BlackRock
Total
Return
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(a)
Series
2003-OP1,
Class
A2,
(1-mo.
LIBOR
USD
at
0.72%
Floor
+
0.72%),
5.57%,
12/25/33
....................
USD
115
$
104,361
Series
2007-HE4,
Class
A2A,
(1-mo.
LIBOR
USD
at
0.26%
Floor
+
0.26%),
5.11%,
05/25/37
....................
87
15,044
Ajax
Mortgage
Loan
Trust
(b)
Series
2018-A,
Class
B,
0.00%,
04/25/58
3
2,502
Series
2018-B,
Class
B,
0.00%,
02/26/57
6
5,137
Series
2018-E,
Class
C,
0.00%,
06/25/58
(a)
—
(c)
125
Series
2018-F,
Class
C,
0.00%,
11/25/58
.
10
6,578
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(3-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
5.90%,
10/21/28
(a)(b)
.........
356
352,968
Allegro
CLO
VII
Ltd.,
Series
2018-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
5.89%,
06/13/31
(a)(b)
.........
250
246,029
American
Homes
4
Rent
Trust,
Series
2014-
SFR3,
Class
A,
3.68%,
12/17/36
(b)
.....
169
165,366
Anchorage
Capital
CLO
4-R
Ltd.,
Series
2014-
4RA,
Class
A,
(3-mo.
LIBOR
USD
at
1.05%
Floor
+
1.05%),
5.85%,
01/28/31
(a)(b)
....
245
241,761
Anchorage
Capital
CLO
5-R
Ltd.
(a)(b)
Series
2014-5RA,
Class
B,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.24%,
01/15/30
....................
500
491,347
Series
2014-5RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
6.64%,
01/15/30
....................
250
242,728
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.25%),
6.06%,
10/13/30
....
250
247,756
Series
2018-1RA,
Class
A1,
(3-mo.
LIBOR
USD
at
0.99%
Floor
+
0.99%),
5.81%,
04/13/31
....................
310
306,442
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
5.87%,
04/15/31
(a)(b)
.........
2,500
2,471,579
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(3-mo.
LIBOR
USD
at
1.01%
Floor
+
1.01%),
5.82%,
04/20/31
(a)(b)
.........
500
494,894
Apidos
CLO
XXIV,
Series
2016-24A,
Class
A1AL,
(3-mo.
LIBOR
USD
at
0.95%
Floor
+
0.95%),
5.76%,
10/20/30
(a)(b)
.........
350
345,107
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.17%),
5.96%,
10/15/30
(a)(b)
....................
250
247,721
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(1-mo.
LIBOR
USD
at
0.48%
Floor
+
0.48%),
5.33%,
05/25/35
(a)
.....
33
28,693
BankAmerica
Manufactured
Housing
Contract
Trust,
Series
1998-2,
Class
B1,
7.33%,
12/10/25
(a)
.....................
300
60,942
Barings
CLO
Ltd.
(a)(b)
Series
2015-2A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.00%,
10/20/30
....................
253
250,079
Series
2016-2A,
Class
AR2,
(3-mo.
LIBOR
USD
at
1.07%
Floor
+
1.07%),
5.88%,
01/20/32
....................
260
256,234
Bayview
Financial
Revolving
Asset
Trust
(a)(b)
Series
2004-B,
Class
A1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
1.00%),
5.83%,
05/28/39
....................
69
55,044
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2005-A,
Class
A1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
1.00%),
5.83%,
02/28/40
....................
USD
89
$
76,460
Series
2005-E,
Class
A1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
1.00%),
5.83%,
12/28/40
....................
26
25,874
BCMSC
Trust
(a)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
40
5,204
Series
2000-A,
Class
A3,
7.83%,
06/15/30
37
4,995
Series
2000-A,
Class
A4,
8.29%,
06/15/30
27
3,827
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2007-FS1,
Class
1A3,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.19%,
05/25/35
....................
9
8,777
Series
2007-HE2,
Class
23A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
4.99%,
03/25/37
....................
18
16,170
Series
2007-HE3,
Class
1A4,
(1-mo.
LIBOR
USD
at
0.35%
Floor
+
0.35%),
5.20%,
04/25/37
....................
195
190,088
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.09%
Floor
+
1.09%),
5.90%,
04/20/31
(a)
(b)
...........................
366
361,667
BlueMountain
CLO
Ltd.,
Series
2013-2A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.18%),
6.00%,
10/22/30
(a)(b)
....................
481
475,896
Carbone
CLO
Ltd.,
Series
2017-1A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.14%),
5.95%,
01/20/31
(a)(b)
....................
725
716,631
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)
Series
2013-4A,
Class
A1RR,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
1.00%),
5.79%,
01/15/31
....................
246
244,150
Series
2014-1A,
Class
A1R2,
(3-mo.
LIBOR
USD
at
0.97%
Floor
+
0.97%),
5.76%,
04/17/31
....................
748
738,709
Series
2014-3RA,
Class
A1A,
(3-mo.
LIBOR
USD
+
1.05%),
5.86%,
07/27/31
....
744
735,301
Carrington
Mortgage
Loan
Trust,
Series
2006-NC4,
Class
A3,
(1-mo.
LIBOR
USD
at
0.16%
Floor
and
12.50%
Cap
+
0.16%),
5.01%,
10/25/36
(a)
................
32
30,436
CBAM
Ltd.,
Series
2017-1A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.25%),
6.06%,
07/20/30
(a)(b)
245
243,154
C-BASS
Trust,
Series
2006-CB7,
Class
A4,
(1-
mo.
LIBOR
USD
at
0.32%
Floor
+
0.32%),
5.17%,
10/25/36
(a)
................
37
23,903
CIFC
Funding
2013-III-R
Ltd.,
Series
2013-
3RA,
Class
A1,
(3-mo.
LIBOR
USD
at
0.98%
Floor
+
0.98%),
5.80%,
04/24/31
(a)(b)
....
400
395,170
CIFC
Funding
2015-III
Ltd.,
Series
2015-3A,
Class
AR,
(3-mo.
LIBOR
USD
at
0.87%
Floor
+
0.87%),
5.67%,
04/19/29
(a)(b)
....
654
647,665
CIFC
Funding
Ltd.
(a)(b)
Series
2014-2RA,
Class
A1,
(3-mo.
LIBOR
USD
at
1.05%
Floor
+
1.05%),
5.87%,
04/24/30
....................
233
231,148
Series
2014-5A,
Class
A1R2,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
5.99%,
10/17/31
....................
250
247,475
Series
2017-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.03%,
07/20/30
....................
718
713,243
BlackRock
Total
Return
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2017-5A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.18%),
5.97%,
11/16/30
.....
USD
710
$
704,046
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(1-mo.
LIBOR
USD
at
0.20%
Floor
+
0.20%),
5.05%,
05/25/37
...............
163
107,468
Series
2007-AHL2,
Class
A3C,
(1-mo.
LIBOR
USD
at
0.27%
Floor
+
0.27%),
5.12%,
05/25/37
...............
74
48,937
Conseco
Finance
Corp.
(a)
Series
1997-3,
Class
M1,
7.53%,
03/15/28
21
19,683
Series
1997-6,
Class
M1,
7.21%,
01/15/29
13
12,470
Series
1998-8,
Class
M1,
6.98%,
09/01/30
93
84,262
Series
1999-5,
Class
A5,
7.86%,
03/01/30
25
10,083
Series
1999-5,
Class
A6,
7.50%,
03/01/30
26
10,269
Series
2001-D,
Class
B1,
(1-mo.
LIBOR
USD
at
2.50%
Floor
and
15.00%
Cap
+
2.50%),
7.18%,
11/15/32
..........
4
5,109
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
56
12,003
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
151
30,593
Series
2000-5,
Class
A7,
8.20%,
05/01/31
134
41,923
Countrywide
Asset-Backed
Certificates,
Series
2006-SPS1,
Class
A,
(1-mo.
LIBOR
USD
at
0.22%
Floor
+
0.22%),
5.07%,
12/25/25
(a)
—
(c)
425
Credit-Based
Asset
Servicing
&
Securitization
LLC
Series
2006-CB2,
Class
AF4,
3.04%,
12/25/36
(d)
...................
11
8,558
Series
2006-MH1,
Class
B1,
6.75%,
10/25/36
(b)(d)
..................
77
73,249
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(b)(d)
..................
76
4,536
Series
2007-CB6,
Class
A4,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.19%,
07/25/37
(a)(b)
..................
37
24,052
CWABS
Asset-Backed
Certificates
Trust
(a)
Series
2005-16,
Class
1AF,
4.52%,
04/25/36
80
69,094
Series
2006-11,
Class
3AV2,
(1-mo.
LIBOR
USD
at
0.16%
Floor
+
0.16%),
5.01%,
09/25/46
....................
1
679
CWABS
Revolving
Home
Equity
Loan
Trust,
Series
2004-U,
Class
2A,
(1-mo.
LIBOR
USD
at
0.27%
Floor
and
16.00%
Cap
+
0.27%),
4.95%,
03/15/34
(a)
..........
7
6,535
CWABS,
Inc.
Asset-Backed
Certificates
Trust,
Series
2004-5,
Class
A,
(1-mo.
LIBOR
USD
at
0.90%
Floor
+
0.90%),
5.75%,
10/25/34
(a)
70
66,288
CWHEQ
Home
Equity
Loan
Trust,
Series
2006-
S5,
Class
A5,
6.16%,
06/25/35
........
2
2,042
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(b)
Series
2006-RES,
Class
4Q1B,
(1-mo.
LIBOR
USD
at
0.30%
Floor
and
16.00%
Cap
+
0.30%),
4.98%,
12/15/33
.....
3
2,879
Series
2006-RES,
Class
5B1B,
(1-mo.
LIBOR
USD
at
0.19%
Floor
and
16.00%
Cap
+
0.19%),
4.87%,
05/15/35
.....
2
1,745
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
Series
2005-B,
Class
2A,
(1-mo.
LIBOR
USD
at
0.18%
Floor
and
16.00%
Cap
+
0.18%),
4.86%,
05/15/35
.........
4
3,543
Series
2006-C,
Class
2A,
(1-mo.
LIBOR
USD
at
0.18%
Floor
and
16.00%
Cap
+
0.18%),
4.86%,
05/15/36
.........
25
24,064
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-H,
Class
1A,
(1-mo.
LIBOR
USD
at
0.15%
Floor
and
16.00%
Cap
+
0.15%),
4.83%,
11/15/36
..........
USD
16
$
15,029
Dewolf
Park
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
0.90%
Floor
+
0.92%),
5.71%,
10/15/30
(a)(b)
.........
250
246,743
Dryden
30
Senior
Loan
Fund,
Series
2013-30A,
Class
AR,
(3-mo.
LIBOR
USD
at
0.82%
Floor
+
0.82%),
5.68%,
11/15/28
(a)(b)
....
210
208,365
Dryden
45
Senior
Loan
Fund,
Series
2016-45A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.49%,
10/15/30
(a)(b)
....
250
242,553
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(3-mo.
LIBOR
USD
+
1.12%),
5.91%,
01/15/31
(a)(b)
....................
800
791,403
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
AR,
(3-mo.
LIBOR
USD
+
0.90%),
5.69%,
04/15/29
(a)(b)
.........
565
558,926
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2004-FFH3,
Class
M3,
(1-mo.
LIBOR
USD
at
1.05%
Floor
+
1.05%),
5.90%,
10/25/34
....................
33
29,376
Series
2006-FF16,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.28%
Floor
+
0.28%),
5.13%,
12/25/36
...............
555
231,219
Series
2006-FF17,
Class
A5,
(1-mo.
LIBOR
USD
at
0.15%
Floor
+
0.15%),
5.00%,
12/25/36
....................
322
291,692
Series
2006-FFH1,
Class
M2,
(1-mo.
LIBOR
USD
at
0.60%
Floor
+
0.60%),
5.45%,
01/25/36
....................
95
80,806
Fremont
Home
Loan
Trust,
Series
2006-3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.28%
Floor
+
0.28%),
5.13%,
02/25/37
(a)
.....
73
55,648
Galaxy
XXIV
CLO
Ltd.,
Series
2017-24A,
Class
A,
(3-mo.
LIBOR
USD
+
1.12%),
5.91%,
01/15/31
(a)(b)
....................
292
288,090
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(3-
mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
5.97%,
01/22/31
(a)(b)
...............
1,000
987,716
GSAA
Home
Equity
Trust,
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
(a)
............
25
4,941
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(1-mo.
LIBOR
USD
at
0.40%
Floor
+
0.40%),
5.25%,
01/25/47
....................
21
10,696
Series
2007-HS1,
Class
M6,
(1-mo.
LIBOR
USD
at
3.38%
Floor
+
3.38%),
8.22%,
02/25/47
....................
40
37,149
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.15%,
05/25/37
(a)
..........
67
51,142
Home
Equity
Mortgage
Loan
Asset-Backed
Trust
(a)
Series
2004-A,
Class
M2,
(1-mo.
LIBOR
USD
at
2.03%
Floor
+
2.03%),
4.07%,
07/25/34
....................
14
13,111
Series
2007-A,
Class
2A2,
(1-mo.
LIBOR
USD
at
0.19%
Floor
+
0.19%),
5.04%,
04/25/37
....................
52
33,367
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(d)
........
51
5,804
HPS
Loan
Management
Ltd.
(a)(b)
Series
11A-17,
Class
AR,
(3-mo.
LIBOR
USD
at
1.02%
Floor
+
1.02%),
5.83%,
05/06/30
....................
419
414,356
BlackRock
Total
Return
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
6A-2015,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.00%),
5.81%,
02/05/31
....
USD
248
$
246,204
ICG
US
CLO
Ltd.,
Series
2015-1A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.14%
Floor
+
1.14%),
5.94%,
10/19/28
(a)(b)
.........
156
154,723
Irwin
Home
Equity
Loan
Trust,
Series
2006-3,
Class
2A3,
6.53%,
09/25/37
(b)(d)
.......
11
10,287
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CW1,
Class
M1,
(1-mo.
LIBOR
USD
at
0.41%
Floor
+
0.41%),
5.25%,
05/25/36
(a)
72
69,363
LCM
26
Ltd.,
Series
26A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.07%
Floor
+
1.07%),
5.88%,
01/20/31
(a)(b)
...............
280
276,066
LCM
XX
LP,
Series
20A,
Class
AR,
(3-mo.
LIBOR
USD
+
1.04%),
5.85%,
10/20/27
(a)(b)
58
57,589
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
.....................
33
32,469
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(1-mo.
LIBOR
USD
at
1.15%
Floor
+
2.30%),
7.15%,
12/25/37
(a)
..........
15
14,298
Madison
Avenue
Manufactured
Housing
Contract
Trust,
Series
2002-A,
Class
B2,
(1-
mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.10%,
03/25/32
(a)
................
7
7,161
Madison
Park
Funding
XIII
Ltd.,
Series
2014-
13A,
Class
AR2,
(3-mo.
LIBOR
USD
at
0.95%
Floor
+
0.95%),
5.75%,
04/19/30
(a)(b)
491
487,679
Madison
Park
Funding
XLII
Ltd.,
Series
13A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.18%),
6.00%,
11/21/30
(a)(b)
...............
289
286,089
Madison
Park
Funding
XVIII
Ltd.,
Series
2015-
18A,
Class
ARR,
(3-mo.
LIBOR
USD
at
0.94%
Floor
+
0.94%),
5.76%,
10/21/30
(a)(b)
1,494
1,475,499
Madison
Park
Funding
XXIII
Ltd.,
Series
2017-
23A,
Class
AR,
(3-mo.
LIBOR
USD
at
0.97%
Floor
+
0.97%),
5.78%,
07/27/31
(a)(b)
....
741
733,238
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-26A,
Class
AR,
(3-mo.
LIBOR
USD
+
1.20%),
6.00%,
07/29/30
(a)(b)
.........
269
267,159
Madison
Park
Funding
XXX
Ltd.,
Series
2018-
30A,
Class
A,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
0.75%),
5.54%,
04/15/29
(a)(b)
....
973
962,829
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
5.97%,
12/18/30
(a)(b)
........
250
246,847
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(1-mo.
LIBOR
USD
at
0.26%
Floor
+
0.26%),
5.11%,
06/25/46
(a)(b)
........
8
7,604
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2006-OPT1,
Class
M1,
(1-mo.
LIBOR
USD
at
0.26%
Floor
+
0.26%),
5.11%,
08/25/37
....................
35
27,632
Series
2006-RM3,
Class
A2B,
(1-mo.
LIBOR
USD
at
0.18%
Floor
+
0.18%),
5.03%,
06/25/37
....................
25
5,049
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(a)
Series
2005-HE1,
Class
A2MZ,
(1-mo.
LIBOR
USD
at
0.60%
Floor
+
0.60%),
5.45%,
12/25/34
...............
155
134,243
Series
2005-HE5,
Class
M4,
(1-mo.
LIBOR
USD
at
0.87%
Floor
+
0.87%),
5.72%,
09/25/35
....................
93
74,618
MP
CLO
III
Ltd.,
Series
2013-1A,
Class
AR,
(3-mo.
LIBOR
USD
+
1.25%),
6.06%,
10/20/30
(a)(b)
....................
245
242,185
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Oakwood
Mortgage
Investors,
Inc.
(a)
Series
2001-D,
Class
A2,
5.26%,
09/15/31
USD
15
$
6,786
Series
2001-D,
Class
A4,
6.93%,
09/15/31
9
4,657
Series
2002-B,
Class
M1,
7.62%,
06/15/32
81
78,832
OCP
CLO
Ltd.
(a)(b)
Series
2017-14A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.07%,
11/20/30
....................
556
550,769
Series
2017-14A,
Class
B,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
6.87%,
11/20/30
....................
250
237,927
Octagon
Investment
Partners
31
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.05%
Floor
+
1.05%),
5.86%,
07/20/30
(a)(b)
727
719,885
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.02%
Floor
+
1.02%),
5.81%,
07/17/30
(a)(b)
250
246,792
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A1R2,
(3-mo.
LIBOR
USD
+
1.00%),
5.82%,
01/25/31
(a)(b)
.........
250
247,500
OHA
Loan
Funding
Ltd.,
Series
2013-2A,
Class
AR,
(3-mo.
LIBOR
USD
+
1.04%),
5.96%,
05/23/31
(a)(b)
....................
225
222,645
Option
One
Mortgage
Loan
Trust
Series
2007-CP1,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.21%
Floor
+
0.21%),
5.06%,
03/25/37
(a)
...................
90
69,627
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(d)
...................
67
54,105
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(d)
...................
168
141,372
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(d)
...................
84
73,773
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(1-mo.
LIBOR
USD
at
1.20%
Floor
and
18.00%
Cap
+
1.20%),
5.88%,
10/15/37
(a)(b)
.........
23
22,472
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(d)
........
60
52,160
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.07%,
10/22/30
(a)(b)
.........
358
355,306
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A1R2,
(3-mo.
LIBOR
USD
at
1.13%
Floor
+
1.13%),
5.92%,
01/17/31
....................
250
248,089
Series
2018-1A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.03%
Floor
+
1.03%),
5.82%,
04/18/31
....................
250
247,156
Series
2018-2A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
5.89%,
07/16/31
....................
420
414,740
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(b)
...
77
74,580
Race
Point
X
CLO
Ltd.,
Series
2016-10A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.10%),
5.92%,
07/25/31
(a)(b)
....................
246
243,994
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.00%,
10/20/30
(a)(b)
........
250
247,268
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.03%
Floor
+
1.03%),
5.84%,
04/20/31
(a)(b)
.........
247
244,047
BlackRock
Total
Return
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
RR
3
Ltd.,
Series
2018-3A,
Class
A1R2,
(3-mo.
LIBOR
USD
at
1.09%
Floor
+
1.09%),
5.88%,
01/15/30
(a)(b)
...............
USD
1,500
$
1,485,050
SG
Mortgage
Securities
Trust,
Series
2006-
OPT2,
Class
A3D,
(1-mo.
LIBOR
USD
at
0.21%
Floor
+
0.21%),
5.06%,
10/25/36
(a)
100
67,416
Signal
Peak
CLO
5
Ltd.,
Series
2018-5A,
Class
A,
(3-mo.
LIBOR
USD
at
1.11%
Floor
+
1.11%),
5.93%,
04/25/31
(a)(b)
.........
250
247,109
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.24%
Floor
+
1.24%),
6.05%,
07/20/30
(a)(b)
.........
181
179,627
SLM
Private
Credit
Student
Loan
Trust,
Series
2004-B,
Class
A3,
(3-mo.
LIBOR
USD
at
0.33%
Floor
+
0.33%),
5.20%,
03/15/24
(a)
12
12,074
SMB
Private
Education
Loan
Trust,
Series
2015-B,
Class
B,
3.50%,
12/17/40
(b)
....
100
94,981
Soundview
Home
Loan
Trust,
Series
2004-
WMC1,
Class
M2,
(1-mo.
LIBOR
USD
at
0.80%
Floor
+
0.80%),
5.64%,
01/25/35
(a)
1
1,116
TCI-Symphony
CLO
Ltd.,
Series
2016-1A,
Class
AR2,
(3-mo.
LIBOR
USD
at
1.02%
Floor
+
1.02%),
5.83%,
10/13/32
(a)(b)
....
750
739,525
Tricon
American
Homes
Trust,
Series
2018-
SFR1,
Class
E,
4.56%,
05/17/37
(b)
.....
100
96,343
Venture
XVIII
CLO
Ltd.,
Series
2014-18A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.01%,
10/15/29
(a)(b)
....
282
279,663
Voya
CLO
Ltd.
(a)(b)
Series
2015-1A,
Class
A1R,
(3-mo.
LIBOR
USD
at
0.90%
Floor
+
0.90%),
5.69%,
01/18/29
....................
135
133,454
Series
2017-4A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.13%
Floor
+
1.13%),
5.92%,
10/15/30
....................
238
236,312
Washington
Mutual
Asset-Backed
CertificatesTrust
(a)
Series
2006-HE4,
Class
2A2,
(1-mo.
LIBOR
USD
at
0.36%
Floor
+
0.36%),
5.21%,
09/25/36
....................
123
36,228
Series
2006-HE5,
Class
1A,
(1-mo.
LIBOR
USD
at
0.16%
Floor
+
0.16%),
4.57%,
10/25/36
....................
107
79,321
Yale
Mortgage
Loan
Trust,
Series
2007-1,
Class
A,
(1-mo.
LIBOR
USD
at
0.40%
Floor
+
0.40%),
5.25%,
06/25/37
(a)(b)
........
79
25,664
Total
Asset-Backed
Securities
—
4.1%
(Cost:
$34,105,178)
..............................
33,084,243
Corporate
Bonds
Aerospace
&
Defense
—
1.5%
BAE
Systems
plc,
3.40%,
04/15/30
(b)
.....
1,444
1,325,586
Boeing
Co.
(The)
3.95%,
08/01/59
.................
350
256,921
5.93%,
05/01/60
.................
526
525,372
General
Dynamics
Corp.,
2.63%,
11/15/27
.
376
348,369
Huntington
Ingalls
Industries,
Inc.
2.04%,
08/16/28
.................
775
664,300
4.20%,
05/01/30
.................
82
76,746
L3Harris
Technologies,
Inc.
3.85%,
12/15/26
.................
707
689,164
4.40%,
06/15/28
.................
510
499,682
1.80%,
01/15/31
.................
1,131
914,162
Leidos,
Inc.,
2.30%,
02/15/31
.........
61
49,497
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Lockheed
Martin
Corp.
1.85%,
06/15/30
.................
USD
312
$
264,779
5.25%,
01/15/33
.................
460
491,182
3.60%,
03/01/35
.................
1,222
1,141,232
Northrop
Grumman
Corp.
4.03%,
10/15/47
.................
314
273,405
4.95%,
03/15/53
.................
910
907,282
Raytheon
Technologies
Corp.
7.00%,
11/01/28
.................
360
393,376
4.13%,
11/16/28
.................
742
731,327
2.25%,
07/01/30
.................
169
144,767
3.75%,
11/01/46
.................
130
107,446
2.82%,
09/01/51
.................
441
305,948
3.03%,
03/15/52
.................
1,642
1,188,341
5.38%,
02/27/53
.................
140
147,353
Textron,
Inc.
3.90%,
09/17/29
.................
566
533,450
2.45%,
03/15/31
.................
137
115,536
12,095,223
Banks
—
1.5%
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)(b)(e)
.......
200
168,750
Bank
of
America
Corp.
(a)
(1-Day
SOFR
+
1.32%),
2.69%,
04/22/32
445
371,363
(1-Day
SOFR
+
1.22%),
2.30%,
07/21/32
981
790,585
(1-Day
SOFR
+
1.21%),
2.57%,
10/20/32
98
80,097
(1-Day
SOFR
+
1.33%),
2.97%,
02/04/33
1,884
1,586,405
(1-Day
SOFR
+
1.83%),
4.57%,
04/27/33
3,424
3,259,306
Barclays
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.50%),
7.44%,
11/02/33
(a)
...............
460
508,442
Discover
Bank,
2.70%,
02/06/30
........
250
202,657
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
......
200
151,130
HSBC
Holdings
plc,
(1-Day
SOFR
+
2.87%),
5.40%,
08/11/33
(a)
...............
520
513,971
JPMorgan
Chase
&
Co.
(a)
(3-mo.
LIBOR
USD
+
1.25%),
3.96%,
01/29/27
....................
498
483,623
(1-Day
SOFR
+
1.17%),
2.95%,
02/24/28
774
717,328
(1-Day
SOFR
+
1.75%),
4.57%,
06/14/30
472
459,464
(1-Day
SOFR
+
1.07%),
1.95%,
02/04/32
121
97,345
(1-Day
SOFR
+
1.18%),
2.55%,
11/08/32
819
679,029
(1-Day
SOFR
+
1.26%),
2.96%,
01/25/33
1,362
1,164,579
(1-Day
SOFR
+
1.80%),
4.59%,
04/26/33
469
454,144
Mitsubishi
UFJ
Financial
Group,
Inc.,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.08%),
5.72%,
02/20/26
(a)
....................
605
606,555
Washington
Mutual
Escrow
Bonds
(f)(g)(h)
0.00%,
09/19/17
(i)
................
250
—
0.00%,
09/29/17
.................
500
—
12,294,773
Beverages
—
0.1%
Anheuser-Busch
InBev
Finance,
Inc.,
4.63%,
02/01/44
.....................
223
210,646
Anheuser-Busch
InBev
Worldwide,
Inc.
4.90%,
01/23/31
.................
344
354,406
4.50%,
06/01/50
.................
189
177,042
742,094
Biotechnology
—
0.6%
AbbVie,
Inc.
4.55%,
03/15/35
.................
675
659,992
4.50%,
05/14/35
.................
590
571,917
BlackRock
Total
Return
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Biotechnology
(continued)
4.70%,
05/14/45
.................
USD
342
$
320,463
4.88%,
11/14/48
.................
50
48,137
4.25%,
11/21/49
.................
264
232,974
Amgen,
Inc.
5.15%,
03/02/28
.................
247
252,192
4.05%,
08/18/29
.................
735
709,149
5.25%,
03/02/30
.................
275
281,265
4.40%,
02/22/62
.................
445
375,875
5.75%,
03/02/63
.................
290
300,914
Biogen,
Inc.,
2.25%,
05/01/30
.........
316
266,053
Gilead
Sciences,
Inc.
2.60%,
10/01/40
.................
356
262,519
4.80%,
04/01/44
.................
231
223,962
4.15%,
03/01/47
.................
137
120,460
2.80%,
10/01/50
.................
267
184,335
4,810,207
Broadline
Retail
—
0.2%
Amazon.com,
Inc.
4.70%,
12/01/32
.................
1,249
1,280,186
2.50%,
06/03/50
.................
121
82,024
eBay,
Inc.,
6.30%,
11/22/32
...........
74
80,443
1,442,653
Building
Products
—
0.0%
Owens
Corning,
3.95%,
08/15/29
.......
41
38,624
Capital
Markets
—
2.3%
Credit
Suisse
AG
7.95%,
01/09/25
.................
250
254,128
3.70%,
02/21/25
.................
792
751,256
5.00%,
07/09/27
.................
521
501,462
Credit
Suisse
USA,
Inc.,
7.13%,
07/15/32
..
99
109,642
Deutsche
Bank
AG,
(1-Day
SOFR
+
1.13%),
1.45%,
04/01/25
(a)
...............
282
262,335
FactSet
Research
Systems,
Inc.,
3.45%,
03/01/32
.....................
529
461,148
Gaci
First
Investment
Co.,
4.75%,
02/14/30
(j)
200
201,250
Goldman
Sachs
Group,
Inc.
(The)
(1-Day
SOFR
+
0.51%),
0.66%,
09/10/24
(a)
1,973
1,928,378
3.50%,
04/01/25
.................
1,247
1,210,841
(3-mo.
LIBOR
USD
+
1.17%),
6.03%,
05/15/26
(a)
...................
300
297,480
(1-Day
SOFR
+
1.28%),
2.62%,
04/22/32
(a)
841
700,544
(1-Day
SOFR
+
1.25%),
2.38%,
07/21/32
(a)
105
85,248
(1-Day
SOFR
+
1.26%),
2.65%,
10/21/32
(a)
292
241,266
(1-Day
SOFR
+
1.41%),
3.10%,
02/24/33
(a)
2,939
2,523,925
Moody's
Corp.
3.25%,
01/15/28
.................
648
610,780
3.25%,
05/20/50
.................
101
72,994
3.10%,
11/29/61
.................
316
209,263
Morgan
Stanley
(a)
(1-Day
SOFR
+
0.62%),
0.73%,
04/05/24
372
371,892
(3-mo.
LIBOR
USD
+
1.63%),
4.43%,
01/23/30
....................
479
462,003
(1-Day
SOFR
+
1.14%),
2.70%,
01/22/31
1,655
1,425,294
(1-Day
SOFR
+
1.03%),
1.79%,
02/13/32
720
565,243
(1-Day
SOFR
+
1.18%),
2.24%,
07/21/32
1,535
1,231,621
(1-Day
SOFR
+
1.20%),
2.51%,
10/20/32
2,622
2,147,859
(1-Day
SOFR
+
1.29%),
2.94%,
01/21/33
243
205,861
(1-Day
SOFR
+
2.56%),
6.34%,
10/18/33
1,468
1,603,335
S&P
Global,
Inc.,
4.75%,
08/01/28
......
327
331,784
18,766,832
Chemicals
—
0.1%
Braskem
Idesa
SAPI,
6.99%,
02/20/32
(j)
...
200
149,000
DuPont
de
Nemours,
Inc.,
5.32%,
11/15/38
.
122
122,819
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Ecolab,
Inc.,
2.75%,
08/18/55
.........
USD
234
$
149,791
Sherwin-Williams
Co.
(The),
2.30%,
05/15/30
181
153,593
Westlake
Corp.,
3.38%,
08/15/61
.......
71
43,720
618,923
Commercial
Services
&
Supplies
—
0.0%
Atento
Luxco
1
SA
8.00%,
02/10/26
(b)
................
36
10,440
8.00%,
02/10/26
(j)
................
14
4,060
RELX
Capital,
Inc.,
3.00%,
05/22/30
.....
73
65,219
Waste
Management,
Inc.,
1.15%,
03/15/28
.
275
235,596
315,315
Communications
Equipment
—
0.3%
Motorola
Solutions,
Inc.
4.60%,
05/23/29
.................
302
293,776
2.75%,
05/24/31
.................
1,617
1,335,321
5.60%,
06/01/32
.................
89
89,519
5.50%,
09/01/44
.................
713
676,765
2,395,381
Construction
&
Engineering
—
0.0%
Mexico
City
Airport
Trust,
4.25%,
10/31/26
(j)
.
200
190,875
Consumer
Finance
—
0.4%
American
Express
Co.,
(1-Day
SOFR
+
1.76%),
4.42%,
08/03/33
(a)
...............
115
109,946
Capital
One
Financial
Corp.,
(1-Day
SOFR
+
2.60%),
5.82%,
02/01/34
(a)
..........
1,270
1,227,228
General
Motors
Financial
Co.,
Inc.
3.70%,
05/09/23
.................
66
65,900
4.00%,
01/15/25
.................
443
431,766
3.80%,
04/07/25
.................
693
673,915
4.30%,
04/06/29
.................
329
305,780
2.35%,
01/08/31
.................
284
224,243
2.70%,
06/10/31
.................
338
270,772
3,309,550
Containers
&
Packaging
—
0.1%
Berry
Global,
Inc.,
5.50%,
04/15/28
(b)
.....
445
443,547
International
Paper
Co.,
6.00%,
11/15/41
..
112
116,564
560,111
Diversified
REITs
—
0.6%
Digital
Dutch
Finco
BV
(j)
1.50%,
03/15/30
.................
EUR
315
265,569
1.00%,
01/15/32
.................
180
136,908
GLP
Capital
LP
4.00%,
01/15/30
.................
USD
1,277
1,132,354
4.00%,
01/15/31
.................
80
68,625
3.25%,
01/15/32
.................
845
685,599
VICI
Properties
LP
4.25%,
12/01/26
(b)
................
391
364,809
4.50%,
01/15/28
(b)
................
470
435,243
4.75%,
02/15/28
.................
581
550,733
4.63%,
12/01/29
(b)
................
611
556,202
4.95%,
02/15/30
.................
469
440,094
4.13%,
08/15/30
(b)
................
481
424,861
WP
Carey,
Inc.,
2.40%,
02/01/31
.......
283
230,947
5,291,944
Diversified
Telecommunication
Services
—
0.7%
AT&T,
Inc.
4.50%,
05/15/35
.................
964
903,037
3.50%,
06/01/41
.................
292
230,444
3.55%,
09/15/55
.................
668
479,496
3.65%,
09/15/59
.................
786
561,671
Verizon
Communications,
Inc.
1.50%,
09/18/30
.................
1,041
842,877
BlackRock
Total
Return
V.I.
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
1.68%,
10/30/30
.................
USD
353
$
284,931
7.75%,
12/01/30
.................
250
292,828
1.75%,
01/20/31
.................
106
85,499
2.55%,
03/21/31
.................
414
352,683
2.36%,
03/15/32
.................
533
437,272
4.40%,
11/01/34
.................
593
563,624
2.65%,
11/20/40
.................
496
354,146
2.85%,
09/03/41
.................
194
142,056
3.85%,
11/01/42
.................
162
135,407
2.99%,
10/30/56
.................
253
164,531
3.00%,
11/20/60
.................
203
130,169
5,960,671
Electric
Utilities
—
2.9%
AEP
Texas,
Inc.
3.95%,
06/01/28
.................
567
545,673
Series
I,
2.10%,
07/01/30
...........
171
142,090
3.45%,
05/15/51
.................
305
223,757
AEP
Transmission
Co.
LLC
3.80%,
06/15/49
.................
155
128,598
Series
M,
3.65%,
04/01/50
..........
232
183,889
Series
O,
4.50%,
06/15/52
..........
822
751,659
5.40%,
03/15/53
.................
147
153,118
Alabama
Power
Co.
3.75%,
03/01/45
.................
166
133,529
3.45%,
10/01/49
.................
123
92,219
3.00%,
03/15/52
.................
114
78,717
American
Transmission
Systems,
Inc.,
2.65%,
01/15/32
(b)
....................
521
438,650
Baltimore
Gas
&
Electric
Co.
3.50%,
08/15/46
.................
153
118,150
3.75%,
08/15/47
.................
586
465,897
4.25%,
09/15/48
.................
105
91,718
2.90%,
06/15/50
.................
221
151,935
CenterPoint
Energy
Houston
Electric
LLC
Series
AE,
2.35%,
04/01/31
.........
120
102,340
4.95%,
04/01/33
.................
165
168,500
3.95%,
03/01/48
.................
85
71,641
Series
AD,
2.90%,
07/01/50
.........
414
287,869
Series
AF,
3.35%,
04/01/51
.........
194
147,741
Commonwealth
Edison
Co.
4.00%,
03/01/49
.................
135
112,882
Series
127,
3.20%,
11/15/49
.........
180
131,953
Series
130,
3.13%,
03/15/51
.........
220
157,855
DTE
Electric
Co.
3.95%,
03/01/49
.................
533
448,388
Series
B,
3.25%,
04/01/51
..........
110
81,591
5.40%,
04/01/53
.................
126
132,006
Duke
Energy
Carolinas
LLC
4.95%,
01/15/33
.................
385
395,436
3.88%,
03/15/46
.................
32
26,123
3.70%,
12/01/47
.................
343
274,135
3.95%,
03/15/48
.................
155
128,995
3.45%,
04/15/51
.................
114
86,276
5.35%,
01/15/53
.................
440
457,515
Duke
Energy
Corp.
5.00%,
12/08/25
.................
190
191,277
4.30%,
03/15/28
.................
342
335,317
Duke
Energy
Florida
LLC
2.50%,
12/01/29
.................
550
484,443
5.95%,
11/15/52
.................
543
604,176
Duke
Energy
Ohio,
Inc.,
5.65%,
04/01/53
..
80
83,888
Duke
Energy
Progress
LLC
3.45%,
03/15/29
.................
527
492,652
5.25%,
03/15/33
.................
265
275,321
2.50%,
08/15/50
.................
250
156,589
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
4.00%,
04/01/52
.................
USD
115
$
95,629
5.35%,
03/15/53
.................
164
169,199
Edison
International,
6.95%,
11/15/29
....
550
594,996
Entergy
Louisiana
LLC
4.20%,
09/01/48
.................
325
281,717
2.90%,
03/15/51
.................
115
78,273
Entergy
Mississippi
LLC,
2.85%,
06/01/28
..
262
239,042
Evergy
Kansas
Central,
Inc.,
5.70%,
03/15/53
200
209,838
Eversource
Energy,
5.45%,
03/01/28
.....
738
764,734
Exelon
Corp.
5.15%,
03/15/28
.................
350
356,095
5.10%,
06/15/45
.................
35
33,118
4.45%,
04/15/46
.................
139
119,584
4.70%,
04/15/50
.................
467
423,267
5.60%,
03/15/53
.................
81
82,490
FirstEnergy
Corp.
2.05%,
03/01/25
.................
52
48,687
Series
B,
4.15%,
07/15/27
(d)
.........
349
332,423
Series
C,
5.10%,
07/15/47
(d)
.........
43
38,138
Series
C,
3.40%,
03/01/50
..........
192
131,668
FirstEnergy
Transmission
LLC,
4.55%,
04/01/49
(b)
....................
433
364,409
Florida
Power
&
Light
Co.
3.99%,
03/01/49
.................
111
96,225
3.15%,
10/01/49
.................
434
326,070
Generacion
Mediterranea
SA,
9.88%,
12/01/27
(b)
....................
111
84,045
Idaho
Power
Co.,
5.50%,
03/15/53
......
245
254,621
Kentucky
Utilities
Co.,
5.45%,
04/15/33
...
125
129,989
Louisville
Gas
&
Electric
Co.,
5.45%,
04/15/33
140
145,488
Metropolitan
Edison
Co.,
5.20%,
04/01/28
(b)
.
185
186,877
MidAmerican
Energy
Co.
3.10%,
05/01/27
.................
225
212,840
3.65%,
04/15/29
.................
319
304,262
3.15%,
04/15/50
.................
428
313,765
Northern
States
Power
Co.
3.60%,
05/15/46
.................
27
21,437
2.90%,
03/01/50
.................
221
156,074
2.60%,
06/01/51
.................
241
160,049
3.20%,
04/01/52
.................
165
121,020
4.50%,
06/01/52
.................
42
38,708
NRG
Energy,
Inc.,
2.45%,
12/02/27
(b)
.....
414
354,198
NSTAR
Electric
Co.,
3.95%,
04/01/30
....
38
36,793
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
..........
122
96,866
4.00%,
06/01/49
.................
27
22,534
Series
R,
2.90%,
10/01/51
..........
199
135,895
Oklahoma
Gas
&
Electric
Co.,
5.60%,
04/01/53
231
237,325
Oncor
Electric
Delivery
Co.
LLC
4.55%,
09/15/32
.................
180
179,098
3.80%,
09/30/47
.................
101
83,725
3.10%,
09/15/49
.................
357
262,630
4.95%,
09/15/52
.................
109
107,636
Pacific
Gas
&
Electric
Co.
6.15%,
01/15/33
.................
195
200,143
3.95%,
12/01/47
.................
150
106,624
3.50%,
08/01/50
.................
297
195,961
6.70%,
04/01/53
.................
60
61,695
PacifiCorp,
4.15%,
02/15/50
..........
150
128,516
PECO
Energy
Co.,
3.05%,
03/15/51
.....
491
348,434
Pennsylvania
Electric
Co.,
5.15%,
03/30/26
(b)
110
110,480
Public
Service
Co.
of
New
Hampshire,
5.15%,
01/15/53
.....................
205
207,728
Public
Service
Electric
&
Gas
Co.
3.65%,
09/01/28
.................
210
200,823
BlackRock
Total
Return
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
2.45%,
01/15/30
.................
USD
129
$
113,631
4.90%,
12/15/32
.................
304
310,999
2.05%,
08/01/50
.................
336
199,196
Southern
California
Edison
Co.
2.25%,
06/01/30
.................
775
658,308
Series
G,
2.50%,
06/01/31
..........
227
192,317
5.95%,
11/01/32
.................
598
647,782
Southwestern
Electric
Power
Co.,
5.30%,
04/01/33
.....................
280
282,103
Southwestern
Public
Service
Co.,
Series
8,
3.15%,
05/01/50
................
450
323,987
Trans-Allegheny
Interstate
Line
Co.,
3.85%,
06/01/25
(b)
....................
700
680,912
Union
Electric
Co.
2.63%,
03/15/51
.................
234
153,272
3.90%,
04/01/52
.................
124
103,976
Virginia
Electric
&
Power
Co.
4.00%,
01/15/43
.................
247
208,655
4.45%,
02/15/44
.................
105
92,964
Wisconsin
Power
&
Light
Co.,
4.95%,
04/01/33
359
361,225
23,855,716
Entertainment
—
0.0%
TWDC
Enterprises
18
Corp.,
3.00%,
07/30/46
382
280,683
Financial
Services
—
0.3%
Global
Payments,
Inc.
1.20%,
03/01/26
.................
343
305,072
4.80%,
04/01/26
.................
127
124,397
4.95%,
08/15/27
.................
862
851,549
3.20%,
08/15/29
.................
977
859,390
Synchrony
Bank,
5.63%,
08/23/27
......
472
433,273
Washington
Mutual
Escrow
Bonds,
0.00%,
11/06/09
(f)(g)(h)
..................
300
750
2,574,431
Food
Products
—
0.0%
BRF
GmbH,
4.35%,
09/29/26
(b)
........
200
176,865
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.,
4.13%,
03/15/49
....
91
78,190
Piedmont
Natural
Gas
Co.,
Inc.,
2.50%,
03/15/31
.....................
175
145,999
Promigas
SA
ESP,
3.75%,
10/16/29
(b)
.....
200
157,913
Southwest
Gas
Corp.,
5.45%,
03/23/28
...
340
343,203
725,305
Ground
Transportation
—
0.6%
Burlington
Northern
Santa
Fe
LLC
4.90%,
04/01/44
.................
90
88,267
3.30%,
09/15/51
.................
293
223,548
2.88%,
06/15/52
.................
340
237,763
CSX
Corp.
4.30%,
03/01/48
.................
296
262,084
3.35%,
09/15/49
.................
208
156,633
Norfolk
Southern
Corp.
3.05%,
05/15/50
.................
326
225,629
2.90%,
08/25/51
.................
226
150,186
4.55%,
06/01/53
.................
251
225,611
3.16%,
05/15/55
.................
254
173,525
Penske
Truck
Leasing
Co.
LP
(b)
4.00%,
07/15/25
.................
77
74,581
5.88%,
11/15/27
.................
895
913,942
5.70%,
02/01/28
.................
367
370,292
Ryder
System,
Inc.,
5.65%,
03/01/28
.....
438
443,773
Simpar
Europe
SA,
5.20%,
01/26/31
(b)
....
200
145,125
Union
Pacific
Corp.
3.84%,
03/20/60
.................
550
445,275
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
2.97%,
09/16/62
.................
USD
117
$
77,368
3.75%,
02/05/70
.................
248
190,100
Union
Pacific
Railroad
Co.
Pass-Through
Trust,
Series
2014-1,
3.23%,
05/14/26
......
83
78,913
4,482,615
Health
Care
Equipment
&
Supplies
—
0.1%
Baxter
International,
Inc.,
3.95%,
04/01/30
.
115
107,176
Becton
Dickinson
&
Co.,
4.69%,
02/13/28
..
360
361,449
GE
HealthCare
Technologies,
Inc.,
5.60%,
11/15/25
(b)
....................
440
445,309
913,934
Health
Care
Providers
&
Services
—
0.5%
Aetna,
Inc.,
4.75%,
03/15/44
..........
98
89,253
CVS
Health
Corp.,
3.75%,
04/01/30
......
769
719,395
Elevance
Health,
Inc.,
6.10%,
10/15/52
...
244
272,226
HCA,
Inc.
4.50%,
02/15/27
.................
1,022
997,925
3.50%,
09/01/30
.................
949
845,265
Humana,
Inc.,
3.70%,
03/23/29
........
212
199,454
UnitedHealth
Group,
Inc.
4.63%,
11/15/41
.................
117
112,505
4.20%,
01/15/47
.................
241
214,861
3.25%,
05/15/51
.................
332
249,435
5.20%,
04/15/63
.................
237
239,958
3,940,277
Hotels,
Restaurants
&
Leisure
—
0.0%
Grupo
Posadas
SAB
de
CV,
5.00%,
12/30/27
(d)
(j)
.........................
33
25,863
Industrial
REITs
—
0.1%
Prologis
LP,
1.75%,
02/01/31
..........
842
680,707
Insurance
—
0.2%
Ambac
Assurance
Corp.,
5.10%
(b)(e)
......
15
21,823
American
International
Group,
Inc.,
4.38%,
01/15/55
.....................
142
109,872
Aon
Corp.
4.50%,
12/15/28
.................
412
403,707
2.80%,
05/15/30
.................
262
231,525
5.35%,
02/28/33
.................
626
648,415
Marsh
&
McLennan
Cos.,
Inc.
4.38%,
03/15/29
.................
111
110,001
2.25%,
11/15/30
.................
220
185,673
5.45%,
03/15/53
.................
243
250,253
1,961,269
Interactive
Media
&
Services
—
0.0%
Meta
Platforms,
Inc.,
4.45%,
08/15/52
....
173
152,195
Life
Sciences
Tools
&
Services
—
0.1%
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
.
105
87,750
Thermo
Fisher
Scientific,
Inc.
2.00%,
10/15/31
.................
453
377,581
4.95%,
11/21/32
.................
297
308,195
773,526
Machinery
—
0.1%
CNH
Industrial
Capital
LLC,
4.20%,
01/15/24
792
783,316
Media
—
0.5%
Charter
Communications
Operating
LLC
5.38%,
05/01/47
.................
229
188,936
3.70%,
04/01/51
.................
197
126,075
3.90%,
06/01/52
.................
1,292
854,046
6.83%,
10/23/55
.................
179
173,908
3.85%,
04/01/61
.................
655
408,383
BlackRock
Total
Return
V.I.
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Comcast
Corp.
2.65%,
02/01/30
.................
USD
726
$
646,743
1.50%,
02/15/31
.................
347
278,635
4.20%,
08/15/34
.................
501
479,635
3.75%,
04/01/40
.................
225
193,139
2.80%,
01/15/51
.................
193
130,337
Cox
Communications,
Inc.
(b)
3.15%,
08/15/24
.................
268
261,211
2.95%,
10/01/50
.................
279
178,926
Interpublic
Group
of
Cos.,
Inc.
(The),
4.75%,
03/30/30
.....................
79
77,575
Omnicom
Group,
Inc.,
2.45%,
04/30/30
...
116
99,585
Paramount
Global
4.85%,
07/01/42
.................
108
82,713
4.38%,
03/15/43
.................
232
164,861
4,344,708
Metals
&
Mining
—
0.2%
Anglo
American
Capital
plc
(b)
4.50%,
03/15/28
.................
558
532,195
3.88%,
03/16/29
.................
433
397,223
Newmont
Corp.,
2.25%,
10/01/30
.......
117
98,288
Nucor
Corp.,
3.95%,
05/01/28
.........
276
265,557
1,293,263
Multi-Utilities
—
0.3%
Ameren
Illinois
Co.
3.25%,
03/15/50
.................
123
91,503
2.90%,
06/15/51
.................
175
120,751
Consolidated
Edison
Co.
of
New
York,
Inc.,
6.15%,
11/15/52
................
298
335,862
Consumers
Energy
Co.
4.63%,
05/15/33
.................
250
249,293
3.75%,
02/15/50
.................
975
793,731
4.20%,
09/01/52
.................
220
193,342
San
Diego
Gas
&
Electric
Co.,
5.35%,
04/01/53
285
293,506
2,077,988
Oil,
Gas
&
Consumable
Fuels
—
3.5%
BP
Capital
Markets
America,
Inc.
4.81%,
02/13/33
.................
508
515,805
3.00%,
03/17/52
.................
118
83,187
Cameron
LNG
LLC
(b)
3.30%,
01/15/35
.................
777
668,584
3.40%,
01/15/38
.................
707
608,850
Cenovus
Energy,
Inc.
5.25%,
06/15/37
.................
168
158,672
6.75%,
11/15/39
.................
237
252,153
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
1,161
1,169,301
5.13%,
06/30/27
.................
930
930,707
2.74%,
12/31/39
.................
34
28,056
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
763
708,835
4.00%,
03/01/31
.................
299
266,092
3.25%,
01/31/32
.................
1,139
940,951
Devon
Energy
Corp.
8.25%,
08/01/23
.................
114
114,485
5.85%,
12/15/25
.................
26
26,418
5.25%,
10/15/27
.................
114
114,025
5.88%,
06/15/28
.................
17
17,317
4.75%,
05/15/42
.................
92
80,067
Diamondback
Energy,
Inc.
3.25%,
12/01/26
.................
1,201
1,137,791
3.50%,
12/01/29
.................
4,254
3,887,152
3.13%,
03/24/31
.................
751
651,222
4.40%,
03/24/51
.................
150
120,709
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Enbridge,
Inc.,
5.70%,
03/08/33
........
USD
472
$
490,948
Energy
Transfer
LP
5.75%,
02/15/33
.................
361
369,729
6.50%,
02/01/42
.................
197
204,311
5.15%,
02/01/43
.................
169
147,371
5.30%,
04/01/44
.................
293
259,226
5.30%,
04/15/47
.................
122
106,906
6.25%,
04/15/49
.................
250
247,682
5.00%,
05/15/50
.................
1,249
1,066,057
Enterprise
Products
Operating
LLC
4.15%,
10/16/28
.................
485
471,392
5.95%,
02/01/41
.................
114
120,305
3.30%,
02/15/53
.................
140
101,278
EQT
Corp.,
5.70%,
04/01/28
..........
137
136,851
Hess
Corp.,
7.13%,
03/15/33
..........
131
145,229
Kinder
Morgan
Energy
Partners
LP
4.70%,
11/01/42
.................
814
697,133
5.40%,
09/01/44
.................
364
337,128
Kinder
Morgan,
Inc.,
5.20%,
06/01/33
....
210
208,634
Marathon
Petroleum
Corp.
5.85%,
12/15/45
.................
65
60,419
5.00%,
09/15/54
.................
20
17,200
MPLX
LP
4.95%,
09/01/32
.................
113
110,510
5.65%,
03/01/53
.................
224
215,414
NGPL
PipeCo
LLC
(b)
4.88%,
08/15/27
.................
230
222,908
3.25%,
07/15/31
.................
999
847,795
Northwest
Pipeline
LLC,
4.00%,
04/01/27
..
1,037
1,003,476
Pioneer
Natural
Resources
Co.,
5.10%,
03/29/26
.....................
164
164,682
Sabine
Pass
Liquefaction
LLC
5.75%,
05/15/24
.................
500
501,188
5.63%,
03/01/25
.................
2,026
2,038,861
5.88%,
06/30/26
.................
776
791,916
5.90%,
09/15/37
(b)
................
387
395,858
SCC
Power
plc,
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
(b)(k)
...............
46
2,648
Targa
Resources
Partners
LP
5.00%,
01/15/28
.................
1,056
1,021,030
6.88%,
01/15/29
.................
108
110,076
4.88%,
02/01/31
.................
452
422,929
4.00%,
01/15/32
.................
559
487,191
Texas
Eastern
Transmission
LP,
3.50%,
01/15/28
(b)
....................
710
667,035
Transcontinental
Gas
Pipe
Line
Co.
LLC
7.85%,
02/01/26
.................
408
437,029
4.00%,
03/15/28
.................
895
856,097
4.60%,
03/15/48
.................
270
237,032
Western
Midstream
Operating
LP,
6.15%,
04/01/33
.....................
105
106,424
Williams
Cos.,
Inc.
(The),
3.50%,
10/15/51
.
248
176,167
28,484,444
Paper
&
Forest
Products
—
0.0%
Suzano
Austria
GmbH,
Series
DM3N,
3.13%,
01/15/32
.....................
90
73,350
Passenger
Airlines
—
0.3%
Air
Canada
Pass-Through
Trust
(b)
Series
2017-1,
Class
B,
3.70%,
01/15/26
1
525
Series
2017-1,
Class
AA,
3.30%,
01/15/30
74
65,062
American
Airlines
Pass-Through
Trust
Series
2015-2,
Class
B,
4.40%,
09/22/23
181
177,609
Series
2015-2,
Class
AA,
3.60%,
09/22/27
34
31,224
Series
2016-1,
Class
AA,
3.58%,
01/15/28
82
75,583
BlackRock
Total
Return
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
(continued)
Series
2016-2,
Class
AA,
3.20%,
06/15/28
USD
63
$
56,801
Series
2017-1,
Class
AA,
3.65%,
02/15/29
22
20,039
Series
2019-1,
Class
AA,
3.15%,
02/15/32
180
157,444
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
...
113
93,060
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
....
420
411,224
Gol
Finance
SA,
7.00%,
01/31/25
(b)
......
53
26,245
United
Airlines
Pass-Through
Trust
Series
2016-2,
Class
B,
3.65%,
10/07/25
9
7,961
Series
2020-1,
Class
B,
4.88%,
01/15/26
98
94,424
Series
2014-1,
Class
A,
4.00%,
04/11/26
118
110,991
Series
2020-1,
Class
A,
5.88%,
10/15/27
570
568,705
Series
2015-1,
Class
AA,
3.45%,
12/01/27
32
28,675
Series
2019-2,
Class
B,
3.50%,
05/01/28
113
102,116
Series
2016-1,
Class
AA,
3.10%,
07/07/28
10
8,948
Series
2016-2,
Class
AA,
2.88%,
10/07/28
65
58,299
Series
2018-1,
Class
AA,
3.50%,
03/01/30
31
28,126
Series
2019-2,
Class
AA,
2.70%,
05/01/32
115
96,846
2,219,907
Personal
Care
Products
—
0.0%
Kenvue,
Inc.,
5.20%,
03/22/63
(b)
........
120
124,331
Pharmaceuticals
—
0.2%
Eli
Lilly
&
Co.
4.88%,
02/27/53
.................
80
82,721
4.95%,
02/27/63
.................
85
87,456
Takeda
Pharmaceutical
Co.
Ltd.
5.00%,
11/26/28
.................
535
540,765
2.05%,
03/31/30
.................
678
572,499
1,283,441
Real
Estate
Management
&
Development
—
0.0%
(j)
Agile
Group
Holdings
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
11.25%),
8.38%
(a)(e)
..............
200
65,350
Fantasia
Holdings
Group
Co.
Ltd.,
11.75%,
04/17/22
(f)(g)
...................
200
20,500
Modern
Land
China
Co.
Ltd.,
9.00%,
(9.00%
Cash
or
11.00%
PIK),
12/30/26
(a)(f)(g)(k)
...
225
10,075
Redsun
Properties
Group
Ltd.,
7.30%,
01/13/25
(f)(g)
...................
200
23,350
RKPF
Overseas
2020
A
Ltd.,
5.20%,
01/12/26
200
143,225
Yango
Justice
International
Ltd.,
8.25%,
11/25/23
(f)(g)
...................
200
4,000
266,500
Retail
REITs
—
0.1%
National
Retail
Properties,
Inc.
3.50%,
04/15/51
.................
254
174,269
3.00%,
04/15/52
.................
135
84,366
Realty
Income
Corp.,
3.25%,
01/15/31
....
174
153,274
411,909
Semiconductors
&
Semiconductor
Equipment
—
0.9%
Applied
Materials,
Inc.,
2.75%,
06/01/50
...
154
109,949
Broadcom,
Inc.
(b)
3.42%,
04/15/33
.................
1,347
1,127,048
4.93%,
05/15/37
.................
1,074
976,679
Intel
Corp.,
4.88%,
02/10/28
..........
1,015
1,031,319
KLA
Corp.
3.30%,
03/01/50
.................
757
578,647
5.25%,
07/15/62
.................
353
357,347
Lam
Research
Corp.,
2.88%,
06/15/50
....
78
55,046
NXP
BV,
4.30%,
06/18/29
............
1,541
1,465,876
QUALCOMM,
Inc.
1.65%,
05/20/32
.................
343
277,947
5.40%,
05/20/33
.................
236
253,346
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
4.50%,
05/20/52
.................
USD
227
$
211,558
6.00%,
05/20/53
.................
450
511,265
6,956,027
Software
—
0.7%
Autodesk,
Inc.,
2.40%,
12/15/31
........
49
40,755
Oracle
Corp.
4.30%,
07/08/34
.................
516
473,151
3.85%,
07/15/36
.................
260
222,208
6.13%,
07/08/39
.................
350
364,163
3.60%,
04/01/40
.................
764
592,971
3.65%,
03/25/41
.................
811
625,696
4.00%,
07/15/46
.................
238
181,583
4.00%,
11/15/47
.................
618
471,384
3.60%,
04/01/50
.................
675
478,774
3.95%,
03/25/51
.................
1,489
1,120,439
5.55%,
02/06/53
.................
245
233,250
4.38%,
05/15/55
.................
149
117,281
Roper
Technologies,
Inc.,
1.40%,
09/15/27
.
166
143,931
Salesforce,
Inc.,
3.05%,
07/15/61
.......
171
117,346
VMware,
Inc.
1.80%,
08/15/28
.................
132
111,468
2.20%,
08/15/31
.................
699
553,405
5,847,805
Specialized
REITs
—
0.5%
American
Tower
Corp.
3.95%,
03/15/29
.................
703
658,390
3.80%,
08/15/29
.................
242
224,902
2.10%,
06/15/30
.................
159
129,907
1.88%,
10/15/30
.................
176
139,588
Crown
Castle,
Inc.
3.15%,
07/15/23
.................
17
16,895
3.80%,
02/15/28
.................
369
350,187
3.10%,
11/15/29
.................
1,081
960,824
3.30%,
07/01/30
.................
591
532,935
2.25%,
01/15/31
.................
193
159,954
2.10%,
04/01/31
.................
249
203,464
2.50%,
07/15/31
.................
179
150,444
Equinix,
Inc.
2.15%,
07/15/30
.................
896
732,618
3.90%,
04/15/32
.................
108
98,181
4,358,289
Specialty
Retail
—
0.1%
Lowe's
Cos.,
Inc.
4.50%,
04/15/30
.................
870
859,752
2.80%,
09/15/41
.................
218
154,517
1,014,269
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Apple,
Inc.
2.65%,
05/11/50
.................
124
87,412
2.80%,
02/08/61
.................
638
434,195
Dell
International
LLC
4.90%,
10/01/26
.................
128
127,676
8.35%,
07/15/46
.................
20
24,364
3.45%,
12/15/51
(b)
................
158
102,835
Hewlett
Packard
Enterprise
Co.,
5.90%,
10/01/24
.....................
680
688,574
HP,
Inc.,
6.00%,
09/15/41
............
151
154,582
1,619,638
Tobacco
—
0.4%
Altria
Group,
Inc.
3.13%,
06/15/31
.................
EUR
460
425,471
5.80%,
02/14/39
.................
USD
308
300,686
3.40%,
02/04/41
.................
162
114,537
BlackRock
Total
Return
V.I.
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Tobacco
(continued)
4.50%,
05/02/43
.................
USD
265
$
211,895
BAT
Capital
Corp.,
3.98%,
09/25/50
.....
201
137,995
Philip
Morris
International,
Inc.
5.13%,
11/17/27
.................
608
622,172
4.88%,
02/15/28
.................
932
940,650
1.45%,
08/01/39
.................
EUR
395
247,913
Reynolds
American,
Inc.,
5.85%,
08/15/45
..
USD
429
386,769
3,388,088
Wireless
Telecommunication
Services
—
0.2%
Millicom
International
Cellular
SA,
6.63%,
10/15/26
(b)
....................
180
171,484
Rogers
Communications,
Inc.
(b)
3.80%,
03/15/32
.................
664
595,907
4.55%,
03/15/52
.................
186
152,998
T-Mobile
USA,
Inc.
3.88%,
04/15/30
.................
533
500,121
5.20%,
01/15/33
.................
123
125,450
1,545,960
Total
Corporate
Bonds
—
21.5%
(Cost:
$183,643,733)
.............................
175,469,795
Floating
Rate
Loan
Interests
Broadline
Retail
—
0.0%
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.09%
,
11/24/28
(a)
.....
61
60,881
Building
Products
—
0.0%
(a)
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.41%
,
10/02/28
...........
32
29,610
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(l)
..............
6
5,309
34,919
Chemicals
—
0.1%
(a)
Bakelite
US
Holdco,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.05%
,
05/29/29
.................
286
271,548
LSF11
A5
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.42%
,
10/15/28
.................
61
59,014
330,562
Commercial
Services
&
Supplies
—
0.0%
Allied
Universal
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.66%
,
05/12/28
(a)
................
141
133,536
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ENR,
Term
Loan
A,
(3-mo.
LIBOR
USD
+
3.75%),
0.00%
,
05/21/23
(a)(f)(g)(h)
.............
21
1,575
Diversified
Telecommunication
Services
—
0.1%
Connect
Finco
SARL,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.35%
,
12/11/26
(a)
................
264
261,905
Financial
Services
—
0.1%
Caliber
Home
Loans
,
Inc.
,
Term
Loan,
(1-
mo.
SOFR
USD
+
3.25%),
8.18%
,
07/24/25
(a)(h)
610
606,950
Security
Par
(000)
Par
(000)
Value
Food
Products
—
0.0%
BCPE
North
Star
US
Holdco
2,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
4.00%),
9.16%
,
06/09/28
(a)
.....
USD
190
$
173,479
Health
Care
Providers
&
Services
—
0.0%
(a)
AEA
International
Holdings
SARL,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.75%),
8.94%
,
09/07/28
(h)
.....
147
146,132
Select
Medical
Corp.,
Term
Loan
B,
(1-mo.
LIBOR
USD
+
2.50%),
7.35%
,
03/06/25
.
45
44,482
190,614
Hotels,
Restaurants
&
Leisure
—
0.1%
(a)
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
+
3.75%),
8.59%
,
02/02/26
.................
151
143,965
Bally's
Corp.,
Facility
Term
Loan
B,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
7.96%
,
10/02/28
.................
319
303,872
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.81%
,
01/27/29
...........
207
202,958
Herschend
Entertainment
Co.
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.75%),
8.63%
,
08/27/28
...........
75
74,237
725,032
Household
Durables
—
0.0%
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-
mo.
LIBOR
USD
at
0.75%
Floor
+
4.00%),
8.75%
,
10/06/28
(a)
................
78
65,566
IT
Services
—
0.0%
ConnectWise
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.34%
,
09/29/28
(a)
................
155
149,378
Media
—
0.0%
Gray
Television,
Inc.,
Term
Loan
D,
(1-mo.
CME
Term
SOFR
+
3.00%),
7.66%
,
12/01/28
(a)
229
222,371
Specialty
Retail
—
0.0%
Tory
Burch
LLC,
Term
Loan
B,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.34%
,
04/16/28
(a)
................
136
125,840
Total
Floating
Rate
Loan
Interests
—
0.4%
(Cost:
$3,202,364)
..............................
3,082,608
Foreign
Agency
Obligations
Argentina
—
0.0%
YPF
SA
7.00%,
09/30/33
(d)(j)
...............
29
19,172
7.00%,
12/15/47
(b)
................
33
20,625
39,797
Colombia
—
0.1%
Ecopetrol
SA
5.88%,
09/18/23
.................
18
17,977
4.13%,
01/16/25
.................
92
88,596
6.88%,
04/29/30
.................
343
313,859
Empresas
Publicas
de
Medellin
ESP,
4.25%
,
07/18/29
(b)
.....................
200
151,288
571,720
BlackRock
Total
Return
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Mexico
—
0.0%
Petroleos
Mexicanos
4.88%,
01/18/24
.................
USD
46
$
45,333
Series
13-2,
7.19%,
09/12/24
........
MXN
11
56,605
6.88%,
08/04/26
.................
USD
27
25,512
6.50%,
03/13/27
.................
100
90,360
8.75%,
06/02/29
.................
225
207,990
6.70%,
02/16/32
.................
37
29,334
6.35%,
02/12/48
.................
67
41,456
496,590
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$1,204,598)
..............................
1,108,107
Foreign
Government
Obligations
Colombia
—
0.0%
Republic
of
Colombia
5.75%,
11/03/27
.................
COP
641,000
111,134
7.00%,
03/26/31
.................
192,000
31,719
8.00%,
04/20/33
.................
USD
200
205,100
7.25%,
10/18/34
.................
COP
334,000
51,787
399,740
Czech
Republic
—
0.0%
Czech
Republic
0.95%,
05/15/30
(j)
................
CZK
900
32,041
5.00%,
09/30/30
.................
2,590
121,695
4.20%,
12/04/36
(j)
................
860
37,807
191,543
Indonesia
—
0.1%
Republic
of
Indonesia
6.38%,
08/15/28
.................
IDR
1,314,000
87,571
9.00%,
03/15/29
.................
621,000
46,484
8.25%,
05/15/29
.................
951,000
68,858
3.05%,
03/12/51
.................
USD
441
324,183
527,096
Mexico
—
0.3%
United
Mexican
States
5.00%,
03/06/25
.................
MXN
46
231,597
5.75%,
03/05/26
.................
32
157,956
7.50%,
06/03/27
.................
36
189,440
8.50%,
05/31/29
.................
60
327,234
2.66%,
05/24/31
.................
USD
598
500,526
8.50%,
11/18/38
.................
MXN
9
45,634
4.50%,
01/31/50
.................
USD
1,011
814,676
2,267,063
Morocco
—
0.0%
Kingdom
of
Morocco,
6.50%
,
09/08/33
(b)
...
200
206,000
Panama
—
0.1%
Republic
of
Panama
3.88%,
03/17/28
.................
347
332,209
4.50%,
04/01/56
.................
488
362,127
694,336
Peru
—
0.1%
Republic
of
Peru
4.13%,
08/25/27
.................
231
226,279
3.55%,
03/10/51
.................
356
260,058
486,337
Philippines
—
0.1%
Republic
of
Philippines
3.00%,
02/01/28
.................
516
485,097
Security
Par
(000)
Par
(000)
Value
Philippines
(continued)
3.20%,
07/06/46
.................
USD
329
$
243,907
729,004
Poland
—
0.0%
Republic
of
Poland,
4.88%
,
10/04/33
......
232
231,009
Romania
—
0.0%
Romania
Government
Bond,
2.13%
,
03/07/28
(j)
EUR
54
49,716
Russia
—
0.0%
Russian
Federation,
6.10%
,
07/18/35
(f)(g)
...
RUB
13,759
8,860
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia,
3.45%
,
02/02/61
(j)
.
USD
200
141,288
South
Africa
—
0.0%
Republic
of
South
Africa,
9.00%
,
01/31/40
..
ZAR
1,288
58,776
Spain
—
0.0%
Bonos
y
Obligaciones
del
Estado,
3.15%
,
04/30/33
(b)(j)
.....................
EUR
250
266,923
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
4.38%,
10/27/27
.................
USD
179
179,294
5.10%,
06/18/50
.................
234
234,487
413,781
Total
Foreign
Government
Obligations
—
0.8%
(Cost:
$7,837,507)
..............................
6,671,472
Shares
Shares
Investment
Companies
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
(m)
.....................
14,408,518
132,414,278
Total
Investment
Companies
—
16.3%
(Cost:
$144,284,000)
.............................
132,414,278
Par
(000)
Par
(000)
Municipal
Bonds
California
—
0.3%
Bay
Area
Toll
Authority
,
Series
2010S-1,
RB,
7.04%, 04/01/50
.................
290
381,595
Los
Angeles
Community
College
District
,
Series
2010E,
GO,
6.60%, 08/01/42
.........
110
138,332
Los
Angeles
Unified
School
District
,
Series
2010RY,
GO,
6.76%, 07/01/34
........
500
578,927
State
of
California
Series
2018,
GO,
4.60%, 04/01/38
.....
815
789,586
Series
2009,
GO,
7.55%, 04/01/39
.....
65
84,063
University
of
California
,
Series
2012AD,
RB,
4.86%, 05/15/12
.................
25
22,620
1,995,123
Georgia
—
0.0%
Municipal
Electric
Authority
of
Georgia
,
Series
2010-A,
RB,
6.64%, 04/01/57
........
53
58,472
Illinois
—
0.1%
State
of
Illinois
,
Series
2003,
GO,
5.10%, 06/01/33
.................
775
772,170
Massachusetts
—
0.0%
Massachusetts
Housing
Finance
Agency
,
Series
2015A,
RB,
AMT,
4.50%, 12/01/48
30
29,017
BlackRock
Total
Return
V.I.
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
New
Jersey
—
0.0%
New
Jersey
Turnpike
Authority
,
Series
2009F,
RB,
7.41%, 01/01/40
..............
USD
167
$
209,969
New
York
—
0.0%
Metropolitan
Transportation
Authority
,
Series
2010A,
RB,
6.67%, 11/15/39
.........
75
80,866
New
York
City
Municipal
Water
Finance
Authority
Series
2010EE,
RB,
6.01%, 06/15/42
...
35
40,291
Series
2011CC,
RB,
5.88%, 06/15/44
...
55
62,636
New
York
State
Dormitory
Authority
,
Series
2010H,
RB,
5.39%, 03/15/40
.........
60
63,094
Port
Authority
of
New
York
&
New
Jersey
Series
2010-165,
RB,
5.65%, 11/01/40
..
120
130,135
Series
2014-181,
RB,
4.96%, 08/01/46
..
195
199,344
576,366
Ohio
—
0.0%
American
Municipal
Power,
Inc.
,
Series
2010A,
RB,
8.08%, 02/15/50
..............
135
185,173
Texas
—
0.1%
City
of
San
Antonio
Electric
&
Gas
Systems
,
Series
2010A,
RB,
5.81%, 02/01/41
....
215
235,950
State
of
Texas
,
Series
2009A,
GO,
5.52%, 04/01/39
.................
215
236,487
472,437
Total
Municipal
Bonds
—
0.5%
(Cost:
$4,794,270)
..............................
4,298,727
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.4%
Alternative
Loan
Trust
Series
2005-22T1,
Class
A1,
(1-mo.
LIBOR
USD
at
0.35%
Floor
and
5.42%
Cap
+
0.35%),
5.20%,
06/25/35
(a)
........
99
80,446
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.00%
Floor
+
1.00%),
4.14%,
02/25/36
(a)
........
14
12,178
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
....................
48
25,341
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
....................
8
3,871
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%),
4.87%,
11/25/46
(a)
52
38,971
Series
2006-OA16,
Class
A4C,
(1-mo.
LIBOR
USD
at
0.68%
Floor
+
0.68%),
5.53%,
10/25/46
(a)
..............
136
96,072
Series
2006-OA8,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.23%,
07/25/46
(a)
...................
7
5,776
Series
2006-OC10,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.46%
Floor
+
0.46%),
5.31%,
11/25/36
(a)
..............
56
46,024
Series
2006-OC7,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
0.50%),
5.35%,
07/25/46
(a)
...................
61
52,020
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
....................
9
4,486
Series
2007-OA3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.28%
Floor
+
0.28%),
5.13%,
04/25/47
(a)
...................
13
11,174
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%),
4.08%,
10/25/46
.........
USD
45
$
30,378
Series
2006-4,
Class
1A12,
(1-mo.
LIBOR
USD
at
0.21%
Floor
+
0.21%),
5.06%,
10/25/46
....................
51
26,950
Series
2007-1,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.70%
Floor
+
0.70%),
3.84%,
02/25/47
....................
51
19,999
APS
Resecuritization
Trust
(a)(b)
Series
2016-1,
Class
1MZ,
2.98%,
07/31/57
279
111,270
Series
2016-3,
Class
3A,
(1-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
7.70%,
09/27/46
....................
37
36,517
Banc
of
America
Funding
Trust
(a)(b)
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
125
32,682
Series
2016-R2,
Class
1A1,
4.70%,
05/01/33
....................
60
57,387
Bayview
Commercial
Asset
Trust,
Series
2007-
4A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.45%
Floor
+
0.45%),
5.30%,
09/25/37
(a)(b)
....
80
72,816
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2006-SL1,
Class
A1,
(1-mo.
LIBOR
USD
at
0.28%
Floor
and
11.00%
Cap
+
0.28%),
5.13%,
08/25/36
.........
14
13,247
Series
2007-AR2,
Class
A1,
(1-mo.
LIBOR
USD
at
0.17%
Floor
and
10.50%
Cap
+
0.17%),
5.02%,
03/25/37
.........
70
62,634
Series
2007-AR3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.14%
Floor
and
10.50%
Cap
+
0.14%),
4.99%,
03/25/37
.........
9
7,371
Series
2007-AR4,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.40%
Floor
and
10.50%
Cap
+
0.40%),
5.25%,
09/25/47
.........
32
27,603
Series
2007-AR4,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.21%
Floor
and
10.50%
Cap
+
0.21%),
5.06%,
06/25/37
.........
10
8,945
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
.......
652
293,165
CHL
Mortgage
Pass-Through
Trust
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
4.10%,
04/25/46
(a)
........
128
39,891
Series
2006-OA5,
Class
3A1,
(1-mo.
LIBOR
USD
at
0.40%
Floor
+
0.40%),
5.25%,
04/25/46
(a)
...................
15
13,832
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
174
74,708
Citicorp
Mortgage
Securities
Trust
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
38
32,103
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
54
42,316
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(b)
.....................
281
117,079
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(1-
mo.
LIBOR
USD
at
1.35%
Floor
and
6.25%
Cap
+
1.35%),
6.20%,
11/25/35
(a)
......
41
9,844
CSMC
Trust,
Series
2009-5R,
Class
4A4,
2.97%,
06/25/36
(a)(b)(h)
..............
—
(c)
1
BlackRock
Total
Return
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.19%,
08/25/47
(a)
.....................
USD
92
$
77,406
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
6,142
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Floor
and
10.50%
Cap
+
2.00%),
5.14%,
03/25/36
(a)
................
13
12,355
GSMPS
Mortgage
Loan
Trust
(a)(b)
Series
2005-RP1,
Class
1AF,
(1-mo.
LIBOR
USD
at
0.35%
Floor
+
0.35%),
5.20%,
01/25/35
....................
32
28,412
Series
2005-RP2,
Class
1AF,
(1-mo.
LIBOR
USD
at
0.35%
Floor
+
0.35%),
5.20%,
03/25/35
....................
36
31,399
Series
2006-RP1,
Class
1AF1,
(1-mo.
LIBOR
USD
at
0.35%
Floor
and
9.15%
Cap
+
0.35%),
5.20%,
01/25/36
.....
30
23,914
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
.........
3
3,118
HarborView
Mortgage
Loan
Trust,
Series
2007-
4,
Class
2A2,
(1-mo.
LIBOR
USD
at
0.25%
Floor
and
10.00%
Cap
+
0.50%),
5.01%,
07/19/47
(a)
.....................
88
76,638
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR19,
Class
3A1,
3.36%,
09/25/37
....................
68
42,671
Series
2007-FLX5,
Class
2A2,
(1-mo.
LIBOR
USD
at
0.24%
Floor
+
0.24%),
5.09%,
08/25/37
...............
80
67,285
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
4.19%,
08/25/37
(a)(b)
........
15
8,917
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.27%,
04/25/37
(a)
.....................
100
81,086
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(1-mo.
LIBOR
USD
at
0.34%
Floor
and
9.00%
Cap
+
0.34%),
5.00%,
04/16/36
(a)(b)
...............
222
208,410
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)(b)
.
38
36,114
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.27%,
06/25/37
(a)
................
11
9,139
PRPM
LLC
(b)
Series
2022-1,
Class
A1,
3.72%,
02/25/27
(d)
814
774,273
Series
2023-1,
Class
A1,
6.88%,
02/25/28
(a)
376
374,801
RALI
Trust,
Series
2007-QH9,
Class
A1,
4.37%,
11/25/37
(a)
.....................
22
17,605
Reperforming
Loan
REMIC
Trust,
Series
2005-
R3,
Class
AF,
(1-mo.
LIBOR
USD
at
0.40%
Floor
and
9.50%
Cap
+
0.40%),
5.25%,
09/25/35
(a)(b)
....................
3
2,426
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-1,
Class
BX,
3.31%,
05/25/57
(a)
...
19
6,602
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.62%,
04/25/36
(a)
.....................
38
22,357
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR4,
Class
3A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
and
10.50%
Cap
+
0.38%),
5.23%,
06/25/36
.........
USD
56
$
45,213
Series
2006-AR5,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.42%
Floor
and
10.50%
Cap
+
0.42%),
5.27%,
05/25/46
.........
32
21,338
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
36
32,457
Series
2006-4,
Class
3A1,
7.00%,
05/25/36
(d)
...................
25
21,967
3,539,142
Commercial
Mortgage-Backed
Securities
—
0.7%
245
Park
Avenue
Trust,
Series
2017-245P,
Class
E,
3.66%,
06/05/37
(a)(b)
.........
200
146,552
280
Park
Avenue
Mortgage
Trust
(a)(b)
Series
2017-280P,
Class
D,
(1-mo.
LIBOR
USD
at
1.54%
Floor
+
1.54%),
6.12%,
09/15/34
....................
100
92,583
Series
2017-280P,
Class
E,
(1-mo.
LIBOR
USD
at
2.12%
Floor
+
2.12%),
6.70%,
09/15/34
....................
137
124,231
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
6.78%,
04/15/35
(a)(b)
........
19
17,613
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2015-200P,
Class
F,
3.60%,
04/14/33
300
247,572
Series
2017-SCH,
Class
CL,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.19%,
11/15/32
....................
100
90,426
Series
2017-SCH,
Class
DL,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
6.68%,
11/15/32
....................
100
86,627
Series
2018-DSNY,
Class
D,
(1-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.38%,
09/15/34
....................
650
617,339
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-4A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.45%),
5.30%,
01/25/36
....................
27
24,788
Series
2005-4A,
Class
M1,
(1-mo.
LIBOR
USD
at
0.45%
Floor
+
0.68%),
5.52%,
01/25/36
....................
20
18,086
Series
2006-1A,
Class
A2,
(1-mo.
LIBOR
USD
at
0.54%
Floor
+
0.54%),
5.39%,
04/25/36
....................
6
5,743
Series
2006-3A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.38%),
5.22%,
10/25/36
....................
10
9,045
Series
2006-3A,
Class
A2,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.45%),
5.30%,
10/25/36
....................
8
7,556
Series
2007-2A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.27%
Floor
+
0.27%),
5.12%,
07/25/37
....................
18
16,002
BBCMS
Mortgage
Trust,
Series
2018-TALL,
Class
A,
(1-mo.
LIBOR
USD
at
0.72%
Floor
+
0.72%),
5.56%,
03/15/37
(a)(b)
........
35
32,025
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
................
67
63,408
BlackRock
Total
Return
V.I.
Fund
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BHMS,
Series
2018-ATLS,
Class
A,
(1-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
5.93%,
07/15/35
(a)(b)
...............
USD
140
$
134,638
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
....................
150
140,304
Series
2013-1515,
Class
C,
3.45%,
03/10/33
105
96,346
BX
Commercial
Mortgage
Trust,
Series
2020-
VKNG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.04%),
5.87%,
10/15/37
(a)(b)
60
58,297
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
(1-mo.
LIBOR
USD
+
0.00%),
3.55%,
08/13/37
....
60
43,175
Series
2017-CC,
Class
E,
(1-mo.
LIBOR
USD
+
0.00%),
3.55%,
08/13/37
....
110
73,747
Series
2017-GM,
Class
D,
3.42%,
06/13/39
200
152,158
Series
2017-GM,
Class
E,
3.42%,
06/13/39
50
36,704
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(1-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
6.43%,
12/15/37
(a)(b)
100
97,487
Cassia
SRL,
Series
2022-1A,
Class
A,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
5.15%,
05/22/34
(a)(b)
....................
EUR
364
374,967
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
..............
USD
30
28,002
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
....
10
9,558
CFK
Trust,
Series
2019-FAX,
Class
D,
4.64%,
01/15/39
(a)(b)
....................
126
108,768
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC37,
Class
C,
4.92%,
04/10/49
(a)
.
20
18,225
Commercial
Mortgage
Trust,
Series
2016-
667M,
Class
D,
3.18%,
10/10/36
(a)(b)
....
100
77,708
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2019-ICE4,
Class
A,
(1-mo.
LIBOR
USD
at
0.98%
Floor
+
0.98%),
5.66%,
05/15/36
(a)(b)
....................
696
689,223
CSMC
Trust
(b)
Series
2017-PFHP,
Class
A,
(1-mo.
LIBOR
USD
at
0.95%
Floor
+
0.95%),
5.63%,
12/15/30
(a)
...................
60
56,602
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
100
84,653
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
7.97%,
09/09/24
(a)
..............
224
223,345
DBUBS
Mortgage
Trust
(a)(b)
Series
2017-BRBK,
Class
E,
(1-mo.
LIBOR
USD
+
0.00%),
3.53%,
10/10/34
....
210
185,324
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
....................
80
67,999
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
A,
5.37%,
05/03/32
(b)
.....
100
98,525
GS
Mortgage
Securities
Corp.
Trust,
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
(b)
.
100
91,000
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
.....................
110
103,410
IMT
Trust
(b)
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
....................
100
96,634
Series
2017-APTS,
Class
EFX,
3.50%,
06/15/34
(a)
...................
100
93,296
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.12%,
12/15/48
(a)(b)
....................
100
83,128
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP7,
Class
B,
4.05%,
09/15/50
10
8,889
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.01%,
09/15/39
(a)(b)
.........
USD
300
$
298,117
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.25%),
5.10%,
03/25/37
(a)(b)
.........
4
3,858
LSTAR
Commercial
Mortgage
Trust,
Series
2015-3,
Class
AS,
3.15%,
04/20/48
(a)(b)
..
9
8,651
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
3.95%,
05/10/39
(a)(b)
......
190
127,027
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
6.93%,
08/19/35
(a)(b)
...............
270
265,976
Velocity
Commercial
Capital
Loan
Trust
(a)(b)
Series
2017-2,
Class
M3,
(3-mo.
LIBOR
USD
+
0.00%),
4.24%,
11/25/47
.....
60
48,401
Series
2017-2,
Class
M4,
5.00%,
11/25/47
30
23,081
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2017-HSDB,
Class
A,
(1-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
5.91%,
12/13/31
(a)(b)
....................
151
149,622
5,856,441
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
189,511
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.59%,
02/15/50
..............
1,000
20,616
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
0.91%,
08/10/35
(b)
................
954
28,744
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.60%,
11/05/36
(b)
................
3,475
29,667
Benchmark
Mortgage
Trust
Series
2018-B8,
Class
XA,
0.63%,
01/15/52
4,609
122,328
Series
2019-B9,
Class
XA,
(1-mo.
LIBOR
USD
+
0.00%),
1.03%,
03/15/52
....
1,029
47,571
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.69%,
05/10/58
...
170
3,298
Commercial
Mortgage
Trust
Series
2015-3BP,
Class
XA,
0.06%,
02/10/35
(b)
...................
1,916
3,092
Series
2015-CR25,
Class
XA,
0.80%,
08/10/48
....................
178
2,754
CSAIL
Commercial
Mortgage
Trust,
Series
2017-CX10,
Class
XB,
0.17%,
11/15/50
..
1,430
15,073
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C22,
Class
XA,
0.80%,
09/15/47
....................
1,005
7,386
Series
2014-C23,
Class
XA,
0.59%,
09/15/47
....................
966
5,671
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
.....................
1,800
39,573
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
.............
900
19,064
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(b)
Series
2014-C19,
Class
XF,
1.18%,
12/15/47
....................
130
2,506
Series
2015-C26,
Class
XD,
1.31%,
10/15/48
....................
120
3,522
BlackRock
Total
Return
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Morgan
Stanley
Capital
I
Trust
Series
2016-UBS9,
Class
XD,
1.60%,
03/15/49
(b)
...................
USD
1,000
$
41,233
Series
2017-H1,
Class
XD,
2.15%,
06/15/50
(b)
...................
110
8,010
Series
2019-L2,
Class
XA,
1.00%,
03/15/52
375
16,936
One
Market
Plaza
Trust
(b)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
....................
1,880
54
Series
2017-1MKT,
Class
XNCP,
0.09%,
02/10/32
....................
376
986
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-BNK1,
Class
XD,
1.25%,
08/15/49
(b)
.....................
1,000
34,448
642,043
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
18,308
Total
Non-Agency
Mortgage-Backed
Securities
—
1.2%
(Cost:
$11,222,716)
..............................
10,055,934
Beneficial
Interest
(000)
Other
Interests
(n)
Capital
Markets
—
0.0%
(f)(g)(h)
Lehman
Brothers
Holdings,
Capital
Trust
VII
.
185
—
Lehman
Brothers
Holdings,
Inc.
(a)
........
1,025
—
Total
Other
Interests
—
0.0%
(Cost:
$12)
...................................
—
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.1%
Capital
Markets
—
0.1%
State
Street
Corp.
(a)(e)(g)
Series
F,
(3-mo.
LIBOR
USD
+
3.60%),
8.46%
......................
68
67,487
Series
H,
(3-mo.
LIBOR
USD
+
2.54%),
5.63%
......................
349
325,522
393,009
Total
Preferred
Securities
—
0.1%
(Cost:
$420,056)
................................
393,009
U.S.
Government
Sponsored
Agency
Securities
(o)
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Structured
Agency
Credit
Risk
Debt
Variable
Rate
Notes,
Series
2017-DNA3,
Class
B1,
(1-mo.
LIBOR
USD
+
4.45%),
9.30%, 03/25/30
(a)
250
260,574
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2015-48,
0.91%, 02/16/50
......
16
378
Series
2015-173,
0.60%, 09/16/55
.....
114
2,558
2,936
Mortgage-Backed
Securities
—
42.4%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 01/01/29
-
04/01/31
..........
252
238,700
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.00%, 09/01/27
-
12/01/46
..........
USD
854
$
792,597
3.50%, 02/01/31
-
01/01/48
..........
1,651
1,583,778
4.00%, 08/01/40
-
12/01/45
..........
133
130,820
4.50%, 02/01/39
-
04/01/49
..........
2,346
2,348,314
5.00%, 10/01/41
-
11/01/48
..........
100
101,849
5.50%, 02/01/35
-
06/01/41
..........
89
91,952
Federal
National
Mortgage
Association
4.00%, 01/01/41
.................
8
7,386
6.00%, 07/01/39
.................
73
75,079
Government
National
Mortgage
Association
2.00%, 08/20/50
-
02/20/51
..........
4,959
4,236,001
2.00%, 04/15/53
(o)
................
7,118
6,046,235
2.50%, 04/20/51
-
01/20/53
..........
9,187
8,091,338
2.50%, 04/15/53
(o)
................
3,953
3,479,004
3.00%, 02/15/45
-
01/20/52
..........
5,245
4,796,735
3.00%, 04/15/53
(o)
................
3,867
3,521,856
3.50%, 01/15/42
-
11/20/46
..........
3,550
3,380,429
3.50%, 04/15/53
(o)
................
3,394
3,182,118
4.00%, 04/20/39
-
12/20/47
..........
883
864,006
4.00%, 04/15/53
(o)
................
3,735
3,595,346
4.50%, 12/20/39
-
07/20/49
..........
701
700,806
4.50%, 04/15/53
(o)
................
2,605
2,565,800
5.00%, 12/15/38
-
07/20/44
..........
66
68,405
5.00%, 04/15/53
(o)
................
1,941
1,943,426
5.50%, 04/15/53
(o)
................
1,047
1,058,840
6.00%, 04/15/53
(o)
................
804
818,981
Uniform
Mortgage-Backed
Securities
1.50%, 12/01/35
-
03/01/51
..........
12,711
10,529,229
1.50%, 04/25/38
-
04/25/53
(o)
.........
1,482
1,228,424
2.00%, 10/01/31
-
03/01/52
..........
48,337
40,722,556
2.00%, 04/25/38
-
04/25/53
(o)
.........
13,601
11,611,005
2.50%, 09/01/27
-
04/01/52
..........
37,511
32,942,831
2.50%, 04/25/38
-
04/25/53
(o)
.........
19,669
17,065,999
2.50%, 01/01/52
(p)
................
6,133
5,344,568
3.00%, 04/01/28
-
08/01/52
..........
18,241
16,686,224
3.00%, 04/25/38
-
05/25/53
(o)
.........
41,385
37,182,939
3.50%, 03/01/29
-
01/01/51
..........
11,211
10,571,731
3.50%, 04/25/38
-
05/25/53
(o)
.........
19,027
17,688,416
4.00%, 08/01/31
-
06/01/52
..........
19,374
18,803,134
4.00%, 04/25/38
-
04/25/53
(o)
.........
781
755,997
4.50%, 02/01/25
-
08/01/52
..........
7,417
7,406,634
4.50%, 04/25/38
-
04/25/53
(o)
.........
284
282,769
5.00%, 02/01/35
-
02/01/53
..........
2,992
3,003,364
5.00%, 04/25/53
(o)
................
22,925
22,864,354
5.50%, 02/01/35
-
03/01/53
..........
1,850
1,879,501
5.50%, 04/25/53
(o)
................
15,263
15,417,120
6.00%, 04/01/35
-
03/01/53
..........
7,139
7,402,010
6.00%, 04/25/53
(o)
................
12,183
12,434,240
6.50%, 05/01/40
.................
57
60,265
345,603,111
Total
U.S.
Government
Sponsored
Agency
Securities
—
42.4%
(Cost:
$358,287,487)
.............................
345,866,621
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25%, 05/15/39
-
11/15/40
..........
529
568,362
4.50%, 08/15/39
.................
4,057
4,505,061
4.38%, 11/15/39
-
05/15/40
..........
2,101
2,292,375
4.63%, 02/15/40
.................
432
486,169
1.13%, 05/15/40
-
08/15/40
..........
3,866
2,563,944
3.88%, 08/15/40
.................
432
443,002
1.38%, 11/15/40
.................
1,933
1,331,429
3.13%, 02/15/43
-
08/15/44
..........
2,483
2,219,329
BlackRock
Total
Return
V.I.
Fund
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.88%, 05/15/43
-
05/15/49
..........
USD
1,138
$
976,388
3.63%, 08/15/43
-
02/15/53
..........
599
582,980
3.75%, 11/15/43
.................
528
521,524
2.50%, 02/15/45
(q)
................
4,920
3,925,814
3.00%, 05/15/47
-
08/15/52
..........
3,961
3,463,026
2.75%, 11/15/47
(q)
................
4,920
4,093,209
3.00%, 02/15/48
(q)
................
5,129
4,473,850
3.38%, 11/15/48
(p)
................
7,080
6,622,566
2.25%, 08/15/49
-
02/15/52
..........
1,946
1,462,231
2.38%, 11/15/49
-
05/15/51
..........
6,487
4,983,931
1.63%, 11/15/50
.................
1,951
1,250,834
U.S.
Treasury
Inflation
Linked
Notes
1.63%, 10/15/27
.................
15,805
16,112,251
1.50%, 02/15/53
.................
16
16,340
U.S.
Treasury
Notes
0.25%, 04/15/23
.................
4,593
4,586,374
0.13%, 04/30/23
-
05/31/23
..........
8,894
8,846,231
2.75%, 05/31/23
.................
1,029
1,025,697
1.75%, 07/31/24
-
01/31/29
..........
9,430
9,055,890
2.13%, 07/31/24
-
05/15/25
..........
2,153
2,079,306
1.50%, 10/31/24
-
02/15/30
..........
10,676
10,091,589
2.00%, 02/15/25
-
11/15/26
..........
2,610
2,481,486
2.63%, 04/15/25
-
02/15/29
..........
20,384
19,590,132
0.38%, 04/30/25
-
09/30/27
..........
14,557
13,295,432
2.75%, 05/15/25
-
08/15/32
..........
13,102
12,501,688
0.75%, 05/31/26
.................
4,768
4,337,018
1.25%, 11/30/26
-
08/15/31
..........
19,353
16,901,883
2.38%, 05/15/27
-
05/15/29
..........
2,443
2,303,003
0.50%, 05/31/27
-
08/31/27
..........
4,752
4,158,217
3.25%, 06/30/27
.................
15,760
15,487,402
2.25%, 08/15/27
.................
3,746
3,533,678
2.88%, 08/15/28
-
05/15/32
..........
1,073
1,024,172
3.13%, 11/15/28
.................
1,164
1,134,718
1.88%, 02/28/29
-
02/15/32
..........
191
169,913
1.63%, 08/15/29
.................
1,320
1,177,378
3.88%, 09/30/29
-
12/31/29
..........
9,109
9,264,802
4.00%, 10/31/29
(q)
................
7,851
8,040,221
1.63%, 05/15/31
(q)
................
4,730
4,110,850
Total
U.S.
Treasury
Obligations
—
26.8%
(Cost:
$229,784,413)
.............................
218,091,695
Total
Long-Term
Investments
—
114.2%
(Cost:
$978,786,334)
.............................
930,536,489
Short-Term
Securities
Foreign
Government
Obligations
—
0.1%
Mexico
—
0.1%
United
Mexican
States
(r)
11.24%,
11/28/24
................
MXN
1,282
591,525
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
11.11%,
01/23/25
................
MXN
438
$
202,921
794,446
Total
Foreign
Government
Obligations
—
0.1%
(Cost:
$786,572)
................................
794,446
Shares
Shares
Money
Market
Funds
—
5.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.70%
(m)(s)
.................
44,891,014
44,891,014
Total
Money
Market
Funds
—
5.5%
(Cost:
$44,891,014)
..............................
44,891,014
Total
Short-Term
Securities
—
5.6%
(Cost:
$45,677,586)
..............................
45,685,460
Total
Options
Purchased
—
0.1%
(Cost:
$2,598,560)
..............................
2,411,983
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
119.9%
(Cost:
$1,027,062,480
)
...........................
978,633,932
Total
Options
Written
—
(0.3)%
(Premium
Received
—
$(3,581,647))
..................
(3,007,170)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(o)
Mortgage-Backed
Securities
—
(13.7)%
Government
National
Mortgage
Association,
2.50%, 04/15/53
.................
USD
(675)
(594,088)
Uniform
Mortgage-Backed
Securities
1.50%
,
04/25/38
.................
(416)
(365,447)
2.00%
,
04/25/38
-
05/25/53
..........
(10,069)
(8,469,887)
2.50%
,
04/25/53
-
05/25/53
..........
(10,066)
(8,677,287)
3.00%
,
04/25/53
.................
(12,269)
(11,008,275)
3.50%
,
04/25/53
.................
(5,561)
(5,167,168)
4.00%
,
04/25/53
.................
(8,421)
(8,054,025)
4.50%
,
04/25/53
.................
(26,641)
(26,102,250)
5.00%
,
04/25/53
.................
(18,743)
(18,693,214)
5.50%
,
04/25/53
.................
(14,150)
(14,292,882)
6.00%
,
04/25/53
.................
(10,522)
(10,739,019)
Total
TBA
Sale
Commitments
—
(13.7)%
(Proceeds:
$(111,443,367))
........................
(112,163,542)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
105.9%
(Cost:
$912,037,466
)
.............................
863,463,220
Liabilities
in
Excess
of
Other
Assets
—
(5.9)%
............
(48,467,259)
Net
Assets
—
100.0%
..............................
$
814,995,961
(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.
BlackRock
Total
Return
V.I.
Fund
18
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(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
TBA
commitments.
(q)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(r)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(s)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/23
Shares
Held
at
03/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
122,525,407
$
—
$
(77,634,393)
(a)
$
—
$
—
$
44,891,014
44,891,014
$
796,579
$
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
....
131,261,596
—
—
—
1,152,682
132,414,278
14,408,518
1,819,271
—
$
—
$
1,152,682
$
177,305,292
$
2,615,850
$
—
—
—
(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.
BlackRock
Total
Return
V.I.
Fund
19
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bobl
...............................................................
2
06/08/23
$
256
$
(2,429)
Euro-Bund
..............................................................
30
06/08/23
4,420
(24,565)
Euro-Schatz
.............................................................
36
06/08/23
4,127
(29,177)
U.S.
Treasury
Long
Bond
.....................................................
178
06/21/23
23,385
467,906
U.S.
Treasury
Ultra
Bond
.....................................................
80
06/21/23
11,333
345,927
U.S.
Treasury
5
Year
Note
....................................................
381
06/30/23
41,776
505,594
3-mo.
Euro
Euribor
.........................................................
9
06/17/24
2,361
(4,614)
3-mo.
SONIA
Index
.........................................................
4
09/17/24
1,184
(2,043)
1,256,599
Short
Contracts
Euro-BTP
...............................................................
42
06/08/23
5,254
(135,810)
Euro-Buxl
...............................................................
3
06/08/23
458
4,455
Japan
10
Year
Bond
........................................................
25
06/13/23
27,889
(514,054)
S&P
500
E-Mini
Index
.......................................................
28
06/16/23
5,793
2,465
3-mo.
Euro
Euribor
.........................................................
25
06/19/23
6,545
3,367
U.S.
Treasury
10
Year
Note
...................................................
22
06/21/23
2,531
(9,187)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
85
06/21/23
10,308
(58,404)
3-mo.
SOFR
.............................................................
3
12/19/23
716
4,832
3-mo.
SOFR
.............................................................
32
03/19/24
7,658
7,201
(695,135)
$
561,464
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
BRL
203,635
USD
39,000
Deutsche
Bank
AG
04/04/23
$
1,177
BRL
509,666
USD
98,000
Goldman
Sachs
International
04/04/23
2,557
BRL
206,657
USD
39,000
JPMorgan
Chase
Bank
NA
04/04/23
1,773
BRL
409,422
USD
78,000
Morgan
Stanley
&
Co.
International
plc
04/04/23
2,778
AUD
216,000
USD
144,169
Morgan
Stanley
&
Co.
International
plc
04/18/23
288
CAD
57,282
USD
42,000
Morgan
Stanley
&
Co.
International
plc
04/18/23
392
CHF
72,132
USD
78,000
BNP
Paribas
SA
04/18/23
956
CLP
23,941,500
USD
30,000
BNP
Paribas
SA
04/18/23
69
CLP
23,935,500
USD
30,000
Citibank
NA
04/18/23
61
COP
372,372,000
USD
78,000
Goldman
Sachs
International
04/18/23
1,752
CZK
7,728,890
USD
350,000
UBS
AG
04/18/23
6,888
EUR
128,000
NOK
1,445,612
UBS
AG
04/18/23
760
EUR
74,000
USD
78,272
BNP
Paribas
SA
04/18/23
2,044
EUR
56,000
USD
59,218
JPMorgan
Chase
Bank
NA
04/18/23
1,562
EUR
104,000
USD
110,888
Morgan
Stanley
&
Co.
International
plc
04/18/23
1,988
GBP
98,000
USD
119,962
Bank
of
America
NA
04/18/23
966
GBP
22,000
USD
26,390
UBS
AG
04/18/23
758
IDR
1,784,370,000
USD
116,000
Barclays
Bank
plc
04/18/23
3,344
JPY
8,392,956
EUR
58,000
Deutsche
Bank
AG
04/18/23
400
JPY
10,361,258
USD
78,000
JPMorgan
Chase
Bank
NA
04/18/23
208
JPY
19,361,501
USD
143,000
Morgan
Stanley
&
Co.
International
plc
04/18/23
3,142
MXN
1,508,120
USD
80,000
Citibank
NA
04/18/23
3,462
MXN
616,916
USD
34,000
Deutsche
Bank
AG
04/18/23
142
MXN
6,053,834
USD
317,000
Goldman
Sachs
International
04/18/23
18,029
MXN
2,241,470
USD
118,000
HSBC
Bank
plc
04/18/23
6,046
NOK
841,412
USD
80,000
Citibank
NA
04/18/23
418
NOK
852,464
USD
79,000
Deutsche
Bank
AG
04/18/23
2,474
NOK
617,716
USD
58,000
Goldman
Sachs
International
04/18/23
1,038
THB
5,070,000
USD
147,000
UBS
AG
04/18/23
1,492
BlackRock
Total
Return
V.I.
Fund
20
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
121,754
EUR
112,000
JPMorgan
Chase
Bank
NA
04/18/23
$
199
USD
80,000
JPY
10,489,440
HSBC
Bank
plc
04/18/23
826
USD
118,000
JPY
15,541,780
Morgan
Stanley
&
Co.
International
plc
04/18/23
690
USD
84,000
THB
2,855,160
Deutsche
Bank
AG
04/18/23
378
ZAR
1,418,948
EUR
72,000
Morgan
Stanley
&
Co.
International
plc
04/18/23
1,451
ZAR
2,169,770
USD
118,000
Barclays
Bank
plc
04/18/23
3,714
ZAR
1,458,082
USD
80,000
Goldman
Sachs
International
04/18/23
1,792
BRL
201,605
USD
39,000
Deutsche
Bank
AG
05/03/23
582
BRL
201,459
USD
39,000
Goldman
Sachs
International
05/03/23
553
COP
343,461,107
USD
68,851
Barclays
Bank
plc
05/10/23
4,352
EUR
28,923
USD
31,004
UBS
AG
05/10/23
427
MXN
2,786,320
USD
152,221
Bank
of
New
York
Mellon
05/10/23
1,313
MXN
7,788,087
USD
416,698
JPMorgan
Chase
Bank
NA
05/10/23
12,447
ZAR
898,400
USD
49,061
BNP
Paribas
SA
05/10/23
1,235
ZAR
2,219,284
USD
121,433
Morgan
Stanley
&
Co.
International
plc
05/10/23
2,811
USD
110,000
TWD
3,282,730
Bank
of
America
NA
05/16/23
2,060
EUR
593,749
USD
638,290
Barclays
Bank
plc
06/21/23
8,531
EUR
440,000
USD
471,129
Citibank
NA
06/21/23
8,200
EUR
220,000
USD
235,558
Deutsche
Bank
AG
06/21/23
4,107
EUR
456,251
USD
489,591
JPMorgan
Chase
Bank
NA
06/21/23
7,442
GBP
80,000
USD
97,427
Bank
of
America
NA
06/21/23
1,415
GBP
270,000
USD
330,124
BNP
Paribas
SA
06/21/23
3,469
GBP
680,000
USD
831,258
JPMorgan
Chase
Bank
NA
06/21/23
8,903
GBP
140,000
USD
170,659
Morgan
Stanley
&
Co.
International
plc
06/21/23
2,316
GBP
140,000
USD
168,965
Toronto
Dominion
Bank
06/21/23
4,009
JPY
35,000,000
USD
260,817
Deutsche
Bank
AG
06/21/23
5,885
USD
533,212
JPY
69,010,000
Barclays
Bank
plc
06/21/23
7,352
USD
542,635
JPY
71,063,000
Deutsche
Bank
AG
06/21/23
1,131
USD
992,131
JPY
127,990,000
Goldman
Sachs
International
06/21/23
16,840
181,394
IDR
512,863,929
USD
34,248
Deutsche
Bank
AG
04/04/23
(45)
USD
40,000
BRL
213,603
BNP
Paribas
SA
04/04/23
(2,144)
USD
39,000
BRL
200,720
Deutsche
Bank
AG
04/04/23
(602)
USD
136,000
BRL
704,358
Goldman
Sachs
International
04/04/23
(2,969)
USD
39,000
BRL
204,601
UBS
AG
04/04/23
(1,368)
AUD
86,000
CAD
78,297
Morgan
Stanley
&
Co.
International
plc
04/18/23
(429)
CAD
157,438
EUR
108,000
Bank
of
America
NA
04/18/23
(702)
CHF
72,978
USD
80,000
BNP
Paribas
SA
04/18/23
(118)
COP
362,937,600
GBP
64,000
HSBC
Bank
plc
04/18/23
(1,242)
EUR
114,000
PLN
537,278
Goldman
Sachs
International
04/18/23
(638)
JPY
15,584,880
USD
118,000
JPMorgan
Chase
Bank
NA
04/18/23
(372)
KRW
251,621,880
USD
194,000
Citibank
NA
04/18/23
(1,254)
KRW
76,959,600
USD
59,000
Deutsche
Bank
AG
04/18/23
(48)
KRW
77,006,800
USD
59,000
Goldman
Sachs
International
04/18/23
(12)
MXN
2,046,228
GBP
94,000
Deutsche
Bank
AG
04/18/23
(2,750)
NOK
805,756
EUR
72,000
BNP
Paribas
SA
04/18/23
(1,134)
USD
77,342
AUD
116,000
Goldman
Sachs
International
04/18/23
(238)
USD
22,000
CAD
30,003
HSBC
Bank
plc
04/18/23
(204)
USD
116,000
CAD
159,986
UBS
AG
04/18/23
(2,400)
USD
40,000
CLP
32,664,000
Bank
of
America
NA
04/18/23
(1,024)
USD
117,000
CLP
93,348,450
Citibank
NA
04/18/23
(239)
USD
78,000
CLP
63,390,600
Goldman
Sachs
International
04/18/23
(1,614)
USD
78,000
COP
371,592,000
Goldman
Sachs
International
04/18/23
(1,586)
USD
79,445
EUR
74,000
BNP
Paribas
SA
04/18/23
(870)
USD
79,794
EUR
74,000
JPMorgan
Chase
Bank
NA
04/18/23
(522)
USD
79,456
EUR
75,000
Morgan
Stanley
&
Co.
International
plc
04/18/23
(1,944)
USD
39,254
GBP
33,000
BNP
Paribas
SA
04/18/23
(1,467)
USD
77,330
GBP
64,000
JPMorgan
Chase
Bank
NA
04/18/23
(1,644)
USD
77,972
GBP
65,000
UBS
AG
04/18/23
(2,235)
USD
21,000
HUF
7,524,151
JPMorgan
Chase
Bank
NA
04/18/23
(376)
USD
21,000
HUF
7,527,330
Morgan
Stanley
&
Co.
International
plc
04/18/23
(385)
USD
116,000
IDR
1,762,040,000
Standard
Chartered
Bank
04/18/23
(1,850)
BlackRock
Total
Return
V.I.
Fund
21
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
78,000
KRW
102,421,800
Citibank
NA
04/18/23
$
(456)
USD
116,000
KRW
152,685,000
Morgan
Stanley
&
Co.
International
plc
04/18/23
(958)
USD
534,333
MXN
10,167,806
Goldman
Sachs
International
04/18/23
(28,369)
USD
196,000
MXN
3,582,414
HSBC
Bank
plc
04/18/23
(2,258)
USD
79,000
NOK
847,481
Morgan
Stanley
&
Co.
International
plc
04/18/23
(1,998)
USD
113,946
NZD
184,000
Morgan
Stanley
&
Co.
International
plc
04/18/23
(1,114)
USD
133,000
ZAR
2,451,733
State
Street
Bank
and
Trust
Co.
04/18/23
(4,530)
ZAR
1,423,416
USD
80,000
Bank
of
America
NA
04/18/23
(154)
USD
40,000
BRL
206,624
Goldman
Sachs
International
05/03/23
(568)
USD
175,714
COP
854,320,440
Bank
of
America
NA
05/10/23
(6,370)
USD
109,927
COP
527,244,935
Deutsche
Bank
AG
05/10/23
(2,446)
USD
82,260
EUR
76,393
Citibank
NA
05/10/23
(758)
USD
314,296
MXN
5,968,383
Barclays
Bank
plc
05/10/23
(14,578)
USD
1,168,715
MXN
21,989,951
JPMorgan
Chase
Bank
NA
05/10/23
(42,992)
USD
58,810
MXN
1,108,031
Morgan
Stanley
&
Co.
International
plc
05/10/23
(2,246)
USD
231,274
ZAR
4,175,581
State
Street
Bank
and
Trust
Co.
05/10/23
(2,490)
USD
86,289
CZK
1,970,945
HSBC
Bank
plc
06/07/23
(4,485)
USD
36,068
CZK
801,391
Morgan
Stanley
&
Co.
International
plc
06/07/23
(841)
USD
64,213
CZK
1,442,374
UBS
AG
06/07/23
(2,217)
EUR
310,000
USD
339,287
Barclays
Bank
plc
06/21/23
(1,578)
EUR
150,000
USD
163,854
Goldman
Sachs
International
06/21/23
(446)
EUR
400,000
USD
437,260
Morgan
Stanley
&
Co.
International
plc
06/21/23
(1,506)
JPY
33,000,000
USD
256,719
Barclays
Bank
plc
06/21/23
(5,257)
JPY
129,000,000
USD
996,166
Goldman
Sachs
International
06/21/23
(13,179)
JPY
35,000,000
USD
270,287
Morgan
Stanley
&
Co.
International
plc
06/21/23
(3,585)
USD
117,201
CAD
161,000
HSBC
Bank
plc
06/21/23
(2,081)
USD
97,529
EUR
90,000
Bank
of
America
NA
06/21/23
(516)
USD
235,228
EUR
220,000
BNP
Paribas
SA
06/21/23
(4,437)
USD
355,990
EUR
330,000
Citibank
NA
06/21/23
(3,507)
USD
1,088,625
EUR
1,010,000
JPMorgan
Chase
Bank
NA
06/21/23
(11,653)
USD
986,521
EUR
920,000
Morgan
Stanley
&
Co.
International
plc
06/21/23
(15,712)
USD
197,745
EUR
182,437
State
Street
Bank
and
Trust
Co.
06/21/23
(998)
USD
706,014
EUR
653,524
Toronto
Dominion
Bank
06/21/23
(5,925)
USD
1,102,134
EUR
1,021,476
UBS
AG
06/21/23
(10,646)
USD
495,449
GBP
410,000
Bank
of
America
NA
06/21/23
(11,118)
USD
270,615
GBP
220,000
Barclays
Bank
plc
06/21/23
(1,202)
USD
326,822
GBP
270,000
BNP
Paribas
SA
06/21/23
(6,771)
USD
170,559
GBP
140,000
Goldman
Sachs
International
06/21/23
(2,415)
USD
328,638
GBP
270,000
Morgan
Stanley
&
Co.
International
plc
06/21/23
(4,955)
USD
133,373
JPY
18,000,000
Bank
of
America
NA
06/21/23
(3,788)
USD
127,245
JPY
17,000,000
BNP
Paribas
SA
06/21/23
(2,296)
USD
34,214
IDR
512,863,929
Barclays
Bank
plc
06/30/23
(30)
USD
170,879
IDR
2,575,660,386
HSBC
Bank
plc
06/30/23
(1,101)
USD
563,962
MXN
10,562,162
JPMorgan
Chase
Bank
NA
08/31/23
(5,189)
(274,144)
$
(92,750)
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
EUR
Currency
...............
Down
and
In
Bank
of
America
NA
04/26/23
CAD
1.40
CAD
1.40
EUR
14
$
256
$
–
BlackRock
Total
Return
V.I.
Fund
22
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
U.S.
Treasury
2
Year
Note
......................
5
05/26/23
USD
104.00
USD
1,000
$
3,047
Put
3-mo.
SOFR
Interest
Futures
....................
579
04/14/23
USD
95.81
USD
144,750
14,475
$
17,522
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Barclays
Bank
plc
04/11/23
CLP
820.00
USD
158
$
560
USD
Currency
...........................
Barclays
Bank
plc
04/13/23
CNH
6.95
USD
158
234
EUR
Currency
...........................
Bank
of
America
NA
04/21/23
USD
1.13
EUR
1,200
253
USD
Currency
...........................
Citibank
NA
04/28/23
NOK
11.00
USD
158
411
EUR
Currency
...........................
Deutsche
Bank
AG
05/05/23
USD
1.11
EUR
1,540
4,105
5,563
Put
USD
Currency
...........................
Deutsche
Bank
AG
04/20/23
NOK
10.40
USD
160
1,684
EUR
Currency
...........................
Morgan
Stanley
&
Co.
International
plc
04/28/23
NOK
11.30
EUR
144
1,349
USD
Currency
...........................
Deutsche
Bank
AG
05/12/23
BRL
5.10
USD
158
3,417
EUR
Currency
...........................
Goldman
Sachs
International
06/29/23
USD
1.08
EUR
9,096
101,551
108,001
$
113,564
OTC
Dual
Binary
Options
Purchased
Description
(a)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Put
Dual
Binary
Option
payout
at
expiry
if
USDJPY
<
128.506
and
JPY
TONAR
10
year
>
0.888
........
Citibank
NA
240,000
06/30/23
USD
30,842
$
24,000
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.29%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
02/14/24
3.29
%
USD
10,536
$
470,699
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.31%
Semi-Annual
Bank
of
America
NA
02/15/24
3.31
USD
5,070
230,949
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.32%
Semi-Annual
Bank
of
America
NA
02/15/24
3.32
USD
5,228
242,210
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.00%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/28/24
3.00
USD
5,704
200,478
2-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.20%
Annual
Morgan
Stanley
&
Co.
International
plc
02/17/25
2.20
EUR
1,310
9,303
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.09%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/27/26
3.09
USD
686
37,461
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.08%
Semi-Annual
Bank
of
America
NA
03/30/26
3.08
USD
2,339
126,769
BlackRock
Total
Return
V.I.
Fund
23
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.10%
Semi-Annual
Citibank
NA
03/30/26
3.10
%
USD
776
$
42,718
1,360,587
Put
10-Year
Interest
Rate
Swap
(a)
3.29%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
02/14/24
3.29
USD
10,536
259,921
10-Year
Interest
Rate
Swap
(a)
3.32%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
02/15/24
3.32
USD
5,228
124,162
10-Year
Interest
Rate
Swap
(a)
3.31%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
02/15/24
3.31
USD
5,070
122,713
10-Year
Interest
Rate
Swap
(a)
3.00%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/28/24
3.00
USD
5,704
200,479
10-Year
Interest
Rate
Swap
(a)
3.09%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/27/26
3.09
USD
686
33,928
10-Year
Interest
Rate
Swap
(a)
3.08%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
03/30/26
3.08
USD
2,339
116,676
10-Year
Interest
Rate
Swap
(a)
3.10%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
03/30/26
3.10
USD
776
38,175
896,054
$
2,256,641
(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
04/21/23
USD
104.50
USD
1,000
$
(547)
U.S.
Treasury
5
Year
Note
.......................
2
04/21/23
USD
109.00
USD
200
(1,922)
(2,469)
Put
3-mo.
SOFR
Interest
Futures
.....................
772
04/14/23
USD
95.13
USD
193,000
(4,824)
U.S.
Treasury
2
Year
Note
.......................
5
04/21/23
USD
102.50
USD
1,000
(781)
U.S.
Treasury
5
Year
Note
.......................
2
04/21/23
USD
108.00
USD
200
(297)
U.S.
Treasury
10
Year
Note
......................
4
05/26/23
USD
114.50
USD
400
(5,063)
(10,965)
$
(13,434)
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
.............................
Barclays
Bank
plc
04/11/23
CLP
880.00
USD
198
$
(32)
USD
Currency
.............................
Barclays
Bank
plc
04/13/23
CNH
7.10
USD
158
(22)
EUR
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
04/28/23
NOK
11.50
EUR
144
(954)
–
(1,008)
–
Put
USD
Currency
.............................
Barclays
Bank
plc
04/11/23
CLP
750.00
USD
158
(33)
USD
Currency
.............................
Deutsche
Bank
AG
04/20/23
NOK
10.00
USD
240
(306)
USD
Currency
.............................
Deutsche
Bank
AG
05/12/23
BRL
4.90
USD
236
(1,574)
EUR
Currency
.............................
Goldman
Sachs
International
06/29/23
USD
1.02
EUR
9,096
(16,676)
–
(18,589)
–
$
(19,597)
BlackRock
Total
Return
V.I.
Fund
24
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
3.11%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/19/23
3.11
%
USD
13,961
$
(452,637)
10-Year
Interest
Rate
Swap
(a)
3.16%
Semi-Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
01/04/24
3.16
USD
4,333
(156,222)
10-Year
Interest
Rate
Swap
(a)
3.15%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
01/08/24
3.15
USD
4,333
(154,848)
10-Year
Interest
Rate
Swap
(a)
3.11%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
01/10/24
3.11
USD
11,689
(395,078)
10-Year
Interest
Rate
Swap
(a)
2.95%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/13/26
2.95
USD
851
(41,459)
10-Year
Interest
Rate
Swap
(a)
3.02%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
03/16/26
3.02
USD
2,023
(104,414)
10-Year
Interest
Rate
Swap
(a)
3.12%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
03/16/26
3.12
USD
1,767
(98,271)
10-Year
Interest
Rate
Swap
(a)
3.14%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
03/16/26
3.14
USD
2,356
(133,110)
10-Year
Interest
Rate
Swap
(a)
3.13%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
03/23/26
3.13
USD
786
(44,360)
(1,580,399)
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.11%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
12/19/23
3.11
USD
13,961
(411,983)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.16%
Semi-Annual
Deutsche
Bank
AG
01/04/24
3.16
USD
4,333
(120,313)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.15%
Semi-Annual
JPMorgan
Chase
Bank
NA
01/08/24
3.15
USD
4,333
(122,746)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.11%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
01/10/24
3.11
USD
11,689
(351,940)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
2.95%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/13/26
2.95
USD
851
(46,041)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.02%
Semi-Annual
Goldman
Sachs
International
03/16/26
3.02
USD
2,023
(104,546)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.12%
Semi-Annual
Goldman
Sachs
International
03/16/26
3.12
USD
1,767
(85,703)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.14%
Semi-Annual
Goldman
Sachs
International
03/16/26
3.14
USD
2,356
(112,715)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.13%
Semi-Annual
Bank
of
America
NA
03/23/26
3.13
USD
786
(37,753)
(1,393,740)
$
(2,974,139)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx
Europe
Crossover
Index
Series
39.V1
.
5.00
%
Quarterly
06/20/28
EUR
155
$
(4,658)
$
(1,600)
$
(3,058)
BlackRock
Total
Return
V.I.
Fund
25
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
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)
0.21%
Annual
1-day
TONAR
Annual
N/A
02/03/25
JPY
130,448
$
(1,768)
$
—
$
(1,768)
0.20%
Annual
1-day
TONAR
Annual
N/A
02/03/25
JPY
130,448
(1,669)
—
(1,669)
2.95%
Annual
1-day
ESTR
Annual
06/12/23
(a)
03/13/25
EUR
2,530
11,671
—
11,671
2.84%
Annual
1-day
ESTR
Annual
06/12/23
(a)
03/13/25
EUR
1,810
11,888
—
11,888
1-day
SONIA
At
Termination
3.84%
At
Termination
03/18/24
(a)
03/18/25
GBP
1,710
(3,786)
—
(3,786)
3-mo.
JIBAR
Quarterly
7.20%
Quarterly
03/20/24
(a)
03/20/25
ZAR
11,002
(2,365)
—
(2,365)
1-day
SONIA
At
Termination
3.85%
At
Termination
03/25/24
(a)
03/25/25
GBP
3,500
(6,862)
—
(6,862)
1-day
ESTR
At
Termination
2.84%
At
Termination
03/26/24
(a)
03/26/25
EUR
1,610
(2,723)
2,473
(5,196)
28-day
MXIBTIIE
Monthly
10.20%
Monthly
N/A
03/27/25
MXN
6,853
1,103
—
1,103
3-mo.
JIBAR
Quarterly
7.70%
Quarterly
06/19/24
(a)
06/19/25
ZAR
12,430
1
(1)
2
4.45%
Annual
3-mo.
PRIBOR
Quarterly
06/19/24
(a)
06/19/25
CZK
7,862
1,067
—
1,067
5.53%
Annual
6-mo.
WIBOR
Semi-Annual
09/20/23
(a)
09/20/25
PLN
1,255
1,503
—
1,503
28-day
MXIBTIIE
Monthly
8.42%
Monthly
N/A
01/20/28
MXN
4,623
(1,867)
—
(1,867)
5.70%
Annual
6-mo.
WIBOR
Semi-Annual
09/20/23
(a)
09/20/28
PLN
1,453
(5,418)
—
(5,418)
6-mo.
EURIBOR
Semi-Annual
2.44%
Annual
07/14/27
(a)
07/14/32
EUR
383
(6,410)
—
(6,410)
3.15%
Annual
1-day
SOFR
Annual
02/14/28
(a)
02/14/33
USD
203
(1,250)
—
(1,250)
1-day
ESTR
Annual
2.69%
Annual
02/15/28
(a)
02/15/33
EUR
181
116
—
116
3.46%
Annual
1-day
SOFR
Annual
N/A
02/15/33
USD
913
(18,948)
—
(18,948)
0.90%
Annual
1-day
TONAR
Annual
N/A
02/15/33
JPY
153,382
(30,122)
—
(30,122)
0.92%
Annual
1-day
TONAR
Annual
N/A
02/15/33
JPY
222,140
(46,490)
—
(46,490)
0.89%
Annual
1-day
TONAR
Annual
N/A
02/15/33
JPY
76,691
(14,214)
—
(14,214)
0.90%
Annual
1-day
TONAR
Annual
N/A
02/15/33
JPY
76,691
(14,920)
—
(14,920)
3.49%
Annual
1-day
SOFR
Annual
N/A
02/17/33
USD
2,738
(65,186)
—
(65,186)
3.62%
Annual
1-day
SOFR
Annual
N/A
02/23/33
USD
1,826
(63,037)
—
(63,037)
3.28%
Annual
1-day
SOFR
Annual
02/24/28
(a)
02/24/33
USD
202
(2,286)
—
(2,286)
1-day
ESTR
Annual
2.95%
Annual
03/02/28
(a)
03/02/33
EUR
91
1,091
—
1,091
3.45%
Annual
1-day
SOFR
Annual
03/02/28
(a)
03/02/33
USD
101
(1,842)
—
(1,842)
3.35%
Annual
1-day
SOFR
Annual
03/03/28
(a)
03/03/33
USD
96
(1,364)
—
(1,364)
3.28%
Annual
1-day
SOFR
Annual
03/03/28
(a)
03/03/33
USD
94
(1,065)
—
(1,065)
3.78%
Annual
1-day
SOFR
Annual
N/A
03/06/33
USD
2,738
(134,750)
—
(134,750)
1-day
SOFR
Annual
3.11%
Annual
N/A
03/14/33
USD
1,821
(14,247)
735
(14,982)
1-day
SOFR
Annual
3.31%
Annual
N/A
03/15/33
USD
1,232
11,178
—
11,178
1-day
SOFR
Annual
3.31%
Annual
N/A
03/15/33
USD
1,506
13,331
—
13,331
1-day
SOFR
Annual
3.21%
Annual
N/A
03/17/33
USD
1,369
1,496
—
1,496
1-day
SOFR
Annual
3.22%
Annual
N/A
03/17/33
USD
1,369
1,845
—
1,845
3.35%
Annual
1-day
SOFR
Annual
N/A
03/20/33
USD
414
(5,310)
—
(5,310)
1-day
ESTR
Annual
2.74%
Annual
03/22/28
(a)
03/22/33
EUR
89
251
—
251
3.13%
Annual
1-day
SOFR
Annual
03/22/28
(a)
03/22/33
USD
98
(514)
—
(514)
3-mo.
BA
Semi-Annual
3.30%
Semi-Annual
N/A
03/27/33
CAD
60
(81)
5
(86)
3-mo.
BA
Semi-Annual
3.35%
Semi-Annual
N/A
03/30/33
CAD
122
236
(255)
491
2.37%
Annual
1-day
SOFR
Annual
02/03/43
(a)
02/03/53
USD
83
(21)
—
(21)
2.37%
Annual
1-day
SOFR
Annual
02/09/43
(a)
02/09/53
USD
78
(10)
—
(10)
2.47%
Annual
1-day
SOFR
Annual
02/10/43
(a)
02/10/53
USD
102
(491)
—
(491)
2.41%
Annual
1-day
SOFR
Annual
02/17/43
(a)
02/17/53
USD
102
(228)
—
(228)
3.37%
Semi-Annual
3-mo.
BA
Semi-Annual
N/A
03/27/53
CAD
26
30
(5)
35
3.40%
Semi-Annual
3-mo.
BA
Semi-Annual
N/A
03/30/53
CAD
53
(174)
138
(312)
$
(392,611)
$
3,090
$
(395,701)
(a)
Forward
swap.
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Federative
Republic
of
Brazil
..
1.00
%
Quarterly
Barclays
Bank
plc
12/20/24
USD
120
$
(369)
$
1,046
$
(1,415)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
122
(376)
1,064
(1,440)
BlackRock
Total
Return
V.I.
Fund
26
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Federative
Republic
of
Brazil
..
1.00
%
Quarterly
Barclays
Bank
plc
12/20/24
USD
120
$
(369)
$
1,046
$
(1,415)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
78
(240)
667
(907)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
170
(523)
1,454
(1,977)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
123
(379)
1,052
(1,431)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
141
8,099
10,231
(2,132)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
144
8,249
10,421
(2,172)
Republic
of
Colombia
.......
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
518
42,058
52,103
(10,045)
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
06/20/28
USD
381
3,417
7,293
(3,876)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
99
555
1,056
(501)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
3
17
34
(17)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
8
1,970
411
1,559
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
1
—
(130)
130
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
-0-
—
(11)
11
$
–
$
–
$
–
$
62,109
$
87,737
$
(25,628)
$
–
$
–
$
–
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
$
(1,971)
$
(854)
$
(1,117)
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A
USD
120
(10,673)
(4,604)
(6,069)
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A
USD
60
(5,336)
(2,341)
(2,995)
CMBX.NA.10.BBB-
....
3.00
Monthly
J.P.
Morgan
Securities
LLC
11/17/59
BBB-
USD
10
(2,854)
(765)
(2,089)
CMBX.NA.14.BBB-
....
3.00
Monthly
Goldman
Sachs
International
12/16/72
BBB-
USD
90
(25,267)
(15,128)
(10,139)
$
(46,101)
$
(23,692)
$
(22,409)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.42%
Semi-Annual
1-day
CLICP
Semi-Annual
Bank
of
America
NA
04/01/23
CLP
688,128
$
43,850
$
—
$
43,850
1-day
CLICP
Semi-Annual
1.65%
Semi-Annual
Bank
of
America
NA
05/28/23
CLP
688,128
(42,929)
—
(42,929)
1-day
BZDIOVER
At
Termination
12.60%
At
Termination
Bank
of
America
NA
07/01/24
BRL
1,928
435
—
435
1-day
BZDIOVER
At
Termination
12.97%
At
Termination
Citibank
NA
07/01/24
BRL
1,112
1,079
—
1,079
1-day
BZDIOVER
At
Termination
12.97%
At
Termination
Goldman
Sachs
International
07/01/24
BRL
672
645
—
645
1-day
BZDIOVER
At
Termination
11.65%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
463
(1,613)
—
(1,613)
1-day
BZDIOVER
At
Termination
11.69%
At
Termination
Citibank
NA
01/02/25
BRL
648
(2,129)
—
(2,129)
1-day
BZDIOVER
At
Termination
12.85%
At
Termination
Citibank
NA
01/02/25
BRL
1,879
4,756
—
4,756
$
4,094
$
—
$
4,094
BlackRock
Total
Return
V.I.
Fund
27
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
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.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
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.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
Investment
Grade
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
06/20/23
USD
5,949
$
65,033
$
(56,128)
$
121,161
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
Investment
Grade
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
06/20/23
USD
5,950
89,782
(56,138)
145,920
$
154,815
$
(112,266)
$
267,081
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Update
BDFOnyX_RefernceIndex_Library
0.05
%
1-day
CLICP
.........................................
Update
BDFOnyX_RefernceIndex_Library
0.97
1-day
ESTR
.........................................
Update
BDFOnyX_RefernceIndex_Library
993.30
1-day
SOFR
.........................................
Update
BDFOnyX_RefernceIndex_Library
4.87
1-day
SONIA
.........................................
Update
BDFOnyX_RefernceIndex_Library
4.18
1-day
TONAR
........................................
Update
BDFOnyX_RefernceIndex_Library
(0.03)
28-day
MXIBTIIE
......................................
Update
BDFOnyX_RefernceIndex_Library
11.53
3-mo.
BA
...........................................
Update
BDFOnyX_RefernceIndex_Library
5.06
3-mo.
JIBAR
.........................................
Update
BDFOnyX_RefernceIndex_Library
7.96
3-mo.
PRIBOR
.......................................
Update
BDFOnyX_RefernceIndex_Library
7.18
6-mo.
EURIBOR
......................................
Update
BDFOnyX_RefernceIndex_Library
3.49
6-mo.
WIBOR
........................................
Update
BDFOnyX_RefernceIndex_Library
6.85
BlackRock
Total
Return
V.I.
Fund
28
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
33,084,243
$
—
$
33,084,243
Corporate
Bonds
Aerospace
&
Defense
....................................
—
12,095,223
—
12,095,223
Banks
...............................................
—
12,294,773
—
12,294,773
Beverages
...........................................
—
742,094
—
742,094
Biotechnology
.........................................
—
4,810,207
—
4,810,207
Broadline
Retail
........................................
—
1,442,653
—
1,442,653
Building
Products
.......................................
—
38,624
—
38,624
Capital
Markets
........................................
—
18,766,832
—
18,766,832
Chemicals
............................................
—
618,923
—
618,923
Commercial
Services
&
Supplies
.............................
—
315,315
—
315,315
Communications
Equipment
................................
—
2,395,381
—
2,395,381
Construction
&
Engineering
................................
—
190,875
—
190,875
Consumer
Finance
......................................
—
3,309,550
—
3,309,550
Containers
&
Packaging
..................................
—
560,111
—
560,111
Diversified
REITs
.......................................
—
5,291,944
—
5,291,944
Diversified
Telecommunication
Services
........................
—
5,960,671
—
5,960,671
Electric
Utilities
........................................
—
23,855,716
—
23,855,716
Entertainment
.........................................
—
280,683
—
280,683
Financial
Services
......................................
—
2,573,681
750
2,574,431
Food
Products
.........................................
—
176,865
—
176,865
Gas
Utilities
...........................................
—
725,305
—
725,305
Ground
Transportation
...................................
—
4,482,615
—
4,482,615
Health
Care
Equipment
&
Supplies
...........................
—
913,934
—
913,934
Health
Care
Providers
&
Services
............................
—
3,940,277
—
3,940,277
Hotels,
Restaurants
&
Leisure
..............................
—
25,863
—
25,863
Industrial
REITs
........................................
—
680,707
—
680,707
Insurance
............................................
—
1,961,269
—
1,961,269
Interactive
Media
&
Services
...............................
—
152,195
—
152,195
Life
Sciences
Tools
&
Services
..............................
—
773,526
—
773,526
Machinery
............................................
—
783,316
—
783,316
Media
...............................................
—
4,344,708
—
4,344,708
Metals
&
Mining
........................................
—
1,293,263
—
1,293,263
Multi-Utilities
..........................................
—
2,077,988
—
2,077,988
Oil,
Gas
&
Consumable
Fuels
...............................
—
28,484,444
—
28,484,444
Paper
&
Forest
Products
..................................
—
73,350
—
73,350
Passenger
Airlines
......................................
—
2,219,907
—
2,219,907
Personal
Care
Products
..................................
—
124,331
—
124,331
Pharmaceuticals
.......................................
—
1,283,441
—
1,283,441
Real
Estate
Management
&
Development
.......................
—
266,500
—
266,500
Retail
REITs
..........................................
—
411,909
—
411,909
Semiconductors
&
Semiconductor
Equipment
....................
—
6,956,027
—
6,956,027
Software
.............................................
—
5,847,805
—
5,847,805
Specialized
REITs
......................................
—
4,358,289
—
4,358,289
Specialty
Retail
........................................
—
1,014,269
—
1,014,269
Technology
Hardware,
Storage
&
Peripherals
....................
—
1,619,638
—
1,619,638
Tobacco
.............................................
—
3,388,088
—
3,388,088
Wireless
Telecommunication
Services
.........................
—
1,545,960
—
1,545,960
Floating
Rate
Loan
Interests
Broadline
Retail
........................................
—
60,881
—
60,881
Building
Products
.......................................
—
34,919
—
34,919
Chemicals
............................................
—
330,562
—
330,562
Commercial
Services
&
Supplies
.............................
—
133,536
—
133,536
Consumer
Finance
......................................
—
—
1,575
1,575
Diversified
Telecommunication
Services
........................
—
261,905
—
261,905
Financial
Services
......................................
—
—
606,950
606,950
Food
Products
.........................................
—
173,479
—
173,479
Health
Care
Providers
&
Services
............................
—
44,482
146,132
190,614
Hotels,
Restaurants
&
Leisure
..............................
—
725,032
—
725,032
Household
Durables
.....................................
—
65,566
—
65,566
IT
Services
...........................................
—
149,378
—
149,378
Fair
Value
Hierarchy
as
of
Period
End
(continued)
BlackRock
Total
Return
V.I.
Fund
29
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Level
1
Level
2
Level
3
Total
Media
...............................................
$
—
$
222,371
$
—
$
222,371
Specialty
Retail
........................................
—
125,840
—
125,840
Foreign
Agency
Obligations
.................................
—
1,108,107
—
1,108,107
Foreign
Government
Obligations
..............................
—
6,671,472
—
6,671,472
Municipal
Bonds
.........................................
—
4,298,727
—
4,298,727
Non-Agency
Mortgage-Backed
Securities
........................
—
10,055,933
1
10,055,934
Other
Interests
..........................................
—
—
—
—
Capital
Trusts
...........................................
—
393,009
—
393,009
U.S.
Government
Sponsored
Agency
Securities
....................
—
345,866,621
—
345,866,621
U.S.
Treasury
Obligations
...................................
—
218,091,695
—
218,091,695
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
794,446
—
794,446
Money
Market
Funds
......................................
44,891,014
—
—
44,891,014
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
113,820
—
113,820
Interest
rate
contracts
......................................
17,522
2,256,641
—
2,274,163
Other
contracts
..........................................
—
24,000
—
24,000
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(112,163,542)
—
(112,163,542)
$
44,908,536
$
688,392,168
$
755,408
$
734,056,112
Investments
Valued
at
NAV
(a)
.....................................
132,414,278
$
—
$
866,470,390
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
1,700
$
—
$
1,700
Equity
contracts
...........................................
2,465
—
—
2,465
Foreign
currency
exchange
contracts
............................
—
181,394
—
181,394
Interest
rate
contracts
.......................................
1,339,282
374,914
—
1,714,196
Liabilities
Credit
contracts
...........................................
—
(52,795)
—
(52,795)
Foreign
currency
exchange
contracts
............................
—
(293,741)
—
(293,741)
Interest
rate
contracts
.......................................
(793,717)
(3,473,579)
—
(4,267,296)
$
548,030
$
(3,262,107)
$
—
$
(2,714,077)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
BlackRock
Total
Return
V.I.
Fund
30
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2023
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Chinese
Yuan
Offshore
COP
Colombian
Peso
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
RUB
New
Russian
Ruble
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
BA
Canadian
Bankers
Acceptances
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
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
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
PIK
Payment-In-Kind
PRIBOR
Prague
Interbank
Offered
Rate
RB
Revenue
Bonds
REMIC
Real
Estate
Mortgage
Investment
Conduit
S&P
Standard
&
Poor's
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
TONAR
Tokyo
Overnight
Average
Rate
WIBOR
Warsaw
Interbank
Offered
Rate