017-GM,

Class

E,

3.42%,

06/13/39

50

39,577

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.80%),

7.41%,

12/15/37

(a)(b)

....................

100

98,868

Cassia

SRL,

Series

2022-1A,

Class

A,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.46%,

05/22/34

(a)(b)

....................

EUR

364

388,797

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

..............

USD

30

27,841

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

....

10

9,621

CFK

Trust,

Series

2019-FAX,

Class

D,

4.64%,

01/15/39

(a)(b)

....................

126

111,426

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

C,

4.91%,

04/10/49

(a)

.

20

17,686

Commercial

Mortgage

Trust,

Series

2016-

667M,

Class

D,

3.18%,

10/10/36

(a)(b)

....

100

78,845

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2019-ICE4,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.03%),

6.39%,

05/15/36

(a)(b)

...............

477

476,823

CSMC

Trust

(b)

Series

2017-PFHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.00%),

6.36%,

12/15/30

(a)

..............

60

56,772

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

100

86,425

Series

2022-NWPT,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.50%,

09/09/24

(a)

..............

224

226,386

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.53%,

10/10/34

....

210

155,916

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

....................

80

56,162

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

A,

5.37%,

05/03/32

(b)

.....

100

97,933

GS

Mortgage

Securities

Corp.

Trust,

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(b)

.

97

67,905

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

.....................

110

95,465

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

IMT

Trust

(b)

Series

2017-APTS,

Class

AFX,

3.48%,

06/15/34

....................

USD

100

$

98,365

Series

2017-APTS,

Class

EFX,

3.50%,

06/15/34

(a)

...................

100

97,092

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.14%,

12/15/48

(a)(b)

....................

100

82,010

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-NXSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.18%

Floor

+

2.18%),

7.54%,

09/15/39

(a)(b)

.........

300

300,656

KSL

Commercial

Mortgage

Trust,

Series

2023-

HT,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.29%

Floor

+

4.29%),

9.64%,

12/15/36

(a)(b)

100

100,061

LSTAR

Commercial

Mortgage

Trust,

Series

2015-3,

Class

AS,

3.13%,

04/20/48

(a)(b)

..

6

5,684

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

3.95%,

05/10/39

(a)(b)

......

190

117,696

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.64%,

08/19/35

(a)(b)

...............

270

269,009

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2017-2,

Class

M3,

(3-mo.

LIBOR

USD

+

0.00%),

4.24%,

11/25/47

.....

52

43,898

Series

2017-2,

Class

M4,

5.00%,

11/25/47

26

21,284

5,732,894

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.56%,

12/15/35

(b)

.....................

15,000

124,637

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.58%,

02/15/50

..............

1,000

16,494

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

0.89%,

08/10/35

(b)

................

931

22,762

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.60%,

11/05/36

(b)

................

3,475

13,123

Benchmark

Mortgage

Trust

Series

2018-B8,

Class

XA,

0.62%,

01/15/52

4,495

105,425

Series

2019-B9,

Class

XA,

(1-mo.

LIBOR

USD

+

0.00%),

1.02%,

03/15/52

....

998

38,589

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.69%,

05/10/58

...

170

2,450

Commercial

Mortgage

Trust

Series

2015-3BP,

Class

XA,

0.06%,

02/10/35

(b)

...................

1,916

1,496

Series

2015-CR25,

Class

XA,

0.79%,

08/10/48

....................

171

1,669

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX10,

Class

XB,

0.17%,

11/15/50

..

1,430

13,783

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.78%,

09/15/47

....................

892

1,739

Series

2014-C23,

Class

XA,

0.58%,

09/15/47

....................

900

2,097

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

.....................

1,800

31,455

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

.............

900

14,780

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

Series

2014-C19,

Class

XF,

1.18%,

12/15/47

....................

USD

130

$

1,767

Series

2015-C26,

Class

XD,

1.31%,

10/15/48

....................

120

2,513

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

XD,

1.59%,

03/15/49

(b)

...................

1,000

30,156

Series

2017-H1,

Class

XD,

2.15%,

06/15/50

(b)

...................

110

6,619

Series

2019-L2,

Class

XA,

1.00%,

03/15/52

374

14,875

One

Market

Plaza

Trust

(b)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(h)

...................

1,880

—

Series

2017-1MKT,

Class

XNCP,

0.09%,

02/10/32

....................

376

985

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-BNK1,

Class

XD,

1.25%,

08/15/49

(b)

.....................

1,000

26,574

473,988

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Seasoned

Credit

Risk

Transfer

Trust,

Series

2017-3,

Class

B,

0.00%,

07/25/56

(b)(i)

....

112

12,915

Total

Non-Agency

Mortgage-Backed

Securities

—

1.3%

(Cost:

$11,635,578)

..............................

10,512,000

Beneficial

Interest

(000)

Other

Interests

(n)

Capital

Markets

—

0.0%

(f)(g)(h)

Lehman

Brothers

Holdings,

Capital

Trust

VII

.

185

—

Lehman

Brothers

Holdings,

Inc.

.........

1,025

—

Total

Other

Interests

—

0.0%

(Cost:

$12)

...................................

—

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Interest

Only

Collateralized

Mortgage

Obligations

—

0.4%

Federal

Home

Loan

Mortgage

Corp.

Series

389,

Class

C45,

3.00%, 10/15/52

.

4,320

713,562

Series

5052,

Class

KI,

4.00%, 12/25/50

..

188

37,699

Series

5081,

Class

AI,

3.50%, 03/25/51

..

304

53,181

Series

5161,

Class

LI,

3.00%, 11/25/51

..

1,016

130,974

Series

5196,

Class

DI,

3.00%, 02/25/52

..

471

72,778

Federal

National

Mortgage

Association

Series

2021-3,

Class

MI,

3.50%, 02/25/51

509

88,801

Series

2021-31,

Class

IB,

4.00%, 06/25/51

574

111,410

Series

2023-39,

3.00%, 10/25/52

......

1,941

312,890

Series

427,

Class

C85,

3.50%, 08/25/49

.

534

94,674

Series

428,

Class

C16,

3.00%, 03/25/50

.

1,766

301,616

Series

437,

Class

C11,

3.00%, 07/25/52

.

2,434

396,078

Government

National

Mortgage

Association

Series

2021-58,

Class

IY,

3.00%, 02/20/51

1,334

203,202

Series

2021-78,

Class

IP,

3.00%, 05/20/51

1,658

244,755

Series

2021-83,

Class

PI,

3.00%, 05/20/51

1,414

218,446

Series

2021-97,

Class

LI,

3.00%, 08/20/50

1,629

247,393

Series

2022-78,

Class

D,

3.00%, 08/20/51

1,103

169,933

Series

2022-85,

Class

IK,

3.00%, 05/20/51

1,047

157,494

3,554,886

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes,

Series

2015-48,

0.92%, 02/16/50

(a)

................

USD

10

$

177

Mortgage-Backed

Securities

—

46.0%

Federal

Home

Loan

Mortgage

Corp.

2.50%, 01/01/29

-

04/01/31

..........

210

199,516

3.00%, 09/01/27

-

12/01/46

..........

767

709,463

3.50%, 02/01/31

-

01/01/48

..........

1,476

1,404,929

4.00%, 08/01/40

-

12/01/45

..........

121

117,538

4.50%, 02/01/39

-

04/01/49

..........

2,130

2,112,744

5.00%, 10/01/41

-

11/01/48

..........

92

93,653

5.50%, 02/01/35

-

06/01/41

..........

80

82,439

Federal

National

Mortgage

Association

4.00%, 01/01/41

.................

7

6,901

6.00%, 07/01/39

.................

66

67,269

Government

National

Mortgage

Association

2.00%, 08/20/50

-

02/20/51

..........

4,622

3,914,587

2.00%, 01/15/54

(o)

................

6,589

5,578,004

2.50%, 04/20/51

-

01/20/53

..........

7,172

6,272,384

2.50%, 01/15/54

(o)

................

4,239

3,708,086

3.00%, 02/15/45

-

01/20/52

..........

4,858

4,410,429

3.00%, 01/15/54

(o)

................

3,562

3,224,303

3.50%, 01/15/42

-

11/20/46

..........

3,265

3,078,951

3.50%, 01/15/54

(o)

................

3,151

2,934,742

4.00%, 04/20/39

-

12/20/47

..........

809

784,031

4.00%, 01/15/54

(o)

................

3,491

3,332,345

4.50%, 12/20/39

-

07/20/49

..........

639

632,041

4.50%, 01/15/54

(o)

................

2,995

2,922,940

5.00%, 12/15/38

-

07/20/44

..........

56

56,899

5.00%, 01/15/54

(o)

................

3,337

3,313,541

5.50%, 01/15/54

(o)

................

2,748

2,767,758

6.00%, 01/15/54

(o)

................

3,102

3,153,983

6.50%, 01/15/54

(o)

................

1,464

1,498,598

Uniform

Mortgage-Backed

Securities

1.50%, 12/01/35

-

03/01/51

..........

11,918

9,885,067

1.50%, 01/25/39

-

01/25/54

(o)

.........

894

711,780

2.00%, 10/01/31

-

03/01/52

..........

46,647

39,095,683

2.00%, 01/25/39

-

01/25/54

(o)

.........

11,899

9,857,542

2.50%, 09/01/27

-

04/01/52

..........

42,826

37,081,432

2.50%, 01/25/39

(o)

................

1,483

1,365,729

3.00%, 04/01/28

-

08/01/52

..........

16,880

15,298,422

3.00%, 01/25/39

-

01/25/54

(o)

.........

13,511

11,975,790

3.50%, 03/01/29

-

01/01/51

..........

10,338

9,640,184

3.50%, 01/25/39

-

01/25/54

(o)

.........

22,673

20,804,577

4.00%, 08/01/31

-

06/01/52

..........

38,425

36,939,064

4.00%, 01/25/39

(o)

................

356

349,269

4.50%, 02/01/25

-

08/01/52

..........

6,826

6,744,827

4.50%, 01/25/39

-

01/25/54

(o)

.........

16,124

15,645,778

5.00%, 02/01/35

-

04/01/53

..........

5,337

5,316,051

5.00%, 01/25/54

(o)

................

20,856

20,632,845

5.50%, 02/01/35

-

08/01/53

..........

5,068

5,101,736

5.50%, 01/25/54

(o)

................

26,909

27,022,243

6.00%, 04/01/35

-

08/01/53

..........

6,037

6,139,077

6.00%, 01/25/54

(o)

................

20,690

21,006,651

6.50%, 05/01/40

-

11/01/53

..........

1,513

1,555,452

6.50%, 01/25/54

(o)

................

309

316,641

7.00%, 01/25/54

-

02/25/54

(o)

.........

26,401

27,226,876

386,090,790

Total

U.S.

Government

Sponsored

Agency

Securities

—

46.4%

(Cost:

$399,351,502)

.............................

389,645,853

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25%, 05/15/39

-

11/15/40

..........

USD

863

$

880,597

4.50%, 08/15/39

.................

4,057

4,293,024

4.38%, 11/15/39

-

05/15/41

..........

3,320

3,438,315

4.63%, 02/15/40

.................

432

462,577

1.13%, 05/15/40

-

08/15/40

..........

3,866

2,479,526

3.88%, 08/15/40

-

02/15/43

..........

2,355

2,254,032

1.38%, 11/15/40

-

08/15/50

..........

4,675

2,810,415

4.75%, 02/15/41

.................

1,887

2,039,989

2.38%, 02/15/42

-

05/15/51

..........

5,049

3,681,596

4.00%, 11/15/42

-

11/15/52

..........

3,713

3,637,611

3.13%, 02/15/43

-

08/15/44

..........

2,483

2,107,066

2.88%, 05/15/43

-

05/15/49

..........

2,562

2,090,203

3.63%, 08/15/43

-

05/15/53

..........

9,431

8,702,257

3.75%, 11/15/43

.................

2,473

2,311,096

2.50%, 02/15/45

.................

4,920

3,725,555

3.00%, 05/15/47

-

08/15/52

..........

11,666

9,523,200

2.75%, 11/15/47

.................

4,920

3,829,528

3.00%, 02/15/49

(p)

................

7,332

5,966,129

2.25%, 08/15/49

-

02/15/52

..........

4,384

3,060,122

1.63%, 11/15/50

.................

1,951

1,162,071

1.88%, 02/15/51

-

11/15/51

..........

3,369

2,132,566

U.S.

Treasury

Inflation

Linked

Bonds

,

1.50%, 02/15/53

.................

1,035

937,236

U.S.

Treasury

Inflation

Linked

Notes

,

1.38%, 07/15/33

.................

9,968

9,663,557

U.S.

Treasury

Notes

1.75%, 07/31/24

-

01/31/29

..........

2,062

2,017,791

2.13%, 07/31/24

-

05/15/25

..........

2,153

2,099,765

1.50%, 10/31/24

.................

7,368

7,168,258

1.50%, 02/15/25

-

02/15/30

..........

3,308

3,048,531

2.00%, 02/15/25

-

11/15/26

..........

2,610

2,499,794

2.63%, 04/15/25

-

02/15/29

..........

4,384

4,260,207

0.38%, 04/30/25

-

09/30/27

..........

9,084

8,461,785

0.25%, 06/30/25

-

07/31/25

..........

7,462

6,998,338

4.00%, 12/15/25

.................

4,500

4,475,918

0.50%, 02/28/26

-

08/31/27

..........

12,040

10,819,077

0.75%, 05/31/26

.................

4,768

4,401,274

0.88%, 06/30/26

.................

3,890

3,597,186

4.50%, 07/15/26

-

11/15/33

..........

9,572

9,875,888

0.63%, 07/31/26

.................

2,438

2,233,151

1.63%, 11/30/26

-

05/15/31

..........

9,606

8,614,423

2.38%, 05/15/27

-

05/15/29

..........

2,443

2,297,110

2.25%, 08/15/27

.................

3,746

3,532,946

3.88%, 11/30/27

-

09/30/29

..........

9,323

9,303,244

1.25%, 09/30/28

-

08/15/31

..........

8,019

6,651,223

3.13%, 11/15/28

.................

1,164

1,124,442

1.88%, 02/28/29

-

02/15/32

..........

191

167,668

3.88%, 12/31/29

(p)

................

6,981

6,968,729

3.75%, 05/31/30

.................

4,089

4,052,246

4.13%, 08/31/30

.................

4,642

4,700,308

2.88%, 05/15/32

.................

764

707,490

2.75%, 08/15/32

(p)

................

7,851

7,189,799

Total

U.S.

Treasury

Obligations

—

24.8%

(Cost:

$221,040,811)

.............................

208,454,859

Total

Long-Term

Investments

—

119.6%

(Cost:

$1,034,849,962)

...........................

1,003,998,121

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

Foreign

Government

Obligations

—

0.1%

Brazil

—

0.0%

Federative

Republic

of

Brazil

Treasury

Bills,

11.64%

,

04/01/24

(q)

...............

BRL

1

$

200,651

Mexico

—

0.1%

United

Mexican

States

Treasury

Bills,

12.89%

,

11/28/24

(q)

.....................

MXN

1,282

684,448

Total

Foreign

Government

Obligations

—

0.1%

(Cost:

$831,059)

................................

885,099

Shares

Shares

Money

Market

Funds

—

2.3%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

(m)(r)

.................

19,602,803

19,602,803

Total

Money

Market

Funds

—

2.3%

(Cost:

$19,602,803)

..............................

19,602,803

Total

Short-Term

Securities

—

2.4%

(Cost:

$20,433,862)

..............................

20,487,902

Total

Options

Purchased

—

0.1%

(

Cost:

$883,932

)

................................

1,055,105

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

122.1%

(Cost:

$1,056,167,756

)

...........................

1,025,541,128

Total

Options

Written

—

(0.4)%

(Premium

Received

—

$(3,369,515))

..................

(3,680,352)

Par

(000)

Pa

r

(

000)

TBA

Sale

Commitments

(o)

Mortgage-Backed

Securities

—

(12.9)%

Government

National

Mortgage

Association

2.00%

,

 01/15/54

.................

USD

(46)

(38,944)

2.50%

,

 01/15/54

.................

(37)

(32,363)

3.00%

,

 01/15/54

.................

(31)

(28,065)

6.00%

,

 01/15/54

.................

(1,060)

(1,077,763)

Uniform

Mortgage-Backed

Securities

2.00%

,

 01/25/39

-

01/25/54

..........

(124)

(105,054)

2.50%

,

 01/25/54

.................

(4,055)

(3,448,944)

3.00%

,

 01/25/54

.................

(7,367)

(6,516,054)

3.50%

,

 01/25/54

.................

(802)

(735,710)

4.00%

,

 01/25/54

.................

(25,895)

(24,490,372)

4.50%

,

 01/25/54

.................

(962)

(931,979)

5.00%

,

 01/25/54

.................

(27,427)

(27,133,446)

6.00%

,

 01/25/54

.................

(21,813)

(22,147,355)

6.50%

,

 01/25/54

.................

(18,444)

(18,900,159)

7.00%

,

 01/25/54

.................

(2,300)

(2,372,324)

Total

TBA

Sale

Commitments

—

(12.9)%

(Proceeds:

$(106,835,370))

........................

(107,958,532)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

108.8%

(Cost:

$945,962,871

)

.............................

913,902,244

Liabilities

in

Excess

of

Other

Assets

—

(8.8)%

............

(74,279,688)

Net

Assets

—

100.0%

..............................

$

839,622,556

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

22

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Rounds

to

less

than

1,000.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

Perpetual

security

with

no

stated

maturity

date.

(f)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(g)

Non-income

producing

security.

(h)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(i)

Zero-coupon

bond.

(j)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(k)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(l)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(m)

Affiliate

of

the

Fund.

(n)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(o)

Represents

or

includes

a

TBA

transaction.

(p)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(q)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(r)

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

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

122,525,407

$

—

$

(102,922,604)

(a)

$

—

$

—

$

19,602,803

19,602,803

$

2,090,814

$

—

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

..

131,261,596

—

—

—

3,025,789

134,287,385

14,408,518

7,942,841

—

$

—

$

3,025,789

$

153,890,188

$

10,033,655

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

23

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

Australia

10-Year

Bond

......................................................

33

03/15/24

$

2,624

$

72,778

U.S.

Treasury

10-Year

Note

...................................................

10

03/19/24

1,129

(178)

U.S.

Treasury

Long

Bond

.....................................................

121

03/19/24

15,117

279,439

U.S.

Treasury

5-Year

Note

....................................................

542

03/28/24

58,955

836,115

3-mo.

SOFR

.............................................................

158

06/18/24

37,529

77,166

3-mo.

SONIA

Index

.........................................................

7

03/18/25

2,150

2,744

1,268,064

Short

Contracts

Euro-Buxl

...............................................................

21

03/07/24

3,285

(207,366)

Canada

10-Year

Bond

.......................................................

124

03/19/24

11,621

(550,302)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

88

03/19/24

10,385

(53,488)

U.S.

Treasury

Ultra

Bond

.....................................................

8

03/19/24

1,069

(37,381)

U.S.

Treasury

2-Year

Note

....................................................

357

03/28/24

73,511

(119,318)

3-mo.

SOFR

.............................................................

4

09/17/24

955

(5,108)

3-mo.

SOFR

.............................................................

322

12/17/24

77,195

(335,403)

3-mo.

SOFR

.............................................................

166

06/17/25

40,077

(192,819)

(1,501,185)

$

(233,121)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

575,285

USD

117,000

BNP

Paribas

SA

01/03/24

$

1,430

BRL

599,630

USD

122,000

Citibank

NA

01/03/24

1,442

BRL

847,446

USD

172,000

Goldman

Sachs

International

01/03/24

2,458

AUD

310,000

USD

206,136

Barclays

Bank

plc

01/18/24

5,223

AUD

246,000

USD

157,358

JPMorgan

Chase

Bank

NA

01/18/24

10,366

AUD

120,000

USD

79,898

Morgan

Stanley

&

Co.

International

plc

01/18/24

1,918

AUD

244,000

USD

163,790

UBS

AG

01/18/24

2,570

CAD

78,522

USD

57,000

HSBC

Bank

plc

01/18/24

2,273

CAD

381,052

USD

283,000

Morgan

Stanley

&

Co.

International

plc

01/18/24

4,640

CHF

35,301

USD

41,000

Citibank

NA

01/18/24

1,041

CLP

36,182,500

USD

41,000

BNP

Paribas

SA

01/18/24

35

COP

319,881,600

GBP

64,000

Standard

Chartered

Bank

01/18/24

694

COP

326,820,000

USD

80,000

Citibank

NA

01/18/24

4,063

COP

641,520,000

USD

160,000

Societe

Generale

SA

01/18/24

5,008

COP

487,080,000

USD

123,000

Toronto

Dominion

Bank

01/18/24

2,284

EUR

153,000

GBP

132,565

BNP

Paribas

SA

01/18/24

21

EUR

56,000

MXN

1,050,838

Goldman

Sachs

International

01/18/24

136

EUR

37,000

USD

40,314

Barclays

Bank

plc

01/18/24

558

EUR

132,000

USD

144,705

BNP

Paribas

SA

01/18/24

1,107

EUR

47,470

USD

52,402

Goldman

Sachs

International

01/18/24

35

EUR

422,000

USD

452,897

Toronto

Dominion

Bank

01/18/24

13,262

EUR

77,000

USD

82,866

UBS

AG

01/18/24

2,191

GBP

64,000

USD

79,396

Barclays

Bank

plc

01/18/24

2,188

GBP

154,000

USD

189,077

UBS

AG

01/18/24

7,237

HUF

14,650,310

USD

42,000

Barclays

Bank

plc

01/18/24

136

HUF

29,166,834

USD

82,000

BNP

Paribas

SA

01/18/24

1,886

IDR

1,266,080,000

USD

82,000

Citibank

NA

01/18/24

248

IDR

2,230,997,500

USD

142,000

Toronto

Dominion

Bank

01/18/24

2,932

INR

10,176,934

USD

122,000

Bank

of

America

NA

01/18/24

186

JPY

20,853,253

USD

144,000

Barclays

Bank

plc

01/18/24

4,252

JPY

22,235,107

USD

151,000

BNP

Paribas

SA

01/18/24

7,077

JPY

11,694,236

USD

80,000

Citibank

NA

01/18/24

3,138

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

24

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

JPY

5,863,548

USD

40,000

Goldman

Sachs

International

01/18/24

$

1,686

JPY

15,903,868

USD

106,000

UBS

AG

01/18/24

7,066

KRW

106,354,000

USD

82,000

Citibank

NA

01/18/24

108

KRW

53,413,775

USD

41,000

Morgan

Stanley

&

Co.

International

plc

01/18/24

237

MXN

2,504,568

EUR

132,000

Citibank

NA

01/18/24

1,300

MXN

2,865,176

EUR

150,000

Goldman

Sachs

International

01/18/24

2,598

MXN

2,844,292

USD

163,000

Barclays

Bank

plc

01/18/24

4,066

MXN

1,420,551

USD

81,000

BNP

Paribas

SA

01/18/24

2,439

MXN

5,577,254

USD

318,000

Goldman

Sachs

International

01/18/24

9,593

MXN

6,840,653

USD

389,829

UBS

AG

01/18/24

11,972

MYR

757,998

USD

162,000

Barclays

Bank

plc

01/18/24

3,473

NOK

819,306

EUR

69,640

Barclays

Bank

plc

01/18/24

3,746

NOK

1,884,728

EUR

166,000

BNP

Paribas

SA

01/18/24

2,211

NOK

74,836

EUR

6,360

Citibank

NA

01/18/24

344

NOK

657,062

EUR

56,000

UBS

AG

01/18/24

2,838

NOK

429,897

USD

40,000

Citibank

NA

01/18/24

2,330

NOK

894,091

USD

82,000

Goldman

Sachs

International

01/18/24

6,037

PLN

319,832

USD

80,000

Bank

of

America

NA

01/18/24

1,268

PLN

1,304,076

USD

323,000

Citibank

NA

01/18/24

8,360

PLN

1,519,467

USD

378,000

UBS

AG

01/18/24

8,090

THB

8,590,800

USD

240,000

JPMorgan

Chase

Bank

NA

01/18/24

12,036

USD

80,000

CLP

70,408,000

Citibank

NA

01/18/24

150

USD

102,000

CLP

88,931,850

Morgan

Stanley

&

Co.

International

plc

01/18/24

1,142

USD

80,000

CNY

569,310

Citibank

NA

01/18/24

16

ZAR

1,176,544

USD

63,000

Bank

of

America

NA

01/18/24

1,233

ZAR

4,457,506

USD

242,000

Barclays

Bank

plc

01/18/24

1,356

ZAR

5,966,860

USD

320,000

Citibank

NA

01/18/24

5,757

ZAR

1,917,525

USD

102,000

Deutsche

Bank

AG

01/18/24

2,686

IDR

3,058,884,460

USD

196,738

Bank

of

New

York

Mellon

01/31/24

1,966

IDR

21,131,771

USD

1,361

Citibank

NA

01/31/24

11

BRL

1,037,264

USD

212,000

Morgan

Stanley

&

Co.

International

plc

02/02/24

1,164

CZK

1,776,566

USD

75,830

BNP

Paribas

SA

03/04/24

3,471

EUR

630,000

GBP

543,199

BNP

Paribas

SA

03/20/24

5,003

EUR

540,000

USD

584,488

Barclays

Bank

plc

03/20/24

13,503

EUR

960,000

USD

1,048,912

Societe

Generale

SA

03/20/24

14,183

EUR

640,963

JPY

98,000,000

Bank

of

America

NA

03/21/24

6,194

EUR

385,651

JPY

59,000,000

Deutsche

Bank

AG

03/21/24

3,469

JPY

98,000,000

EUR

633,243

Barclays

Bank

plc

03/21/24

2,356

JPY

97,000,000

USD

680,888

Barclays

Bank

plc

03/21/24

15,564

JPY

99,000,000

USD

709,332

Deutsche

Bank

AG

03/21/24

1,480

JPY

50,000,000

USD

348,252

HSBC

Bank

plc

03/21/24

10,744

JPY

49,000,000

USD

341,947

Societe

Generale

SA

03/21/24

9,869

COP

223,738,480

USD

52,530

Barclays

Bank

plc

08/15/24

2,750

COP

575,327,520

USD

133,051

BNP

Paribas

SA

08/15/24

9,098

COP

805,965,000

USD

186,436

Morgan

Stanley

&

Co.

International

plc

08/15/24

12,697

309,695

USD

82,000

BRL

403,440

Citibank

NA

01/03/24

(1,054)

USD

117,000

BRL

575,684

Goldman

Sachs

International

01/03/24

(1,512)

USD

212,000

BRL

1,032,864

Morgan

Stanley

&

Co.

International

plc

01/03/24

(628)

USD

54,983

COP

223,738,480

Barclays

Bank

plc

01/09/24

(2,683)

USD

139,183

COP

575,327,520

BNP

Paribas

SA

01/09/24

(9,102)

USD

198,009

COP

805,965,000

Citibank

NA

01/09/24

(9,720)

USD

117,000

TWD

3,764,242

Morgan

Stanley

&

Co.

International

plc

01/17/24

(6,614)

CLP

52,441,700

USD

61,000

BNP

Paribas

SA

01/18/24

(1,526)

CLP

142,827,600

USD

164,000

Citibank

NA

01/18/24

(2,018)

EUR

228,000

MXN

4,313,730

BNP

Paribas

SA

01/18/24

(1,518)

EUR

74,000

MXN

1,397,608

Morgan

Stanley

&

Co.

International

plc

01/18/24

(348)

EUR

146,000

NOK

1,648,348

BNP

Paribas

SA

01/18/24

(1,028)

EUR

56,000

NOK

652,086

Goldman

Sachs

International

01/18/24

(2,348)

EUR

74,000

PLN

328,862

BNP

Paribas

SA

01/18/24

(1,820)

EUR

74,000

PLN

329,570

UBS

AG

01/18/24

(2,000)

GBP

49,000

USD

62,565

BNP

Paribas

SA

01/18/24

(102)

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

25

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

HUF

28,238,138

EUR

74,000

BNP

Paribas

SA

01/18/24

$

(528)

KRW

102,672,000

USD

80,000

Citibank

NA

01/18/24

(734)

USD

82,420

AUD

124,000

Barclays

Bank

plc

01/18/24

(2,124)

USD

61,010

AUD

92,000

BNP

Paribas

SA

01/18/24

(1,716)

USD

144,080

AUD

219,000

Goldman

Sachs

International

01/18/24

(5,234)

USD

79,510

AUD

122,000

Morgan

Stanley

&

Co.

International

plc

01/18/24

(3,670)

USD

176,000

CAD

242,516

Morgan

Stanley

&

Co.

International

plc

01/18/24

(7,065)

USD

80,000

CAD

110,016

UBS

AG

01/18/24

(3,046)

USD

41,000

CHF

35,841

Goldman

Sachs

International

01/18/24

(1,684)

USD

80,000

CLP

70,820,000

Societe

Generale

SA

01/18/24

(318)

USD

42,000

CNY

300,048

UBS

AG

01/18/24

(154)

USD

40,000

COP

161,560,000

Bank

of

America

NA

01/18/24

(1,555)

USD

41,000

COP

164,785,150

BNP

Paribas

SA

01/18/24

(1,385)

USD

41,000

COP

166,627,280

Citibank

NA

01/18/24

(1,859)

USD

121,000

COP

486,702,040

Goldman

Sachs

International

01/18/24

(4,186)

USD

106,780

COP

434,728,858

JPMorgan

Chase

Bank

NA

01/18/24

(5,038)

USD

128,000

COP

524,160,000

Standard

Chartered

Bank

01/18/24

(6,822)

USD

80,000

CZK

1,838,006

Citibank

NA

01/18/24

(2,146)

USD

62,247

EUR

58,000

Bank

of

New

York

Mellon

01/18/24

(1,822)

USD

204,103

EUR

186,000

Barclays

Bank

plc

01/18/24

(1,361)

USD

342,798

EUR

316,000

BNP

Paribas

SA

01/18/24

(6,269)

USD

202,234

EUR

184,000

Goldman

Sachs

International

01/18/24

(1,020)

USD

83,346

EUR

77,000

UBS

AG

01/18/24

(1,711)

USD

222,008

GBP

177,000

Barclays

Bank

plc

01/18/24

(3,625)

USD

480,795

IDR

7,456,595,567

Deutsche

Bank

AG

01/18/24

(3,608)

USD

59,000

JPY

8,648,933

Barclays

Bank

plc

01/18/24

(2,488)

USD

163,000

JPY

23,666,215

BNP

Paribas

SA

01/18/24

(5,251)

USD

40,000

JPY

5,873,236

Goldman

Sachs

International

01/18/24

(1,755)

USD

61,000

JPY

9,151,908

Morgan

Stanley

&

Co.

International

plc

01/18/24

(4,064)

USD

41,000

KRW

53,132,638

UBS

AG

01/18/24

(20)

USD

285,494

MXN

4,994,040

Barclays

Bank

plc

01/18/24

(7,842)

USD

1,767,114

MXN

31,735,702

Citibank

NA

01/18/24

(96,955)

USD

82,000

MXN

1,444,230

Goldman

Sachs

International

01/18/24

(2,830)

USD

123,000

MXN

2,142,121

Morgan

Stanley

&

Co.

International

plc

01/18/24

(2,823)

USD

76,614

MXN

1,334,962

Toronto

Dominion

Bank

01/18/24

(1,798)

USD

40,000

NOK

425,876

Morgan

Stanley

&

Co.

International

plc

01/18/24

(1,934)

USD

124,000

NOK

1,340,760

UBS

AG

01/18/24

(8,019)

USD

432,732

PLN

1,783,692

BNP

Paribas

SA

01/18/24

(20,497)

USD

81,000

PLN

325,680

Citibank

NA

01/18/24

(1,754)

USD

197,624

PLN

795,994

Deutsche

Bank

AG

01/18/24

(4,635)

USD

80,000

PLN

322,047

Goldman

Sachs

International

01/18/24

(1,831)

USD

42,000

PLN

167,121

UBS

AG

01/18/24

(465)

USD

31,000

TWD

965,960

Citibank

NA

01/18/24

(726)

USD

80,000

ZAR

1,506,134

Bank

of

America

NA

01/18/24

(2,226)

USD

63,000

ZAR

1,155,920

Barclays

Bank

plc

01/18/24

(107)

USD

340,000

ZAR

6,363,394

Citibank

NA

01/18/24

(7,405)

USD

78,000

ZAR

1,466,342

Deutsche

Bank

AG

01/18/24

(2,054)

USD

62,000

ZAR

1,166,623

HSBC

Bank

plc

01/18/24

(1,691)

ZAR

1,452,741

EUR

72,000

Deutsche

Bank

AG

01/18/24

(222)

USD

199,690

IDR

3,080,016,231

Citibank

NA

01/31/24

(388)

USD

329,863

ZAR

6,250,567

Deutsche

Bank

AG

02/05/24

(10,813)

USD

86,471

EUR

79,897

Citibank

NA

02/06/24

(1,858)

USD

50,721

EUR

47,470

Toronto

Dominion

Bank

02/06/24

(1,759)

USD

164,400

CZK

3,714,705

Bank

of

America

NA

03/04/24

(1,416)

USD

204,744

CZK

4,631,572

BNP

Paribas

SA

03/04/24

(1,998)

USD

235,829

CZK

5,379,480

HSBC

Bank

plc

03/04/24

(4,298)

GBP

544,002

EUR

630,000

Citibank

NA

03/20/24

(3,978)

USD

74,053

CAD

99,000

Deutsche

Bank

AG

03/20/24

(740)

USD

435,457

COP

1,775,793,455

Goldman

Sachs

International

03/20/24

(15,705)

USD

78,975

COP

322,060,674

JPMorgan

Chase

Bank

NA

03/20/24

(2,848)

USD

435,217

COP

1,775,793,456

Toronto

Dominion

Bank

03/20/24

(15,945)

USD

240,346

EUR

220,000

Barclays

Bank

plc

03/20/24

(3,280)

USD

345,383

EUR

320,000

BNP

Paribas

SA

03/20/24

(8,982)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

26

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

699,416

EUR

640,000

Morgan

Stanley

&

Co.

International

plc

03/20/24

$

(9,314)

USD

345,360

EUR

320,000

Societe

Generale

SA

03/20/24

(9,005)

USD

2,699,395

EUR

2,460,000

UBS

AG

03/20/24

(24,786)

EUR

632,944

JPY

98,000,000

UBS

AG

03/21/24

(2,686)

JPY

100,000,000

EUR

655,016

Barclays

Bank

plc

03/21/24

(7,397)

JPY

57,000,000

EUR

370,845

Goldman

Sachs

International

03/21/24

(1,432)

USD

692,584

JPY

99,000,000

Goldman

Sachs

International

03/21/24

(18,228)

USD

1,382,784

JPY

196,000,000

Morgan

Stanley

&

Co.

International

plc

03/21/24

(24,480)

USD

115,713

JPY

16,296,000

State

Street

Bank

and

Trust

Co.

03/21/24

(1,291)

USD

181,169

BRL

949,147

JPMorgan

Chase

Bank

NA

04/02/24

(12,604)

TRY

489,000

USD

12,547

Barclays

Bank

plc

12/04/24

(254)

TRY

3,418,110

USD

87,906

Goldman

Sachs

International

12/04/24

(1,980)

(479,558)

$

(169,863)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

01/12/24

USD

1.04

USD

1.04

EUR

22

$

2

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

01/15/24

MXN

16.98

MXN

16.42

USD

280

1,666

EUR

Currency

...............

One-Touch

Bank

of

America

NA

02/02/24

PLN

4.28

PLN

4.28

EUR

22

4,975

EUR

Currency

...............

One-Touch

Bank

of

America

NA

03/27/24

USD

1.05

USD

1.05

EUR

19

1,400

$

8,043

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

3-mo.

SOFR

Interest

Futures

....................

821

03/15/24

USD

94.94

USD

205,250

$

333,531

Put

U.S.

Treasury

2-Year

Note

.....................

8

01/26/24

USD

102.50

USD

1,600

1,750

U.S.

Treasury

2-Year

Note

.....................

11

02/23/24

USD

102.50

USD

2,200

4,469

6,219

$

339,750

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EUR

Currency

...........................

Goldman

Sachs

International

01/08/24

CZK

24.90

EUR

260

$

303

Put

USD

Currency

...........................

Goldman

Sachs

International

01/04/24

BRL

4.89

USD

122

1,274

EUR

Currency

...........................

Bank

of

America

NA

01/12/24

USD

1.04

EUR

2,500

3

EUR

Currency

...........................

Deutsche

Bank

AG

01/17/24

USD

1.04

EUR

1,240

10

EUR

Currency

...........................

Bank

of

America

NA

01/25/24

USD

1.10

EUR

153

650

EUR

Currency

...........................

BNP

Paribas

SA

01/31/24

USD

1.10

EUR

190

933

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

27

OTC

Currency

Options

Purchased

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........................

Goldman

Sachs

International

02/22/24

KRW

1,280.00

USD

105

$

1,002

3,872

$

4,175

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

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.24%

Semi-Annual

Citibank

NA

03/26/24

4.24

%

USD

16,480

$

605,291

Put

10-Year

Interest

Rate

Swap

(a)

2.83%

Annual

6-mo.

EURIBOR

Semi-Annual

JPMorgan

Chase

Bank

NA

03/12/24

2.83

EUR

12,509

74,965

5-Year

Interest

Rate

Swap

(a)

.

4.24%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

03/26/24

4.24

USD

16,480

22,881

97,846

$

703,137

(a)

Forward

settling

swaption.

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

U.S.

Treasury

2-Year

Note

......................

5

02/23/24

USD

104.50

USD

1,000

$

(625)

3-mo.

SOFR

Interest

Futures

.....................

411

03/15/24

USD

96.50

USD

102,750

(346,781)

(347,406)

Put

U.S.

Treasury

2-Year

Note

......................

16

01/26/24

USD

102.00

USD

3,200

(750)

U.S.

Treasury

2-Year

Note

......................

11

02/23/24

USD

102.00

USD

2,200

(1,719)

(2,469)

$

(349,875)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Goldman

Sachs

International

01/04/24

BRL

5.05

USD

122

$

(17)

USD

Currency

.............................

UBS

AG

01/04/24

MXN

19.00

USD

116

—

EUR

Currency

.............................

Goldman

Sachs

International

01/08/24

CZK

25.35

EUR

334

(49)

USD

Currency

.............................

Goldman

Sachs

International

02/22/24

KRW

1,330.00

USD

105

(495)

–

(561)

–

Put

EUR

Currency

.............................

Bank

of

America

NA

01/25/24

USD

1.08

EUR

153

(243)

–

$

(804)

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

28

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

5-Year

Interest

Rate

Swap

(a)

.

3.96%

Semi-Annual

1-day

SOFR

Annual

Barclays

Bank

plc

03/14/24

3.96

%

USD

16,480

$

(414,301)

5-Year

Interest

Rate

Swap

(a)

.

3.75%

Annual

1-day

SOFR

Annual

Citibank

NA

06/12/24

3.75

USD

41,199

(1,057,867)

5-Year

Interest

Rate

Swap

(a)

.

3.90%

Semi-Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

11/14/24

3.90

USD

11,238

(416,634)

10-Year

Interest

Rate

Swap

(a)

4.48%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/20/25

4.48

USD

620

(64,941)

10-Year

Interest

Rate

Swap

(a)

4.54%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/20/25

4.54

USD

615

(66,664)

10-Year

Interest

Rate

Swap

(a)

3.96%

Semi-Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

11/17/25

3.96

USD

647

(47,560)

10-Year

Interest

Rate

Swap

(a)

4.00%

Semi-Annual

1-day

SOFR

Annual

Bank

of

America

NA

11/17/25

4.00

USD

1,145

(87,056)

10-Year

Interest

Rate

Swap

(a)

3.97%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

11/20/25

3.97

USD

964

(71,445)

10-Year

Interest

Rate

Swap

(a)

3.90%

Semi-Annual

1-day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

11/24/25

3.90

USD

479

(33,734)

10-Year

Interest

Rate

Swap

(a)

3.84%

Semi-Annual

1-day

SOFR

Annual

Bank

of

America

NA

11/28/25

3.84

USD

726

(48,910)

10-Year

Interest

Rate

Swap

(a)

3.87%

Semi-Annual

1-day

SOFR

Annual

Bank

of

America

NA

11/28/25

3.87

USD

479

(33,049)

10-Year

Interest

Rate

Swap

(a)

3.96%

Semi-Annual

1-day

SOFR

Annual

Citibank

NA

11/28/25

3.96

USD

825

(60,801)

10-Year

Interest

Rate

Swap

(a)

3.67%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

12/05/25

3.67

USD

484

(29,082)

10-Year

Interest

Rate

Swap

(a)

3.71%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

12/11/25

3.71

USD

1,221

(76,152)

10-Year

Interest

Rate

Swap

(a)

3.40%

Annual

1-day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

12/15/25

3.40

USD

486

(23,208)

10-Year

Interest

Rate

Swap

(a)

4.17%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

09/28/26

4.17

USD

667

(58,418)

(2,589,822)

Put

10-Year

Interest

Rate

Swap

(a)

6-mo.

EURIBOR

Semi-Annual

3.23%

Annual

JPMorgan

Chase

Bank

NA

03/12/24

3.23

EUR

12,509

(22,118)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.96%

Semi-Annual

Barclays

Bank

plc

03/14/24

3.96

USD

16,480

(44,594)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.75%

Annual

Citibank

NA

06/12/24

3.75

USD

41,199

(308,483)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.90%

Semi-Annual

Deutsche

Bank

AG

11/14/24

3.90

USD

11,238

(99,111)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.48%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/20/25

4.48

USD

620

(10,401)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.54%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/20/25

4.54

USD

615

(9,829)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.96%

Semi-Annual

Deutsche

Bank

AG

11/17/25

3.96

USD

647

(17,586)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.00%

Semi-Annual

Bank

of

America

NA

11/17/25

4.00

USD

1,145

(30,014)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.97%

Semi-Annual

Citibank

NA

11/20/25

3.97

USD

964

(26,123)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.90%

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

11/24/25

3.90

USD

479

(13,789)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.84%

Semi-Annual

Bank

of

America

NA

11/28/25

3.84

USD

726

(22,001)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.87%

Semi-Annual

Bank

of

America

NA

11/28/25

3.87

USD

479

(14,162)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.96%

Semi-Annual

Citibank

NA

11/28/25

3.96

USD

825

(22,696)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.67%

Annual

Deutsche

Bank

AG

12/05/25

3.67

USD

484

(16,842)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.71%

Annual

Bank

of

America

NA

12/11/25

3.71

USD

1,221

(41,176)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.40%

Annual

Morgan

Stanley

&

Co.

International

plc

12/15/25

3.40

USD

486

(21,135)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

4.17%

Semi-Annual

JPMorgan

Chase

Bank

NA

09/28/26

4.17

USD

667

(19,791)

(739,851)

$

(3,329,673)

(a)

Forward

settling

swaption.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

29

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

Index

Series

40.V1

.

5.00

%

Quarterly

12/20/28

EUR

316

$

(28,247)

$

(18,668)

$

(9,579)

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

.....................

5.00

Quarterly

12/20/28

USD

142

(8,454)

(1,677)

(6,777)

$

(36,701)

$

(20,345)

$

(16,356)

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)

11.25%

Monthly

28-day

MXIBTIIE

Monthly

N/A

11/07/24

MXN

19,991

$

(2,744)

$

—

$

(2,744)

10.95%

Monthly

28-day

MXIBTIIE

Monthly

N/A

12/03/24

MXN

20,223

(369)

—

(369)

6-mo.

EURIBOR

Semi-Annual

3.53%

Annual

N/A

11/08/25

EUR

7,178

84,075

—

84,075

6-mo.

EURIBOR

Semi-Annual

3.54%

Annual

N/A

11/08/25

EUR

7,178

85,069

—

85,069

1-day

SONIA

At

Termination

4.06%

At

Termination

12/12/24

(a)

12/12/25

GBP

165

1,403

—

1,403

1-day

SONIA

At

Termination

3.77%

At

Termination

12/16/24

(a)

12/16/25

GBP

2,620

13,522

10

13,512

1-day

SONIA

At

Termination

3.87%

At

Termination

12/16/24

(a)

12/16/25

GBP

2,090

13,327

6,267

7,060

1-day

SOFR

At

Termination

3.46%

At

Termination

12/17/24

(a)

12/17/25

USD

3,720

2,517

—

2,517

1-day

SOFR

At

Termination

3.86%

At

Termination

12/17/24

(a)

12/17/25

USD

15

65

2

63

1-day

SONIA

At

Termination

3.40%

At

Termination

12/20/24

(a)

12/20/25

GBP

2,585

2,390

(692)

3,082

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

12/20/25

PLN

1,121

(840)

—

(840)

1-day

SOFR

At

Termination

3.46%

At

Termination

12/24/24

(a)

12/24/25

USD

1,125

840

(14)

854

1-day

SOFR

At

Termination

3.47%

At

Termination

12/24/24

(a)

12/24/25

USD

1,120

951

15

936

4.10%

Annual

6-mo.

PRIBOR

Semi-Annual

03/20/24

(a)

03/20/26

CZK

6,300

(1,134)

—

(1,134)

3-mo.

CD_KSDA

Quarterly

3.19%

Quarterly

N/A

09/20/26

KRW

224,263

295

—

295

3-mo.

CD_KSDA

Quarterly

3.33%

Quarterly

N/A

09/20/26

KRW

220,445

936

—

936

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

N/A

09/20/26

KRW

220,478

1,174

—

1,174

3-mo.

CD_KSDA

Quarterly

3.38%

Quarterly

N/A

09/20/26

KRW

220,478

1,163

—

1,163

6-mo.

EURIBOR

Semi-Annual

3.15%

Annual

N/A

07/21/28

EUR

271

7,913

—

7,913

28-day

MXIBTIIE

Monthly

9.69%

Monthly

N/A

10/25/28

MXN

4,532

11,465

—

11,465

28-day

MXIBTIIE

Monthly

8.95%

Monthly

N/A

11/08/28

MXN

4,405

3,436

—

3,436

3.16%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

11/08/28

EUR

5,988

(207,230)

—

(207,230)

3.16%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

11/08/28

EUR

5,988

(204,911)

—

(204,911)

1-day

SOFR

Annual

3.33%

Annual

06/17/24

(a)

06/17/29

USD

3,301

(1,471)

—

(1,471)

1-day

SOFR

Annual

3.36%

Annual

06/17/24

(a)

06/17/29

USD

2,475

2,440

—

2,440

1-day

SOFR

Annual

3.41%

Annual

06/17/24

(a)

06/17/29

USD

4,951

14,958

—

14,958

1-day

SOFR

Annual

3.42%

Annual

06/17/24

(a)

06/17/29

USD

1,857

6,980

—

6,980

1-day

SOFR

Annual

3.44%

Annual

06/17/24

(a)

06/17/29

USD

2,475

10,911

—

10,911

1-day

REPO_CORRA

Semi-Annual

3.54%

Semi-Annual

N/A

06/15/33

CAD

2,624

75,360

—

75,360

1-day

REPO_CORRA

Semi-Annual

4.00%

Semi-Annual

N/A

09/21/33

CAD

660

37,315

—

37,315

6-mo.

EURIBOR

Semi-Annual

3.22%

Annual

N/A

11/08/33

EUR

1,622

111,635

—

111,635

6-mo.

EURIBOR

Semi-Annual

3.22%

Annual

N/A

11/08/33

EUR

1,622

110,365

—

110,365

3.83%

Annual

1-day

SONIA

Annual

12/12/33

(a)

12/12/43

GBP

240

(4,728)

—

(4,728)

3.73%

Annual

1-day

SONIA

Annual

12/14/33

(a)

12/14/43

GBP

505

(6,127)

(3,153)

(2,974)

3.65%

Annual

1-day

SOFR

Annual

12/16/33

(a)

12/16/43

USD

575

(4,860)

—

(4,860)

3.48%

Annual

1-day

SONIA

Annual

12/20/33

(a)

12/20/43

GBP

385

2,666

692

1,974

3.44%

Annual

1-day

SOFR

Annual

12/22/33

(a)

12/22/43

USD

170

680

30

650

3.45%

Annual

1-day

SOFR

Annual

12/22/33

(a)

12/22/43

USD

180

624

30

594

3.40%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

N/A

06/15/53

CAD

1,166

(73,668)

—

(73,668)

3.72%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

N/A

09/21/53

CAD

290

(31,481)

—

(31,481)

$

64,912

$

3,187

$

61,725

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

30

(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

2.51%

At

Termination

12/15/53

EUR

650

$

15,440

$

—

$

15,440

OTC

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Federative

Republic

of

Brazil

..

1.00

%

Quarterly

Barclays

Bank

plc

12/20/24

USD

123

$

(886)

$

592

$

(1,478)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

78

(562)

376

(938)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

(864)

589

(1,453)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

122

(879)

599

(1,478)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

(864)

589

(1,453)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

170

(1,225)

818

(2,043)

American

Electric

Power

Co.,

Inc.

.................

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

374

(10,404)

(8,509)

(1,895)

American

Electric

Power

Co.,

Inc.

.................

1.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

468

(13,038)

(9,424)

(3,614)

American

Electric

Power

Co.,

Inc.

.................

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

870

(24,221)

(20,951)

(3,270)

American

Express

Co.

......

1.00

Quarterly

Citibank

NA

12/20/28

USD

870

(23,602)

(18,570)

(5,032)

Dominion

Energy,

Inc.

.......

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

374

(7,427)

(6,014)

(1,413)

Dominion

Energy,

Inc.

.......

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

196

(3,888)

(2,987)

(901)

Dominion

Energy,

Inc.

.......

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

94

(1,874)

(1,474)

(400)

Dominion

Energy,

Inc.

.......

1.00

Quarterly

Citibank

NA

12/20/28

USD

186

(3,691)

(2,756)

(935)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

200

2,744

7,230

(4,486)

Federative

Republic

of

Brazil

..

1.00

Quarterly

Goldman

Sachs

International

12/20/28

USD

141

1,933

5,781

(3,848)

Republic

of

Colombia

.......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

233

5,686

11,208

(5,522)

Republic

of

South

Africa

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

81

3,647

6,269

(2,622)

Republic

of

South

Africa

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

71

3,225

5,571

(2,346)

Republic

of

South

Africa

.....

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

89

4,031

6,897

(2,866)

United

Mexican

States

......

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

200

(1,108)

1,804

(2,912)

United

Mexican

States

......

1.00

Quarterly

Barclays

Bank

plc

12/20/28

USD

154

(852)

1,205

(2,057)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

91

(504)

920

(1,424)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

95

(526)

981

(1,507)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

90

(499)

929

(1,428)

United

Mexican

States

......

1.00

Quarterly

BNP

Paribas

SA

12/20/28

USD

90

(499)

833

(1,332)

United

Mexican

States

......

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

76

(420)

750

(1,170)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

3

(2)

33

(35)

CMBX.NA.9.AAA

..........

0.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

99

(55)

1,034

(1,089)

CMBX.NA.9.BBB-

.........

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8

1,396

401

995

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

—

—

(11)

11

CMBX.NA.6.AAA

..........

0.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

—

—

(128)

128

$

–

$

–

$

–

$

(75,228)

$

(15,415)

$

(59,813)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CMBX.NA.9.BBB-

.....

3.00

%

Monthly

Deutsche

Bank

AG

09/17/58

BBB-

USD

8

$

(1,396)

$

(836)

$

(560)

CMBX.NA.10.BBB-

....

3.00

Monthly

JPMorgan

Securities

LLC

11/17/59

BBB-

USD

10

(2,395)

(749)

(1,646)

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

31

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CMBX.NA.14.BBB-

....

3.00

%

Monthly

Goldman

Sachs

International

12/16/72

BBB-

USD

50

$

(9,833)

$

(8,277)

$

(1,556)

$

(13,624)

$

(9,862)

$

(3,762)

(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)

12.62%

At

Termination

1-day

BZDIOVER

At

Termination

Citibank

NA

01/02/24

BRL

7,920

$

33

$

—

$

33

1-day

BZDIOVER

At

Termination

11.07%

At

Termination

Barclays

Bank

plc

01/02/25

BRL

2,281

3,545

—

3,545

1-day

BZDIOVER

At

Termination

11.87%

At

Termination

Bank

of

America

NA

01/02/25

BRL

1,496

3,433

—

3,433

10.18%

At

Termination

1-day

IBR

At

Termination

Citibank

NA

06/20/25

COP

1,196,483

(1,059)

—

(1,059)

8.62%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

11/05/25

COP

2,014,959

(5,948)

—

(5,948)

1-day

BZDIOVER

At

Termination

10.11%

At

Termination

Goldman

Sachs

International

01/02/26

BRL

563

292

—

292

1-day

BZDIOVER

At

Termination

10.58%

At

Termination

Citibank

NA

01/02/26

BRL

2,405

8,488

—

8,488

1-day

BZDIOVER

At

Termination

11.75%

At

Termination

Citibank

NA

01/02/26

BRL

1,446

10,435

—

10,435

1-day

BZDIOVER

At

Termination

11.80%

At

Termination

Citibank

NA

01/02/26

BRL

1,373

10,363

—

10,363

1-day

BZDIOVER

At

Termination

9.98%

At

Termination

HSBC

Bank

plc

01/02/26

BRL

1,794

(53)

—

(53)

1-day

BZDIOVER

At

Termination

10.35%

At

Termination

Citibank

NA

01/04/27

BRL

1,657

6,194

—

6,194

$

35,723

$

—

$

35,723

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

0.04

%

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

12.05

1-day

REPO_CORRA

...................................

Canadian

Overnight

Repo

Rate

5.06

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5.34

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

5.19

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11.50

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3.83

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3.86

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

6.43

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

5.72

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

32

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

7,046

$

(24,204)

$

613,575

$

(552,766)

$

—

OTC

Swaps

.....................................................

55,409

(80,686)

43,917

(71,769)

—

Options

Written

...................................................

N/A

N/A

862,986

(1,173,823)

(3,680,352)

(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.

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)

......

$

—

$

—

$

—

$

—

$

1,268,242

$

—

$

1,268,242

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

309,695

—

—

309,695

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

............

—

—

—

12,218

1,042,887

—

1,055,105

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

598,135

15,440

613,575

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

56,543

—

—

42,783

—

99,326

$

—

$

56,543

$

—

$

321,913

$

2,952,047

$

15,440

$

3,345,943

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

1,501,363

$

—

$

1,501,363

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

479,558

—

—

479,558

Options

written

(b)

Options

written

at

value

.....................

—

—

—

804

3,679,548

—

3,680,352

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

16,356

—

—

536,410

—

552,766

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

145,395

—

—

7,060

—

152,455

$

—

$

161,751

$

—

$

480,362

$

5,724,381

$

—

$

6,366,494

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

33

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

For

the

period

ended

December

31,

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

.......................

$

—

$

—

$

(111,557)

$

—

$

1,136,481

$

—

$

1,024,924

Forward

foreign

currency

exchange

contracts

....

—

—

—

(452,774)

—

—

(452,774)

Options

purchased

(a)

.....................

—

—

—

(581,561)

(2,379,716)

—

(2,961,277)

Options

written

........................

—

—

—

154,397

686,256

—

840,653

Swaps

..............................

—

206,535

—

—

(617,676)

149,889

(261,252)

$

—

$

206,535

$

(111,557)

$

(879,938)

$

(1,174,655)

$

149,889

$

(1,809,726)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

—

$

—

$

146,050

$

—

$

146,050

Forward

foreign

currency

exchange

contracts

....

—

—

—

(199,544)

—

—

(199,544)

Options

purchased

(b)

.....................

—

—

—

(33,739)

(587,393)

—

(621,132)

Options

written

........................

—

—

—

(2,030)

1,156,885

—

1,154,855

Swaps

..............................

—

(90,370)

—

—

(662,853)

15,440

(737,783)

$

—

$

(90,370)

$

—

$

(235,313)

$

52,689

$

15,440

$

(257,554)

(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

..................................................................................

$

161,425,045

Average

notional

value

of

contracts

—

short

.................................................................................

$

89,313,525

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

18,185,230

Average

amounts

sold

—

in

USD

........................................................................................

$

13,244,853

Options

Average

value

of

option

contracts

purchased

................................................................................

$

1,856,144

Average

value

of

option

contracts

written

...................................................................................

$

1,787,385

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

127,345,864

Average

notional

value

of

swaption

contracts

written

...........................................................................

$

204,118,802

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

4,115,274

Average

notional

value

—

sell

protection

...................................................................................

$

1,758,850

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

22,729,858

Average

notional

value

—

receives

fixed

rate

................................................................................

$

102,499,716

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

426,081

Average

notional

value

—

receives

fixed

rate

................................................................................

$

1,740,487

Total

return

swaps

Average

notional

value

...............................................................................................

$

2,974,750

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

138,588

$

108,616

Forward

foreign

currency

exchange

contracts

.................................................................

309,695

479,558

Options

(a)(b)

........................................................................................

1,055,105

3,680,352

Swaps

—

centrally

cleared

..............................................................................

—

24,362

Swaps

—

OTC

(c)

.....................................................................................

99,326

152,455

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

1,602,714

$

4,445,343

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(478,338)

(482,853)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

1,124,376

$

3,962,490

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

34

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statement

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statement

of

Assets

and

Liabilities.

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

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

America

NA

..............................

$

28,376

$

(28,376)

$

—

$

—

$

—

Bank

of

New

York

Mellon

...........................

1,966

(1,822)

—

—

144

Barclays

Bank

plc

................................

86,221

(86,221)

—

—

—

BNP

Paribas

SA

.................................

38,376

(38,376)

—

—

—

Citibank

NA

....................................

691,993

(691,993)

—

—

—

Deutsche

Bank

AG

...............................

7,784

(7,784)

—

—

—

Goldman

Sachs

International

........................

32,861

(32,861)

—

—

—

HSBC

Bank

plc

..................................

13,017

(6,042)

—

—

6,975

JPMorgan

Chase

Bank

NA

..........................

109,325

(109,325)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

24,261

(24,261)

—

—

—

Societe

Generale

SA

..............................

29,060

(9,323)

—

—

19,737

Standard

Chartered

Bank

...........................

694

(694)

—

—

—

Toronto

Dominion

Bank

............................

18,478

(18,478)

—

—

—

UBS

AG

......................................

41,964

(41,964)

—

—

—

$

1,124,376

$

(1,097,520)

$

—

$

—

$

26,856

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

(d)

Cash

Collateral

Pledged

(d)

Net

Amount

of

Derivative

Liabilities

(b)(e)

Bank

of

America

NA

..............................

$

387,077

$

(28,376)

$

(358,701)

$

—

$

—

Bank

of

New

York

Mellon

...........................

1,822

(1,822)

—

—

—

Barclays

Bank

plc

................................

510,664

(86,221)

—

(414,500)

9,943

BNP

Paribas

SA

.................................

67,413

(38,376)

—

—

29,037

Citibank

NA

....................................

1,706,362

(691,993)

(758,353)

—

256,016

Deutsche

Bank

AG

...............................

663,460

(7,784)

(436,925)

—

218,751

Goldman

Sachs

International

........................

98,208

(32,861)

—

—

65,347

HSBC

Bank

plc

..................................

6,042

(6,042)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

285,292

(109,325)

(175,967)

—

—

JPMorgan

Securities

LLC

...........................

2,395

—

—

—

2,395

Morgan

Stanley

&

Co.

International

plc

..................

153,930

(24,261)

(129,669)

—

—

Societe

Generale

SA

..............................

9,323

(9,323)

—

—

—

Standard

Chartered

Bank

...........................

6,822

(694)

—

—

6,128

State

Street

Bank

and

Trust

Co.

......................

1,291

—

—

—

1,291

Toronto

Dominion

Bank

............................

19,502

(18,478)

—

—

1,024

UBS

AG

......................................

42,887

(41,964)

—

—

923

$

3,962,490

$

(1,097,520)

$

(1,859,615)

$

(414,500)

$

590,855

(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

receivable/payable

on

the

Statement

of

Assets

and

Liabilities.

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

Schedule

of

Investments

35

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

28,185,854

$

—

$

28,185,854

Corporate

Bonds

Aerospace

&

Defense

....................................

—

10,666,414

—

10,666,414

Banks

...............................................

—

25,328,082

3,000

25,331,082

Biotechnology

.........................................

—

6,855,258

—

6,855,258

Broadline

Retail

........................................

—

126,392

—

126,392

Building

Products

.......................................

—

94,739

—

94,739

Capital

Markets

........................................

—

36,082,087

—

36,082,087

Chemicals

............................................

—

113,654

—

113,654

Commercial

Services

&

Supplies

.............................

—

477,717

—

477,717

Communications

Equipment

................................

—

1,780,948

—

1,780,948

Consumer

Finance

......................................

—

430,974

—

430,974

Containers

&

Packaging

..................................

—

171,130

—

171,130

Diversified

REITs

.......................................

—

5,319,754

—

5,319,754

Diversified

Telecommunication

Services

........................

—

8,659,595

—

8,659,595

Electric

Utilities

........................................

—

21,132,905

—

21,132,905

Financial

Services

......................................

—

328,084

—

328,084

Gas

Utilities

...........................................

—

811,747

—

811,747

Ground

Transportation

...................................

—

3,153,750

—

3,153,750

Health

Care

Providers

&

Services

............................

—

5,817,872

—

5,817,872

Hotels,

Restaurants

&

Leisure

..............................

—

2,637,919

—

2,637,919

Insurance

............................................

—

595,375

—

595,375

Interactive

Media

&

Services

...............................

—

378,914

—

378,914

IT

Services

...........................................

—

82,399

—

82,399

Life

Sciences

Tools

&

Services

..............................

—

972,286

—

972,286

Machinery

............................................

—

344,087

—

344,087

Media

...............................................

—

3,012,607

—

3,012,607

Metals

&

Mining

........................................

—

1,058,816

—

1,058,816

Multi-Utilities

..........................................

—

3,232,084

—

3,232,084

Oil,

Gas

&

Consumable

Fuels

...............................

—

43,863,107

—

43,863,107

Passenger

Airlines

......................................

—

882,244

—

882,244

Pharmaceuticals

.......................................

—

3,385,788

—

3,385,788

Real

Estate

Management

&

Development

.......................

—

4,500

—

4,500

Retail

REITs

..........................................

—

662,469

—

662,469

Semiconductors

&

Semiconductor

Equipment

....................

—

2,630,580

—

2,630,580

Software

.............................................

—

2,282,473

—

2,282,473

Specialized

REITs

......................................

—

3,255,018

—

3,255,018

Specialty

Retail

........................................

—

835,974

—

835,974

Technology

Hardware,

Storage

&

Peripherals

....................

—

1,283,166

—

1,283,166

Textiles,

Apparel

&

Luxury

Goods

............................

—

144,029

—

144,029

Tobacco

.............................................

—

4,036,548

—

4,036,548

Wireless

Telecommunication

Services

.........................

—

6,163,556

—

6,163,556

Fixed

Rate

Loan

Interests

..................................

—

195,360

—

195,360

Floating

Rate

Loan

Interests

Financial

Services

......................................

—

—

27,370

27,370

Household

Durables

.....................................

—

69,420

—

69,420

Media

...............................................

—

185

—

185

Oil,

Gas

&

Consumable

Fuels

...............................

—

148,875

—

148,875

Foreign

Agency

Obligations

.................................

—

3,033,097

—

3,033,097

Foreign

Government

Obligations

..............................

—

14,677,205

—

14,677,205

Investment

Companies

....................................

134,287,385

—

—

134,287,385

Municipal

Bonds

.........................................

—

5,662,617

—

5,662,617

Non-Agency

Mortgage-Backed

Securities

........................

—

10,512,000

—

10,512,000

Other

Interests

..........................................

—

—

—

—

U.S.

Government

Sponsored

Agency

Securities

....................

—

389,645,853

—

389,645,853

2023

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Total

Return

V.I.

Fund

36

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

U.S.

Treasury

Obligations

...................................

$

—

$

208,454,859

$

—

$

208,454,859

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

885,099

—

885,099

Money

Market

Funds

......................................

19,602,803

—

—

19,602,803

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

12,218

—

12,218

Interest

rate

contracts

......................................

339,750

703,137

—

1,042,887

Liabilities

Investments

TBA

Sale

Commitments

....................................

—

(107,958,532)

—

(107,958,532)

$

154,229,938

$

763,322,288

$

30,370

$

917,582,596

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

1,134

$

—

$

1,134

Foreign

currency

exchange

contracts

............................

—

309,695

—

309,695

Interest

rate

contracts

.......................................

1,268,242

640,918

—

1,909,160

Other

contracts

...........................................

—

15,440

—

15,440

Liabilities

Credit

contracts

...........................................

—

(81,065)

—

(81,065)

Foreign

currency

exchange

contracts

............................

—

(480,362)

—

(480,362)

Interest

rate

contracts

.......................................

(1,851,238)

(3,873,143)

—

(5,724,381)

$

(582,996)

$

(3,467,383)

$

—

$

(4,050,379)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statement

of

Assets

and

Liabilities

December

31,

2023

37

Financial

Statements

BlackRock

Total

Return

V.I.

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

871,650,940‌

Investments,

at

value

—

affiliated

(b)

..........................................................................................

153,890,188‌

Cash

.............................................................................................................

46,261‌

Cash

pledged:

–‌

Collateral

—

OTC

derivatives

............................................................................................

414,500‌

Futures

contracts

....................................................................................................

1,850,050‌

Centrally

cleared

swaps

................................................................................................

803,090‌

Foreign

currency,

at

value

(c)

...............................................................................................

3,483,471‌

Receivables:

–‌

Investments

sold

....................................................................................................

218,750‌

TBA

sale

commitments

................................................................................................

106,835,370‌

Capital

shares

sold

...................................................................................................

269,642‌

Dividends

—

affiliated

.................................................................................................

822,406‌

Interest

—

unaffiliated

.................................................................................................

5,585,464‌

Variation

margin

on

futures

contracts

.......................................................................................

138,588‌

Swap

premiums

paid

...................................................................................................

55,409‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

309,695‌

OTC

swaps

........................................................................................................

43,917‌

Prepaid

expenses

.....................................................................................................

12,888‌

Total

assets

.........................................................................................................

1,146,430,629‌

LIABILITIES

Cash

received:

–‌

Collateral

—

TBA

commitments

...........................................................................................

1,814,000‌

Options

written,

at

value

(d)

................................................................................................

3,680,352‌

TBA

sale

commitments,

at

value

(e)

..........................................................................................

107,958,532‌

Payables:

–‌

Investments

purchased

................................................................................................

188,543,497‌

Capital

shares

redeemed

...............................................................................................

476,483‌

Deferred

foreign

capital

gain

tax

..........................................................................................

61‌

Distribution

fees

.....................................................................................................

130,641‌

Income

dividend

distributions

............................................................................................

2,499,892‌

Investment

advisory

fees

..............................................................................................

276,763‌

Directors'

and

Officer's

fees

.............................................................................................

493‌

Professional

fees

....................................................................................................

77,411‌

Variation

margin

on

futures

contracts

.......................................................................................

108,616‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

24,362‌

Other

accrued

expenses

...............................................................................................

584,957‌

Swap

premiums

received

................................................................................................

80,686‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

479,558‌

OTC

swaps

........................................................................................................

71,769‌

Total

liabilities

........................................................................................................

306,808,073‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

........................................................................................................

$

839,622,556‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

969,719,299‌

Accumulated

loss

.....................................................................................................

(130,096,743‌)

NET

ASSETS

........................................................................................................

$

839,622,556‌

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

892,280,953‌

(b)

  Investments,

at

cost

—

affiliated

...................................................................................

$

163,886,803‌

(c)

  Foreign

currency,

at

cost

.......................................................................................

$

3,491,793‌

(d)

  Premiums

received

...........................................................................................

$

3,369,515‌

(e)

  Proceeds

received

from

TBA

sale

commitments

.........................................................................

$

106,835,370‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(continued)

December

31,

2023

2023

BlackRock

Annual

Report

to

Shareholders

38

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

NET

ASSET

VALUE

Class

I

Net

assets

.........................................................................................................

$

184,952,961‌

Shares

outstanding

..................................................................................................

18,074,736‌

Net

asset

value

.....................................................................................................

$

10.23‌

Shares

authorized

...................................................................................................

600

million

Par

value

.........................................................................................................

$

0.10‌

Class

III

Net

assets

.........................................................................................................

$

654,669,595‌

Shares

outstanding

..................................................................................................

64,787,635‌

Net

asset

value

.....................................................................................................

$

10.10‌

Shares

authorized

...................................................................................................

100

million

Par

value

.........................................................................................................

$

0.10‌

Statement

of

Operations

Year

Ended

December

31,

2023

39

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

10,033,655‌

Interest

—

unaffiliated

.................................................................................................

25,936,138‌

Foreign

taxes

withheld

................................................................................................

(3,735‌)

Total

investment

income

.................................................................................................

35,966,058‌

EXPENSES

Investment

advisory

..................................................................................................

3,193,919‌

Distribution

—

class

specific

............................................................................................

1,543,016‌

Transfer

agent

—

class

specific

..........................................................................................

1,111,047‌

Accounting

services

..................................................................................................

165,147‌

Professional

.......................................................................................................

103,387‌

Custodian

.........................................................................................................

65,683‌

Printing

and

postage

.................................................................................................

52,770‌

Registration

.......................................................................................................

10,535‌

Directors

and

Officer

.................................................................................................

7,946‌

Transfer

agent

......................................................................................................

2,197‌

Miscellaneous

......................................................................................................

202,158‌

Total

expenses

excluding

interest

expense

.....................................................................................

6,457,805‌

Interest

expense

....................................................................................................

25,486‌

Total

expenses

.......................................................................................................

6,483,291‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(32,745‌)

Transfer

agent

fees

reimbursed

by

the

Manager

—

class

specific

....................................................................

(740,723‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

5,709,823‌

Net

investment

income

..................................................................................................

30,256,235‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

12,770,457‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

(a)

..........................................................................................

(27,334,899‌)

Forward

foreign

currency

exchange

contracts

...............................................................................

(452,774‌)

Foreign

currency

transactions

.........................................................................................

94,717‌

Futures

contracts

..................................................................................................

1,024,924‌

Options

written

...................................................................................................

840,653‌

Swaps

.........................................................................................................

(261,252‌)

A

(26,088,631‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(b)

..........................................................................................

35,446,141‌

Investments

—

affiliated

.............................................................................................

3,025,789‌

Forward

foreign

currency

exchange

contracts

...............................................................................

(199,544‌)

Foreign

currency

translations

..........................................................................................

23,580‌

Futures

contracts

..................................................................................................

146,050‌

Options

written

...................................................................................................

1,154,855‌

Swaps

.........................................................................................................

(737,783‌)

A

38,859,088‌

Net

realized

and

unrealized

gain

...........................................................................................

12,770,457‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

43,026,692‌

(a)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

...............................................................

$

(160

)

(b)

Net

of

increase

in

deferred

foreign

capital

gain

tax

of

............................................................................

$

(61

)

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Annual

Report

to

Shareholders

40

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

Year

Ended

12/31/23

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

30,256,235

‌

$

16,770,507

‌

Net

realized

loss

..................................................................................

(26,088,631

)

(70,914,186

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

38,859,088

‌

(69,721,009

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

43,026,692

‌

(123,864,688

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Class

I

........................................................................................

(7,193,788

)

(4,788,015

)

  Class

III

.......................................................................................

(22,200,667

)

(12,018,905

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(29,394,455

)

(16,806,920

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

74,483,035

‌

44,918,168

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

88,115,272

‌

(95,753,440

)

Beginning

of

year

....................................................................................

751,507,284

‌

847,260,724

‌

End

of

year

........................................................................................

$

839,622,556

‌

$

751,507,284

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

41

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

insurance-related

fees

and

expenses

and

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Total

Return

V.I.

Fund

Class

I

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

..............................

$

10.05

‌

$

11.98

‌

$

12.40

‌

$

12.22

‌

$

11.53

‌

Net

investment

income

(a)

....................................

0.40

‌

0.25

‌

0.17

‌

0.25

‌

0.35

‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.17

‌

(1.93

)

(0.35

)

0.82

‌

0.73

‌

Net

increase

(decrease)

from

investment

operations

...................

0.57

‌

(1.68

)

(0.18

)

1.07

‌

1.08

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.39

)

(0.25

)

(0.17

)

(0.29

)

(0.35

)

From

net

realized

gain

......................................

—

‌

(0.00

)

(c)

(0.07

)

(0.60

)

(0.04

)

Total

distributions

..........................................

(0.39

)

(0.25

)

(0.24

)

(0.89

)

(0.39

)

Net

asset

value,

end

of

year

..................................

$

10.23

‌

$

10.05

‌

$

11.98

‌

$

12.40

‌

$

12.22

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

5.83

%

(14.06

)%

(1.42

)%

8.88

%

9.49

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

............................................

0.65

%

0.65

%

0.65

%

0.69

%

0.74

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.47

%

0.46

%

0.47

%

0.51

%

0.54

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

...............................................

0.47

%

0.46

%

0.47

%

0.51

%

0.52

%

Net

investment

income

......................................

4.00

%

2.36

%

1.44

%

1.98

%

2.90

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

184,953

‌

$

187,263

‌

$

232,294

‌

$

250,444

‌

$

245,548

‌

Portfolio

turnover

rate

(f)

.......................................

605

%

488

%

647

%

674

%

536

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

398%

283%

334%

399%

326%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

to

Shareholders

42

(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)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Total

Return

V.I.

Fund

Class

III

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

year

..............................

$

9.93

‌

$

11.83

‌

$

12.24

‌

$

12.07

‌

$

11.40

‌

Net

investment

income

(a)

....................................

0.37

‌

0.22

‌

0.13

‌

0.21

‌

0.31

‌

Net

realized

and

unrealized

gain

(loss)

...........................

0.16

‌

(1.90

)

(0.34

)

0.81

‌

0.71

‌

Net

increase

(decrease)

from

investment

operations

...................

0.53

‌

(1.68

)

(0.21

)

1.02

‌

1.02

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

.................................

(0.36

)

(0.22

)

(0.13

)

(0.25

)

(0.31

)

From

net

realized

gain

......................................

—

‌

(0.00

)

(c)

(0.07

)

(0.60

)

(0.04

)

Total

distributions

..........................................

(0.36

)

(0.22

)

(0.20

)

(0.85

)

(0.35

)

Net

asset

value,

end

of

year

..................................

$

10.10

‌

$

9.93

‌

$

11.83

‌

$

12.24

‌

$

12.07

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.....................................

5.43

%

(14.28

)%

(1.69

)%

8.54

%

9.05

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

............................................

0.86

%

0.86

%

0.87

%

0.92

%

0.97

%

Total

expenses

after

fees

waived

and/or

reimbursed

...................

0.78

%

0.77

%

0.78

%

0.82

%

0.85

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

...............................................

0.78

%

0.77

%

0.78

%

0.82

%

0.83

%

Net

investment

income

......................................

3.70

%

2.07

%

1.12

%

1.67

%

2.58

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...................................

$

654,670

‌

$

564,245

‌

$

614,967

‌

$

470,328

‌

$

385,784

‌

Portfolio

turnover

rate

(f)

.......................................

605

%

488

%

647

%

674

%

536

%

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...........................................

398%

283%

334%

399%

326%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

43

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Company”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company. The

Company

is

organized

as

a

Maryland

corporation

that

is

comprised

of 2 separate

funds.

The

funds

offer shares

to

insurance

companies

for

their

separate

accounts

to

fund

benefits

under

certain

variable

annuity

and

variable

life

insurance

contracts. The

financial

statements

presented

are

for

BlackRock

Total

Return

V.I.

Fund (the

“Fund”). The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

Class

I

and

Class

III

Shares

have

equal

voting,

dividend,

liquidation

and

other

rights,

except

that

only

shares

of

the

respective

classes

are

entitled

to

vote

on

matters

concerning

only

that

class.

In

addition,

Class

III

Shares

bear

certain

expenses

related

to

the

distribution

of

such

shares.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

December

31,

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.  

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statement

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions: 

Distributions

from

net

investment

income

are

declared daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Directors

of

the

Company

(the

“Board”), the directors

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Directors”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Directors.

This

has

the

same

economic

effect

for

the

Independent Directors

as

if

the

Independent Directors

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

44

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Directors’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed

Income

Complex

and

reflected

as Directors

and

Officer

expense

on

the

Statement(s)

of

Operations.

The Directors

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Fund’s

Manager

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service.Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with the

Manager's policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

Notes

to

Financial

Statements

(continued)

45

Notes

to

Financial

Statements

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

involves

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.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

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

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

46

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Statement

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-

indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

of

the

interest

(IOs)

and

principal

(POs)

distributions

on

a

pool

of

Mortgage

Assets.

Stripped

mortgage-backed

securities

may

be

privately

issued.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

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

Notes

to

Financial

Statements

(continued)

47

Notes

to

Financial

Statements

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Forward

Commitments, When-Issued

and

Delayed

Delivery

Securities

:

The

Fund

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made.

The

Fund

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement,

the

Fund

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

a

fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty,

the

Fund’s

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

a

fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date,

if

there

are

expenses

or

delays

in

connection

with

the

TBA

transactions,

or

if

the

counterparty

fails

to

complete

the

transaction.

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

a

fund

mitigate its

counterparty

risk,

TBA

commitments

may

be

entered

into

by

a

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

an

“MSFTA”).

An

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

default

and/or

termination

event. The

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

the

collateral

currently

pledged

by

a

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

for

TBA

commitments

or

cash

received

as

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

by

a

fund,

if

any,

is

noted

in

the

Schedule

of

Investments. Typically,

a

fund

is

permitted

to

sell,

re-pledge

or

use

the

collateral

it

receives;

however,

the

counterparty

is

not

permitted

to

do

so.

To

the

extent

amounts

due

to

a

fund

are

not

fully

collateralized,

contractually

or

otherwise,

a

fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

:

The

Fund

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

to

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

a

fund

is

not

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

as

purchases

and

sales

and

a

fund realizes

gains

and

losses

on

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

that

a

fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

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.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

48

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

 Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities. The

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Fund

may purchase

and

write

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statement

of

Assets

and

Liabilities.

Swaptions

–

The

Fund

may purchase

and

write

options

on

swaps

(“swaptions”)

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Fund’s

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option. 

Foreign

currency

options

–

The

Fund

may purchase

and

write

foreign

currency

options,

foreign

currency

futures

and

options

on

foreign

currency

futures

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Foreign

currency

options

give

the

purchaser

the

right

to

buy

from

or

sell

to

the

writer

a

foreign

currency

at

any

time

before

the

expiration

of

the

option.

Barrier

options

–

The

Fund

may

purchase

and

write

a

variety

of

options

with

non-standard

payout

structures

or

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Fund

may

invest

in

various

types

of

barrier

options,

including

down-and-out

options,

down-and-in

options,

double

no-touch

options,

one-touch

options,

instant

one-touch

options,

up-and-out

options

and

up-and-in

options.

Down-and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Down-and-in

options

expire

worthless

to

the

purchaser

unless

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Double

no-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

does

not

reach

or

surpass

predetermined

barrier

price

levels

prior

to

the

option’s

expiration

date.

One-touch

options

and

instant

one-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

reaches

or

surpasses

predetermined

barrier

price

levels

prior

to

the

expiration

date.

Up-

and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level

prior

to

the

expiration

date.

Up-and-in

options

can

only

be

exercised

when

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level.

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

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”).

Notes

to

Financial

Statements

(continued)

49

Notes

to

Financial

Statements

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

—

The

Fund

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

the

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

to

gain

or

reduce

exposure

to

inflation

(inflation

risk).

In

an

inflation

swap,

one

party

makes

fixed

interest

payments

on

a

notional

principal

amount

in

exchange

for

another

party’s

variable

payments

based

on

an

inflation

index,

such

as

the

Consumer

Price

Index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between the

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, the

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

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

50

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Company,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

based

on

a

percentage

of

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

High

Yield

V.I.

Fund,

a

series

of

the

Company,

at

the

following

annual

rates:

For

the year

ended

December

31,

2023,

the

aggregate

average

daily

net

assets

of

the

Fund

and

BlackRock

High

Yield

V.I.

Fund

were

approximately

$1,554,238,202.

The

Manager

entered

into

separate

sub-advisory

agreements

with

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

(“BSL”)

(collectively,

the

“Sub-

Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL

and

BSL

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Distribution

Fees:

 The

Company

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act, the

Fund

pays

BRIL

ongoing

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

an

annual rate

of 

0.25

%

based

upon

the

average

daily

net

assets

attributable

to

Class

III.

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

distribution

services

to

the

Fund.

The

ongoing

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

distribution

related

services

to

shareholders.

For

the year

ended

December

31,

2023,

the

class

specific

distribution

fees

borne

directly

by Class III were

$1,543,016.

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

year

ended

December

31,

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

year ended

December

31,

2023,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

year

 ended

December

31,

2023

,

the

amount

waived

was

$32,745.

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’

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$250

million

.......................................................................................................

0.50%

$250

million-

$500

million

.................................................................................................

0.45

$500

million-

$750

million

.................................................................................................

0.40

Greater

than

$750

million

.................................................................................................

0.35

Class

I

Class

III

Total

Transfer

agent

fees

-

class

specific

....................................................................

$

313,955‌

$

797,092‌

$

1,111,047‌

Notes

to

Financial

Statements

(continued)

51

Notes

to

Financial

Statements

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

year

ended

December

31,

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

year

ended

December

31,

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,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

In

addition,

with

respect

to

Class

I

shares,

the

Manager

has

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses

including

interest

expense,

and

excluding

dividend

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund's

business

to

0.60%

of

average

daily

net

assets

through

June

30,

2024.

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Directors,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

year

ended

December

31,

2023,

there

were

no

fees

waived

and/

or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

December

31,

2023,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Directors

and

Officers: 

Certain

directors

and/or

officers

of

the Company are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Company's

Chief

Compliance

Officer,

which

is

included

in

Directors and

Officer

in

the

Statement

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the year

ended

December

31,

2023,

purchases

and

sales

of

investments,

including

paydowns/payups

and

mortgage

dollar

rolls

and

excluding

short-term

securities,

were

as

follows:

For

the

year ended

December

31,

2023,

purchases

and

sales

related

to

mortgage

dollar

rolls

were

$1,704,340,733

and

$1,703,737,032,

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. 

Class

I

................................................................................................................

0.00‌%

Class

III

...............................................................................................................

0.06‌

Share

Class

Transfer

Agent

Fees

Reimbursed

by

the

Manager

-

Class

Specific

Class

I

.......................................................................................................

$

313,955‌

Class

III

......................................................................................................

426,768‌

$

740,723‌

Class

I

Class

III

Expense

Limitations

..................................................................................

0.60‌%

1.50‌%

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

BlackRock

Total

Return

V.I.

Fund

...........................................

$

475,257,958‌

$

374,311,922‌

$

4,716,126,432‌

$

4,609,612,577‌

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

52

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

December

31,

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.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2023,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

amortization

and

accretion

methods

of

premiums

and

discounts

on

fixed

income

securities,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

exchange

contracts,

the

accrual

of

income

on

securities

in

default,

the

accounting

for

swap

agreements

and

classification

of

investments.

As

of

December

31,

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

year ended

December

31,

2023,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

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

Year

Ended

12/31/23

Year

Ended

12/31/22

BlackRock

Total

Return

V.I.

Fund

Ordinary

income

...........................................................................................

$

29,394,455‌

$

16,665,421‌

Long-term

capital

gains

......................................................................................

—‌

141,499‌

$

29,394,455‌

$

16,806,920‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

BlackRock

Total

Return

V.I.

Fund

...........................................................

$

(94,399,876)

$

(35,696,867)

$

(130,096,743)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Total

Return

V.I.

Fund

.......................................

$

1,058,289,940‌

$

14,357,497‌

$

(49,001,506‌)

$

(34,644,009‌)

Notes

to

Financial

Statements

(continued)

53

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. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased,

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund(s) may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the period

of

historically

low

interest

rates

that

ended

in

March

2022. The

Federal

Reserve

has

recently been

raising the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

There

is

a

risk

that

interest

rates

will

continue

to

rise,

which

will

likely

drive

down

the

prices

of

bonds

and

other

fixed-income

securities,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

invests.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

backed

by

commercial

or

residential

mortgage

loans

or

in

issuers

that

hold

mortgage

and

other

asset-backed

securities.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

a

greater

risk

of

prepayment

or

payment

extension

by

securities

issuers. Changes

in

economic

conditions,

including

delinquencies

and/or

defaults

on

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

of

such

positions.

Investment

percentages

in

these

securities

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

54

LIBOR

Transition

Risk:

The

Fund

may

be

exposed

to

financial

instruments

that

recently

transitioned

from,

or

continue

to

be

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,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

to

be

published

under

a

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions.

Under

U.S.

regulations

that

implement

a

statutory

fallback

mechanism

to

replace

LIBOR,

benchmark

rates

based

on

SOFR

have

replaced

LIBOR

in

certain

financial

contracts.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

12/31/23

Year

Ended

12/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Total

Return

V.I.

Fund

Class

I

Shares

sold

.............................................

1,026,269‌

$

10,391,606‌

1,269,585‌

$

13,566,880‌

Shares

issued

in

reinvestment

of

distributions

........................

713,483‌

7,172,580‌

422,553‌

4,498,977‌

Shares

redeemed

.........................................

(2,291,240‌)

(23,078,749‌)

(2,457,355‌)

(26,337,879‌)

(551,488‌)

$

(5,514,563‌)

(765,217‌)

$

(8,272,022‌)

Class

III

Shares

sold

.............................................

10,380,895‌

$

104,170,985‌

9,133,898‌

$

97,878,389‌

Shares

issued

in

reinvestment

of

distributions

........................

2,201,379‌

21,832,525‌

1,055,485‌

11,052,742‌

Shares

redeemed

.........................................

(4,628,069‌)

(46,005,912‌)

(5,341,159‌)

(55,740,941‌)

7,954,205‌

$

79,997,598‌

4,848,224‌

$

53,190,190‌

7,402,717‌

$

74,483,035‌

4,083,007‌

$

44,918,168‌

Report

of

Independent

Registered

Public

Accounting

Firm

55

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

of

BlackRock

Total

Return

V.I.

Fund

and

the

Board

of

Directors

of

BlackRock

Variable

Series

Funds

II,

Inc.:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

BlackRock

Total

Return

V.I.

Fund

of

BlackRock

Variable

Series

Funds

II,

Inc.

(the

“Fund”),

including

the

schedule

of

investments,

as

of

December

31,

2023,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2023,

and

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023,

by

correspondence

with

custodians

or

counterparties;

when

replies

were

not

received,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

February

14,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Glossary

of

Terms

Used

in

this

Report

2023

BlackRock

Annual

Report

to

Shareholders

56

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

PLN

Polish

Zloty

RUB

New

Russian

Ruble

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

IBR

Colombian

Reference

Banking

Indicator

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

PIK

Payment-In-Kind

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

REPO_CORRA

Canadian

Overnight

Repo

Rate

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

WIBOR

Warsaw

Interbank

Offered

Rate

Statement

Regarding

Liquidity

Risk

Management

Program

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Variable

Series

Funds,

Inc.

(“Variable

Series

Funds”)

and

BlackRock

Variable

Series

Funds

II,

Inc.

(“Variable

Series

Funds

II”

and

together

with

Variable

Series

Funds,

the

“Companies”

and

each,

a

“Company”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

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

High

Yield

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

and

BlackRock

Total

Return

V.I.

Fund

(the

“Funds”),

each

a

series

of

Variable

Series

Funds

or

Variable

Series

Funds

II,

as

applicable,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Directors

(the

“Board”)

of

Variable

Series

Funds,

on

behalf

of

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

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

and

BlackRock

Small

Cap

Index

V.I.

Fund,

met

on

November

16-17,

2023

and

the

Board

of

Directors

of

Variable

Series

Funds

II,

(together

with

the

Board,

the

“Boards”),

on

behalf

of

BlackRock

High

Yield

V.I.

Fund

and

BlackRock

Total

Return

V.I.

Fund

met

on

November

14-15,

2023

(the

“Meetings”)

to

review

the

Program.

The

Boards

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

BlackRock

funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meetings,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Boards

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”),

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

of

capital

controls

in

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

or

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

fund’s

liquidity

bucketing.

A

fund’s

derivative

exposure

was

also

considered

in

such

calculation.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

each

Fund,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V,

and

BlackRock

Floating

Rate

Loan

ETF,

a

series

of

BlackRock

ETF

Trust

II).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Director

and

Officer

Information

2023

BlackRock

Annual

Report

to

Shareholders

BlackRock

Variable

Series

Funds,

Inc.

Independent

Directors

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Mark

Stalnecker

1951

Chair

of

the

Board

and

Director

(Since

2019)

Chief

Investment

Officer,

University

of

Delaware

from

1999

to

2013;

Trustee

and

Chair

of

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

to

2016;

Member

of

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

of

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

to

2017;

Member

of

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

to

2014;

Director

and

Chair

of

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

to

2014.

28

RICs

consisting

of

166

Portfolios

None

Susan

J.

Carter

1956

Director

(Since

2019)

Trustee,

Financial

Accounting

Foundation

from

2017

to

2021;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

from

1997

to

2021;

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

in

2015;

Chief

Executive

Officer,

CCI

from

2013

to

2014;

President

&

Chief

Executive

Officer,

CCI

from

1997

to

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

to

2018

and

Board

Member

thereof

from

2018

to

2022;

Advisory

Board

Member,

Bridges

Fund

Management

from

2016

to

2018;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

in

the

Practice

of

Management,

Yale

School

of

Management

since

2019;

Advisor

to

Finance

Committee,

Altman

Foundation

since

2020;

Investment

Committee

Member,

Tostan

since

2021;

Member

of

the

President's

Counsel,

Commonfund

since

2023.

28

RICs

consisting

of

166

Portfolios

None

Collette

Chilton

1958

Director

(Since

2019)

Senior

advisor,

Insignia

since

2024;

Chief

Investment

Officer,

Williams

College

from

2006

to

2023;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

to

2006;

Director,

Boys

and

Girls

Club

of

Boston

since

2017;

Director,

B1

Capital

since

2018;

Director,

David

and

Lucile

Packard

Foundation

since

2020.

28

RICs

consisting

of

166

Portfolios

None

Neil

A.

Cotty

1954

Director

(Since

2019)

Bank

of

America

Corporation

from

1996

to

2015,

serving

in

various

senior

finance

leadership

roles,

including

Chief

Accounting

Officer

from

2009

to

2015,

Chief

Financial

Officer

of

Global

Banking,

Markets

and

Wealth

Management

from

2008

to

2009,

Chief

Accounting

Officer

from

2004

to

2008,

Chief

Financial

Officer

of

Consumer

Bank

from

2003

to

2004,

Chief

Financial

Officer

of

Global

Corporate

Investment

Bank

from

1999

to

2002.

28

RICs

consisting

of

166

Portfolios

None

Lena

G.

Goldberg

1949

Director

(Since

2016)

Director,

Pioneer

Public

Interest

Law

Center

since

2023;

Director,

Charles

Stark

Draper

Laboratory,

Inc.

from

2013

to

2021;

Senior

Lecturer,

Harvard

Business

School

from

2008

to

2021;

FMR

LLC/Fidelity

Investments

(financial

services)

from

1996

to

2008,

serving

in

various

senior

roles

including

Executive

Vice

President

-

Strategic

Corporate

Initiatives

and

Executive

Vice

President

and

General

Counsel;

Partner,

Sullivan

&

Worcester

LLP

from

1985

to

1996

and

Associate

thereof

from

1979

to

1985.

28

RICs

consisting

of

166

Portfolios

None

Henry

R.

Keizer

1956

Director

(Since

2016)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

from

2010

to

2022.

28

RICs

consisting

of

166

Portfolios

GrafTech

International

Ltd.

(materials

manufacturing);

Sealed

Air

Corp.

(packaging);

WABCO

(commercial

vehicle

safety

systems)

from

2015

to

2020;

Hertz

Global

Holdings

(car

rental)

from

2015

to

2021.

Cynthia

A.

Montgomery

1952

Director

(Since

2019)

Professor,

Harvard

Business

School

since

1989.

28

RICs

consisting

of

166

Portfolios

None

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Donald

C.

Opatrny

1952

Director

(Since

2015)

Chair

of

the

Board

of

Phoenix

Art

Museum

since

2022

and

Trustee

thereof

since

2018;

Chair

of

the

Investment

Committee

of

The

Arizona

Community

Foundation

since

2022

and

Trustee

thereof

since

2020;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

from

2013

to

2020;

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

from

2004

to

2019;

Member

of

the

Board

and

Investment

Committee,

University

School

from

2007

to

2018;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

from

2017

to

2022;

Member,

Investment

Funds

Committee,

State

of

Wyoming

from

2017

to

2023;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014.

28

RICs

consisting

of

166

Portfolios

None

Kenneth

L.

Urish

1951

Director

(Since

2019)

Managing

Partner,

Urish

Popeck

&

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

of

the

Professional

Ethics

Committee

of

the

Pennsylvania

Institute

of

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

of

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

2001,

Emeritus

since

2022;

Principal,

UP

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

to

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

to

2008;

Director,

Inter-

Tel

from

2006

to

2007;

Member,

Advisory

Board,

ESG

Competent

Boards

since

2020.

28

RICs

consisting

of

166

Portfolios

None

Claire

A.

Walton

1957

Director

(Since

2019)

Advisory

Board

Member,

Grossman

School

of

Business

at

the

University

of

Vermont

since

2023;

Advisory

Board

Member,

Scientific

Financial

Systems

since

2022;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

from

2003

to

2023;

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015;

Director,

Woodstock

Ski

Runners

from

2013

to

2022.

28

RICs

consisting

of

166

Portfolios

None

Independent

Directors

(a)

(continued)

Director

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

Interested

Directors

(a)(d)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Each

Independent

Director

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Directors

who

are

"interested

persons,"

as

defined

in

the

1940

Act,

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Directors

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

In

addition,

effective

January

1,

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

As

a

result,

although

the

chart

shows

the

year

that

each

Independent

Director

joined

the

Board,

certain

Independent

Directors

first

became

members

of

the

boards

of

other

BlackRock-advised

Funds,

legacy

MLIM

funds

or

legacy

BlackRock

funds

as

follows:

Susan

J.

Carter,

2016;

Collette

Chilton,

2015;

Neil

A.

Cotty,

2016;

Cynthia

A.

Montgomery,

1994;

Mark

Stalnecker,

2015;

Kenneth

L.

Urish,

1999;

Claire

A.

Walton,

2016.

(d)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Fixed-Income

Complex.

(e)

Mr.

Perlowski

is

also

a

trustee

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Robert

Fairbairn

1965

Director

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

97

RICs

consisting

of

268

Portfolios

None

John

M.

Perlowski

(e)

1964

Director

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

99

RICs

consisting

of

270

Portfolios

None

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Officers

of

the

Company

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Company's

Directors

and

Officers

is

available

in

the

Company's

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

5

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Company.

Director

and

Officer

Information

2023

BlackRock

Annual

Report

to

Shareholders

BlackRock

Variable

Series

Funds

II,

Inc.

Independent

Directors

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

R.

Glenn

Hubbard

1958

Chair

of

the

Board

(Since

2022)

Director

(Since

2019)

Dean,

Columbia

Business

School

from

2004

to

2019;

Faculty

member,

Columbia

Business

School

since

1988.

69

RICs

consisting

of

102

Portfolios

ADP

(data

and

information

services)

from

2004

to

2020;

Metropolitan

Life

Insurance

Company

(insurance);

TotalEnergies

SE

(multi-energy)

W.

Carl

Kester

(d)

1951

Vice

Chair

of

the

Board

(Since

2022)

Director

(Since

2019)

Baker

Foundation

Professor

and

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Emeritus,

Harvard

Business

School

since

2022;

George

Fisher

Baker

Jr.

Professor

of

Business

Administration,

Harvard

Business

School

from

2008

to

2022;

Deputy

Dean

for

Academic

Affairs

from

2006

to

2010;

Chairman

of

the

Finance

Unit,

from

2005

to

2006;

Senior

Associate

Dean

and

Chairman

of

the

MBA

Program

from

1999

to

2005;

Member

of

the

faculty

of

Harvard

Business

School

since

1981.

71

RICs

consisting

of

104

Portfolios

None

Cynthia

L.

Egan

1955

Director

(Since

2019)

Advisor,

U.S.

Department

of

the

Treasury

from

2014

to

2015;

President,

Retirement

Plan

Services,

for

T.

Rowe

Price

Group,

Inc.

from

2007

to

2012;

executive

positions

within

Fidelity

Investments

from

1989

to

2007.

71

RICs

consisting

of

104

Portfolios

Unum

(insurance);

The

Hanover

Insurance

Group

(Board

Chair);

Huntsman

Corporation

(Lead

Independent

Director

and

non-Executive

Vice

Chair

of

the

Board)

(chemical

products)

Frank

J.

Fabozzi

(d)

1948

Director

(Since

2019)

Editor

of

The

Journal

of

Portfolio

Management

since

1986;

Professor

of

Finance,

EDHEC

Business

School

(France)

from

2011

to

2022;

Professor

of

Practice,

Johns

Hopkins

University

since

2021;

Professor

in

the

Practice

of

Finance,

Yale

University

School

of

Management

from

1994

to

2011

and

currently

a

Teaching

Fellow

in

Yale's

Executive

Programs;

Visiting

Professor,

Rutgers

University

for

the

Spring

2019

semester;

Visiting

Professor,

New

York

University

for

the

2019

academic

year;

Adjunct

Professor

of

Finance,

Carnegie

Mellon

University

in

fall

2020

semester.

71

RICs

consisting

of

104

Portfolios

None

Lorenzo

A.

Flores

1964

Director

(Since

2021)

Vice

Chairman,

Kioxia,

Inc.

since

2019;

Chief

Financial

Officer,

Xilinx,

Inc.

from

2016

to

2019;

Corporate

Controller,

Xilinx,

Inc.

from

2008

to

2016.

69

RICs

consisting

of

102

Portfolios

None

Stayce

D.

Harris

1959

Director

(Since

2021)

Lieutenant

General,

Inspector

General

of

the

United

States

Air

Force

from

2017

to

2019;

Lieutenant

General,

Assistant

Vice

Chief

of

Staff

and

Director,

Air

Staff,

United

States

Air

Force

from

2016

to

2017;

Major

General,

Commander,

22nd

Air

Force,

AFRC,

Dobbins

Air

Reserve

Base,

Georgia

from

2014

to

2016;

Pilot,

United

Airlines

from

1990

to

2020.

69

RICs

consisting

of

102

Portfolios

KULR

Technology

Group,

Inc.

in

2021;

The

Boeing

Company

(airplane

manufacturer)

J.

Phillip

Holloman

1955

Director

(Since

2021)

President

and

Chief

Operating

Officer,

Cintas

Corporation

from

2008

to

2018.

69

RICs

consisting

of

102

Portfolios

PulteGroup,

Inc.

(home

construction);

Rockwell

Automation

Inc.

(industrial

automation);

Vestis

Corporation

(uniforms

and

facilities

services)

Catherine

A.

Lynch

(d)

1961

Director

(Since

2019)

Chief

Executive

Officer,

Chief

Investment

Officer

and

various

other

positions,

National

Railroad

Retirement

Investment

Trust

from

2003

to

2016;

Associate

Vice

President

for

Treasury

Management,

The

George

Washington

University

from

1999

to

2003;

Assistant

Treasurer,

Episcopal

Church

of

America

from

1995

to

1999.

71

RICs

consisting

of

104

Portfolios

PennyMac

Mortgage

Investment

Trust

Director

and

Officer

Information

(continued)

Director

and

Officer

Information

Non-Management

Interested

Directors

(a)(f)

Interested

Directors

(a)(e)

(a)

The

address

of

each

Director

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Each

Independent

Director

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Directors

who

are

“interested

persons,”

as

defined

in

the

Investment

Company

Act

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Company’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Directors

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Certain

Independent

Directors

first

became

members

of

the

boards

of

other

legacy

MLIM

or

legacy

BlackRock

funds

as

follows:

Frank

J.

Fabozzi,

1988;

R.

Glenn

Hubbard,

2004;

and

W.

Carl

Kester,

1995.

Certain

other

Independent

Directors

became

members

of

the

boards

of

the

closed-end

funds

in

the

Fixed-Income

Complex

as

follows:

Cynthia

L.

Egan,

2016;

and

Catherine

A.

Lynch,

2016.

(d)

Dr.

Fabozzi,

Ms.

Egan,

Dr.

Kester,

Ms.

Lynch,

Mr.

Steinmetz

and

Mr.

Perlowski

are

also

trustees

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

(e)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

"interested

persons,"

as

defined

in

the

1940

Act,

of

the

Company

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Multi-Asset

Complex

.

(f)

Mr.

Steinmetz

is

currently

classified

as

a

non-management

interested

Director

based

on

his

former

directorship

at

another

company

that

is

not

an

affiliate

of

BlackRock,

Inc.

Mr.

Steinmetz

does

not

currently

serve

as

an

officer

or

employee

of

BlackRock,

Inc.

or

its

affiliates

or

own

any

securities

of

BlackRock,

Inc.

It

is

anticipated

that

Mr.

Steinmetz

will

become

an

Independent

Director

effective

January

19,

2024.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Arthur

P.

Steinmetz

1958

Director

(Since

2023)

Consultant,

Posit

PBC

(enterprise

data

science)

since

2020;

Director,

ScotiaBank

(U.S.)

from

2020

to

2023;

Chairman,

Chief

Executive

Officer

and

President

of

OppenheimerFunds,

Inc.

from

2015,

2014

and

2013,

respectively

to

2019;

Trustee,

President

and

Principal

Executive

Officer

of

104

OppenheimerFunds

funds

from

2014

to

2019;

Portfolio

manager

of

various

OppenheimerFunds

fixed

income

mutual

funds

from

1986

to

2014.

70

RICs

consisting

of

103

Portfolios

Trustee

of

104

OppenheimerFunds

funds

from

2014

to

2019

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Robert

Fairbairn

1965

Director

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

97

RICs

consisting

of

268

Portfolios

None

John

M.

Perlowski

(d)

1964

Director

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

99

RICs

consisting

of

270

Portfolios

None

Director

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

Officers

Who

Are

Not

Directors

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Officers

of

the

Company

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Company’s

Directors

and

Officers

is

available

in

the

Company’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

5

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Company.

Effective

December

31,

2023,

Frank

Fabozzi

retired

as

Director

of

the

Company.

Effective

January

19,

2024,

Arthur

Steinmetz

became

an

Independent

Director

of

the

Company.

Additional

Information

Additional

Information

Proxy

Results

BlackRock

Variable

Series

Fund

II,

Inc.

A

Special

Meeting

of

Shareholders

was

held

on

November

9,

2023

for

shareholders

of

record

on

September

11,

2023,

to

elect

a

Board

of

Directors

of

the

Funds.

Approved

the

Directors*

as

follows:

*

Denotes

Company-wide

proposal

and

voting

results.

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end 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.

Votes

For

Votes

Against

Votes

Abstained

Lorenzo

A.

Flores

165,877,905‌

7,167,763‌

5,268,252‌

Stayce

D.

Harris

168,537,404‌

5,550,910‌

4,225,606‌

J.

Phillip

Holloman

166,412,722‌

6,748,265‌

5,152,933‌

Arthur

P.

Steinmetz

166,016,052‌

7,816,104‌

4,481,763‌

Additional

Information

(continued)

2023

BlackRock

Annual

Report

to

Shareholders

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.

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.

Additional

Information

(continued)

Additional

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

a

bank

account

and

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

is

not

required

to

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time,

including

during

periods

of

market

stress.

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-12/23-AR

Item 2 – Code of Ethics –

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Frank Fabozzi

Lorenzo A. Flores
Catherine A. Lynch

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock High Yield V.I. Fund	$40,698	$39,168	$0	$44	$15,500	$14,900	$407	$431
BlackRock Total Return V.I. Fund	$51,918	$49,878	$0	$44	$15,500	$14,900	$407	$431

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,154,000	$2,098,000

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock High Yield V.I. Fund	$15,907	$15,375
BlackRock Total Return V.I. Fund	$15,907	$15,375

              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$2,154,000	$2,098,000

              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

               (i) – Not Applicable

               (j) – Not Applicable

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 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Section 302 Certifications are attached

<<section302>>

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

<<section906>>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Variable Series Funds II, Inc.  

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Variable Series Funds II, Inc.  

Date: February 15, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Variable Series Funds II, Inc.  

Date: February 15, 2024

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Variable Series Funds II, Inc.  

Date: February 15, 2024