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

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

TONAR

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)