Schedule
of
Investments
(unaudited)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(a)
Series
2003-OP1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.72%
Floor
+
0.83%),
6.15%,
12/25/33
...............
USD
112
$
103,936
Series
2007-HE4,
Class
A2A,
(1-mo.
CME
Term
SOFR
+
0.37%),
5.69%,
05/25/37
85
14,505
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.68%,
10/21/28
(a)
(b)
........
266
265,607
Allegro
CLO
VII
Ltd.,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.67%,
06/13/31
(a)
(b)
.........
250
249,113
American
Homes
4
Rent
Trust,
Series
2014-
SFR3,
Class
A,
3.68%,
12/17/36
(b)
.....
167
162,598
Anchorage
Capital
CLO
4-R
Ltd.,
Series
2014-
4RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.68%,
01/28/31
(a)
(b)
208
206,769
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.81%,
10/13/30
207
206,339
Series
2018-1RA,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.25%),
6.55%,
04/13/31
292
290,939
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.65%,
04/15/31
(a)
(b)
.........
2,493
2,486,437
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.27%),
6.60%,
04/20/31
(a)
(b)
.........
498
496,654
Apidos
CLO
XXIV,
Series
2016-24A,
Class
A1AL,
(3-mo.
CME
Term
SOFR
+
1.21%),
6.54%,
10/20/30
(a)
(b)
...............
350
348,257
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.74%,
10/15/30
(a)
(b)
....
236
235,630
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.59%),
5.91%,
05/25/35
(a)
.....
32
28,069
BankAmerica
Manufactured
Housing
Contract
Trust,
Series
1998-2,
Class
B1,
7.32%,
12/10/25
(a)
.....................
300
53,555
Barings
CLO
Ltd.,
Series
2015-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.78%,
10/20/30
(a)
(b)
.........
243
242,027
Bayview
Financial
Revolving
Asset
Trust
(a)(b)
Series
2004-B,
Class
A1,
(1-mo.
CME
Term
SOFR
+
1.11%),
6.43%,
05/28/39
....
65
51,079
Series
2005-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
6.43%,
02/28/40
....................
83
72,259
Series
2005-E,
Class
A1,
(1-mo.
CME
Term
SOFR
+
1.11%),
6.43%,
12/28/40
....
22
22,300
BCMSC
Trust
(a)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
40
4,719
Series
2000-A,
Class
A3,
7.83%,
06/15/30
37
4,529
Series
2000-A,
Class
A4,
8.29%,
06/15/30
27
3,470
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2007-FS1,
Class
1A3,
(1-mo.
CME
Term
SOFR
+
0.45%),
5.77%,
05/25/35
7
6,862
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
+
0.25%),
5.57%,
03/25/37
15
13,377
Series
2007-HE3,
Class
1A4,
(1-mo.
CME
Term
SOFR
+
0.46%),
5.78%,
04/25/37
195
194,791
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.68%,
04/20/31
(a)
(b)
....................
USD
366
$
364,995
BlueMountain
CLO
Ltd.,
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.79%,
10/22/30
(a)
(b)
....
401
399,476
Carbone
CLO
Ltd.,
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.40%),
6.73%,
01/20/31
(a)
(b)
....................
668
666,218
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)
Series
2013-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.57%,
01/15/31
238
237,638
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.54%,
04/17/31
...............
745
742,095
Series
2014-3RA,
Class
A1A,
(3-mo.
CME
Term
SOFR
+
1.31%),
6.67%,
07/27/31
744
741,308
Carrington
Mortgage
Loan
Trust,
Series
2006-
NC4,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
12.50%
Cap
+
0.27%),
5.59%,
10/25/36
(a)
................
27
26,239
CBAM
Ltd.,
Series
2017-1A,
Class
A1,
(3-
mo.
CME
Term
SOFR
+
1.51%),
6.84%,
07/20/30
(a)
(b)
....................
218
217,507
C-BASS
Trust,
Series
2006-CB7,
Class
A4,
(1-mo.
CME
Term
SOFR
+
0.43%),
5.75%,
10/25/36
(a)
.....................
36
22,341
CIFC
Funding
Ltd.
(a)(b)
Series
2013-3RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.59%,
04/24/31
...............
400
398,400
Series
2014-2RA,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.31%),
6.66%,
04/24/30
226
226,050
Series
2014-5A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.77%,
10/17/31
250
249,627
Series
2015-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.13%),
6.45%,
04/19/29
625
623,935
Series
2017-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.81%,
07/20/30
....................
679
677,605
Series
2017-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.75%,
11/16/30
....
698
697,295
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(1-mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
5.63%,
05/25/37
...............
159
101,929
Series
2007-AHL2,
Class
A3C,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.38%),
5.70%,
05/25/37
...............
72
46,262
Conseco
Finance
Corp.
(a)
Series
1997-3,
Class
M1,
7.53%,
03/15/28
18
17,972
Series
1997-6,
Class
M1,
7.21%,
01/15/29
12
11,150
Series
1998-8,
Class
M1,
6.98%,
09/01/30
84
78,537
Series
1999-5,
Class
A5,
7.86%,
03/01/30
24
9,199
Series
1999-5,
Class
A6,
7.50%,
03/01/30
25
9,351
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
56
10,779
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
151
28,141
Series
2000-5,
Class
A7,
8.20%,
05/01/31
134
38,444
Countrywide
Asset-Backed
Certificates,
Series
2006-SPS1,
Class
A,
(1-mo.
CME
Term
SOFR
+
0.33%),
5.65%,
12/25/25
(a)
....
—
(c)
425
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Credit-Based
Asset
Servicing
&
Securitization
LLC
(a)
Series
2006-CB2,
Class
AF4,
3.05%,
12/25/36
(d)
...................
USD
11
$
8,413
Series
2006-MH1,
Class
B1,
6.75%,
10/25/36
(b)
(d)
..................
70
66,475
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(b)
(d)
..................
75
4,079
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
+
0.45%),
5.77%,
07/25/37
(b)
35
22,319
CWABS
Asset-Backed
Certificates
Trust
(a)
Series
2005-16,
Class
1AF,
4.52%,
04/25/36
76
63,218
Series
2006-11,
Class
3AV2,
(1-mo.
CME
Term
SOFR
+
0.43%),
5.75%,
09/25/46
—
(c)
295
CWABS
Revolving
Home
Equity
Loan
Trust,
Series
2004-U,
Class
2A,
(1-mo.
CME
Term
SOFR
at
16.00%
Cap
+
0.38%),
5.72%,
03/15/34
(a)
.....................
6
5,895
CWABS,
Inc.
Asset-Backed
Certificates
Trust,
Series
2004-5,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.01%),
6.33%,
10/25/34
(a)
....
66
63,779
CWHEQ
Home
Equity
Loan
Trust,
Series
2006-
S5,
Class
A5,
6.16%,
06/25/35
........
1
1,637
CWHEQ
Revolving
Home
Equity
Loan
Resuritization
Trust
(a)(b)
Series
2006-RES,
Class
4Q1B,
(1-mo.
CME
Term
SOFR
at
16.00%
Cap
+
0.41%),
5.75%,
12/15/33
...............
1
1,388
Series
2006-RES,
Class
5B1B,
(1-mo.
CME
Term
SOFR
at
16.00%
Cap
+
0.30%),
5.64%,
05/15/35
...............
1
1,479
CWHEQ
Revolving
Home
Equity
Loan
Trust
(a)
Series
2005-B,
Class
2A,
(1-mo.
CME
Term
SOFR
at
16.00%
Cap
+
0.29%),
5.63%,
05/15/35
....................
3
2,719
Series
2006-C,
Class
2A,
(1-mo.
CME
Term
SOFR
at
16.00%
Cap
+
0.29%),
5.63%,
05/15/36
....................
22
21,310
Series
2006-H,
Class
1A,
(1-mo.
CME
Term
SOFR
at
16.00%
Cap
+
0.26%),
5.60%,
11/15/36
....................
13
12,786
Dewolf
Park
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.18%),
6.49%,
10/15/30
(a)
(b)
...............
249
248,429
Dryden
30
Senior
Loan
Fund,
Series
2013-30A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.82%
Floor
+
1.08%),
6.45%,
11/15/28
(a)
(b)
....
158
157,869
Dryden
45
Senior
Loan
Fund,
Series
2016-
45A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
1.96%),
7.27%,
10/15/30
(a)
(b)
.........
250
246,650
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
6.69%,
01/15/31
(a)
(b)
.........
771
769,333
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.47%,
04/15/29
(a)
(b)
503
500,901
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2004-FFH3,
Class
M3,
(1-mo.
CME
Term
SOFR
+
1.16%),
6.48%,
10/25/34
33
28,992
Series
2006-FF16,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.71%,
12/25/36
...............
541
222,048
Series
2006-FF17,
Class
A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
5.58%,
12/25/36
...............
313
270,356
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-FFH1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.71%),
6.03%,
01/25/36
...............
USD
96
$
81,910
Fremont
Home
Loan
Trust,
Series
2006-3,
Class
1A1,
(1-mo.
CME
Term
SOFR
+
0.39%),
5.71%,
02/25/37
(a)
..........
68
51,348
Galaxy
XXIV
CLO
Ltd.,
Series
2017-24A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.38%),
6.69%,
01/15/31
(a)
(b)
...............
280
279,691
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.76%,
01/22/31
(a)
(b)
.........
982
980,063
GSAA
Home
Equity
Trust,
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
(a)
............
25
4,679
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(1-mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.51%),
5.83%,
01/25/47
...............
21
10,405
Series
2007-HS1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
3.49%),
8.81%,
02/25/47
...............
40
37,179
Home
Equity
Asset
Trust,
Series
2007-1,
Class
2A3,
(1-mo.
CME
Term
SOFR
+
0.41%),
5.73%,
05/25/37
(a)
................
66
49,364
Home
Equity
Mortgage
Loan
Asset-Backed
Trust,
Series
2004-A,
Class
M2,
(1-mo.
CME
Term
SOFR
+
2.14%),
3.73%,
07/25/34
(a)
.
12
11,693
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(a)
(d)
.......
50
5,660
HPS
Loan
Management
Ltd.
(a)(b)
Series
11A-17,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.28%),
6.65%,
05/06/30
...
370
368,480
Series
6A-2015,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.63%,
02/05/31
226
223,992
Irwin
Home
Equity
Loan
Trust,
Series
2006-3,
Class
2A3,
6.53%,
09/25/37
(a)
(b)
(d)
......
9
8,622
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CW1,
Class
M1,
(1-mo.
CME
Term
SOFR
+
0.52%),
5.84%,
05/25/36
(a)
....
64
61,097
LCM
26
Ltd.,
Series
26A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.66%,
01/20/31
(a)
(b)
...............
241
239,760
LCM
XX
LP,
Series
20A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.30%),
6.63%,
10/20/27
(a)
(b)
2
1,683
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
.....................
28
27,800
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(1-mo.
CME
Term
SOFR
+
2.41%),
7.73%,
12/25/37
(a)
.....................
14
14,112
Madison
Avenue
Manufactured
Housing
Contract
Trust,
Series
2002-A,
Class
B2,
(1-mo.
CME
Term
SOFR
+
3.36%),
8.68%,
03/25/32
(a)
.....................
4
3,971
Madison
Park
Funding
XIII
Ltd.,
Series
2014-
13A,
Class
AR2,
(3-mo.
CME
Term
SOFR
+
1.21%),
6.53%,
04/19/30
(a)
(b)
.........
460
458,826
Madison
Park
Funding
XLII
Ltd.,
Series
13A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.79%,
11/21/30
(a)
(b)
.........
285
283,921
Madison
Park
Funding
XVIII
Ltd.,
Series
2015-
18A,
Class
ARR,
(3-mo.
CME
Term
SOFR
+
1.20%),
6.54%,
10/21/30
(a)
(b)
.........
1,477
1,469,976
Madison
Park
Funding
XXIII
Ltd.,
Series
2017-
23A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.23%),
6.59%,
07/27/31
(a)
(b)
.........
733
730,368
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.83%,
07/29/30
(a)
(b)
.........
USD
265
$
264,625
Madison
Park
Funding
XXX
Ltd.,
Series
2018-
30A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.01%),
6.32%,
04/15/29
(a)
(b)
.........
964
958,910
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.75%,
12/18/30
(a)
(b)
....
225
224,388
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(1-mo.
CME
Term
SOFR
+
0.63%),
5.95%,
06/25/46
(a)
(b)
...............
7
7,016
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2006-OPT1,
Class
M1,
(1-mo.
CME
Term
SOFR
+
0.50%),
5.82%,
08/25/37
35
27,099
Series
2006-RM3,
Class
A2B,
(1-mo.
CME
Term
SOFR
+
0.29%),
5.61%,
06/25/37
25
5,422
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(a)
Series
2005-HE1,
Class
A2MZ,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.71%),
6.03%,
12/25/34
...............
155
136,717
Series
2005-HE5,
Class
M4,
(1-mo.
CME
Term
SOFR
+
0.98%),
6.30%,
09/25/35
94
73,286
MP
CLO
III
Ltd.,
Series
2013-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.84%,
10/20/30
(a)
(b)
....................
213
213,143
Oakwood
Mortgage
Investors,
Inc.
(a)
Series
2001-D,
Class
A2,
5.26%,
01/15/19
14
6,083
Series
2001-D,
Class
A4,
6.93%,
09/15/31
8
4,213
Series
2002-B,
Class
M1,
7.62%,
06/15/32
81
76,766
OCP
CLO
Ltd.
(a)(b)
Series
2017-14A,
Class
A1A,
(3-mo.
CME
Term
SOFR
+
1.41%),
6.79%,
11/20/30
535
534,172
Series
2017-14A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.59%,
11/20/30
...............
250
247,237
Octagon
Investment
Partners
31
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.31%),
6.64%,
07/20/30
(a)
(b)
...
655
653,220
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.59%,
07/17/30
(a)
(b)
....................
250
249,191
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.61%,
01/25/31
(a)
(b)
...
242
241,106
OHA
Loan
Funding
Ltd.,
Series
2013-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.30%),
6.68%,
05/23/31
(a)
(b)
...............
223
222,695
Option
One
Mortgage
Loan
Trust
Series
2007-CP1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.32%),
5.64%,
03/25/37
(a)
..............
90
71,788
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(d)
...................
64
49,229
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(d)
...................
158
125,376
Series
2007-FXD2,
Class
1A1,
5.82%,
03/25/37
(d)
...................
79
67,162
Origen
Manufactured
Housing
Contract
Trust,
Series
2007-B,
Class
A1,
(1-mo.
LIBOR
USD
at
1.20%
Floor
and
18.00%
Cap
+
1.20%),
6.65%,
10/15/37
(a)
(b)
.........
19
18,193
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(d)
........
58
49,497
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.86%,
10/22/30
(a)
(b)
....
USD
255
$
253,943
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
+
1.39%),
6.70%,
01/17/31
199
198,476
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.29%),
6.60%,
04/18/31
...
236
235,873
Series
2018-2A,
Class
A1A,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.67%,
07/16/31
420
419,345
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(b)
(e)
..
76
70,063
Race
Point
X
CLO
Ltd.,
Series
2016-10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.71%,
07/25/31
(a)
(b)
...............
246
245,515
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.62%,
04/20/31
(a)
(b)
.........
245
243,241
RR
3
Ltd.,
Series
2018-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.66%,
01/15/30
(a)
(b)
...............
1,350
1,346,300
SG
Mortgage
Securities
Trust,
Series
2006-
OPT2,
Class
A3D,
(1-mo.
CME
Term
SOFR
+
0.32%),
5.64%,
10/25/36
(a)
.........
100
68,760
Signal
Peak
CLO
5
Ltd.,
Series
2018-5A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.37%),
6.72%,
04/25/31
(a)
(b)
...............
237
236,412
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.50%),
6.83%,
07/20/30
(a)
(b)
........
129
129,376
SMB
Private
Education
Loan
Trust,
Series
2015-B,
Class
B,
3.50%,
12/17/40
(b)
....
98
94,486
Soundview
Home
Loan
Trust,
Series
2004-
WMC1,
Class
M2,
(1-mo.
CME
Term
SOFR
+
0.91%),
6.23%,
01/25/35
(a)
.........
1
1,050
TCI-Symphony
CLO
Ltd.,
Series
2016-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.58%,
10/13/32
(a)
(b)
750
746,432
Tricon
American
Homes
Trust,
Series
2018-
SFR1,
Class
E,
4.56%,
05/17/37
(b)
.....
100
96,262
Venture
XVIII
CLO
Ltd.,
Series
2014-18A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.79%,
10/15/29
(a)
(b)
....
216
215,872
Voya
CLO
Ltd.
(a)(b)
Series
2015-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.16%),
6.47%,
01/18/29
91
91,372
Series
2017-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.70%,
10/15/30
....................
209
208,151
Washington
Mutual
Asset-Backed
CertificatesTrust
(a)
Series
2006-HE4,
Class
2A2,
(1-mo.
CME
Term
SOFR
+
0.47%),
5.79%,
09/25/36
122
32,896
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
+
0.42%),
4.19%,
10/25/36
103
75,414
Yale
Mortgage
Loan
Trust,
Series
2007-1,
Class
A,
(1-mo.
CME
Term
SOFR
+
0.51%),
5.83%,
06/25/37
(a)
(b)
...............
77
24,256
Total
Asset-Backed
Securities
—
3
.8
%
(Cost:
$
30,929,606
)
..............................
30,091,738
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Aerospace
&
Defense
—
1.4%
BAE
Systems
plc,
3.40%,
04/15/30
(b)
.....
USD
1,695
$
1,475,971
Boeing
Co.
(The)
3.95%
,
08/01/59
.................
349
231,587
5.93%
,
05/01/60
.................
192
172,400
Huntington
Ingalls
Industries,
Inc.
3.48%
,
12/01/27
.................
532
486,348
2.04%
,
08/16/28
.................
1,132
950,908
4.20%
,
05/01/30
.................
216
195,345
L3Harris
Technologies,
Inc.
4.40%
,
06/15/28
.................
496
469,343
2.90%
,
12/15/29
.................
658
560,291
1.80%
,
01/15/31
.................
271
206,993
5.40%
,
07/31/33
.................
316
303,762
Lockheed
Martin
Corp.
4.45%
,
05/15/28
.................
275
266,150
3.60%
,
03/01/35
.................
559
472,346
Northrop
Grumman
Corp.
4.70%
,
03/15/33
.................
417
389,322
4.03%
,
10/15/47
.................
465
355,923
4.95%
,
03/15/53
.................
1,040
913,147
RTX
Corp.
7.00%
,
11/01/28
.................
445
459,741
4.13%
,
11/16/28
.................
751
700,274
2.25%
,
07/01/30
.................
169
135,973
3.75%
,
11/01/46
.................
130
92,054
2.82%
,
09/01/51
.................
618
353,824
3.03%
,
03/15/52
.................
1,372
825,298
Textron,
Inc.
3.90%
,
09/17/29
.................
566
509,848
2.45%
,
03/15/31
.................
348
276,526
10,803,374
Banks
—
2.2%
Bank
of
America
Corp.
(a)
(1-day
SOFR
+
1.57%),
5.82%
,
09/15/29
3,709
3,663,481
(1-day
SOFR
+
1.33%),
2.97%
,
02/04/33
397
313,057
(1-day
SOFR
+
1.83%),
4.57%
,
04/27/33
897
796,386
(1-day
SOFR
+
1.91%),
5.29%
,
04/25/34
116
107,939
Barclays
plc
(a)
(1-day
SOFR
+
2.98%),
6.22%
,
05/09/34
843
798,565
(1-day
SOFR
+
2.62%),
6.69%
,
09/13/34
374
365,129
Citigroup,
Inc.,
(1-day
SOFR
+
2.34%),
6.27%,
11/17/33
(a)
....................
1,799
1,793,681
JPMorgan
Chase
&
Co.
(a)
(1-day
SOFR
+
1.75%),
4.57%
,
06/14/30
609
568,097
(3-mo.
CME
Term
SOFR
+
1.11%),
1.76%
,
11/19/31
....................
251
188,792
(1-day
SOFR
+
1.07%),
1.95%
,
02/04/32
311
235,854
(3-mo.
CME
Term
SOFR
+
1.25%),
2.58%
,
04/22/32
....................
455
358,916
(1-day
SOFR
+
1.18%),
2.55%
,
11/08/32
101
78,163
(1-day
SOFR
+
1.26%),
2.96%
,
01/25/33
2,245
1,787,305
(1-day
SOFR
+
1.85%),
5.35%
,
06/01/34
781
740,604
Morgan
Stanley
Bank
NA,
4.75%,
04/21/26
.
394
385,117
Washington
Mutual
Escrow
Bonds
(e)(f)(g)
0.00%
,
11/06/09
.................
300
750
0.00%
,
09/19/17
(a)
(h)
...............
250
—
0.00%
,
09/29/17
.................
500
—
Wells
Fargo
&
Co.
(a)
(1-day
SOFR
+
1.74%),
5.57%
,
07/25/29
1,289
1,257,538
(1-day
SOFR
+
2.02%),
5.39%
,
04/24/34
654
611,429
(1-day
SOFR
+
1.99%),
5.56%
,
07/25/34
1,741
1,648,524
Wells
Fargo
Bank
NA,
5.45%,
08/07/26
...
1,536
1,525,717
17,225,044
Security
Par
(000)
Par
(000)
Value
Biotechnology
—
0.7%
AbbVie,
Inc.
4.55%
,
03/15/35
.................
USD
553
$
503,002
4.50%
,
05/14/35
.................
627
566,516
4.88%
,
11/14/48
.................
236
206,237
4.25%
,
11/21/49
.................
186
147,249
Amgen,
Inc.
5.25%
,
03/02/30
.................
1,697
1,657,946
4.40%
,
02/22/62
.................
733
543,045
5.75%
,
03/02/63
.................
905
834,845
Gilead
Sciences,
Inc.
1.65%
,
10/01/30
.................
775
605,126
2.60%
,
10/01/40
.................
763
503,636
5.65%
,
12/01/41
.................
161
156,317
4.80%
,
04/01/44
.................
45
39,237
5,763,156
Building
Products
—
0.0%
Owens
Corning,
3.88%,
06/01/30
.......
101
89,219
Capital
Markets
—
3.2%
Charles
Schwab
Corp.
(The)
(a)
(1-day
SOFR
+
2.50%),
5.85%
,
05/19/34
263
250,085
(1-day
SOFR
+
2.01%),
6.14%
,
08/24/34
637
619,646
Credit
Suisse
AG
4.75%
,
08/09/24
.................
996
981,845
3.63%
,
09/09/24
.................
534
519,714
7.95%
,
01/09/25
.................
500
508,841
3.70%
,
02/21/25
.................
1,302
1,255,082
5.00%
,
07/09/27
.................
1,044
1,002,842
7.50%
,
02/15/28
.................
955
998,955
Deutsche
Bank
AG
5.37%
,
09/09/27
.................
1,092
1,066,366
(1-day
SOFR
+
3.18%),
6.72%
,
01/18/29
(a)
228
226,645
FactSet
Research
Systems,
Inc.,
3.45%,
03/01/32
.....................
654
541,975
Gaci
First
Investment
Co.,
4.75%,
02/14/30
(i)
200
190,244
Goldman
Sachs
Group,
Inc.
(The)
(a)
(1-day
SOFR
+
0.51%),
5.83%
,
09/10/24
1,973
1,968,304
(3-mo.
CME
Term
SOFR
+
1.56%),
4.22%
,
05/01/29
....................
1,039
961,105
(1-day
SOFR
+
1.28%),
2.62%
,
04/22/32
773
603,773
(1-day
SOFR
+
1.25%),
2.38%
,
07/21/32
165
125,662
(1-day
SOFR
+
1.26%),
2.65%
,
10/21/32
1,729
1,334,559
(1-day
SOFR
+
1.41%),
3.10%
,
02/24/33
415
331,878
Moody's
Corp.,
3.10%,
11/29/61
........
185
107,452
Morgan
Stanley
(a)
(3-mo.
CME
Term
SOFR
+
1.40%),
3.77%
,
01/24/29
....................
175
159,574
(1-day
SOFR
+
1.59%),
5.16%
,
04/20/29
1,224
1,177,555
(1-day
SOFR
+
1.63%),
5.45%
,
07/20/29
1,678
1,635,159
(1-day
SOFR
+
1.14%),
2.70%
,
01/22/31
1,330
1,087,422
(1-day
SOFR
+
1.18%),
2.24%
,
07/21/32
1,364
1,028,028
(1-day
SOFR
+
1.20%),
2.51%
,
10/20/32
752
575,101
(1-day
SOFR
+
1.29%),
2.94%
,
01/21/33
256
201,602
(1-day
SOFR
+
1.87%),
5.25%
,
04/21/34
546
506,950
(1-day
SOFR
+
1.88%),
5.42%
,
07/21/34
1,832
1,728,111
MSCI,
Inc.
(b)
4.00%
,
11/15/29
.................
226
198,496
3.88%
,
02/15/31
.................
538
455,797
3.25%
,
08/15/33
.................
547
420,998
Nasdaq,
Inc.
5.55%
,
02/15/34
.................
211
201,389
6.10%
,
06/28/63
.................
277
257,607
S&P
Global,
Inc.,
5.25%,
09/15/33
(b)
.....
265
258,304
UBS
Group
AG
3.75%
,
03/26/25
.................
250
240,452
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(3-mo.
LIBOR
USD
+
1.41%),
3.87%
,
01/12/29
(a)
(b)
..................
USD
726
$
657,599
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.10%),
2.75%
,
02/11/33
(a)
(b)
..................
1,019
770,409
25,155,526
Chemicals
—
0.0%
Eastman
Chemical
Co.,
5.75%,
03/08/33
..
110
105,104
Commercial
Services
&
Supplies
—
0.0%
Republic
Services,
Inc.,
5.00%,
04/01/34
..
82
77,623
Waste
Management,
Inc.,
4.88%,
02/15/34
.
204
193,060
270,683
Communications
Equipment
—
0.2%
Motorola
Solutions,
Inc.
2.75%
,
05/24/31
.................
484
382,288
5.60%
,
06/01/32
.................
801
766,281
5.50%
,
09/01/44
.................
512
448,840
1,597,409
Consumer
Finance
—
0.1%
Capital
One
Financial
Corp.,
(1-day
SOFR
+
2.60%),
5.82%,
02/01/34
(a)
..........
436
392,923
Containers
&
Packaging
—
0.0%
Berry
Global,
Inc.,
5.50%,
04/15/28
(b)
.....
378
365,135
Diversified
REITs
—
1.0%
Extra
Space
Storage
LP,
5.50%,
07/01/30
..
180
174,055
GLP
Capital
LP
5.75%
,
06/01/28
.................
804
770,876
4.00%
,
01/15/30
.................
1,209
1,025,298
3.25%
,
01/15/32
.................
260
201,783
Prologis
LP,
5.13%,
01/15/34
..........
427
403,244
VICI
Properties
LP
(b)
4.25%
,
12/01/26
.................
749
697,881
3.75%
,
02/15/27
.................
1,431
1,298,509
3.88%
,
02/15/29
.................
610
527,109
4.63%
,
12/01/29
.................
2,460
2,182,143
4.13%
,
08/15/30
.................
400
340,152
7,621,050
Diversified
Telecommunication
Services
—
0.6%
AT&T,
Inc.
5.40%
,
02/15/34
.................
268
250,821
4.50%
,
05/15/35
.................
526
448,664
3.55%
,
09/15/55
.................
695
425,450
3.80%
,
12/01/57
.................
550
348,439
3.65%
,
09/15/59
.................
1,105
672,335
Verizon
Communications,
Inc.
3.15%
,
03/22/30
.................
92
78,526
7.75%
,
12/01/30
.................
97
108,017
1.75%
,
01/20/31
.................
595
448,367
2.36%
,
03/15/32
.................
1,165
888,847
4.40%
,
11/01/34
.................
1,252
1,085,630
2.65%
,
11/20/40
.................
140
88,623
2.99%
,
10/30/56
.................
311
172,634
3.00%
,
11/20/60
.................
141
76,344
5,092,697
Electric
Utilities
—
2.4%
AEP
Texas,
Inc.
3.95%
,
06/01/28
.................
241
223,233
5.40%
,
06/01/33
.................
421
401,364
3.80%
,
10/01/47
.................
530
359,669
3.45%
,
05/15/51
.................
305
193,780
AEP
Transmission
Co.
LLC
3.80%
,
06/15/49
.................
155
112,199
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
3.15%
,
09/15/49
.................
USD
134
$
85,934
Series
N,
2.75%
,
08/15/51
..........
253
144,197
Series
O,
4.50%
,
06/15/52
..........
144
116,657
Alabama
Power
Co.
5.50%
,
03/15/41
.................
155
142,105
3.75%
,
03/01/45
.................
268
194,359
3.45%
,
10/01/49
.................
123
81,741
3.00%
,
03/15/52
.................
143
86,444
American
Transmission
Systems,
Inc.,
2.65%,
01/15/32
(b)
....................
521
411,858
Baltimore
Gas
&
Electric
Co.
3.75%
,
08/15/47
.................
797
567,550
4.25%
,
09/15/48
.................
105
80,858
CenterPoint
Energy
Houston
Electric
LLC
3.95%
,
03/01/48
.................
85
64,134
Series
AD,
2.90%
,
07/01/50
.........
414
252,182
Series
AF,
3.35%
,
04/01/51
.........
113
75,254
Commonwealth
Edison
Co.
Series
127,
3.20%
,
11/15/49
.........
716
452,851
Series
130,
3.13%
,
03/15/51
.........
217
136,404
Series
131,
2.75%
,
09/01/51
.........
145
82,233
DTE
Electric
Co.
3.95%
,
03/01/49
.................
533
395,959
Series
B,
3.25%
,
04/01/51
..........
280
180,274
5.40%
,
04/01/53
.................
227
212,175
Duke
Energy
Carolinas
LLC
3.70%
,
12/01/47
.................
326
232,499
3.95%
,
03/15/48
.................
435
319,787
3.45%
,
04/15/51
.................
226
151,258
5.40%
,
01/15/54
.................
225
207,850
Duke
Energy
Florida
LLC
2.50%
,
12/01/29
.................
337
285,654
1.75%
,
06/15/30
.................
163
128,268
3.00%
,
12/15/51
.................
351
213,752
5.95%
,
11/15/52
.................
642
630,546
Duke
Energy
Progress
LLC
3.45%
,
03/15/29
.................
386
349,998
2.50%
,
08/15/50
.................
461
251,722
4.00%
,
04/01/52
.................
338
245,885
5.35%
,
03/15/53
.................
106
96,344
Edison
International
5.75%
,
06/15/27
.................
397
393,327
5.25%
,
11/15/28
.................
761
732,190
6.95%
,
11/15/29
.................
343
353,739
Entergy
Arkansas
LLC,
2.65%,
06/15/51
...
129
71,871
Eversource
Energy,
5.45%,
03/01/28
.....
240
237,219
Exelon
Corp.,
4.10%,
03/15/52
.........
105
75,934
FirstEnergy
Corp.
2.05%
,
03/01/25
.................
52
48,789
Series
B,
4.15%
,
07/15/27
(d)
.........
349
324,385
Series
C,
5.10%
,
07/15/47
(a)
(d)
........
43
36,492
Series
C,
3.40%
,
03/01/50
..........
192
119,338
FirstEnergy
Transmission
LLC,
4.55%,
04/01/49
(b)
....................
485
379,694
Florida
Power
&
Light
Co.
3.99%
,
03/01/49
.................
111
83,395
3.15%
,
10/01/49
.................
204
132,786
2.88%
,
12/04/51
.................
135
81,730
Generacion
Mediterranea
SA,
9.88%,
12/01/27
(b)
....................
71
61,082
Georgia
Power
Co.,
Series
A,
3.25%,
03/15/51
119
75,399
MidAmerican
Energy
Co.,
2.70%,
08/01/52
.
255
144,439
Northern
States
Power
Co.
2.90%
,
03/01/50
.................
459
280,938
2.60%
,
06/01/51
.................
166
93,863
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
3.20%
,
04/01/52
.................
USD
165
$
105,514
5.10%
,
05/15/53
.................
127
113,629
NRG
Energy,
Inc.,
2.45%,
12/02/27
(b)
.....
94
79,681
Ohio
Power
Co.
Series
Q,
1.63%
,
01/15/31
..........
425
322,849
5.00%
,
06/01/33
.................
578
542,323
4.00%
,
06/01/49
.................
146
106,408
Series
R,
2.90%
,
10/01/51
..........
450
266,734
Pacific
Gas
&
Electric
Co.
4.25%
,
03/15/46
.................
193
127,522
3.95%
,
12/01/47
(a)
................
270
172,864
4.95%
,
07/01/50
.................
268
199,759
3.50%
,
08/01/50
.................
1,199
713,774
5.25%
,
03/01/52
.................
157
120,999
6.70%
,
04/01/53
.................
141
132,421
PECO
Energy
Co.
3.90%
,
03/01/48
.................
103
77,077
2.80%
,
06/15/50
.................
439
259,297
3.05%
,
03/15/51
.................
374
231,114
Public
Service
Co.
of
New
Hampshire
3.60%
,
07/01/49
.................
116
81,607
5.15%
,
01/15/53
.................
207
186,487
Public
Service
Electric
&
Gas
Co.
3.65%
,
09/01/28
.................
87
80,673
2.45%
,
01/15/30
.................
803
670,772
4.90%
,
12/15/32
.................
274
262,764
2.05%
,
08/01/50
.................
147
75,068
Southern
California
Edison
Co.
5.65%
,
10/01/28
.................
80
79,857
2.25%
,
06/01/30
.................
1,102
884,762
Series
G,
2.50%
,
06/01/31
..........
95
75,509
5.95%
,
11/01/32
.................
728
726,056
Union
Electric
Co.,
2.63%,
03/15/51
.....
234
132,794
Virginia
Electric
&
Power
Co.
Series
D,
4.65%
,
08/15/43
..........
102
83,810
4.45%
,
02/15/44
.................
253
201,416
19,007,127
Financial
Services
—
0.1%
Global
Payments,
Inc.
3.20%
,
08/15/29
.................
447
380,136
2.90%
,
05/15/30
.................
752
616,510
996,646
Food
Products
—
0.0%
BRF
SA,
4.88%,
01/24/30
(i)
...........
200
161,250
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.,
4.13%,
03/15/49
....
188
144,737
CenterPoint
Energy
Resources
Corp.,
5.25%,
03/01/28
.....................
80
78,949
Piedmont
Natural
Gas
Co.,
Inc.,
2.50%,
03/15/31
.....................
176
138,707
Promigas
SA
ESP,
3.75%,
10/16/29
(b)
.....
200
164,500
526,893
Ground
Transportation
—
0.4%
Burlington
Northern
Santa
Fe
LLC
4.70%
,
09/01/45
.................
128
109,124
3.05%
,
02/15/51
.................
127
80,413
3.30%
,
09/15/51
.................
150
100,559
2.88%
,
06/15/52
.................
527
324,164
CSX
Corp.
4.30%
,
03/01/48
.................
296
233,981
3.35%
,
09/15/49
.................
118
78,690
Norfolk
Southern
Corp.
3.40%
,
11/01/49
.................
195
128,715
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
3.05%
,
05/15/50
.................
USD
413
$
256,195
2.90%
,
08/25/51
.................
226
135,059
4.05%
,
08/15/52
.................
148
109,786
3.16%
,
05/15/55
.................
251
153,561
Penske
Truck
Leasing
Co.
LP,
6.05%,
08/01/28
(b)
....................
782
772,190
Ryder
System,
Inc.,
5.25%,
06/01/28
.....
98
95,378
Union
Pacific
Corp.
3.95%
,
08/15/59
.................
315
226,165
3.84%
,
03/20/60
.................
227
159,092
3.55%
,
05/20/61
.................
272
177,605
4.10%
,
09/15/67
.................
103
74,649
3.75%
,
02/05/70
.................
127
84,877
Union
Pacific
Railroad
Co.
Pass-Through
Trust,
Series
2014-1,
3.23%,
05/14/26
......
79
74,314
3,374,517
Health
Care
Providers
&
Services
—
0.6%
Elevance
Health,
Inc.,
3.13%,
05/15/50
...
647
406,963
HCA,
Inc.
5.38%
,
02/01/25
.................
346
342,338
5.25%
,
04/15/25
.................
179
176,786
5.88%
,
02/15/26
.................
1,010
1,004,402
5.25%
,
06/15/26
.................
81
79,298
4.13%
,
06/15/29
.................
186
168,382
3.50%
,
09/01/30
.................
1,929
1,631,983
UnitedHealth
Group,
Inc.
4.20%
,
01/15/47
.................
241
192,811
3.25%
,
05/15/51
.................
263
172,833
3.88%
,
08/15/59
.................
105
74,695
4.95%
,
05/15/62
.................
88
75,857
5.20%
,
04/15/63
.................
21
18,747
4,345,095
Hotels,
Restaurants
&
Leisure
—
0.0%
Grupo
Posadas
SAB
de
CV,
5.00%,
12/30/27
(d)
(i)
...................
55
45,613
Insurance
—
0.1%
Ambac
Assurance
Corp.,
5.10%
(b)
(j)
......
15
21,229
Aon
Corp.,
5.35%,
02/28/33
..........
255
244,457
Hartford
Financial
Services
Group,
Inc.
(The),
2.90%,
09/15/51
................
179
105,284
Marsh
&
McLennan
Cos.,
Inc.,
5.45%,
03/15/53
157
146,553
517,523
Interactive
Media
&
Services
—
0.0%
Meta
Platforms,
Inc.,
4.65%,
08/15/62
....
407
323,777
IT
Services
—
0.0%
Booz
Allen
Hamilton,
Inc.,
5.95%,
08/04/33
.
351
342,436
Life
Sciences
Tools
&
Services
—
0.1%
Thermo
Fisher
Scientific,
Inc.
4.95%
,
11/21/32
.................
254
244,148
5.09%
,
08/10/33
.................
600
580,168
824,316
Machinery
—
0.0%
Otis
Worldwide
Corp.,
5.25%,
08/16/28
...
150
147,446
Media
—
0.3%
Charter
Communications
Operating
LLC
4.80%
,
03/01/50
.................
259
181,110
3.70%
,
04/01/51
.................
629
366,010
3.90%
,
06/01/52
.................
945
564,995
6.83%
,
10/23/55
.................
89
78,645
3.85%
,
04/01/61
.................
476
266,021
3.95%
,
06/30/62
.................
138
78,280
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Comcast
Corp.
4.40%
,
08/15/35
.................
USD
150
$
132,488
4.65%
,
07/15/42
.................
266
224,043
2.45%
,
08/15/52
.................
309
167,571
2.94%
,
11/01/56
.................
291
165,383
Cox
Communications,
Inc.,
3.15%,
08/15/24
(b)
83
80,983
2,305,529
Metals
&
Mining
—
0.2%
Anglo
American
Capital
plc
(b)
2.88%
,
03/17/31
.................
400
317,368
5.50%
,
05/02/33
.................
288
268,920
Glencore
Funding
LLC
(b)
6.38%
,
10/06/30
.................
553
551,511
5.70%
,
05/08/33
.................
553
524,371
Newmont
Corp.,
2.25%,
10/01/30
.......
250
199,040
1,861,210
Multi-Utilities
—
0.3%
Ameren
Illinois
Co.
3.70%
,
12/01/47
.................
232
168,981
3.25%
,
03/15/50
.................
220
144,464
Consumers
Energy
Co.
4.63%
,
05/15/33
.................
132
122,878
3.75%
,
02/15/50
.................
673
486,883
NiSource,
Inc.
5.25%
,
03/30/28
.................
588
576,263
5.40%
,
06/30/33
.................
353
338,333
San
Diego
Gas
&
Electric
Co.
3.32%
,
04/15/50
.................
114
72,742
5.35%
,
04/01/53
.................
696
632,087
2,542,631
Oil,
Gas
&
Consumable
Fuels
—
4.7%
Antero
Resources
Corp.
(b)
7.63%
,
02/01/29
.................
100
101,346
5.38%
,
03/01/30
.................
446
410,618
Apache
Corp.,
4.75%,
04/15/43
........
549
399,871
Cameron
LNG
LLC
(b)
3.30%
,
01/15/35
.................
245
195,024
3.40%
,
01/15/38
.................
996
785,343
Cheniere
Corpus
Christi
Holdings
LLC
5.88%
,
03/31/25
.................
1,161
1,152,362
5.13%
,
06/30/27
.................
1,967
1,911,436
3.70%
,
11/15/29
.................
108
95,809
2.74%
,
12/31/39
.................
268
200,408
Cheniere
Energy
Partners
LP
4.50%
,
10/01/29
.................
780
706,269
4.00%
,
03/01/31
.................
1,499
1,281,549
3.25%
,
01/31/32
.................
1,341
1,065,824
5.95%
,
06/30/33
(b)
................
509
490,915
Devon
Energy
Corp.,
4.75%,
05/15/42
....
187
148,567
Diamondback
Energy,
Inc.
3.25%
,
12/01/26
.................
3,122
2,918,943
3.50%
,
12/01/29
.................
4,155
3,686,984
3.13%
,
03/24/31
.................
1,907
1,588,496
Enbridge,
Inc.
5.70%
,
03/08/33
.................
243
232,794
2.50%
,
08/01/33
.................
207
153,544
Energian
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)
(i)
...................
12
11,985
Energy
Transfer
LP
4.90%
,
03/15/35
.................
179
157,427
5.15%
,
02/01/43
.................
315
250,327
5.00%
,
05/15/50
.................
2,696
2,114,870
EQT
Corp.
3.13%
,
05/15/26
(b)
................
569
526,433
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
3.90%
,
10/01/27
.................
USD
1,031
$
953,648
5.00%
,
01/15/29
.................
58
54,521
7.00%
,
02/01/30
(a)
(d)
...............
824
847,682
3.63%
,
05/15/31
(b)
................
415
351,065
Hess
Corp.,
5.60%,
02/15/41
..........
113
102,036
Kinder
Morgan
Energy
Partners
LP,
4.70%,
11/01/42
.....................
814
631,519
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)
(i)
..
4
3,678
NGPL
PipeCo
LLC
(b)
4.88%
,
08/15/27
.................
230
217,116
3.25%
,
07/15/31
.................
1,253
996,023
Northwest
Pipeline
LLC,
4.00%,
04/01/27
..
1,232
1,163,118
Occidental
Petroleum
Corp.,
7.88%,
09/15/31
386
417,691
ONEOK,
Inc.,
6.63%,
09/01/53
.........
344
336,847
Pioneer
Natural
Resources
Co.,
2.15%,
01/15/31
.....................
101
79,699
Sabine
Pass
Liquefaction
LLC
5.75%
,
05/15/24
.................
100
99,789
5.63%
,
03/01/25
.................
2,581
2,564,734
5.88%
,
06/30/26
.................
1,532
1,529,314
5.90%
,
09/15/37
.................
323
317,935
SCC
Power
plc,
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
(b)
(k)
...............
46
5,158
Targa
Resources
Corp.
4.20%
,
02/01/33
.................
118
100,334
6.13%
,
03/15/33
.................
188
184,296
Targa
Resources
Partners
LP
5.00%
,
01/15/28
.................
398
378,498
4.88%
,
02/01/31
.................
1,625
1,455,431
Texas
Eastern
Transmission
LP,
3.50%,
01/15/28
(b)
....................
889
811,388
Transcontinental
Gas
Pipe
Line
Co.
LLC
7.85%
,
02/01/26
.................
220
228,731
4.00%
,
03/15/28
.................
895
833,504
4.60%
,
03/15/48
.................
171
135,451
3.95%
,
05/15/50
.................
263
186,953
Viper
Energy
Partners
LP,
5.38%,
11/01/27
(b)
1,877
1,777,960
Western
Midstream
Operating
LP,
6.35%,
01/15/29
.....................
280
280,577
37,631,840
Passenger
Airlines
—
0.1%
Air
Canada
Pass-Through
Trust,
Series
2017-1,
Class
B,
3.70%,
01/15/26
(b)
.........
1
485
American
Airlines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.15%,
02/15/32
....
156
133,197
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
...
60
50,970
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
....
420
413,094
United
Airlines
Pass-Through
Trust
Series
2016-2,
Class
B,
3.65%
,
10/07/25
8
7,477
Series
2020-1,
Class
B,
4.88%
,
01/15/26
87
84,491
Series
2014-1,
Class
A,
4.00%
,
04/11/26
112
106,749
Series
2016-1,
Class
AA,
3.10%
,
07/07/28
10
8,647
Series
2016-2,
Class
AA,
2.88%
,
10/07/28
63
55,617
Series
2019-2,
Class
AA,
2.70%
,
05/01/32
30
24,797
885,524
Pharmaceuticals
—
0.3%
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.75%
,
05/19/33
.................
637
602,142
5.30%
,
05/19/53
.................
1,215
1,128,920
5.34%
,
05/19/63
.................
179
163,525
Takeda
Pharmaceutical
Co.
Ltd.,
2.05%,
03/31/30
.....................
512
411,718
2,306,305
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
—
0.0%
(i)
Fantasia
Holdings
Group
Co.
Ltd.,
11.75%,
04/17/22
(f)
(g)
...................
USD
200
$
8,000
RKPF
Overseas
2020
A
Ltd.,
5.20%,
01/12/26
200
73,080
81,080
Retail
REITs
—
0.1%
NNN
REIT,
Inc.
3.50%
,
04/15/51
.................
122
76,687
3.00%
,
04/15/52
.................
366
206,458
Realty
Income
Corp.
3.10%
,
12/15/29
.................
208
180,098
4.85%
,
03/15/30
.................
111
104,612
567,855
Semiconductors
&
Semiconductor
Equipment
—
0.3%
Broadcom,
Inc.
(b)
3.42%
,
04/15/33
.................
529
423,124
3.47%
,
04/15/34
.................
308
241,907
3.14%
,
11/15/35
.................
670
488,485
3.19%
,
11/15/36
.................
579
415,715
KLA
Corp.
3.30%
,
03/01/50
.................
445
295,723
5.25%
,
07/15/62
.................
85
76,360
NXP
BV,
4.30%,
06/18/29
............
383
350,322
2,291,636
Software
—
0.3%
Oracle
Corp.
3.85%
,
07/15/36
.................
260
205,571
3.60%
,
04/01/40
.................
980
708,091
4.13%
,
05/15/45
.................
550
398,703
4.00%
,
07/15/46
.................
108
76,209
4.00%
,
11/15/47
.................
124
87,147
3.95%
,
03/25/51
.................
672
460,686
4.38%
,
05/15/55
.................
223
160,695
2,097,102
Specialized
REITs
—
0.7%
American
Tower
Corp.
3.95%
,
03/15/29
.................
443
400,710
2.10%
,
06/15/30
.................
159
123,746
1.88%
,
10/15/30
.................
686
519,112
2.70%
,
04/15/31
.................
618
490,116
2.30%
,
09/15/31
.................
264
200,349
4.05%
,
03/15/32
.................
202
174,111
5.65%
,
03/15/33
.................
80
76,901
5.55%
,
07/15/33
.................
178
169,609
Crown
Castle,
Inc.
3.10%
,
11/15/29
.................
1,081
919,583
3.30%
,
07/01/30
.................
915
772,247
5.10%
,
05/01/33
.................
1,442
1,333,196
Equinix,
Inc.,
2.15%,
07/15/30
.........
294
230,917
5,410,597
Specialty
Retail
—
0.1%
Lowe's
Cos.,
Inc.
4.50%
,
04/15/30
.................
460
429,230
5.00%
,
04/15/40
.................
212
185,992
2.80%
,
09/15/41
.................
494
319,080
934,302
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Dell
International
LLC,
4.90%,
10/01/26
...
944
921,016
Hewlett
Packard
Enterprise
Co.,
5.25%,
07/01/28
.....................
262
255,776
1,176,792
Security
Par
(000)
Par
(000)
Value
Tobacco
—
0.3%
Altria
Group,
Inc.
4.80%
,
02/14/29
.................
USD
315
$
299,592
4.50%
,
05/02/43
.................
593
440,790
5.38%
,
01/31/44
.................
376
337,033
BAT
Capital
Corp.
4.76%
,
09/06/49
.................
268
188,477
3.98%
,
09/25/50
.................
153
96,023
7.08%
,
08/02/53
.................
693
654,648
Philip
Morris
International,
Inc.,
5.13%,
11/17/27
.....................
232
227,172
Reynolds
American,
Inc.,
5.85%,
08/15/45
..
219
181,405
2,425,140
Wireless
Telecommunication
Services
—
0.8%
Millicom
International
Cellular
SA,
6.63%,
10/15/26
(b)
....................
180
168,827
Sprint
LLC
7.13%
,
06/15/24
.................
4,084
4,108,843
7.63%
,
02/15/25
.................
1,508
1,530,098
T-Mobile
USA,
Inc.,
3.88%,
04/15/30
.....
705
624,610
6,432,378
Total
Corporate
Bonds
—
21
.9
%
(Cost:
$
184,402,718
)
.............................
174,043,880
Floating
Rate
Loan
Interests
Building
Products
—
0.0%
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.75%),
9.17
%
,
10/02/28
(a)
.
—
(c)
147
Chemicals
—
0.0%
Bakelite
US
Holdco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
4.00%),
9.54
%
,
05/29/29
(a)
......
165
162,497
Consumer
Finance
—
0.0%
Credito
Real
SAB
de
CV
SOFOM
ER,
Term
Loan
A
,
(3-mo.
LIBOR
USD
+
3.75%),
0.00
%
,
02/21/24
(a)
(e)
(f)
(g)
.............
21
2,310
Financial
Services
—
0.1%
(a)
Caliber
Home
Loans,
Term
Loan
,
(1-mo.
LIBOR
USD
+
0.00%),
8.68
%
,
07/15/26
(e)
.....
610
611,220
EURO
Parfums,
Term
Loan
,
01/01/30
(l)
....
34
32,980
644,200
Health
Care
Providers
&
Services
—
0.0%
Select
Medical
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.32
%
,
03/06/27
(a)
................
—
(c)
111
Household
Durables
—
0.0%
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
and
0.75%
Cap
+
4.00%),
9.43
%
,
10/06/28
(a)
.
78
66,013
IT
Services
—
0.0%
ConnectWise
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.50%),
8.93
%
,
09/29/28
(a)
.........
46
44,927
Media
—
0.0%
Gray
Television,
Inc.,
Term
Loan
D
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43
%
,
12/01/28
(a)
116
112,486
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
—
0.0%
Tory
Burch
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
0.50%
Cap
+
3.25%),
8.68
%
,
04/16/28
(a)
.........
USD
86
$
84,878
Total
Floating
Rate
Loan
Interests
—
0
.1
%
(Cost:
$
1,152,549
)
..............................
1,117,569
Foreign
Agency
Obligations
Argentina
—
0.0%
YPF
SA
6.95%
,
07/21/27
(i)
................
22
17,542
8.50%
,
06/27/29
(i)
................
10
7,993
7.00%
,
09/30/33
(d)
(i)
...............
29
22,225
7.00%
,
12/15/47
(b)
................
33
20,955
68,715
Colombia
—
0.0%
Ecopetrol
SA
6.88%
,
04/29/30
.................
225
204,525
8.88%
,
01/13/33
.................
45
43,840
248,365
Mexico
—
0.1%
Petroleos
Mexicanos
4.88%
,
01/18/24
.................
46
45,617
Series
13-2,
7.19%
,
09/12/24
........
MXN
11
59,809
6.88%
,
08/04/26
.................
USD
258
236,312
8.75%
,
06/02/29
.................
90
79,388
421,126
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego,
5.38%
,
05/22/33
(b)
.....................
200
188,000
Total
Foreign
Agency
Obligations
—
0
.1
%
(Cost:
$
957,890
)
................................
926,206
Foreign
Government
Obligations
(a)
Argentina
—
0.0%
Argentine
Republic
(The)
(d)
3.62%
,
07/09/35
.................
66
16,367
4.25%
,
01/09/38
.................
56
16,386
32,753
Colombia
—
0.1%
Republic
of
Colombia
7.50%
,
08/26/26
.................
COP
1,052,000
236,729
5.75%
,
11/03/27
.................
641,000
130,668
8.00%
,
04/20/33
.................
USD
200
197,594
564,991
Czech
Republic
—
0.0%
Czech
Republic
5.50%
,
12/12/28
.................
CZK
4,850
217,188
5.00%
,
09/30/30
.................
2,590
113,706
4.20%
,
12/04/36
(i)
................
860
34,748
365,642
Egypt
—
0.0%
Arab
Republic
of
Egypt,
7.63%
,
05/29/32
(i)
..
USD
200
114,918
Indonesia
—
0.1%
Republic
of
Indonesia
4.10%
,
04/24/28
.................
200
188,554
3.05%
,
03/12/51
.................
641
414,291
602,845
Security
Par
(000)
Par
(000)
Value
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire,
4.88%
,
01/30/32
(i)
.
EUR
100
$
80,116
Mexico
—
0.3%
United
Mexican
States
7.50%
,
06/03/27
.................
MXN
36
188,818
8.50%
,
05/31/29
.................
110
592,149
2.66%
,
05/24/31
.................
USD
1,158
914,114
8.50%
,
11/18/38
.................
MXN
50
254,417
4.50%
,
01/31/50
.................
USD
1,011
727,536
2,677,034
Morocco
—
0.0%
Kingdom
of
Morocco,
6.50%
,
09/08/33
(b)
...
200
196,196
Panama
—
0.1%
Republic
of
Panama
3.88%
,
03/17/28
.................
347
318,605
4.50%
,
04/01/56
.................
488
319,640
638,245
Peru
—
0.1%
Republic
of
Peru,
3.55%
,
03/10/51
.......
576
378,242
Philippines
—
0.1%
Republic
of
Philippines
3.00%
,
02/01/28
.................
516
467,986
3.20%
,
07/06/46
.................
629
412,826
880,812
Romania
—
0.0%
Romania
Government
Bond,
2.13%
,
03/07/28
(i)
EUR
54
49,465
Russia
—
0.0%
Russian
Federation,
6.10%
,
07/18/35
(f)
(g)
...
RUB
13,759
34,932
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia,
3.45%
,
02/02/61
(i)
.
USD
200
122,078
Ukraine
—
0.0%
Ukraine
Government
Bond
(f)(g)(i)
7.75%
,
09/01/29
.................
100
28,400
7.75%
,
08/01/41
(a)
................
72
32,940
61,340
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
4.38%
,
10/27/27
.................
179
176,302
5.10%
,
06/18/50
.................
234
207,145
383,447
Total
Foreign
Government
Obligations
—
0
.9
%
(Cost:
$
8,782,979
)
..............................
7,183,056
Shares
Shares
Investment
Companies
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
(m)
.....................
14,408,518
132,558,363
Total
Investment
Companies
—
16
.7
%
(Cost:
$
144,284,000
)
.............................
132,558,363
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Municipal
Bonds
California
—
0
.4
%
Bay
Area
Toll
Authority
,
Series
2010S-1
,
RB
,
7.04
%
,
04/01/50
.................
USD
290
$
333,616
Los
Angeles
Community
College
District
,
Series
2010E
,
GO
,
6.60
%
,
08/01/42
.........
110
120,249
Los
Angeles
Unified
School
District
,
Series
2010RY
,
GO
,
6.76
%
,
07/01/34
........
500
540,568
State
of
California
Series
2018
,
GO
,
4.60
%
,
04/01/38
.....
1,215
1,096,608
Series
2009
,
GO
,
7.55
%
,
04/01/39
.....
65
76,151
University
of
California
,
Series
2012AD
,
RB
,
4.86
%
,
05/15/12
.................
75
61,656
2,228,848
Georgia
—
0
.0
%
Municipal
Electric
Authority
of
Georgia
,
Series
2010-A
,
RB
,
6.64
%
,
04/01/57
........
53
55,770
Illinois
—
0
.1
%
State
of
Illinois
,
Series
2003
,
GO
,
5.10
%
,
06/01/33
.................
775
735,511
Louisiana
—
0
.1
%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Series
2022A
,
RB
,
4.15
%
,
02/01/33
.................
620
581,579
Massachusetts
—
0
.0
%
Massachusetts
Housing
Finance
Agency
,
Series
2015A
,
RB,
AMT
,
4.50
%
,
12/01/48
30
25,346
New
Jersey
—
0
.1
%
New
Jersey
Turnpike
Authority
,
Series
2009F
,
RB
,
7.41
%
,
01/01/40
..............
237
276,383
New
York
—
0
.0
%
Metropolitan
Transportation
Authority
,
Series
2010A
,
RB
,
6.67
%
,
11/15/39
.........
195
199,636
New
York
City
Municipal
Water
Finance
Authority
Series
2010EE
,
RB
,
6.01
%
,
06/15/42
...
105
107,940
Series
2011CC
,
RB
,
5.88
%
,
06/15/44
...
155
156,940
New
York
State
Dormitory
Authority
,
Series
2010H
,
RB
,
5.39
%
,
03/15/40
.........
60
57,746
Port
Authority
of
New
York
&
New
Jersey
Series
2010-165
,
RB
,
5.65
%
,
11/01/40
..
120
119,177
Series
2014-181
,
RB
,
4.96
%
,
08/01/46
..
195
177,107
818,546
Ohio
—
0
.0
%
American
Municipal
Power,
Inc.
,
Series
2010A
,
RB
,
8.08
%
,
02/15/50
..............
135
167,900
Texas
—
0
.0
%
City
of
San
Antonio
Electric
&
Gas
Systems
,
Series
2010A
,
RB
,
5.81
%
,
02/01/41
....
215
215,576
State
of
Texas
,
Series
2009A
,
GO
,
5.52
%
,
04/01/39
.................
215
213,991
429,567
Total
Municipal
Bonds
—
0
.7
%
(Cost:
$
6,215,014
)
..............................
5,319,450
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.4%
Alternative
Loan
Trust
Series
2005-22T1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
5.42%
Cap
+
0.46%),
5.42%,
06/25/35
(a)
..............
USD
90
$
73,194
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.00%
Floor
+
1.00%),
5.63%,
02/25/36
(a)
........
13
11,665
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
....................
48
23,887
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
....................
8
3,648
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Cap
+
1.73%),
6.36%,
11/25/46
(a)
........
50
38,343
Series
2006-OA16,
Class
A4C,
(1-mo.
CME
Term
SOFR
+
0.79%),
6.11%,
10/25/46
(a)
126
89,059
Series
2006-OA8,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.49%),
5.81%,
07/25/46
(a)
..............
7
5,632
Series
2006-OC10,
Class
2A3,
(1-mo.
CME
Term
SOFR
+
0.57%),
5.89%,
11/25/36
(a)
55
47,070
Series
2006-OC7,
Class
2A3,
(1-mo.
CME
Term
SOFR
+
0.61%),
5.93%,
07/25/46
(a)
59
52,242
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
....................
9
4,151
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
+
0.39%),
5.71%,
04/25/47
(a)
13
11,167
American
Home
Mortgage
Assets
Trust
(a)
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
5.57%,
10/25/46
....................
43
28,956
Series
2006-4,
Class
1A12,
(1-mo.
CME
Term
SOFR
+
0.32%),
5.64%,
10/25/46
50
26,166
Series
2007-1,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.70%
Floor
+
0.70%),
5.33%,
02/25/47
....................
50
19,345
APS
Resecuritization
Trust
(a)(b)
Series
2016-1,
Class
1MZ,
3.03%,
07/31/57
281
108,517
Series
2016-3,
Class
3A,
(1-mo.
CME
Term
SOFR
+
2.96%),
8.28%,
09/27/46
...
23
23,063
Banc
of
America
Funding
Trust
(a)(b)
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
122
35,038
Series
2016-R2,
Class
1A1,
4.70%,
05/01/33
....................
55
53,054
Bayview
Commercial
Asset
Trust,
Series
2007-
4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.79%),
6.11%,
09/25/37
(a)
(b)
73
65,741
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2006-SL1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
11.00%
Cap
+
0.39%),
5.71%,
08/25/36
...............
12
11,895
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
and
10.50%
Cap
+
0.45%),
5.77%,
03/25/37
.....
68
61,881
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
and
10.50%
Cap
+
0.25%),
5.57%,
03/25/37
.....
9
7,379
Series
2007-AR4,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.20%
Floor
and
10.50%
Cap
+
0.51%),
5.83%,
09/25/47
.....
30
26,840
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-AR4,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
10.50%
Cap
+
0.32%),
5.64%,
06/25/37
...............
USD
10
$
8,894
Chase
Mortgage
Finance
Trust,
Series
2007-
S6,
Class
1A1,
6.00%,
12/25/37
.......
654
277,930
CHL
Mortgage
Pass-Through
Trust
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.96%),
5.59%,
04/25/46
(a)
...................
128
38,891
Series
2006-OA5,
Class
3A1,
(1-mo.
CME
Term
SOFR
+
0.51%),
5.83%,
04/25/46
(a)
14
12,469
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
174
63,138
Citicorp
Mortgage
Securities
Trust
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
37
29,660
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
54
40,699
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
(b)
.....................
281
107,994
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
and
6.25%
Cap
+
1.46%),
6.25%,
11/25/35
(a)
.
41
9,500
CSMC
Trust,
Series
2009-5R,
Class
4A4,
2.97%,
06/25/36
(a)
(b)
(e)
..............
—
(c)
1
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.45%),
5.77%,
08/25/47
(a)
................
89
77,380
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust,
Series
2006-AB3,
Class
A8,
6.36%,
07/25/36
(a)
.....................
7
5,543
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
10.50%
Cap
+
2.00%),
6.63%,
03/25/36
(a)
12
10,794
GSMPS
Mortgage
Loan
Trust
(a)(b)
Series
2005-RP1,
Class
1AF,
(1-mo.
CME
Term
SOFR
+
0.46%),
5.78%,
01/25/35
30
26,593
Series
2005-RP2,
Class
1AF,
(1-mo.
CME
Term
SOFR
+
0.46%),
5.78%,
03/25/35
34
29,860
Series
2006-RP1,
Class
1AF1,
(1-mo.
CME
Term
SOFR
at
9.15%
Cap
+
0.46%),
5.78%,
01/25/36
...............
28
22,534
GSR
Mortgage
Loan
Trust,
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
.........
2
2,763
HarborView
Mortgage
Loan
Trust,
Series
2007-
4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
10.00%
Cap
+
0.61%),
5.69%,
07/19/47
(a)
83
75,536
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR19,
Class
3A1,
3.69%,
09/25/37
....................
66
44,074
Series
2007-FLX5,
Class
2A2,
(1-mo.
CME
Term
SOFR
+
0.35%),
5.67%,
08/25/37
75
64,846
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
6.26%,
08/25/37
(a)
(b)
........
14
9,074
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(1-mo.
CME
Term
SOFR
+
0.53%),
5.85%,
04/25/37
(a)
.
93
73,680
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(1-mo.
LIBOR
USD
at
9.00%
Cap
+
0.34%),
5.78%,
04/16/36
(a)
(b)
198
189,064
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)
(b)
.
34
31,909
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2007-2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.85%,
06/25/37
(a)
................
USD
10
$
8,787
PRPM
LLC
(a)(b)
Series
2022-1,
Class
A1,
3.72%,
02/25/27
(d)
765
732,671
Series
2023-1,
Class
A1,
6.88%,
02/25/28
358
357,088
RALI
Trust,
Series
2007-QH9,
Class
A1,
5.94%,
11/25/37
(a)
.....................
20
16,392
Reperforming
Loan
REMIC
Trust,
Series
2005-
R3,
Class
AF,
(1-mo.
CME
Term
SOFR
at
9.50%
Cap
+
0.51%),
5.83%,
09/25/35
(a)
(b)
3
2,216
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-1,
Class
BX,
3.31%,
05/25/57
(a)
...
19
6,221
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class
4A,
3.96%,
04/25/36
(a)
.....................
36
20,503
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
and
10.50%
Cap
+
0.49%),
5.81%,
06/25/36
.....
55
45,899
Series
2006-AR5,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
10.50%
Cap
+
0.53%),
5.85%,
05/25/46
...............
32
21,152
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
36
30,884
Series
2006-4,
Class
3A1,
6.50%,
05/25/36
(a)
(d)
..................
24
19,113
3,341,685
Commercial
Mortgage-Backed
Securities
—
0.7%
245
Park
Avenue
Trust,
Series
2017-245P,
Class
E,
3.78%,
06/05/37
(a)
(b)
.........
200
158,501
280
Park
Avenue
Mortgage
Trust
(a)(b)
Series
2017-280P,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.59%),
7.17%,
09/15/34
...............
100
90,243
Series
2017-280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.48%
Floor
+
2.17%),
7.75%,
09/15/34
...............
137
118,162
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.27%),
7.61%,
04/15/35
(a)
(b)
....
19
18,266
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2015-200P,
Class
F,
3.72%,
04/14/33
300
251,973
Series
2017-SCH,
Class
CL,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.55%),
6.88%,
11/15/32
...............
100
93,323
Series
2017-SCH,
Class
DL,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.05%),
7.38%,
11/15/32
...............
100
90,301
Series
2018-DSNY,
Class
D,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.33%,
09/15/34
650
644,317
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.56%),
5.88%,
01/25/36
....................
24
21,993
Series
2005-4A,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.79%),
6.11%,
01/25/36
...............
18
16,197
Series
2006-1A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
+
0.65%),
5.97%,
04/25/36
....................
6
5,365
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2006-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.49%),
5.81%,
10/25/36
....................
USD
9
$
8,016
Series
2006-3A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.56%),
5.88%,
10/25/36
....................
7
6,696
Series
2007-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
+
0.38%),
5.70%,
07/25/37
...
17
14,920
BBCMS
Mortgage
Trust,
Series
2018-TALL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.72%
Floor
+
0.92%),
6.25%,
03/15/37
(a)
(b)
....
35
32,378
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
................
60
54,763
BHMS,
Series
2018-ATLS,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.55%),
6.88%,
07/15/35
(a)
(b)
....................
140
138,211
BWAY
Mortgage
Trust,
Series
2013-1515,
Class
C,
3.45%,
03/10/33
(b)
..........
105
95,588
BX
Commercial
Mortgage
Trust,
Series
2020-
VKNG,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.04%),
6.38%,
10/15/37
(a)
(b)
.........
60
59,015
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
3.67%,
08/13/37
60
43,403
Series
2017-CC,
Class
E,
3.67%,
08/13/37
110
72,630
Series
2017-GM,
Class
D,
3.54%,
06/13/39
200
165,514
Series
2017-GM,
Class
E,
3.54%,
06/13/39
50
38,119
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(1-mo.
CME
Term
SOFR
+
1.80%),
7.13%,
12/15/37
(a)
(b)
...
100
98,803
Cassia
SRL,
Series
2022-1A,
Class
A,
(3-mo.
EURIBOR
+
2.50%),
6.32%,
05/22/34
(a)
(b)
.
EUR
364
371,348
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
..............
USD
30
26,949
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
....
10
9,446
CFK
Trust,
Series
2019-FAX,
Class
D,
4.79%,
01/15/39
(a)
(b)
....................
126
106,535
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC37,
Class
C,
5.08%,
04/10/49
(a)
.
20
17,349
Commercial
Mortgage
Trust,
Series
2016-
667M,
Class
D,
3.28%,
10/10/36
(a)
(b)
....
100
76,826
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2019-ICE4,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.03%),
6.36%,
05/15/36
(a)
(b)
...............
587
585,906
CSMC
Trust
(b)
Series
2017-PFHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.00%),
6.33%,
12/15/30
(a)
..............
60
57,147
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
100
83,219
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
+
3.14%),
8.48%,
09/09/24
(a)
224
225,669
DBUBS
Mortgage
Trust
(a)(b)
Series
2017-BRBK,
Class
E,
3.65%,
10/10/34
....................
210
154,458
Series
2017-BRBK,
Class
F,
3.65%,
10/10/34
....................
80
55,650
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
A,
5.37%,
05/03/32
(b)
.....
100
96,690
GS
Mortgage
Securities
Corp.
Trust,
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
(b)
.
100
68,500
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
.....................
110
101,860
IMT
Trust
(b)
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
....................
100
97,349
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2017-APTS,
Class
EFX,
3.61%,
06/15/34
(a)
...................
USD
100
$
95,472
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.29%,
12/15/48
(a)
(b)
....................
100
79,036
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP7,
Class
B,
4.05%,
09/15/50
10
8,140
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
+
2.18%),
7.51%,
09/15/39
(a)
(b)
...............
300
300,561
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-1A,
Class
1A,
(1-mo.
CME
Term
SOFR
+
0.36%),
5.68%,
03/25/37
(a)
(b)
....................
1
1,113
LSTAR
Commercial
Mortgage
Trust,
Series
2015-3,
Class
AS,
3.28%,
04/20/48
(a)
(b)
..
6
6,226
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
4.08%,
05/10/39
(a)
(b)
......
190
111,728
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
+
2.27%),
7.61%,
08/19/35
(a)
(b)
270
269,663
Velocity
Commercial
Capital
Loan
Trust
(a)(b)
Series
2017-2,
Class
M3,
4.24%,
11/25/47
52
42,811
Series
2017-2,
Class
M4,
5.00%,
11/25/47
26
20,775
5,407,123
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2016-SS1,
Class
XA,
0.70%,
12/15/35
(b)
.....................
15,000
145,992
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.73%,
02/15/50
..............
1,000
17,720
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
1.06%,
08/10/35
(b)
................
939
24,453
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.73%,
11/05/36
(b)
................
3,475
18,783
Benchmark
Mortgage
Trust
Series
2018-B8,
Class
XA,
0.78%,
01/15/52
4,500
107,717
Series
2019-B9,
Class
XA,
1.18%,
03/15/52
1,000
41,601
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.85%,
05/10/58
...
170
2,711
Commercial
Mortgage
Trust
Series
2015-3BP,
Class
XA,
0.17%,
02/10/35
(b)
...................
1,916
2,075
Series
2015-CR25,
Class
XA,
0.94%,
08/10/48
....................
172
2,007
CSAIL
Commercial
Mortgage
Trust,
Series
2017-CX10,
Class
XB,
0.26%,
11/15/50
..
1,430
14,385
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C22,
Class
XA,
0.94%,
09/15/47
....................
907
3,668
Series
2014-C23,
Class
XA,
0.74%,
09/15/47
....................
906
3,611
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
.....................
1,800
34,048
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
.............
900
16,035
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(b)
Series
2014-C19,
Class
XF,
1.33%,
12/15/47
....................
130
1,779
Series
2015-C26,
Class
XD,
1.45%,
10/15/48
....................
120
2,820
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Morgan
Stanley
Capital
I
Trust
Series
2016-UBS9,
Class
XD,
1.75%,
03/15/49
(b)
...................
USD
1,000
$
33,612
Series
2017-H1,
Class
XD,
2.31%,
06/15/50
(b)
...................
110
7,022
Series
2019-L2,
Class
XA,
1.17%,
03/15/52
375
15,317
One
Market
Plaza
Trust
(b)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
....................
1,880
54
Series
2017-1MKT,
Class
XNCP,
0.22%,
02/10/32
....................
376
975
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-BNK1,
Class
XD,
1.39%,
08/15/49
(b)
.....................
1,000
29,134
525,519
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%,
07/25/56
(b)
(h)
...
112
11,157
Total
Non-Agency
Mortgage-Backed
Securities
—
1
.2
%
(Cost:
$
10,505,376
)
..............................
9,285,484
Beneficial
Interest
(000)
Other
Interests
(n)
Capital
Markets
—
0.0%
(e)(f)(g)
Lehman
Brothers
Holdings,
Capital
Trust
VII
.
185
—
Lehman
Brothers
Holdings,
Inc.
.........
1,025
—
Total
Other
Interests
—
0.0
%
(Cost:
$
12
)
...................................
—
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.0%
Capital
Markets
—
0.0%
State
Street
Corp.
,
Series
F
,
(3-mo.
CME
Term
SOFR
+
3.86%),
9.27
%
(a)
(j)
..........
68
68,147
Total
Preferred
Securities
—
0
.0
%
(Cost:
$
68,000
)
................................
68,147
U.S.
Government
Sponsored
Agency
Securities
Interest
Only
Collateralized
Mortgage
Obligations
—
0.3%
Federal
Home
Loan
Mortgage
Corp.
Series
389
,
Class
C45
,
3.00
%
,
10/15/52
.
4,408
732,280
Series
5052
,
Class
KI
,
4.00
%
,
12/25/50
..
192
38,692
Series
5081
,
Class
AI
,
3.50
%
,
03/25/51
..
312
55,377
Series
5161
,
Class
LI
,
3.00
%
,
11/25/51
..
1,041
140,425
Series
5196
,
Class
DI
,
3.00
%
,
02/25/52
..
481
74,717
Federal
National
Mortgage
Association
Series
2021-3
,
Class
MI
,
3.50
%
,
02/25/51
521
93,989
Series
2021-31
,
Class
IB
,
4.00
%
,
06/25/51
589
117,339
Series
427
,
Class
C85
,
3.50
%
,
08/25/49
.
547
98,361
Series
428
,
Class
C16
,
3.00
%
,
03/25/50
.
1,809
311,426
Government
National
Mortgage
Association
Series
2021-58
,
Class
IY
,
3.00
%
,
02/20/51
1,369
209,607
Series
2021-83
,
Class
PI
,
3.00
%
,
05/20/51
2,204
325,094
Series
2021-97
,
Class
LI
,
3.00
%
,
08/20/50
1,666
255,062
Series
2022-78
,
Class
D
,
3.00
%
,
08/20/51
1,128
170,944
2,623,313
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Government
National
Mortgage
Association
Variable
Rate
Notes
,
Series
2015-48
,
0.92
%
,
02/16/50
(a)
................
USD
15
$
348
Mortgage-Backed
Securities
—
41.3%
Federal
Home
Loan
Mortgage
Corp.
2.50
%
,
01/01/29
-
04/01/31
..........
223
204,469
3.00
%
,
09/01/27
-
12/01/46
..........
794
688,871
3.50
%
,
02/01/31
-
01/01/48
..........
1,540
1,390,729
4.00
%
,
08/01/40
-
12/01/45
..........
124
113,338
4.50
%
,
02/01/39
-
04/01/49
..........
2,194
2,060,265
5.00
%
,
10/01/41
-
11/01/48
..........
95
91,916
5.50
%
,
02/01/35
-
06/01/41
..........
82
82,316
Federal
National
Mortgage
Association
4.00
%
,
01/01/41
.................
7
6,638
6.00
%
,
07/01/39
.................
68
67,929
Government
National
Mortgage
Association
2.00
%
,
08/20/50
-
02/20/51
..........
4,714
3,741,353
2.00
%
,
10/15/53
(o)
................
6,908
5,460,051
2.50
%
,
04/20/51
-
01/20/53
..........
7,317
5,985,919
2.50
%
,
10/15/53
(o)
................
4,575
3,739,060
3.00
%
,
02/15/45
-
01/20/52
..........
4,969
4,228,212
3.00
%
,
10/15/53
(o)
................
3,742
3,170,668
3.50
%
,
01/15/42
-
11/20/46
..........
3,346
2,980,089
3.50
%
,
10/15/53
(o)
................
3,336
2,922,218
4.00
%
,
04/20/39
-
12/20/47
..........
831
763,474
4.00
%
,
10/15/53
(o)
................
3,713
3,344,585
4.50
%
,
12/20/39
-
07/20/49
..........
660
621,342
4.50
%
,
10/15/53
(o)
................
3,030
2,799,081
5.00
%
,
12/15/38
-
07/20/44
..........
63
61,342
5.00
%
,
10/15/53
(o)
................
3,191
3,023,722
5.50
%
,
10/15/53
(o)
................
2,358
2,288,181
6.00
%
,
10/15/53
-
11/15/53
(o)
.........
1,355
1,342,076
6.50
%
,
10/15/53
-
11/15/53
(o)
.........
732
735,803
Uniform
Mortgage-Backed
Securities
1.50
%
,
12/01/35
-
03/01/51
..........
12,170
9,454,278
1.50
%
,
10/25/38
-
10/25/53
(o)
.........
1,082
807,267
2.00
%
,
10/01/31
-
03/01/52
..........
47,499
37,204,843
2.00
%
,
10/25/38
-
10/25/53
(o)
.........
12,939
10,023,422
2.50
%
,
09/01/27
-
04/01/52
..........
31,466
25,588,385
2.50
%
,
10/25/38
(o)
................
1,612
1,419,971
2.50
%
,
11/01/51
-
01/01/52
(p)
.........
12,218
9,770,079
3.00
%
,
04/01/28
-
08/01/52
..........
17,298
14,699,555
3.00
%
,
10/25/38
-
10/25/53
(o)
.........
41,055
33,978,964
3.50
%
,
03/01/29
-
08/01/50
..........
5,260
4,637,678
3.50
%
,
10/25/38
-
10/25/53
(o)
.........
9,680
8,333,761
3.50
%
,
01/01/51
(p)
................
5,286
4,629,551
4.00
%
,
08/01/31
-
06/01/52
..........
32,365
29,303,526
4.00
%
,
10/25/38
(o)
................
356
336,017
4.50
%
,
02/01/25
-
08/01/52
..........
6,994
6,545,778
4.50
%
,
10/25/38
-
10/25/53
(o)
.........
9,711
8,939,394
5.00
%
,
02/01/35
-
04/01/53
..........
3,645
3,461,313
5.00
%
,
10/25/53
(o)
................
18,314
17,277,897
5.50
%
,
02/01/35
-
08/01/53
..........
5,187
5,026,126
5.50
%
,
10/25/53
(o)
................
27,201
26,285,885
6.00
%
,
04/01/35
-
08/01/53
..........
6,191
6,120,893
6.00
%
,
10/25/53
(o)
................
9,389
9,265,276
6.50
%
,
05/01/40
.................
54
55,582
6.50
%
,
10/25/53
(o)
................
1,674
1,681,585
7.00
%
,
10/25/53
(o)
................
896
914,585
327,675,258
Total
U.S.
Government
Sponsored
Agency
Securities
—
41
.6
%
(Cost:
$
357,978,025
)
.............................
330,298,919
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25
%
,
05/15/39
-
11/15/40
..........
USD
529
$
493,224
4.50
%
,
08/15/39
.................
4,057
3,929,171
4.38
%
,
11/15/39
-
05/15/41
..........
3,320
3,142,639
4.63
%
,
02/15/40
.................
432
423,141
1.13
%
,
05/15/40
-
08/15/40
..........
3,866
2,208,301
3.88
%
,
08/15/40
-
02/15/43
..........
2,355
2,056,745
1.38
%
,
11/15/40
-
08/15/50
..........
4,675
2,482,029
4.75
%
,
02/15/41
.................
1,219
1,205,620
2.38
%
,
02/15/42
-
05/15/51
..........
5,049
3,286,739
4.00
%
,
11/15/42
-
11/15/52
..........
3,713
3,293,501
3.13
%
,
02/15/43
-
08/15/44
..........
2,483
1,902,794
2.88
%
,
05/15/43
-
05/15/49
..........
3,365
2,456,580
3.63
%
,
08/15/43
-
05/15/53
..........
9,431
7,821,053
3.75
%
,
11/15/43
.................
2,473
2,099,152
2.50
%
,
02/15/45
.................
4,920
3,340,987
3.00
%
,
05/15/47
-
08/15/52
..........
11,666
8,525,792
2.75
%
,
11/15/47
.................
4,920
3,430,931
3.00
%
,
02/15/49
(p)
(q)
...............
7,332
5,359,520
2.25
%
,
08/15/49
-
02/15/52
..........
4,384
2,727,627
1.63
%
,
11/15/50
.................
1,951
1,021,651
1.88
%
,
02/15/51
-
11/15/51
..........
3,369
1,882,217
4.13
%
,
08/15/53
.................
3,890
3,531,391
U.S.
Treasury
Inflation
Linked
Bonds
,
1.50
%
,
02/15/53
.................
1,248
1,031,693
U.S.
Treasury
Notes
1.75
%
,
07/31/24
-
01/31/29
..........
9,430
9,042,347
2.13
%
,
07/31/24
-
05/15/25
..........
2,153
2,071,510
1.50
%
,
10/31/24
-
02/15/30
..........
10,676
10,021,818
2.00
%
,
02/15/25
-
11/15/26
..........
2,610
2,447,801
2.63
%
,
04/15/25
-
02/15/29
..........
4,384
4,188,970
0.38
%
,
04/30/25
-
09/30/27
..........
17,532
16,092,181
2.75
%
,
05/15/25
-
08/15/32
..........
13,102
11,849,896
0.25
%
,
06/30/25
-
07/31/25
..........
7,462
6,844,965
3.50
%
,
09/15/25
.................
3,805
3,693,525
4.00
%
,
12/15/25
.................
4,500
4,406,309
0.50
%
,
02/28/26
-
08/31/27
..........
12,040
10,467,044
0.75
%
,
05/31/26
.................
4,768
4,282,074
0.88
%
,
06/30/26
.................
3,890
3,500,088
4.50
%
,
07/15/26
.................
4,272
4,232,618
0.63
%
,
07/31/26
.................
2,438
2,169,915
1.63
%
,
11/30/26
-
05/15/31
..........
10,926
9,387,378
2.38
%
,
05/15/27
-
05/15/29
..........
2,443
2,218,562
2.25
%
,
08/15/27
.................
3,746
3,423,200
3.88
%
,
11/30/27
-
12/31/29
..........
16,304
15,671,352
1.25
%
,
09/30/28
-
08/15/31
..........
8,019
6,286,030
3.13
%
,
11/15/28
.................
1,164
1,083,839
1.88
%
,
02/28/29
-
02/15/32
..........
191
159,304
4.00
%
,
10/31/29
(q)
................
7,851
7,580,202
3.75
%
,
05/31/30
.................
4,089
3,881,520
4.13
%
,
08/31/30
.................
4,642
4,505,738
2.88
%
,
05/15/32
.................
764
670,180
Total
U.S.
Treasury
Obligations
—
27
.5
%
(Cost:
$
243,329,211
)
.............................
217,830,864
Total
Long-Term
Investments
—
114.5%
(Cost:
$
988,605,380
)
.............................
908,723,676
Security
Par
(000)
Pa
r
(
000)
Value
Short-Term
Securities
Foreign
Government
Obligations
—
0.1%
Mexico
—
0.1%
United
Mexican
States
Treasury
Bills,
12.08%
,
11/28/24
(r)
......................
MXN
1,282
$
646,131
Total
Foreign
Government
Obligations
—
0
.1
%
(Cost:
$
623,814
)
................................
646,131
Shares
Shares
Money
Market
Funds
—
5.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.23
%
(m)
(s)
.................
40,042,187
40,042,187
Total
Money
Market
Funds
—
5
.0
%
(Cost:
$
40,042,187
)
..............................
40,042,187
Total
Short-Term
Securities
—
5.1%
(Cost:
$
40,666,001
)
..............................
40,688,318
Total
Options
Purchased
—
0
.6
%
(
Cost:
$
3,554,445
)
..............................
4,867,057
Total
Investments
Before
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
120
.2
%
(Cost:
$
1,032,825,826
)
...........................
954,279,051
Total
Options
Written
—
(
0
.6
)
%
(Premium
Received
—
$
(
3,312,008
)
)
..................
(
5,246,630
)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(o)
Mortgage-Backed
Securities
—
(
5
.4
)
%
Government
National
Mortgage
Association
2.00
%
,
10/15/53
.................
USD
(
39
)
(
30,827
)
3.50
%
,
10/15/53
.................
(
26
)
(
22,772
)
4.00
%
,
10/15/53
.................
(
26
)
(
23,423
)
Uniform
Mortgage-Backed
Securities
2.00
%
,
10/25/53
.................
(
31
)
(
23,577
)
2.50
%
,
10/25/53
.................
(
3,895
)
(
3,090,876
)
3.00
%
,
10/25/53
.................
(
405
)
(
334,837
)
3.50
%
,
10/25/53
.................
(
2,247
)
(
1,932,244
)
4.00
%
,
10/25/53
.................
(
27,688
)
(
24,648,987
)
4.50
%
,
10/25/53
.................
(
10,200
)
(
9,364,416
)
5.50
%
,
10/25/53
.................
(
795
)
(
768,262
)
6.00
%
,
10/25/53
.................
(
3,036
)
(
2,996,153
)
6.50
%
,
10/25/53
.................
(
40
)
(
40,181
)
Total
TBA
Sale
Commitments
—
(
5
.4
)
%
(Proceeds:
$
(
43,754,478
)
)
.........................
(43,276,555)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Investments
Sold
Short
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
,
2.88
%
,
05/15/49
....
USD
(
803
)
$
(
572,828
)
Total
U.S.
Treasury
Obligations
—
(
0
.1
)
%
(Proceeds:
$
(
892,689
)
)
...........................
(572,828)
Total
Investments
Sold
Short
—
(
0
.1
)
%
(Proceeds:
$
(
892,689
)
)
...........................
(
572,828
)
Total
Investments
Net
of
Options
Written,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
114
.1
%
(Cost:
$
984,866,651
)
.............................
905,183,038
Liabilities
in
Excess
of
Other
Assets
—
(
14.1
)
%
...........
(
111,659,969
)
Net
Assets
—
100.0%
..............................
$
793,523,069
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
Non-income
producing
security.
(h)
Zero-coupon
bond.
(i)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(j)
Perpetual
security
with
no
stated
maturity
date.
(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
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
122,525,407
$
—
$
(
82,483,220
)
(a)
$
—
$
—
$
40,042,187
40,042,187
$
1,796,651
$
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
....
131,261,596
—
—
—
1,296,767
132,558,363
14,408,518
5,784,489
—
$
—
$
1,296,767
$
172,600,550
$
7,581,140
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
17
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Australia
10-Year
Bond
......................................................
6
12/15/23
$
432
$
(10,921)
Canada
10-Year
Bond
.......................................................
18
12/18/23
1,526
(20,958)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
16
12/19/23
1,785
72
U.S.
Treasury
Long
Bond
.....................................................
51
12/19/23
5,806
(146,644)
U.S.
Treasury
2-Year
Note
....................................................
121
12/29/23
24,526
44,160
U.S.
Treasury
5-Year
Note
....................................................
584
12/29/23
61,512
(100,474)
(234,765)
Short
Contracts
Euro-Buxl
...............................................................
9
12/07/23
1,164
77,926
Japan
10-Year
Bond
........................................................
6
12/13/23
5,820
24,562
Australia
3-Year
Bond
.......................................................
82
12/15/23
5,554
43,895
U.S.
Treasury
10-Year
Note
...................................................
174
12/19/23
18,795
286,827
U.S.
Treasury
Ultra
Bond
.....................................................
7
12/19/23
832
(7,654)
3-mo.
SOFR
.............................................................
26
03/18/25
6,202
(5,083)
420,473
$
185,708
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
80,000
BRL
394,312
Citibank
NA
10/03/23
$
1,554
USD
258,000
BRL
1,288,447
Goldman
Sachs
International
10/03/23
1,672
USD
41,000
BRL
205,099
JPMorgan
Chase
Bank
NA
10/03/23
197
BRL
414,378
USD
82,000
Citibank
NA
10/05/23
410
USD
82,000
BRL
406,154
BNP
Paribas
SA
10/05/23
1,224
EUR
76,000
BRL
401,606
Goldman
Sachs
International
10/11/23
584
USD
117,000
TWD
3,639,870
BNP
Paribas
SA
10/11/23
3,956
AUD
86,000
USD
55,203
Citibank
NA
10/18/23
121
CAD
157,452
EUR
108,000
UBS
AG
10/18/23
1,692
CLP
17,989,400
USD
20,000
Bank
of
America
NA
10/18/23
223
CLP
53,407,800
USD
60,000
Barclays
Bank
plc
10/18/23
40
CLP
72,628,650
USD
81,000
Citibank
NA
10/18/23
648
CLP
36,592,500
USD
41,000
Morgan
Stanley
&
Co.
International
plc
10/18/23
137
CLP
71,880,000
USD
80,000
Toronto
Dominion
Bank
10/18/23
806
CNY
1,502,660
USD
206,000
BNP
Paribas
SA
10/18/23
20
EUR
19,000
USD
19,976
Citibank
NA
10/18/23
124
EUR
114,000
USD
119,922
HSBC
Bank
plc
10/18/23
680
EUR
76,000
USD
79,914
JPMorgan
Chase
Bank
NA
10/18/23
487
JPY
30,196,630
CAD
275,000
JPMorgan
Chase
Bank
NA
10/18/23
85
MXN
2,028,833
GBP
94,000
Morgan
Stanley
&
Co.
International
plc
10/18/23
1,418
MXN
1,363,862
USD
78,000
Barclays
Bank
plc
10/18/23
60
MXN
1,060,317
USD
60,000
BNP
Paribas
SA
10/18/23
686
MXN
2,491,809
USD
141,000
Goldman
Sachs
International
10/18/23
1,616
MXN
1,418,076
USD
80,000
HSBC
Bank
plc
10/18/23
1,162
MXN
1,765,131
USD
100,000
JPMorgan
Chase
Bank
NA
10/18/23
1,025
NOK
862,702
USD
80,000
Citibank
NA
10/18/23
686
NOK
430,542
USD
40,000
Deutsche
Bank
AG
10/18/23
267
NOK
1,079,456
USD
100,000
Goldman
Sachs
International
10/18/23
958
PLN
860,928
EUR
186,000
Morgan
Stanley
&
Co.
International
plc
10/18/23
218
SEK
887,584
USD
80,000
Barclays
Bank
plc
10/18/23
1,288
USD
173,000
CAD
234,683
Citibank
NA
10/18/23
179
USD
96,000
CAD
129,909
HSBC
Bank
plc
10/18/23
336
USD
122,000
CLP
108,397,000
Toronto
Dominion
Bank
10/18/23
142
USD
61,000
CNY
443,574
Bank
of
America
NA
10/18/23
184
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
18
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
61,000
CNY
444,418
Goldman
Sachs
International
10/18/23
$
69
USD
61,000
CNY
443,495
State
Street
Bank
and
Trust
Co.
10/18/23
195
USD
258,000
COP
1,037,051,930
Citibank
NA
10/18/23
4,910
USD
61,000
CZK
1,408,141
UBS
AG
10/18/23
9
USD
100,856
EUR
95,000
Citibank
NA
10/18/23
354
USD
59,489
EUR
56,000
JPMorgan
Chase
Bank
NA
10/18/23
246
USD
121,700
GBP
98,000
HSBC
Bank
plc
10/18/23
2,120
USD
61,000
JPY
8,942,617
Deutsche
Bank
AG
10/18/23
1,002
USD
60,000
KRW
80,974,200
JPMorgan
Chase
Bank
NA
10/18/23
86
USD
90,000
MXN
1,552,753
Barclays
Bank
plc
10/18/23
1,130
USD
681,000
MXN
11,814,915
Citibank
NA
10/18/23
4,786
USD
203,000
MXN
3,503,106
Morgan
Stanley
&
Co.
International
plc
10/18/23
2,504
USD
82,000
PLN
352,384
Goldman
Sachs
International
10/18/23
1,370
USD
80,000
ZAR
1,515,680
BNP
Paribas
SA
10/18/23
54
USD
60,000
ZAR
1,130,354
Citibank
NA
10/18/23
378
USD
60,000
ZAR
1,134,014
Goldman
Sachs
International
10/18/23
185
USD
100,000
ZAR
1,883,120
Morgan
Stanley
&
Co.
International
plc
10/18/23
672
ZAR
1,465,937
EUR
72,000
Citibank
NA
10/18/23
1,152
ZAR
4,189,826
USD
220,000
Bank
of
America
NA
10/18/23
998
ZAR
1,532,175
USD
80,000
Citibank
NA
10/18/23
817
ZAR
1,533,304
USD
80,000
Goldman
Sachs
International
10/18/23
876
BRL
810,112
USD
160,000
Citibank
NA
11/03/23
447
BRL
608,321
USD
120,000
JPMorgan
Chase
Bank
NA
11/03/23
481
USD
160,000
BRL
805,680
Deutsche
Bank
AG
11/03/23
431
USD
60,000
BRL
301,529
Goldman
Sachs
International
11/03/23
281
USD
60,000
BRL
301,837
JPMorgan
Chase
Bank
NA
11/03/23
220
USD
52,174
EUR
47,470
UBS
AG
11/07/23
1,911
USD
263,518
ZAR
4,970,868
State
Street
Bank
and
Trust
Co.
11/07/23
1,805
ZAR
4,970,868
USD
258,629
Morgan
Stanley
&
Co.
International
plc
11/07/23
3,084
MXN
1,005,290
USD
56,691
State
Street
Bank
and
Trust
Co.
11/15/23
564
USD
199,706
COP
805,965,000
Citibank
NA
11/15/23
4,579
USD
1,813,092
MXN
31,811,974
Citibank
NA
11/15/23
1,270
COP
165,362,112
USD
38,349
Barclays
Bank
plc
12/20/23
1,385
COP
278,818,858
USD
65,879
Citibank
NA
12/20/23
1,114
EUR
470,000
USD
496,314
JPMorgan
Chase
Bank
NA
12/20/23
2,481
GBP
140,000
USD
170,165
JPMorgan
Chase
Bank
NA
12/20/23
746
USD
73,484
CAD
99,000
Natwest
Markets
plc
12/20/23
503
USD
499,793
EUR
470,000
Barclays
Bank
plc
12/20/23
998
USD
663,570
EUR
620,000
Citibank
NA
12/20/23
5,585
USD
744,329
EUR
699,897
Deutsche
Bank
AG
12/20/23
1,554
USD
1,508,030
EUR
1,410,000
JPMorgan
Chase
Bank
NA
12/20/23
11,646
USD
115,641
EUR
107,905
Toronto
Dominion
Bank
12/20/23
1,125
USD
1,220,168
EUR
1,139,095
UBS
AG
12/20/23
11,286
USD
331,233
GBP
270,000
Barclays
Bank
plc
12/20/23
1,618
USD
331,666
GBP
270,000
Goldman
Sachs
International
12/20/23
2,051
USD
343,417
JPY
50,000,000
Bank
of
America
NA
12/20/23
4,354
USD
214,158
JPY
31,160,000
Deutsche
Bank
AG
12/20/23
2,854
USD
687,995
JPY
100,000,000
HSBC
Bank
plc
12/20/23
9,869
USD
199,690
IDR
3,080,016,231
Citibank
NA
01/31/24
1,032
USD
164,400
CZK
3,714,705
Bank
of
America
NA
03/04/24
3,818
USD
235,829
CZK
5,379,480
HSBC
Bank
plc
03/04/24
3,280
131,170
BRL
204,777
USD
41,000
Bank
of
America
NA
10/03/23
(261)
BRL
796,626
USD
162,000
Citibank
NA
10/03/23
(3,515)
BRL
300,201
USD
60,000
Goldman
Sachs
International
10/03/23
(277)
BRL
569,562
USD
116,000
HSBC
Bank
plc
10/03/23
(2,687)
BRL
806,968
EUR
152,000
Deutsche
Bank
AG
10/11/23
(424)
CLP
52,989,000
USD
60,000
BNP
Paribas
SA
10/18/23
(431)
CNY
443,527
USD
61,000
Barclays
Bank
plc
10/18/23
(191)
COP
318,467,200
GBP
64,000
Morgan
Stanley
&
Co.
International
plc
10/18/23
(372)
COP
405,144,000
USD
102,000
Citibank
NA
10/18/23
(3,125)
COP
203,800,000
USD
50,000
Deutsche
Bank
AG
10/18/23
(263)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
19
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
CZK
921,875
USD
40,000
Barclays
Bank
plc
10/18/23
$
(70)
CZK
4,285,446
USD
188,000
BNP
Paribas
SA
10/18/23
(2,382)
CZK
1,390,867
USD
61,000
Natwest
Markets
plc
10/18/23
(757)
EUR
377,000
USD
401,677
JPMorgan
Chase
Bank
NA
10/18/23
(2,844)
EUR
253,000
USD
272,421
Standard
Chartered
Bank
10/18/23
(4,769)
GBP
154,000
USD
192,552
BNP
Paribas
SA
10/18/23
(4,640)
HUF
29,546,650
USD
82,000
Barclays
Bank
plc
10/18/23
(2,011)
IDR
2,186,090,000
USD
142,000
JPMorgan
Chase
Bank
NA
10/18/23
(812)
INR
10,139,664
USD
122,000
Citibank
NA
10/18/23
(100)
JPY
9,141,751
EUR
58,000
UBS
AG
10/18/23
(25)
JPY
6,596,946
USD
45,000
Bank
of
New
York
Mellon
10/18/23
(740)
KRW
106,118,400
USD
80,000
BNP
Paribas
SA
10/18/23
(1,482)
KRW
80,460,660
USD
60,000
Morgan
Stanley
&
Co.
International
plc
10/18/23
(466)
MXN
3,503,223
USD
203,000
BNP
Paribas
SA
10/18/23
(2,497)
MXN
3,534,517
USD
203,000
Morgan
Stanley
&
Co.
International
plc
10/18/23
(706)
MXN
1,413,926
USD
82,000
Toronto
Dominion
Bank
10/18/23
(1,076)
MYR
757,350
USD
162,000
Barclays
Bank
plc
10/18/23
(112)
SGD
81,740
USD
60,000
Citibank
NA
10/18/23
(165)
THB
1,434,400
USD
40,000
Goldman
Sachs
International
10/18/23
(556)
THB
5,541,242
USD
155,500
JPMorgan
Chase
Bank
NA
10/18/23
(3,124)
USD
82,120
AUD
128,000
JPMorgan
Chase
Bank
NA
10/18/23
(223)
USD
60,000
CLP
54,234,600
JPMorgan
Chase
Bank
NA
10/18/23
(970)
USD
20,000
CLP
18,136,200
Morgan
Stanley
&
Co.
International
plc
10/18/23
(388)
USD
60,000
CLP
53,778,000
Standard
Chartered
Bank
10/18/23
(456)
USD
40,000
CZK
925,186
Deutsche
Bank
AG
10/18/23
(73)
USD
80,000
MXN
1,400,232
Barclays
Bank
plc
10/18/23
(141)
USD
80,000
MXN
1,415,288
Citibank
NA
10/18/23
(1,002)
USD
100,000
MXN
1,775,647
Goldman
Sachs
International
10/18/23
(1,627)
USD
40,000
NOK
428,616
BNP
Paribas
SA
10/18/23
(87)
USD
60,000
NOK
645,441
JPMorgan
Chase
Bank
NA
10/18/23
(366)
USD
120,000
NOK
1,288,397
Morgan
Stanley
&
Co.
International
plc
10/18/23
(500)
USD
80,000
SEK
898,746
JPMorgan
Chase
Bank
NA
10/18/23
(2,312)
USD
40,000
THB
1,460,716
Barclays
Bank
plc
10/18/23
(167)
USD
80,000
ZAR
1,526,163
Bank
of
America
NA
10/18/23
(499)
USD
180,000
ZAR
3,443,974
Barclays
Bank
plc
10/18/23
(1,656)
USD
100,000
ZAR
1,927,830
HSBC
Bank
plc
10/18/23
(1,686)
ZAR
1,553,596
USD
82,000
Barclays
Bank
plc
10/18/23
(54)
ZAR
1,095,304
USD
58,000
State
Street
Bank
and
Trust
Co.
10/18/23
(227)
BRL
995,048
USD
198,000
Goldman
Sachs
International
11/03/23
(926)
USD
82,000
BRL
415,964
Citibank
NA
11/03/23
(384)
USD
40,000
BRL
202,720
Deutsche
Bank
AG
11/03/23
(150)
EUR
630,000
USD
674,213
Barclays
Bank
plc
12/20/23
(5,616)
EUR
620,000
USD
665,092
Goldman
Sachs
International
12/20/23
(7,107)
EUR
1,570,000
USD
1,682,914
JPMorgan
Chase
Bank
NA
12/20/23
(16,728)
GBP
540,000
USD
661,802
Barclays
Bank
plc
12/20/23
(2,573)
JPY
150,000,000
USD
1,034,786
Toronto
Dominion
Bank
12/20/23
(17,597)
USD
468,602
COP
2,038,770,876
Bank
of
America
NA
12/20/23
(21,262)
USD
26,673
COP
112,827,350
Citibank
NA
12/20/23
(436)
USD
500,370
GBP
410,000
Barclays
Bank
plc
12/20/23
(156)
USD
170,696
GBP
140,000
JPMorgan
Chase
Bank
NA
12/20/23
(215)
COP
805,965,000
USD
186,437
Morgan
Stanley
&
Co.
International
plc
08/15/24
(1,742)
(128,206)
$
2,964
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
20
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
EUR
Currency
...............
One-Touch
HSBC
Bank
plc
11/01/23
PLN
4.66
PLN
4.66
EUR
18
$
6,214
Put
EUR
Currency
...............
One-Touch
HSBC
Bank
plc
11/16/23
USD
1.05
USD
1.05
EUR
15
5,293
$
11,507
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
3-mo.
SOFR
Interest
Futures
....................
984
10/13/23
USD
95.63
USD
246,000
$
110,700
U.S.
Treasury
5-Year
Note
.....................
3
11/24/23
USD
106.50
USD
300
1,125
U.S.
Treasury
5-Year
Note
.....................
5
11/24/23
USD
105.50
USD
500
3,711
115,536
Put
3-mo.
SOFR
Interest
Futures
....................
343
10/13/23
USD
94.88
USD
85,750
280,831
3-mo.
SOFR
Interest
Futures
....................
514
10/13/23
USD
95.00
USD
128,500
581,463
3-mo.
SOFR
Interest
Futures
....................
857
10/13/23
USD
95.63
USD
214,250
2,303,188
U.S.
Treasury
5-Year
Note
.....................
10
10/27/23
USD
101.25
USD
2,000
3,594
3,169,076
$
3,284,612
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Goldman
Sachs
International
10/26/23
ZAR
19.30
USD
160
$
1,449
USD
Currency
...........................
Bank
of
America
NA
11/16/23
BRL
5.05
USD
162
3,188
4,637
Put
EUR
Currency
...........................
Bank
of
America
NA
10/06/23
BRL
5.40
EUR
150
2,773
USD
Currency
...........................
Barclays
Bank
plc
10/06/23
MXN
17.20
USD
164
240
EUR
Currency
...........................
Barclays
Bank
plc
10/16/23
USD
1.08
EUR
148
3,376
EUR
Currency
...........................
JPMorgan
Chase
Bank
NA
10/26/23
USD
1.05
EUR
190
879
USD
Currency
...........................
Bank
of
America
NA
11/30/23
CLP
900.00
USD
160
4,777
12,045
$
16,682
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
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
4.50%
At
Termination
Citibank
NA
01/22/24
4.50
%
USD
165,752
$
73,125
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
4.55%
At
Termination
Citibank
NA
01/24/24
4.55
USD
165,752
84,338
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.24%
Semi-Annual
Citibank
NA
03/26/24
4.24
USD
16,480
249,256
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
3.00%
Annual
JPMorgan
Chase
Bank
NA
08/07/24
3.00
EUR
5,830
9,784
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
21
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
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
3.00%
Annual
JPMorgan
Chase
Bank
NA
08/27/24
3.00
%
EUR
5,850
$
11,128
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.00%
Semi-Annual
Goldman
Sachs
International
09/29/25
4.00
USD
299
12,762
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.24%
Semi-Annual
Barclays
Bank
plc
06/15/26
3.24
USD
358
8,447
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.21%
Semi-Annual
Barclays
Bank
plc
07/20/26
3.21
USD
457
10,665
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.23%
Semi-Annual
Barclays
Bank
plc
07/20/26
3.23
USD
877
20,757
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.58%
Semi-Annual
Barclays
Bank
plc
08/03/26
3.58
USD
852
28,191
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.63%
Semi-Annual
Barclays
Bank
plc
08/11/26
3.63
USD
1,211
41,835
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.77%
Semi-Annual
Goldman
Sachs
International
09/08/26
3.77
USD
1,203
47,106
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.15%
Semi-Annual
Citibank
NA
09/28/26
4.15
USD
711
37,589
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.07%
Semi-Annual
Goldman
Sachs
International
09/28/26
4.07
USD
1,482
73,788
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.03%
Semi-Annual
Goldman
Sachs
International
09/28/26
4.03
USD
593
28,603
737,374
Put
5-Year
Interest
Rate
Swap
(a)
.
4.24%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
03/26/24
4.24
USD
16,480
263,153
10-Year
Interest
Rate
Swap
(a)
4.00%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/29/25
4.00
USD
299
15,545
10-Year
Interest
Rate
Swap
(a)
3.24%
Semi-Annual
1-day
SOFR
Annual
Barclays
Bank
plc
06/15/26
3.24
USD
358
31,840
10-Year
Interest
Rate
Swap
(a)
3.23%
Semi-Annual
1-day
SOFR
Annual
Barclays
Bank
plc
07/20/26
3.23
USD
877
78,721
10-Year
Interest
Rate
Swap
(a)
3.21%
Semi-Annual
1-day
SOFR
Annual
Barclays
Bank
plc
07/20/26
3.21
USD
457
41,310
10-Year
Interest
Rate
Swap
(a)
3.58%
Semi-Annual
1-day
SOFR
Annual
Barclays
Bank
plc
08/03/26
3.58
USD
852
62,853
10-Year
Interest
Rate
Swap
(a)
3.63%
Semi-Annual
1-day
SOFR
Annual
Barclays
Bank
plc
08/11/26
3.63
USD
1,211
86,994
10-Year
Interest
Rate
Swap
(a)
3.77%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/08/26
3.77
USD
1,203
80,223
10-Year
Interest
Rate
Swap
(a)
4.15%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
09/28/26
4.15
USD
711
38,332
10-Year
Interest
Rate
Swap
(a)
4.03%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/28/26
4.03
USD
593
34,269
10-Year
Interest
Rate
Swap
(a)
4.07%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/28/26
4.07
USD
1,482
83,642
816,882
$
1,554,256
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
3-mo.
SOFR
Interest
Futures
.....................
984
10/13/23
USD
95.88
USD
246,000
$
(36,900)
U.S.
Treasury
2-Year
Note
......................
8
10/27/23
USD
102.13
USD
1,600
(625)
(37,525)
Put
3-mo.
SOFR
Interest
Futures
.....................
343
10/13/23
USD
95.13
USD
85,750
(493,063)
3-mo.
SOFR
Interest
Futures
.....................
514
10/13/23
USD
95.25
USD
128,500
(899,501)
3-mo.
SOFR
Interest
Futures
.....................
857
10/13/23
USD
95.38
USD
214,250
(1,767,563)
U.S.
Treasury
2-Year
Note
......................
10
10/27/23
USD
101.00
USD
2,000
(1,875)
U.S.
Treasury
10-Year
Note
......................
6
11/24/23
USD
108.00
USD
600
(7,500)
(3,169,502)
$
(3,207,027)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
22
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EUR
Currency
.............................
Bank
of
America
NA
10/06/23
BRL
5.70
EUR
150
$
(9)
USD
Currency
.............................
Barclays
Bank
plc
10/06/23
MXN
18.30
USD
122
(53)
EUR
Currency
.............................
Barclays
Bank
plc
10/16/23
USD
1.12
EUR
148
(1)
USD
Currency
.............................
Goldman
Sachs
International
10/26/23
ZAR
19.80
USD
202
(798)
USD
Currency
.............................
Bank
of
America
NA
11/16/23
BRL
5.25
USD
244
(1,891)
USD
Currency
.............................
Bank
of
America
NA
11/30/23
CLP
950.00
USD
120
(949)
–
(3,701)
–
Put
USD
Currency
.............................
Barclays
Bank
plc
10/06/23
MXN
16.70
USD
164
(3)
USD
Currency
.............................
Bank
of
America
NA
11/30/23
CLP
860.00
USD
160
(1,525)
–
(1,528)
–
$
(5,229)
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
1-Year
Interest
Rate
Swap
(a)
.
3.80%
At
Termination
1-day
SOFR
At
Termination
Citibank
NA
01/22/24
3.80
%
USD
165,752
$
(21,006)
1-Year
Interest
Rate
Swap
(a)
.
3.85%
At
Termination
1-day
SOFR
At
Termination
Citibank
NA
01/24/24
3.85
USD
165,752
(24,462)
5-Year
Interest
Rate
Swap
(a)
.
4.00%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
03/11/24
4.00
USD
16,480
(161,553)
5-Year
Interest
Rate
Swap
(a)
.
4.00%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
03/12/24
4.00
USD
16,480
(162,520)
5-Year
Interest
Rate
Swap
(a)
.
3.96%
Semi-Annual
1-day
SOFR
Annual
Barclays
Bank
plc
03/14/24
3.96
USD
16,480
(154,138)
5-Year
Interest
Rate
Swap
(a)
.
4.03%
Semi-Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/15/24
4.03
USD
8,240
(86,998)
1-Year
Interest
Rate
Swap
(a)
.
2.00%
Annual
3-mo.
EURIBOR
Quarterly
JPMorgan
Chase
Bank
NA
08/07/24
2.00
EUR
5,830
(2,432)
1-Year
Interest
Rate
Swap
(a)
.
2.00%
Annual
3-mo.
EURIBOR
Quarterly
JPMorgan
Chase
Bank
NA
08/27/24
2.00
EUR
5,850
(2,897)
10-Year
Interest
Rate
Swap
(a)
3.59%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
08/29/25
3.59
USD
594
(16,763)
10-Year
Interest
Rate
Swap
(a)
4.17%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
09/28/26
4.17
USD
1,063
(57,239)
(690,008)
Put
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Semi-Annual
Citibank
NA
03/11/24
4.00
USD
16,480
(352,613)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Semi-Annual
Citibank
NA
03/12/24
4.00
USD
16,480
(352,941)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.96%
Semi-Annual
Barclays
Bank
plc
03/14/24
3.96
USD
16,480
(371,963)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.03%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/15/24
4.03
USD
8,240
(169,883)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.59%
Semi-Annual
Bank
of
America
NA
08/29/25
3.59
USD
594
(40,502)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.17%
Semi-Annual
JPMorgan
Chase
Bank
NA
09/28/26
4.17
USD
1,063
(56,464)
(1,344,366)
$
(2,034,374)
(a)
Forward
settling
swaption.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
23
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)
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
.....................
5.00
%
Quarterly
06/20/28
USD
562
$
(9,589)
$
(14,468)
$
4,879
iTraxx
Europe
Crossover
Index
Series
40.V1
.
5.00
Quarterly
12/20/28
EUR
503
(16,510)
(16,583)
73
$
(26,099)
$
(31,051)
$
4,952
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)
3-mo.
JIBAR
Quarterly
7.20%
Quarterly
03/20/24
(a)
03/20/25
ZAR
11,002
$
(6,854)
$
—
$
(6,854)
1-day
SOFR
At
Termination
4.19%
At
Termination
07/29/24
(a)
07/29/25
USD
8,839
(40,534)
—
(40,534)
3.23%
At
Termination
1-day
ESTR
At
Termination
07/29/24
(a)
07/29/25
EUR
7,821
7,179
—
7,179
0.35%
At
Termination
1-day
TONAR
At
Termination
09/13/24
(a)
09/13/25
JPY
596,000
835
—
835
28-day
MXIBTIIE
Monthly
9.20%
Monthly
09/18/24
(a)
09/17/25
MXN
4,844
(1,594)
—
(1,594)
28-day
MXIBTIIE
Monthly
9.43%
Monthly
09/18/24
(a)
09/17/25
MXN
20,624
(4,460)
—
(4,460)
4.53%
At
Termination
1-day
SOFR
At
Termination
09/24/24
(a)
09/24/25
USD
2,910
(1,158)
1,301
(2,459)
0.38%
At
Termination
1-day
TONAR
At
Termination
09/24/24
(a)
09/24/25
JPY
487,000
(27)
—
(27)
28-day
MXIBTIIE
Monthly
10.84%
Monthly
N/A
09/25/25
MXN
6,128
1,269
—
1,269
1-day
REPO_CORRA
Semi-Annual
4.38%
Semi-Annual
N/A
07/20/26
CAD
3,908
(32,892)
—
(32,892)
1-day
REPO_CORRA
Semi-Annual
4.40%
Semi-Annual
N/A
07/20/26
CAD
3,909
(31,698)
—
(31,698)
3-mo.
CD_KSDA
Quarterly
3.19%
Quarterly
N/A
09/20/26
KRW
560,658
(7,631)
—
(7,631)
3-mo.
CD_KSDA
Quarterly
3.19%
Quarterly
N/A
09/20/26
KRW
414,399
(5,618)
—
(5,618)
3-mo.
CD_KSDA
Quarterly
3.33%
Quarterly
N/A
09/20/26
KRW
220,445
(2,336)
—
(2,336)
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
N/A
09/20/26
KRW
220,478
(2,103)
—
(2,103)
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
N/A
09/20/26
KRW
220,478
(2,091)
—
(2,091)
3-mo.
CD_KSDA
Quarterly
3.55%
Quarterly
N/A
09/20/26
KRW
283,011
(1,712)
—
(1,712)
28-day
MXIBTIIE
Monthly
8.35%
Monthly
N/A
04/28/28
MXN
2,733
(7,622)
—
(7,622)
6-mo.
EURIBOR
Semi-Annual
3.15%
Annual
N/A
07/21/28
EUR
271
(3,634)
—
(3,634)
28-day
MXIBTIIE
Monthly
9.44%
Monthly
N/A
09/19/28
MXN
902
(335)
—
(335)
6-mo.
PRIBOR
Semi-Annual
4.32%
Annual
N/A
09/20/28
CZK
6,142
(4,199)
—
(4,199)
5.70%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/20/28
PLN
727
(8,424)
—
(8,424)
4.30%
Annual
1-day
SOFR
Annual
N/A
09/21/28
USD
1,665
7,280
—
7,280
28-day
MXIBTIIE
Monthly
9.89%
Monthly
N/A
09/22/28
MXN
2,758
1,776
—
1,776
6-mo.
EURIBOR
Semi-Annual
3.38%
Annual
N/A
09/29/28
EUR
94
(149)
—
(149)
4.23%
Annual
1-day
SOFR
Annual
03/20/24
(a)
03/20/29
USD
4,827
3,355
—
3,355
6-mo.
EURIBOR
Semi-Annual
2.44%
Annual
07/14/27
(a)
07/14/32
EUR
383
(13,722)
—
(13,722)
0.89%
Annual
1-day
TONAR
Annual
N/A
02/15/33
JPY
76,691
(683)
—
(683)
0.90%
Annual
1-day
TONAR
Annual
N/A
02/15/33
JPY
76,691
(1,304)
—
(1,304)
0.90%
Annual
1-day
TONAR
Annual
N/A
02/15/33
JPY
153,382
(2,856)
—
(2,856)
0.92%
Annual
1-day
TONAR
Annual
N/A
02/15/33
JPY
222,140
(6,655)
—
(6,655)
1-day
REPO_CORRA
Semi-Annual
3.54%
Semi-Annual
N/A
06/15/33
CAD
2,624
(102,450)
—
(102,450)
3.57%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
N/A
07/20/33
CAD
1,279
46,825
—
46,825
3.57%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
N/A
07/20/33
CAD
1,280
47,012
—
47,012
1-day
TONAR
Annual
1.32%
Annual
09/13/28
(a)
09/13/33
JPY
127,000
(3,291)
—
(3,291)
1-day
Annual
1.32%
Annual
09/21/28
(a)
09/21/33
JPY
103,000
(2,529)
—
(2,529)
1-day
REPO_CORRA
Semi-Annual
4.00%
Semi-Annual
N/A
09/21/33
CAD
660
(6,239)
—
(6,239)
3.40%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
N/A
06/15/53
CAD
1,166
76,807
—
76,807
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
24
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.72%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
N/A
09/21/53
CAD
290
$
6,335
$
—
$
6,335
$
(106,127)
$
1,301
$
(107,428)
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.65%
At
Termination
09/15/33
EUR
3,950
$
39,252
$
—
$
39,252
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.81%
At
Termination
08/15/53
EUR
292
4,312
—
4,312
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.82%
At
Termination
08/15/53
EUR
292
5,335
1,610
3,725
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.81%
At
Termination
09/15/53
EUR
175
2,603
—
2,603
$
51,502
$
1,610
$
49,892
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
$
(842)
$
741
$
(1,583)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
122
(856)
754
(1,610)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
120
(842)
742
(1,584)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
78
(547)
473
(1,020)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
170
(1,192)
1,031
(2,223)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
123
(863)
746
(1,609)
American
Electric
Power
Co.,
Inc.
.................
1.00
Quarterly
Goldman
Sachs
International
12/20/28
USD
870
(22,757)
(22,015)
(742)
American
Express
Co.
......
1.00
Quarterly
Citibank
NA
12/20/28
USD
870
(19,252)
(19,511)
259
Federative
Republic
of
Brazil
..
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
200
7,503
7,597
(94)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Goldman
Sachs
International
12/20/28
USD
141
5,289
6,073
(784)
Republic
of
Colombia
.......
1.00
Quarterly
Barclays
Bank
plc
12/20/28
USD
317
18,688
18,288
400
Republic
of
Colombia
.......
1.00
Quarterly
BNP
Paribas
SA
12/20/28
USD
600
35,425
34,449
976
Republic
of
Colombia
.......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
USD
370
21,846
21,073
773
Republic
of
South
Africa
.....
1.00
Quarterly
Barclays
Bank
plc
12/20/28
USD
71
5,447
5,848
(401)
Republic
of
South
Africa
.....
1.00
Quarterly
Barclays
Bank
plc
12/20/28
USD
89
6,808
7,239
(431)
Republic
of
South
Africa
.....
1.00
Quarterly
Barclays
Bank
plc
12/20/28
USD
81
6,158
6,580
(422)
United
Mexican
States
......
1.00
Quarterly
Bank
of
America
NA
12/20/28
USD
200
2,313
1,896
417
United
Mexican
States
......
1.00
Quarterly
Barclays
Bank
plc
12/20/28
USD
154
1,779
1,267
512
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
99
385
1,041
(656)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
3
12
34
(22)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
8
1,727
404
1,323
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
25
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)
CMBX.NA.6.AAA
..........
0.50
%
Monthly
Deutsche
Bank
AG
05/11/63
USD
0
$
—
$
(129)
$
129
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
0
—
(11)
11
$
–
$
–
$
–
$
66,229
$
74,610
$
(8,381)
$
–
$
–
$
–
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
$
(1,727)
$
(842)
$
(885)
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A
USD
120
(11,352)
(4,541)
(6,811)
CMBX.NA.10.A
.......
2.00
Monthly
Deutsche
Bank
AG
11/17/59
A
USD
60
(5,676)
(2,309)
(3,367)
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
BBB-
USD
10
(2,759)
(754)
(2,005)
CMBX.NA.14.BBB-
....
3.00
Monthly
Goldman
Sachs
International
12/16/72
BBB-
USD
90
(21,711)
(14,976)
(6,735)
$
(43,225)
$
(23,422)
$
(19,803)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
12.62%
At
Termination
1-day
BZDIOVER
At
Termination
Citibank
NA
01/02/24
BRL
7,920
$
(28)
$
—
$
(28)
12.37%
At
Termination
1-day
IBR
At
Termination
Citibank
NA
04/18/24
COP
2,014,959
1,575
—
1,575
11.90%
At
Termination
1-day
IBR
At
Termination
Bank
of
America
NA
10/19/24
COP
1,044,911
1,344
—
1,344
1-day
BZDIOVER
At
Termination
10.60%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
4,183
(3,419)
—
(3,419)
1-day
BZDIOVER
At
Termination
10.92%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/25
BRL
1,761
355
—
355
1-day
BZDIOVER
At
Termination
11.87%
At
Termination
Bank
of
America
NA
01/02/25
BRL
1,496
1,870
—
1,870
1-day
BZDIOVER
At
Termination
10.11%
At
Termination
Goldman
Sachs
International
01/02/26
BRL
1,816
(4,401)
—
(4,401)
1-day
BZDIOVER
At
Termination
11.75%
At
Termination
Citibank
NA
01/02/26
BRL
1,446
5,292
—
5,292
1-day
BZDIOVER
At
Termination
11.80%
At
Termination
Citibank
NA
01/02/26
BRL
1,373
5,448
—
5,448
1-day
BZDIOVER
At
Termination
9.98%
At
Termination
HSBC
Bank
plc
01/02/26
BRL
1,794
(5,256)
—
(5,256)
10.56%
At
Termination
1-day
BZDIOVER
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
991
1,106
—
1,106
$
3,886
$
—
$
3,886
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.05
%
1-day
ESTR
.........................................
Euro
Short-Term
Rate
3.88
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
26
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.
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.
Reference
Index
Reference
Rate
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
12.29
%
1-day
REPO_CORRA
...................................
Canadian
Overnight
Repo
Rate
5.02
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5.32
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
(0.06)
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11.50
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3.83
3-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3.95
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8.33
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
4.13
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
7.02
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5.53
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
....................................
$
—
$
30,021,675
$
70,063
$
30,091,738
Corporate
Bonds
Aerospace
&
Defense
....................................
—
10,803,374
—
10,803,374
Banks
...............................................
—
17,224,294
750
17,225,044
Biotechnology
.........................................
—
5,763,156
—
5,763,156
Building
Products
.......................................
—
89,219
—
89,219
Capital
Markets
........................................
—
25,155,526
—
25,155,526
Chemicals
............................................
—
105,104
—
105,104
Commercial
Services
&
Supplies
.............................
—
270,683
—
270,683
Communications
Equipment
................................
—
1,597,409
—
1,597,409
Consumer
Finance
......................................
—
392,923
—
392,923
Containers
&
Packaging
..................................
—
365,135
—
365,135
Diversified
REITs
.......................................
—
7,621,050
—
7,621,050
Diversified
Telecommunication
Services
........................
—
5,092,697
—
5,092,697
Electric
Utilities
........................................
—
19,007,127
—
19,007,127
Financial
Services
......................................
—
996,646
—
996,646
Food
Products
.........................................
—
161,250
—
161,250
Gas
Utilities
...........................................
—
526,893
—
526,893
Ground
Transportation
...................................
—
3,374,517
—
3,374,517
Health
Care
Providers
&
Services
............................
—
4,345,095
—
4,345,095
Hotels,
Restaurants
&
Leisure
..............................
—
45,613
—
45,613
Insurance
............................................
—
517,523
—
517,523
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
27
Level
1
Level
2
Level
3
Total
Interactive
Media
&
Services
...............................
$
—
$
323,777
$
—
$
323,777
IT
Services
...........................................
—
342,436
—
342,436
Life
Sciences
Tools
&
Services
..............................
—
824,316
—
824,316
Machinery
............................................
—
147,446
—
147,446
Media
...............................................
—
2,305,529
—
2,305,529
Metals
&
Mining
........................................
—
1,861,210
—
1,861,210
Multi-Utilities
..........................................
—
2,542,631
—
2,542,631
Oil,
Gas
&
Consumable
Fuels
...............................
—
37,631,840
—
37,631,840
Passenger
Airlines
......................................
—
885,524
—
885,524
Pharmaceuticals
.......................................
—
2,306,305
—
2,306,305
Real
Estate
Management
&
Development
.......................
—
81,080
—
81,080
Retail
REITs
..........................................
—
567,855
—
567,855
Semiconductors
&
Semiconductor
Equipment
....................
—
2,291,636
—
2,291,636
Software
.............................................
—
2,097,102
—
2,097,102
Specialized
REITs
......................................
—
5,410,597
—
5,410,597
Specialty
Retail
........................................
—
934,302
—
934,302
Technology
Hardware,
Storage
&
Peripherals
....................
—
1,176,792
—
1,176,792
Tobacco
.............................................
—
2,425,140
—
2,425,140
Wireless
Telecommunication
Services
.........................
—
6,432,378
—
6,432,378
Floating
Rate
Loan
Interests
Building
Products
.......................................
—
147
—
147
Chemicals
............................................
—
162,497
—
162,497
Consumer
Finance
......................................
—
—
2,310
2,310
Financial
Services
......................................
—
32,980
611,220
644,200
Health
Care
Providers
&
Services
............................
—
111
—
111
Household
Durables
.....................................
—
66,013
—
66,013
IT
Services
...........................................
—
44,927
—
44,927
Media
...............................................
—
112,486
—
112,486
Specialty
Retail
........................................
—
84,878
—
84,878
Foreign
Agency
Obligations
.................................
—
926,206
—
926,206
Foreign
Government
Obligations
..............................
—
7,183,056
—
7,183,056
Municipal
Bonds
.........................................
—
5,319,450
—
5,319,450
Non-Agency
Mortgage-Backed
Securities
........................
—
9,285,483
1
9,285,484
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
.......................................
—
68,147
—
68,147
U.S.
Government
Sponsored
Agency
Securities
....................
—
330,298,919
—
330,298,919
U.S.
Treasury
Obligations
...................................
—
217,830,864
—
217,830,864
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
646,131
—
646,131
Money
Market
Funds
......................................
40,042,187
—
—
40,042,187
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
28,189
—
28,189
Interest
rate
contracts
......................................
3,284,612
1,554,256
—
4,838,868
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(43,276,555)
—
(43,276,555)
Investment
Sold
Short
U.S.
Treasury
Obligations
...................................
—
(572,828)
—
(572,828)
$
43,326,799
$
733,860,162
$
684,344
$
777,871,305
Investments
Valued
at
NAV
(a)
......................................
132,558,363
$
910,429,668
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
9,752
$
—
$
9,752
Foreign
currency
exchange
contracts
............................
—
131,170
—
131,170
Interest
rate
contracts
.......................................
477,442
215,663
—
693,105
Other
contracts
...........................................
—
49,892
—
49,892
Liabilities
Credit
contracts
...........................................
—
(32,984)
—
(32,984)
Foreign
currency
exchange
contracts
............................
—
(133,435)
—
(133,435)
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
BlackRock
Total
Return
V.I.
Fund
28
Level
1
Level
2
Level
3
Total
Interest
rate
contracts
.......................................
$
(3,498,761)
$
(2,353,579)
$
—
$
(5,852,340)
$
(3,021,319)
$
(2,113,521)
$
—
$
(5,134,840)
(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.
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
PLN
Polish
Zloty
RUB
New
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
CWABS
Countrywide
Asset-Backed
Certificates
ESTR
Euro
Short-Term
Rate
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
IBR
Colombian
Reference
Banking
Indicator
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
PIK
Payment-In-Kind
PRIBOR
Prague
Interbank
Offered
Rate
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
REPO_CORRA
Canadian
Overnight
Repo
Rate
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
TONAR
Tokyo
Overnight
Average
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
Fair
Value
Hierarchy
as
of
Period
End
(continued)