BlackRock Variable Series Funds II NPORT-P BlackRock Total Return V.I. Fund (Mar 2023 report)

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

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

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