BlackRock Variable Series Funds II NPORT-P BlackRock Total Return V.I. Fund (Sep 2024 report)

Schedule

of

Investments

(unaudited)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

1

(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%),

5.69%,

12/25/33

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

USD

105

$

99,366

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.26%

Floor

+

0.37%),

5.23%,

05/25/37

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

84

14,357

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.27%),

6.55%,

04/20/31

(a)

(b)

..........

253

253,505

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.49%,

10/20/30

(a)

(b)

.....

255

254,925

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.45%,

05/25/35

(a)

......

30

24,018

BankAmerica

Manufactured

Housing

Contract

Trust,

Series

1998-2,

Class

B1,

7.22%,

12/10/25

(a)

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

300

39,000

Barings

CLO

Ltd.,

Series

2015-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.45%),

6.73%,

10/20/30

(a)

(b)

..........

123

123,194

Bayview

Financial

Revolving

Asset

Trust

(a)(b)

Series

2004-B,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

5.96%,

05/28/39

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

59

47,091

Series

2005-A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

5.96%,

02/28/40

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

73

68,569

Series

2005-E,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

5.96%,

12/28/40

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

17

16,792

BCMSC

Trust

(a)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

.

40

3,565

Series

2000-A,

Class

A3,

7.83%,

06/15/30

.

37

3,421

Series

2000-A,

Class

A4,

8.29%,

06/15/30

.

27

2,621

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2007-FS1,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.31%,

05/25/35

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

2

1,612

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.25%,

03/25/37

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

13

11,998

Series

2007-HE3,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.32%,

04/25/37

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

230

210,327

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.44%),

6.72%,

10/22/30

(a)

(b)

.....

140

139,791

Carbone

CLO

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.40%),

6.68%,

01/20/31

(a)

(b)

..........

450

450,811

Cardiff

Auto

Receivables

Securitisation

plc

(a)(c)

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

6.85%,

08/20/31

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

GBP

100

134,026

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.60%),

7.55%,

08/20/31

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

100

134,205

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(b)

Series

2013-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.56%,

01/15/31

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

USD

116

115,755

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.52%,

04/17/31

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

USD

391

$

391,195

Series

2014-3RA,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.31%),

6.58%,

07/27/31

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

415

415,607

Carrington

Mortgage

Loan

Trust,

Series

2006-

NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

12.50%

Cap

+

0.27%),

5.13%,

10/25/36

(a)

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

21

20,836

CBAM

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.51%),

6.79%,

07/20/30

(a)

(b)

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

83

83,167

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.29%,

10/25/36

(a)

...........

34

22,561

CIFC

Funding

Ltd.

(a)(b)

Series

2013-3RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.52%,

04/24/31

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

281

281,702

Series

2015-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.13%),

6.41%,

04/19/29

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

235

234,956

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

5.17%,

05/25/37

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

149

99,533

Series

2007-AHL2,

Class

A3C,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.38%),

5.24%,

05/25/37

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

68

45,171

Conseco

Finance

Corp.

(a)

Series

1997-3,

Class

M1,

7.53%,

03/15/28

.

13

13,060

Series

1997-6,

Class

M1,

7.21%,

01/15/29

.

8

8,284

Series

1999-5,

Class

A5,

7.86%,

03/01/30

.

23

7,469

Series

1999-5,

Class

A6,

7.50%,

03/01/30

.

25

7,565

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

56

9,136

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

151

25,079

Series

2000-5,

Class

A7,

8.20%,

05/01/31

.

134

31,903

Countrywide

Asset-Backed

Certificates,

Series

2006-SPS1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.22%

Floor

+

0.33%),

5.19%,

12/25/25

(a)

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

—

(d)

369

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2006-CB2,

Class

AF4,

3.03%,

12/25/36

(e)

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

10

8,485

Series

2006-MH1,

Class

B1,

6.75%,

10/25/36

(b)

(e)

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

51

50,293

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(b)

(e)

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

74

2,762

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.31%,

07/25/37

(a)

(b)

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

33

22,053

CWABS

Asset-Backed

Certificates

Trust,

Series

2005-16,

Class

1AF,

4.51%,

04/25/36

(a)

...

69

61,087

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

and

16.00%

Cap

+

0.38%),

5.48%,

03/15/34

(a)

...........

5

4,953

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-5,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.01%),

5.87%,

10/25/34

(a)

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

59

58,251

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CWHEQ

Home

Equity

Loan

Trust,

Series

2006-

S5,

Class

A5,

6.16%,

06/25/35

.........

USD

1

$

2,088

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.39%,

05/15/35

..........

2

1,688

Series

2006-C,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.39%,

05/15/36

..........

14

14,253

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

and

16.00%

Cap

+

0.26%),

5.36%,

11/15/36

...........

9

8,827

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.18%),

6.48%,

10/15/30

(a)

(b)

.........

160

160,371

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.08%),

6.20%,

11/15/28

(a)

(b)

.....

85

85,346

Dryden

53

CLO

Ltd.,

Series

2017-53A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.38%),

6.68%,

01/15/31

(a)

(b)

..........

678

678,913

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-

26A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.16%),

6.46%,

04/15/29

(a)

(b)

374

374,833

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2004-FFH3,

Class

M3,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

6.02%,

10/25/34

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

33

30,178

Series

2006-FF16,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.25%,

12/25/36

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

515

212,133

Series

2006-FF17,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

5.12%,

12/25/36

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

280

237,894

Series

2006-FFH1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

5.57%,

01/25/36

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

98

89,718

Fortuna

Consumer

Loan

Abs

DAC,

Series

2024-

2,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.10%),

0.00%,

10/18/34

(a)

(c)

.........

EUR

100

111,315

Fremont

Home

Loan

Trust,

Series

2006-3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.25%,

02/25/37

(a)

.

USD

63

47,028

Golden

Bar

Securitisation

Srl,

Series

2024-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

4.93%,

09/22/43

(a)

(c)

..........

EUR

100

111,693

GSAA

Home

Equity

Trust,

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

(a)

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

USD

24

4,625

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.37%,

01/25/47

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

19

9,673

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

3.38%

Floor

+

3.49%),

8.34%,

02/25/47

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

40

39,301

Home

Equity

Asset

Trust,

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.27%,

05/25/37

(a)

..........

63

49,292

Home

Equity

Mortgage

Loan

Asset-Backed

Trust,

Series

2004-A,

Class

M2,

(1-mo.

CME

Term

SOFR

at

2.03%

Floor

+

2.14%),

3.75%,

07/25/34

(a)

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

11

10,538

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(e)

.........

49

5,068

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

HPS

Loan

Management

Ltd.

(a)(b)

Series

11A-17,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.51%,

05/06/30

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

USD

113

$

112,832

Series

6A-2015,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.50%,

02/05/31

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

76

76,562

Irwin

Home

Equity

Loan

Trust,

Series

2006-3,

Class

2A3,

6.53%,

09/25/37

(b)

(e)

........

6

5,989

J.P.

Morgan

Mortgage

Acquisition

Trust,

Series

2006-CW1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.41%

Floor

+

0.52%),

5.37%,

05/25/36

(a)

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

49

48,030

LCM

26

Ltd.,

Series

26A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.61%,

01/20/31

(a)

(b)

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

99

99,179

Lehman

ABS

Manufactured

Housing

Contract

Trust,

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

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

18

18,325

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.41%),

7.27%,

12/25/37

(a)

...........

13

11,971

Madison

Park

Funding

XLII

Ltd.,

Series

13A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.43%,

11/21/30

(a)

(b)

.....

241

241,504

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.94%

Floor

+

1.20%),

6.48%,

10/21/30

(a)

(b)

1,285

1,287,152

Madison

Park

Funding

XXIII

Ltd.,

Series

2017-

23A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.50%,

07/27/31

(a)

(b)

605

605,460

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.72%,

12/18/30

(a)

(b)

.....

101

100,896

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.49%,

06/25/46

(a)

(b)

.....

6

6,163

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2006-OPT1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.39%

Floor

+

0.50%),

5.36%,

08/25/37

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

35

30,941

Series

2006-RM3,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

+

0.29%),

5.15%,

06/25/37

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

24

5,140

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(a)

Series

2005-HE1,

Class

A2MZ,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

5.57%,

12/25/34

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

155

144,463

Series

2005-HE5,

Class

M4,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.98%),

5.84%,

09/25/35

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

95

79,648

MP

CLO

III

Ltd.,

Series

2013-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.51%),

6.79%,

10/20/30

(a)

(b)

..........

81

80,603

Newday

Funding

Master

Issuer

plc,

Series

2024-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.65%),

7.61%,

07/15/32

(a)

(c)

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

GBP

100

134,017

Oakwood

Mortgage

Investors,

Inc.

(a)

Series

2001-D,

Class

A2,

5.26%,

01/15/19

.

USD

13

5,286

Series

2001-D,

Class

A4,

6.93%,

09/15/31

.

7

3,608

Series

2002-B,

Class

M1,

7.62%,

06/15/32

69

69,880

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.57%,

07/17/30

(a)

(b)

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

USD

182

$

182,200

Octagon

Investment

Partners

XVII

Ltd.,

Series

2013-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.55%,

01/25/31

(a)

(b)

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

120

120,315

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.30%),

6.40%,

05/23/31

(a)

(b)

.........

186

186,176

Option

One

Mortgage

Loan

Trust

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.18%,

03/25/37

(a)

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

90

76,231

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(e)

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

61

52,888

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(e)

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

151

131,473

Origen

Manufactured

Housing

Contract

Trust,

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.41%,

10/15/37

(a)

(b)

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

11

10,500

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(e)

.........

56

51,328

Palmer

Square

CLO

Ltd.,

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.68%,

01/17/31

(a)

(b)

42

42,781

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)

....

28

27,483

Race

Point

X

CLO

Ltd.,

Series

2016-10A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.65%,

07/25/31

(a)

(b)

.....

135

135,268

Regatta

IX

Funding

Ltd.,

Series

2017-1A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.32%,

04/17/37

(a)

(b)

.....

847

853,630

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.29%),

6.57%,

04/20/31

(a)

(b)

..........

168

168,029

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.65%,

01/15/30

(a)

(b)

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

609

608,899

SG

Mortgage

Securities

Trust,

Series

2006-

OPT2,

Class

A3D,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.18%,

10/25/36

(a)

100

74,654

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

B,

3.50%,

12/17/40

(b)

.....

50

49,472

Soundview

Home

Loan

Trust,

Series

2004-

WMC1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

5.76%,

01/25/35

(a)

1

971

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)

556

555,793

Tricon

American

Homes

Trust,

Series

2018-

SFR1,

Class

E,

4.56%,

05/17/37

(b)

......

100

99,284

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

Series

2006-HE4,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.33%,

09/25/36

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

119

32,260

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.37%,

10/25/36

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

99

74,482

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Yale

Mortgage

Loan

Trust,

Series

2007-1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.37%,

06/25/37

(a)

(b)

..........

USD

74

$

23,197

Total

Asset-Backed

Securities

—

1

.4

%

(Cost:

$

13,806,275

)

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

13,064,164

Shares

Shares

Common

Stocks

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

(f)

...

23,972

455,708

Residential

REITs

—

0.0%

Invitation

Homes,

Inc.

(f)

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

6,147

216,743

Total

Common

Stocks

—

0

.1

%

(Cost:

$

649,527

)

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

672,451

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

1.0%

BAE

Systems

plc

(b)

3.40%

,

04/15/30

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

651

616,600

5.25%

,

03/26/31

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

205

213,074

Boeing

Co.

(The)

5.93%

,

05/01/60

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

130

124,523

7.01%

,

05/01/64

(b)

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

201

221,457

L3Harris

Technologies,

Inc.

1.80%

,

01/15/31

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

144

122,597

5.25%

,

06/01/31

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

668

695,290

5.40%

,

07/31/33

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

1,052

1,098,864

5.35%

,

06/01/34

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

693

720,942

Lockheed

Martin

Corp.

1.85%

,

06/15/30

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

81

71,724

4.50%

,

05/15/36

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

184

183,774

Northrop

Grumman

Corp.

4.70%

,

03/15/33

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

142

144,123

4.90%

,

06/01/34

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

173

176,879

4.03%

,

10/15/47

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

317

272,725

5.25%

,

05/01/50

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

182

185,923

5.20%

,

06/01/54

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

472

480,597

RTX

Corp.

6.70%

,

08/01/28

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

1,940

2,104,559

7.00%

,

11/01/28

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

445

486,840

5.40%

,

05/01/35

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

142

149,994

4.05%

,

05/04/47

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

243

206,480

2.82%

,

09/01/51

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

713

476,962

5.38%

,

02/27/53

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

43

44,191

8,798,118

Banks

—

2.5%

Associated

Banc-Corp.,

(1-day

SOFR

+

3.03%),

6.46%,

08/29/30

(a)

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

380

390,660

Bank

of

America

Corp.

(a)

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%

,

12/20/28

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

80

77,824

(1-day

SOFR

+

1.57%),

5.82%

,

09/15/29

.

615

647,216

(1-day

SOFR

+

1.53%),

1.90%

,

07/23/31

.

527

457,227

(1-day

SOFR

+

1.33%),

2.97%

,

02/04/33

.

218

195,229

(1-day

SOFR

+

1.65%),

5.47%

,

01/23/35

.

1,078

1,133,629

(3-mo.

CME

Term

SOFR

+

3.41%),

4.08%

,

03/20/51

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

321

278,863

(1-day

SOFR

+

1.88%),

2.83%

,

10/24/51

.

651

450,053

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

1.56%),

2.97%

,

07/21/52

.

USD

229

$

162,532

Citigroup,

Inc.

6.63%

,

01/15/28

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

42

45,033

(1-day

SOFR

+

1.28%),

3.07%

,

02/24/28

(a)

472

458,739

(3-mo.

CME

Term

SOFR

+

1.41%),

3.52%

,

10/27/28

(a)

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

226

220,622

(1-day

SOFR

+

1.34%),

4.54%

,

09/19/30

(a)

631

631,732

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

(a)

589

551,752

(1-day

SOFR

+

2.09%),

4.91%

,

05/24/33

(a)

730

735,814

(1-day

SOFR

+

1.45%),

5.45%

,

06/11/35

(a)

1,213

1,265,177

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

0.93%),

5.57%

,

04/22/28

.

756

779,488

(1-day

SOFR

+

1.89%),

2.18%

,

06/01/28

.

913

865,756

(1-day

SOFR

+

1.16%),

5.58%

,

04/22/30

.

475

498,555

(1-day

SOFR

+

1.13%),

5.00%

,

07/22/30

.

3,500

3,598,790

(3-mo.

CME

Term

SOFR

+

3.79%),

4.49%

,

03/24/31

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

89

89,477

(1-day

SOFR

+

2.04%),

2.52%

,

04/22/31

.

84

76,298

(3-mo.

CME

Term

SOFR

+

1.11%),

1.76%

,

11/19/31

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

743

638,670

(1-day

SOFR

+

1.07%),

1.95%

,

02/04/32

.

1,913

1,643,779

(3-mo.

CME

Term

SOFR

+

1.25%),

2.58%

,

04/22/32

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

574

511,913

(1-day

SOFR

+

1.18%),

2.55%

,

11/08/32

.

490

431,026

(1-day

SOFR

+

1.49%),

5.77%

,

04/22/35

.

1,871

2,016,223

(1-day

SOFR

+

1.46%),

5.29%

,

07/22/35

.

1,233

1,285,937

(1-day

SOFR

+

2.44%),

3.11%

,

04/22/51

.

419

309,577

(1-day

SOFR

+

1.58%),

3.33%

,

04/22/52

.

100

77,091

Washington

Mutual

Escrow

Bonds

(g)(h)(i)

0.00%

,

11/06/09

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

300

3,900

0.00%

,

09/19/17

(j)

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

250

—

0.00%

,

09/29/17

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

500

—

Wells

Fargo

&

Co.

(3-mo.

CME

Term

SOFR

+

1.26%),

2.57%

,

02/11/31

(a)

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

101

91,715

(1-day

SOFR

+

1.78%),

5.50%

,

01/23/35

(a)

1,242

1,301,975

3.90%

,

05/01/45

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

165

141,201

(3-mo.

CME

Term

SOFR

+

4.50%),

5.01%

,

04/04/51

(a)

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

354

347,092

(1-day

SOFR

+

2.13%),

4.61%

,

04/25/53

(a)

413

381,729

22,792,294

Beverages

—

0.0%

Coca-Cola

Co.

(The),

5.40%,

05/13/64

.....

395

422,767

Biotechnology

—

0.8%

AbbVie,

Inc.

5.05%

,

03/15/34

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

1,379

1,440,392

4.55%

,

03/15/35

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

992

992,246

4.88%

,

11/14/48

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

50

49,211

Amgen,

Inc.

5.25%

,

03/02/30

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

1,841

1,920,917

4.40%

,

02/22/62

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

222

189,993

5.75%

,

03/02/63

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

1,240

1,308,855

Gilead

Sciences,

Inc.

1.65%

,

10/01/30

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

174

150,230

2.60%

,

10/01/40

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

389

291,148

4.80%

,

04/01/44

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

375

362,248

4.75%

,

03/01/46

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

85

81,347

6,786,587

Broadline

Retail

—

0.1%

Amazon.com,

Inc.

2.50%

,

06/03/50

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

188

124,201

3.95%

,

04/13/52

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

71

61,714

3.25%

,

05/12/61

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

128

92,774

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

(continued)

4.10%

,

04/13/62

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

USD

796

$

687,250

965,939

Capital

Markets

—

3.2%

Deutsche

Bank

AG,

(1-day

SOFR

+

2.26%),

3.74%,

01/07/33

(a)

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

203

177,674

FactSet

Research

Systems,

Inc.,

3.45%,

03/01/32

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

53

48,356

Goldman

Sachs

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

0.80%),

1.43%

,

03/09/27

.

536

512,692

(1-day

SOFR

+

0.82%),

1.54%

,

09/10/27

.

340

322,223

(1-day

SOFR

+

0.91%),

1.95%

,

10/21/27

.

48

45,759

(1-day

SOFR

+

1.11%),

2.64%

,

02/24/28

.

359

345,066

(3-mo.

CME

Term

SOFR

+

1.77%),

3.69%

,

06/05/28

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

1,178

1,159,352

(1-day

SOFR

+

1.27%),

5.73%

,

04/25/30

.

1,405

1,476,588

(1-day

SOFR

+

1.21%),

5.05%

,

07/23/30

.

3,488

3,578,952

(1-day

SOFR

+

1.28%),

2.62%

,

04/22/32

.

418

369,393

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

.

634

549,837

(1-day

SOFR

+

1.26%),

2.65%

,

10/21/32

.

2,711

2,381,804

(1-day

SOFR

+

1.41%),

3.10%

,

02/24/33

.

711

639,710

(1-day

SOFR

+

1.55%),

5.33%

,

07/23/35

.

2,734

2,832,104

Intercontinental

Exchange,

Inc.,

1.85%,

09/15/32

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

55

45,434

Moody's

Corp.,

2.00%,

08/19/31

.........

136

117,275

Morgan

Stanley

(a)

(1-day

SOFR

+

1.26%),

5.66%

,

04/18/30

.

4,064

4,274,984

(1-day

SOFR

+

1.22%),

5.04%

,

07/19/30

.

1,369

1,406,821

(1-day

SOFR

+

1.14%),

2.70%

,

01/22/31

.

837

766,601

(1-day

SOFR

+

1.03%),

1.79%

,

02/13/32

.

863

730,507

(1-day

SOFR

+

1.18%),

2.24%

,

07/21/32

.

416

358,151

(1-day

SOFR

+

1.29%),

2.94%

,

01/21/33

.

1,766

1,577,474

(1-day

SOFR

+

1.58%),

5.83%

,

04/19/35

.

175

187,975

(1-day

SOFR

+

1.56%),

5.32%

,

07/19/35

.

2,576

2,674,977

UBS

AG

7.95%

,

01/09/25

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

1,111

1,119,600

3.70%

,

02/21/25

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

272

270,733

UBS

Group

AG

(a)(b)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.08%),

1.36%

,

01/30/27

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

474

453,753

(1-day

SOFR

+

3.70%),

6.44%

,

08/11/28

.

250

263,001

28,686,796

Chemicals

—

0.0%

Braskem

Netherlands

Finance

BV,

8.50%,

01/12/31

(c)

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

200

212,190

Ecolab,

Inc.,

2.13%,

08/15/50

..........

164

98,259

310,449

Communications

Equipment

—

0.0%

Motorola

Solutions,

Inc.,

5.60%,

06/01/32

...

119

125,818

Consumer

Finance

—

0.1%

American

Express

Co.

(a)

(1-day

SOFR

+

0.93%),

5.04%

,

07/26/28

.

229

233,976

(1-day

SOFR

+

1.42%),

5.28%

,

07/26/35

.

318

331,104

General

Motors

Financial

Co.,

Inc.,

6.05%,

10/10/25

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

218

220,676

Toyota

Motor

Credit

Corp.,

4.55%,

08/09/29

..

517

525,304

1,311,060

Diversified

REITs

—

1.3%

GLP

Capital

LP

5.75%

,

06/01/28

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

1,076

1,104,492

4.00%

,

01/15/30

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

859

820,219

4.00%

,

01/15/31

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

86

80,619

3.25%

,

01/15/32

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

1,615

1,428,709

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

(continued)

6.25%

,

09/15/54

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

USD

793

$

837,973

VICI

Properties

LP

4.25%

,

12/01/26

(b)

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

1,672

1,655,738

3.75%

,

02/15/27

(b)

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

179

174,582

4.50%

,

01/15/28

(b)

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

1,714

1,690,798

4.63%

,

12/01/29

(b)

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

187

183,445

4.95%

,

02/15/30

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

1,674

1,683,909

4.13%

,

08/15/30

(b)

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

348

330,472

5.13%

,

05/15/32

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

1,860

1,867,559

11,858,515

Diversified

Telecommunication

Services

—

0.6%

AT&T,

Inc.

3.65%

,

06/01/51

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

179

137,263

3.50%

,

09/15/53

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

268

196,893

3.55%

,

09/15/55

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

494

361,329

3.80%

,

12/01/57

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

1,298

982,760

3.65%

,

09/15/59

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

2,000

1,451,112

3.85%

,

06/01/60

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

387

293,018

Verizon

Communications,

Inc.

1.68%

,

10/30/30

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

450

384,937

2.36%

,

03/15/32

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

2,009

1,730,836

4.40%

,

11/01/34

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

46

44,924

5.85%

,

09/15/35

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

222

239,582

5,822,654

Electric

Utilities

—

2.3%

AEP

Texas,

Inc.

4.70%

,

05/15/32

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

92

92,327

5.40%

,

06/01/33

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

132

135,584

3.80%

,

10/01/47

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

366

282,835

Series

H

,

3.45%

,

01/15/50

...........

120

86,960

5.25%

,

05/15/52

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

46

44,942

AEP

Transmission

Co.

LLC

3.75%

,

12/01/47

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

161

130,423

3.80%

,

06/15/49

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

167

134,179

3.15%

,

09/15/49

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

1,170

843,356

Alabama

Power

Co.

5.50%

,

03/15/41

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

155

159,808

4.15%

,

08/15/44

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

97

84,827

3.75%

,

03/01/45

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

388

322,977

4.30%

,

01/02/46

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

53

47,052

Baltimore

Gas

&

Electric

Co.

3.75%

,

08/15/47

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

170

137,743

3.20%

,

09/15/49

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

385

277,506

4.55%

,

06/01/52

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

42

37,926

Dominion

Energy

South

Carolina,

Inc.,

6.25%,

10/15/53

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

79

92,087

Duke

Energy

Carolinas

LLC

3.88%

,

03/15/46

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

260

216,355

3.70%

,

12/01/47

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

345

276,368

3.20%

,

08/15/49

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

162

117,570

3.45%

,

04/15/51

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

540

408,156

Duke

Energy

Corp.

3.95%

,

08/15/47

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

207

168,057

5.00%

,

08/15/52

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

243

230,088

Duke

Energy

Florida

LLC

1.75%

,

06/15/30

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

191

166,861

4.20%

,

07/15/48

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

54

46,370

3.00%

,

12/15/51

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

191

132,412

5.95%

,

11/15/52

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

583

644,616

Duke

Energy

Ohio,

Inc.

5.65%

,

04/01/53

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

54

57,165

5.55%

,

03/15/54

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

60

62,733

Duke

Energy

Progress

LLC,

2.50%,

08/15/50

.

1,232

780,108

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Edison

International

5.75%

,

06/15/27

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

USD

716

$

738,900

4.13%

,

03/15/28

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

265

262,662

6.95%

,

11/15/29

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

376

414,437

FirstEnergy

Corp.

Series

B

,

3.90%

,

07/15/27

(e)

..........

983

972,789

Series

C

,

4.85%

,

07/15/47

(e)

..........

432

395,906

Series

C

,

3.40%

,

03/01/50

...........

550

403,051

FirstEnergy

Transmission

LLC

(b)

5.00%

,

01/15/35

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

272

276,170

4.55%

,

04/01/49

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

817

734,852

Florida

Power

&

Light

Co.

3.95%

,

03/01/48

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

302

259,459

3.99%

,

03/01/49

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

358

305,493

3.15%

,

10/01/49

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

241

177,014

2.88%

,

12/04/51

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

487

337,104

Generacion

Mediterranea

SA,

9.88%,

12/01/27

(b)

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

33

28,490

Georgia

Power

Co.

4.70%

,

05/15/32

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

470

478,813

4.95%

,

05/17/33

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

489

502,687

5.13%

,

05/15/52

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

20

20,022

Interstate

Power

&

Light

Co.,

5.45%,

09/30/54

30

31,021

Johnsonville

Aeroderivative

Combustion

Turbine

Generation

LLC,

5.08%,

10/01/54

......

297

301,503

MidAmerican

Energy

Co.

3.95%

,

08/01/47

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

56

47,445

3.65%

,

08/01/48

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

293

235,530

3.15%

,

04/15/50

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

64

46,868

5.85%

,

09/15/54

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

27

30,070

5.30%

,

02/01/55

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

198

204,654

Northern

States

Power

Co.

3.40%

,

08/15/42

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

57

46,561

4.00%

,

08/15/45

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

66

56,661

2.60%

,

06/01/51

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

96

62,711

4.50%

,

06/01/52

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

37

33,993

Ohio

Power

Co.

Series

P

,

2.60%

,

04/01/30

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

99

89,962

Series

Q

,

1.63%

,

01/15/31

...........

305

256,029

4.00%

,

06/01/49

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

336

275,297

Pacific

Gas

&

Electric

Co.

3.95%

,

12/01/47

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

166

130,679

4.95%

,

07/01/50

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

70

63,656

3.50%

,

08/01/50

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

303

219,427

5.25%

,

03/01/52

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

461

436,902

6.75%

,

01/15/53

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

42

47,887

6.70%

,

04/01/53

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

107

122,461

5.90%

,

10/01/54

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

65

67,324

PECO

Energy

Co.

3.05%

,

03/15/51

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

561

397,350

2.85%

,

09/15/51

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

194

131,418

PG&E

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.88%),

7.38%,

03/15/55

(a)

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

225

235,996

PPL

Capital

Funding,

Inc.,

5.25%,

09/01/34

..

45

46,333

Public

Service

Electric

&

Gas

Co.,

2.05%,

08/01/50

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

349

203,935

Southern

California

Edison

Co.

5.30%

,

03/01/28

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

255

263,767

5.65%

,

10/01/28

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

391

410,875

2.25%

,

06/01/30

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

276

246,598

Series

G

,

2.50%

,

06/01/31

...........

446

394,381

5.45%

,

06/01/31

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

203

214,795

5.95%

,

11/01/32

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

85

92,508

Series

05-E

,

5.35%

,

07/15/35

.........

77

80,330

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Series

05-B

,

5.55%

,

01/15/36

.........

USD

230

$

239,010

5.63%

,

02/01/36

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

188

198,759

Southern

Co.

(The),

4.85%,

03/15/35

......

774

780,239

Virginia

Electric

&

Power

Co.

2.45%

,

12/15/50

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

334

206,430

5.45%

,

04/01/53

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

42

43,528

5.55%

,

08/15/54

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

120

126,130

Vistra

Operations

Co.

LLC

(b)

6.95%

,

10/15/33

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

56

63,134

6.00%

,

04/15/34

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

1,254

1,340,102

Wisconsin

Electric

Power

Co.,

5.05%,

10/01/54

70

69,516

21,117,015

Financial

Services

—

0.1%

Global

Payments,

Inc.

5.30%

,

08/15/29

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

61

62,702

2.90%

,

05/15/30

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

223

203,113

5.40%

,

08/15/32

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

53

54,402

Mastercard,

Inc.

3.95%

,

02/26/48

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

140

121,725

3.85%

,

03/26/50

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

93

78,650

Visa,

Inc.

4.30%

,

12/14/45

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

205

191,001

3.65%

,

09/15/47

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

76

63,454

775,047

Food

Products

—

0.0%

MHP

Lux

SA,

6.25%,

09/19/29

(b)

.........

44

33,440

Gas

Utilities

—

0.1%

CenterPoint

Energy

Resources

Corp.

4.00%

,

04/01/28

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

175

173,199

4.40%

,

07/01/32

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

47

46,276

ONE

Gas,

Inc.,

5.10%,

04/01/29

.........

129

133,624

Piedmont

Natural

Gas

Co.,

Inc.,

2.50%,

03/15/31

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

176

155,295

Spire

Missouri,

Inc.,

Series

2034,

5.15%,

08/15/34

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

52

54,071

562,465

Ground

Transportation

—

0.3%

Burlington

Northern

Santa

Fe

LLC

3.90%

,

08/01/46

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

1,038

884,210

4.13%

,

06/15/47

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

130

114,358

CSX

Corp.,

4.90%,

03/15/55

...........

408

400,931

Norfolk

Southern

Corp.

3.40%

,

11/01/49

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

86

64,607

3.05%

,

05/15/50

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

303

213,440

3.16%

,

05/15/55

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

511

354,038

Uber

Technologies,

Inc.,

5.35%,

09/15/54

...

60

59,508

Union

Pacific

Corp.

3.84%

,

03/20/60

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

328

262,069

2.97%

,

09/16/62

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

413

266,830

3.75%

,

02/05/70

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

142

107,509

Union

Pacific

Railroad

Co.

Pass-Through

Trust,

Series

2014-1,

3.23%,

05/14/26

.......

75

73,404

2,800,904

Health

Care

Equipment

&

Supplies

—

0.1%

Becton

Dickinson

&

Co.,

3.79%,

05/20/50

...

157

127,104

Solventum

Corp.,

6.00%,

05/15/64

(b)

......

408

421,315

548,419

Health

Care

Providers

&

Services

—

0.9%

CVS

Health

Corp.

6.00%

,

06/01/44

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

144

148,835

4.25%

,

04/01/50

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

641

517,385

Elevance

Health,

Inc.

3.13%

,

05/15/50

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

64

45,391

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

3.60%

,

03/15/51

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

USD

463

$

357,049

4.55%

,

05/15/52

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

102

91,012

5.13%

,

02/15/53

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

95

93,218

HCA,

Inc.

5.25%

,

04/15/25

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

1,255

1,256,448

5.88%

,

02/15/26

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

299

302,137

5.38%

,

09/01/26

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

608

614,583

5.45%

,

04/01/31

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

2,661

2,772,503

Humana,

Inc.

5.88%

,

03/01/33

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

226

239,922

5.95%

,

03/15/34

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

126

134,844

UnitedHealth

Group,

Inc.

4.25%

,

06/15/48

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

50

44,259

3.70%

,

08/15/49

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

210

169,127

2.90%

,

05/15/50

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

114

79,852

3.25%

,

05/15/51

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

206

152,595

5.63%

,

07/15/54

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

117

125,518

3.88%

,

08/15/59

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

706

563,090

6.05%

,

02/15/63

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

111

125,669

5.75%

,

07/15/64

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

572

617,478

8,450,915

Hotels,

Restaurants

&

Leisure

—

0.0%

Grupo

Posadas

SAB

de

CV,

7.00%,

12/30/27

(c)

(e)

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

55

49,999

Household

Products

—

0.0%

Colgate-Palmolive

Co.,

3.70%,

08/01/47

....

59

50,689

Industrial

Conglomerates

—

0.1%

Honeywell

International,

Inc.

5.25%

,

03/01/54

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

318

331,662

5.35%

,

03/01/64

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

211

222,384

554,046

Insurance

—

0.1%

Ambac

Assurance

Corp.,

5.10%

(b)

(k)

.......

15

20,635

American

International

Group,

Inc.,

4.38%,

06/30/50

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

162

145,216

FWD

Group

Holdings

Ltd.,

8.40%,

04/05/29

(c)

.

200

210,376

Marsh

&

McLennan

Cos.,

Inc.

4.90%

,

03/15/49

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

47

45,022

2.90%

,

12/15/51

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

124

83,430

6.25%

,

11/01/52

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

43

50,088

5.70%

,

09/15/53

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

149

160,161

5.45%

,

03/15/54

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

219

227,137

942,065

Interactive

Media

&

Services

—

0.2%

Meta

Platforms,

Inc.

4.65%

,

08/15/62

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

1,005

935,688

5.75%

,

05/15/63

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

165

180,860

5.55%

,

08/15/64

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

519

554,328

1,670,876

IT

Services

—

0.3%

Gartner,

Inc.

(b)

4.50%

,

07/01/28

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

2,929

2,899,007

3.63%

,

06/15/29

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

70

66,809

2,965,816

Leisure

Products

—

0.1%

Continuum

Group,

Inc.,

5.00%,

09/13/27

(b)

(i)

..

418

425,315

Life

Sciences

Tools

&

Services

—

0.0%

Thermo

Fisher

Scientific,

Inc.,

5.09%,

08/10/33

329

344,168

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.0%

Caterpillar,

Inc.,

3.25%,

09/19/49

........

USD

274

$

210,427

CNH

Industrial

Capital

LLC,

5.45%,

10/14/25

.

140

141,312

351,739

Media

—

0.3%

Charter

Communications

Operating

LLC

3.70%

,

04/01/51

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

247

157,682

3.90%

,

06/01/52

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

976

639,909

5.25%

,

04/01/53

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

118

96,424

Comcast

Corp.

2.89%

,

11/01/51

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

534

358,831

2.94%

,

11/01/56

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

138

90,190

2.65%

,

08/15/62

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

306

181,069

2.99%

,

11/01/63

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

932

591,188

5.50%

,

05/15/64

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

74

76,515

Paramount

Global

5.85%

,

09/01/43

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

157

136,922

5.25%

,

04/01/44

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

60

47,799

4.90%

,

08/15/44

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

46

35,353

4.60%

,

01/15/45

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

70

51,663

2,463,545

Metals

&

Mining

—

0.3%

Anglo

American

Capital

plc

(b)

5.63%

,

04/01/30

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

264

274,296

5.50%

,

05/02/33

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

490

502,495

Glencore

Funding

LLC

(b)

6.38%

,

10/06/30

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

820

891,384

2.85%

,

04/27/31

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

730

654,515

Samarco

Mineracao

SA,

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(c)

(l)

..........

131

122,335

Volcan

Cia

Minera

SAA,

8.75%,

01/24/30

(b)

..

4

3,450

2,448,475

Multi-Utilities

—

0.1%

Algonquin

Power

&

Utilities

Corp.,

5.37%,

06/15/26

(e)

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

134

135,619

Dominion

Energy,

Inc.,

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.51%),

7.00%,

06/01/54

(a)

....

107

116,825

NiSource,

Inc.,

5.40%,

06/30/33

.........

310

322,574

San

Diego

Gas

&

Electric

Co.

3.32%

,

04/15/50

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

94

69,186

3.70%

,

03/15/52

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

115

89,761

733,965

Oil,

Gas

&

Consumable

Fuels

—

4.6%

Antero

Resources

Corp.

(b)

7.63%

,

02/01/29

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

409

421,996

5.38%

,

03/01/30

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

446

440,644

Cameron

LNG

LLC

(b)

3.30%

,

01/15/35

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

170

146,710

3.40%

,

01/15/38

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

1,131

967,082

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

,

06/30/27

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

966

982,009

2.74%

,

12/31/39

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

1,029

854,259

Cheniere

Energy

Partners

LP

4.50%

,

10/01/29

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

143

141,045

4.00%

,

03/01/31

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

1,607

1,520,846

3.25%

,

01/31/32

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

67

59,913

Cheniere

Energy,

Inc.,

5.65%,

04/15/34

(b)

...

998

1,032,541

Chevron

USA,

Inc.,

2.34%,

08/12/50

......

196

122,428

ConocoPhillips

Co.

3.80%

,

03/15/52

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

219

175,610

4.03%

,

03/15/62

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

150

120,896

Devon

Energy

Corp.

5.25%

,

10/15/27

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

43

43,199

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.88%

,

06/15/28

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

USD

755

$

763,244

Diamondback

Energy,

Inc.

3.25%

,

12/01/26

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

3,777

3,696,518

3.50%

,

12/01/29

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

4,263

4,054,567

3.13%

,

03/24/31

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

2,018

1,839,744

4.25%

,

03/15/52

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

984

797,673

5.75%

,

04/18/54

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

173

174,327

5.90%

,

04/18/64

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

1,277

1,287,142

Enbridge,

Inc.,

2.50%,

08/01/33

.........

58

48,707

Energy

Transfer

LP

4.95%

,

05/15/28

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

578

586,623

7.38%

,

02/01/31

(b)

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

899

956,400

5.15%

,

02/01/43

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

49

45,945

6.00%

,

06/15/48

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

155

158,692

5.95%

,

05/15/54

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

906

927,247

6.05%

,

09/01/54

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

334

346,007

EQT

Corp.

3.13%

,

05/15/26

(b)

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

1,003

976,558

3.90%

,

10/01/27

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

1

983

5.70%

,

04/01/28

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

237

245,222

5.00%

,

01/15/29

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

1,538

1,555,739

7.00%

,

02/01/30

(e)

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

865

944,421

3.63%

,

05/15/31

(b)

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

1,861

1,708,147

Exxon

Mobil

Corp.

3.00%

,

08/16/39

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

160

131,416

4.23%

,

03/19/40

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

67

62,725

4.33%

,

03/19/50

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

120

108,689

3.45%

,

04/15/51

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

544

421,538

Hess

Corp.,

7.30%,

08/15/31

...........

191

218,721

Kinder

Morgan

Energy

Partners

LP

5.00%

,

08/15/42

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

244

227,288

5.50%

,

03/01/44

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

138

135,708

MC

Brazil

Downstream

Trading

SARL,

7.25%,

06/30/31

(b)

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

49

41,693

Medco

Maple

Tree

Pte.

Ltd.,

8.96%,

04/27/29

(b)

29

30,652

NAK

Naftogaz

Ukraine,

7.63%,

11/08/28

(b)

(g)

(h)

.

226

184,190

NGPL

PipeCo

LLC,

3.25%,

07/15/31

(b)

.....

1,516

1,347,515

Oleoducto

Central

SA,

4.00%,

07/14/27

(b)

...

36

34,434

Pioneer

Natural

Resources

Co.,

2.15%,

01/15/31

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

101

88,729

Sabine

Pass

Liquefaction

LLC

5.63%

,

03/01/25

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

146

146,134

5.88%

,

06/30/26

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

1,308

1,329,367

5.00%

,

03/15/27

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

551

558,152

4.50%

,

05/15/30

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

1,069

1,066,164

5.90%

,

09/15/37

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

808

852,173

SCC

Power

plc,

4.00%,

(4.00%

Cash

or

4.00%

PIK),

05/17/32

(b)

(l)

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

48

6,802

South

Bow

USA

Infrastructure

Holdings

LLC

(b)

4.91%

,

09/01/27

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

240

241,834

5.03%

,

10/01/29

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

93

93,243

Targa

Resources

Corp.,

4.20%,

02/01/33

...

584

552,985

Targa

Resources

Partners

LP

5.00%

,

01/15/28

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

336

335,967

5.50%

,

03/01/30

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

158

160,891

4.88%

,

02/01/31

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

805

799,074

4.00%

,

01/15/32

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

464

436,595

Viper

Energy,

Inc.

(b)

5.38%

,

11/01/27

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

2,306

2,296,549

7.38%

,

11/01/31

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

1,095

1,154,868

41,207,180

Passenger

Airlines

—

0.1%

Air

Canada

Pass-Through

Trust,

Series

2017-1,

Class

B,

3.70%,

01/15/26

(b)

..........

—

(d)

401

Avianca

Midco

2

plc,

9.00%,

12/01/28

(b)

....

38

38,207

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

Gol

Finance

SA,

(1-mo.

CME

Term

SOFR

+

10.50%),

15.34%,

01/29/25

(a)

(b)

........

USD

40

$

42,098

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

61

61,964

United

Airlines

Pass-Through

Trust,

Series

2024-1,

Class

A,

5.88%,

02/15/37

......

524

539,835

682,505

Pharmaceuticals

—

0.2%

Bristol-Myers

Squibb

Co.

2.55%

,

11/13/50

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

327

208,307

3.90%

,

03/15/62

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

58

45,986

Eli

Lilly

&

Co.,

5.05%,

08/14/54

.........

172

176,242

Pfizer

Investment

Enterprises

Pte.

Ltd.,

5.30%,

05/19/53

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

133

137,581

Pfizer,

Inc.

4.00%

,

12/15/36

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

269

256,321

4.13%

,

12/15/46

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

202

179,064

4.20%

,

09/15/48

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

172

152,772

4.00%

,

03/15/49

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

183

158,809

2.70%

,

05/28/50

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

115

79,695

Takeda

Pharmaceutical

Co.

Ltd.,

2.05%,

03/31/30

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

746

663,722

2,058,499

Real

Estate

Management

&

Development

—

0.0%

Fantasia

Holdings

Group

Co.

Ltd.,

11.75%,

04/17/25

(c)

(g)

(h)

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

200

3,000

Retail

REITs

—

0.1%

NNN

REIT,

Inc.

3.50%

,

04/15/51

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

245

180,827

3.00%

,

04/15/52

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

446

295,201

476,028

Semiconductors

&

Semiconductor

Equipment

—

0.4%

Advanced

Micro

Devices,

Inc.,

4.39%,

06/01/52

353

328,602

AP

Grange

Holdings

LLC,

(Acquired

06/21/24,

cost

$560,000),

6.50%,

03/20/45

(i)

(m)

.....

560

564,200

Broadcom,

Inc.

4.75%

,

04/15/29

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

783

795,386

5.05%

,

07/12/29

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

90

92,707

3.14%

,

11/15/35

(b)

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

1,129

965,448

KLA

Corp.,

3.30%,

03/01/50

...........

525

397,139

Lam

Research

Corp.,

3.13%,

06/15/60

.....

77

53,148

NXP

BV

2.50%

,

05/11/31

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

193

168,404

2.65%

,

02/15/32

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

68

59,002

Texas

Instruments,

Inc.,

2.70%,

09/15/51

...

295

199,657

3,623,693

Software

—

0.3%

Oracle

Corp.

4.00%

,

07/15/46

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

355

294,487

4.00%

,

11/15/47

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

133

109,199

3.60%

,

04/01/50

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

216

164,441

3.95%

,

03/25/51

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

879

707,422

6.90%

,

11/09/52

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

150

180,807

4.38%

,

05/15/55

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

920

785,226

4.10%

,

03/25/61

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

197

154,952

5.50%

,

09/27/64

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

394

392,486

2,789,020

Specialized

REITs

—

0.4%

American

Tower

Corp.

1.88%

,

10/15/30

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

404

348,030

2.70%

,

04/15/31

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

186

166,038

4.05%

,

03/15/32

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

130

124,832

Crown

Castle,

Inc.

2.25%

,

01/15/31

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

1,370

1,187,955

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

2.10%

,

04/01/31

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

USD

171

$

146,264

2.50%

,

07/15/31

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

107

93,124

Equinix,

Inc.

2.00%

,

05/15/28

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

123

113,408

2.50%

,

05/15/31

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

999

882,619

3.90%

,

04/15/32

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

766

733,485

Extra

Space

Storage

LP,

5.50%,

07/01/30

...

220

229,980

4,025,735

Specialty

Retail

—

0.1%

Home

Depot,

Inc.

(The)

3.35%

,

04/15/50

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

41

31,514

2.38%

,

03/15/51

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

125

78,466

5.40%

,

06/25/64

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

125

132,348

Lowe's

Cos.,

Inc.

5.13%

,

04/15/50

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

108

105,272

3.00%

,

10/15/50

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

466

316,784

3.50%

,

04/01/51

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

308

227,666

5.75%

,

07/01/53

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

188

198,371

1,090,421

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Dell

International

LLC,

4.90%,

10/01/26

....

1,181

1,193,241

Hewlett

Packard

Enterprise

Co.,

5.25%,

07/01/28

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

267

275,286

1,468,527

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

NIKE,

Inc.

3.38%

,

11/01/46

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

148

118,301

3.38%

,

03/27/50

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

774

610,393

728,694

Tobacco

—

0.5%

Altria

Group,

Inc.

6.88%

,

11/01/33

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

169

190,880

3.40%

,

02/04/41

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

973

758,509

4.50%

,

05/02/43

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

365

322,839

3.88%

,

09/16/46

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

137

106,987

3.70%

,

02/04/51

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

114

84,130

6.20%

,

02/14/59

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

280

296,724

BAT

Capital

Corp.

5.28%

,

04/02/50

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

729

682,644

5.65%

,

03/16/52

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

143

139,583

7.08%

,

08/02/53

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

812

942,327

Reynolds

American,

Inc.,

5.85%,

08/15/45

...

933

933,434

4,458,057

Trading

Companies

&

Distributors

—

0.0%

GATX

Corp.,

6.05%,

06/05/54

..........

92

99,472

Wireless

Telecommunication

Services

—

0.5%

Kenbourne

Invest

SA,

6.88%,

11/26/24

(b)

(g)

(h)

..

43

25,800

Rogers

Communications,

Inc.,

5.30%,

02/15/34

538

547,339

Sprint

LLC

7.63%

,

02/15/25

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

994

997,121

7.63%

,

03/01/26

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

161

166,305

T-Mobile

USA,

Inc.

3.88%

,

04/15/30

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

2,110

2,051,913

5.05%

,

07/15/33

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

799

818,970

VF

Ukraine

PAT,

6.20%,

02/11/25

(b)

.......

22

19,745

4,627,193

Total

Corporate

Bonds

—

22

.4

%

(Cost:

$

196,237,496

)

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

202,507,924

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Fixed

Rate

Loan

Interests

Metals

&

Mining

—

0.0%

Vedanta

Holdings

Mauritius

II

Ltd.,

1st

Lien

Term

Loan

,

18.00

%

,

12/01/30

(i)

........

USD

195

$

205,128

Total

Fixed

Rate

Loan

Interests

—

0

.0

%

(Cost:

$

195,360

)

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

205,128

Floating

Rate

Loan

Interests

Capital

Markets

—

0.0%

Usavflow

II

Ltd.,

1st

Lien

Term

Loan

B

,

06/30/31

(a)

(n)

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

115

115,125

Financial

Services

—

0.0%

EURO

Parfums

Fze,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

12.21

%

,

09/01/28

(a)

(i)

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

52

52,000

Media

—

0.0%

Gray

Television,

Inc.,

1st

Lien

Term

Loan

D

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.32

%

,

12/01/28

(a)

...........

—

(d)

170

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Ecopetrol

SA,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.37

%

-

9.98

%

,

09/06/30

(a)

(i)

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

150

154,305

Total

Floating

Rate

Loan

Interests

—

0

.0

%

(Cost:

$

314,810

)

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

321,600

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA

6.95%

,

07/21/27

(c)

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

20

19,400

9.50%

,

01/17/31

(b)

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

93

97,999

117,399

Latvia

—

0.0%

Air

Baltic

Corp.

A/S

,

14.50%

,

08/14/29

(b)

....

EUR

100

125,508

Mexico

—

0.1%

Petroleos

Mexicanos

6.50%

,

03/13/27

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

USD

376

368,292

10.00%

,

02/07/33

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

10

10,579

378,871

Morocco

—

0.0%

OCP

SA

,

6.75%

,

05/02/34

(b)

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

200

214,344

Supranational

—

0.6%

European

Union

(c)

2.50%

,

10/04/52

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

EUR

505

479,396

Series

NGEU

,

3.00%

,

03/04/53

........

4,526

4,744,923

5,224,319

Venezuela

—

0.0%

Petroleos

de

Venezuela

SA

,

9.75%

,

05/17/35

(c)

(g

USD

144

16,560

Total

Foreign

Agency

Obligations

—

0

.7

%

(Cost:

$

5,634,239

)

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

6,077,001

Foreign

Government

Obligations

Argentina

—

0.0%

Argentine

Republic

(The)

1.00%

,

07/09/29

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

14

9,353

4.12%

,

07/09/35

(e)

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

27

13,152

5.00%

,

01/09/38

(e)

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

17

8,820

Security

Par

(000)

Par

(000)

Value

Argentina

(continued)

3.50%

,

07/09/41

(e)

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

USD

27

$

12,312

43,637

Belgium

—

0.5%

Kingdom

of

Belgium

,

3.30%

,

06/22/54

(b)

(c)

....

EUR

3,610

3,931,396

Brazil

—

1.0%

Federative

Republic

of

Brazil

10.00%

,

01/01/29

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

BRL

6

1,054,710

6.13%

,

03/15/34

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

USD

2,140

2,179,590

10.00%

,

01/01/35

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

BRL

30

4,827,379

Notas

do

Tesouro

Nacional

,

10.00%

,

01/01/33

4

716,062

8,777,741

Colombia

—

0.1%

Republic

of

Colombia

5.75%

,

11/03/27

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

COP

608,500

133,177

6.00%

,

04/28/28

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

874,400

188,851

7.00%

,

03/26/31

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

363,900

76,226

8.00%

,

04/20/33

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

USD

200

214,666

8.00%

,

11/14/35

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

200

212,900

825,820

Czech

Republic

—

0.0%

Czech

Republic

2.75%

,

07/23/29

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

CZK

4,910

210,473

5.00%

,

09/30/30

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

2,070

98,878

309,351

Dominican

Republic

—

0.0%

Dominican

Republic

Government

Bond

,

4.88%

,

09/23/32

(b)

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

USD

100

95,313

Egypt

—

0.0%

Arab

Republic

of

Egypt

,

4.75%

,

04/16/26

(c)

...

EUR

100

108,254

France

—

0.2%

French

Republic

,

3.00%

,

05/25/54

(b)

(c)

......

1,850

1,858,012

Hungary

—

0.0%

Hungary

Government

Bond

(c)

4.00%

,

07/25/29

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

250

281,488

5.38%

,

09/12/33

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

14

16,753

298,241

Indonesia

—

0.1%

Republic

of

Indonesia

2.85%

,

02/14/30

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

USD

390

363,527

3.05%

,

03/12/51

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

641

467,129

830,656

Israel

—

0.1%

State

of

Israel

Government

Bond

,

5.75%

,

03/12/54

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

435

413,930

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire

,

5.25%

,

03/22/30

(c)

..

EUR

100

106,028

Japan

—

0.3%

Japan

Government

Bond

,

1.80%

,

03/20/54

..

JPY

372,700

2,427,471

Mexico

—

1.2%

Mex

Bonos

Desarr

Fix

Rt

,

8.00%

,

11/07/47

..

MXN

32

138,168

United

Mexican

States

8.50%

,

03/01/29

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

180

891,407

8.50%

,

05/31/29

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

384

1,900,544

2.66%

,

05/24/31

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

USD

1,158

993,344

3.50%

,

02/12/34

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

784

666,400

7.75%

,

11/23/34

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

MXN

761

3,461,690

6.35%

,

02/09/35

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

USD

1,720

1,802,560

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

4.50%

,

01/31/50

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

USD

1,251

$

994,157

10,848,270

Panama

—

0.1%

Republic

of

Panama

3.88%

,

03/17/28

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

347

333,988

6.40%

,

02/14/35

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

200

204,688

4.50%

,

04/01/56

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

718

515,653

1,054,329

Peru

—

0.1%

Republic

of

Peru

6.95%

,

08/12/31

(b)

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

PEN

736

212,178

1.86%

,

12/01/32

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

USD

29

23,300

7.60%

,

08/12/39

(b)

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

PEN

225

66,223

3.55%

,

03/10/51

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

USD

576

436,953

738,654

Philippines

—

0.1%

Republic

of

Philippines

3.00%

,

02/01/28

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

516

497,134

3.20%

,

07/06/46

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

629

478,719

975,853

Poland

—

0.1%

Republic

of

Poland

5.75%

,

04/25/29

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

PLN

1,640

439,464

4.75%

,

07/25/29

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

818

209,800

2.75%

,

10/25/29

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

851

200,271

5.00%

,

10/25/34

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

572

145,640

2.05%

,

08/25/36

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

193

45,095

1,040,270

Romania

—

0.0%

Romania

Government

Bond

,

5.25%

,

11/25/27

(b)

USD

200

201,445

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

,

5.00%

,

01/18/53

(b)

.

200

185,250

South

Africa

—

0.1%

Republic

of

South

Africa

8.00%

,

01/31/30

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

ZAR

1,963

109,611

7.00%

,

02/28/31

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

3,831

198,437

8.75%

,

01/31/44

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

1,385

67,063

8.75%

,

02/28/48

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

2,772

134,065

509,176

Turkey

—

0.0%

Republic

of

Turkiye

(The)

37.00%

,

02/18/26

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

TRY

2,537

73,445

31.08%

,

11/08/28

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

982

29,440

26.20%

,

10/05/33

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

3,719

107,011

209,896

Ukraine

—

0.0%

Ukraine

Government

Bond

0.00%

,

02/01/30

(b)

(e)

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

USD

3

1,142

0.00%

,

02/01/34

(b)

(e)

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

10

3,322

1.75%

,

02/01/34

(b)

(e)

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

24

10,648

0.00%

,

02/01/35

(b)

(e)

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

8

3,611

1.75%

,

02/01/35

(b)

(e)

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

14

6,216

0.00%

,

02/01/36

(b)

(e)

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

7

2,976

1.75%

,

02/01/36

(b)

(e)

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

10

4,097

0.00%

,

08/01/41

(a)

(c)

(g)

(h)

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

219

153,410

185,422

United

Kingdom

—

0.6%

U.K.

Treasury

Bonds

,

4.38%

,

07/31/54

(c)

....

GBP

4,414

5,697,112

Security

Par

(000)

Par

(000)

Value

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay

4.38%

,

10/27/27

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

USD

179

$

180,098

5.10%

,

06/18/50

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

384

382,442

5.25%

,

09/10/60

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

9

9,000

571,540

Venezuela

—

0.0%

Bolivarian

Republic

of

Venezuela

,

11.95%

,

08/05/31

(c)

(g)

(h)

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

214

33,919

Total

Foreign

Government

Obligations

—

4

.7

%

(Cost:

$

43,496,430

)

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

42,276,986

Shares

Shares

Investment

Companies

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

(o)

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

14,408,518

137,457,259

Total

Investment

Companies

—

15

.2

%

(Cost:

$

144,284,000

)

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

137,457,259

Par

(000)

Par

(000)

Municipal

Bonds

California

—

0

.2

%

Bay

Area

Toll

Authority

,

Series

2010S-1

,

RB

,

7.04

%

,

04/01/50

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

400

494,748

Los

Angeles

Community

College

District

,

Series

2010E

,

GO

,

6.60

%

,

08/01/42

..........

110

129,005

State

of

California

Series

2018

,

GO

,

4.60

%

,

04/01/38

......

1,215

1,209,304

Series

2009

,

GO

,

7.55

%

,

04/01/39

......

65

81,873

University

of

California

,

Series

2012AD

,

RB

,

4.86

%

,

05/15/2112

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

75

70,160

1,985,090

Florida

—

0

.0

%

Florida

Development

Finance

Corp.

,

Series

2024

,

RB,

AMT

,

VRDN

,

12.00

%

,

07/15/28

(b)

(p)

250

265,732

Georgia

—

0

.0

%

Municipal

Electric

Authority

of

Georgia

,

Series

2010-A

,

RB

,

6.64

%

,

04/01/57

.........

52

59,361

Illinois

—

0

.1

%

State

of

Illinois

,

Series

2003

,

GO

,

5.10

%

,

06/01/33

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

955

968,158

Louisiana

—

0

.1

%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Series

2022A

,

RB

,

4.15

%

,

02/01/33

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

620

617,841

New

Jersey

—

0

.1

%

New

Jersey

Turnpike

Authority

,

Series

2009F

,

RB

,

7.41

%

,

01/01/40

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

317

389,518

New

York

—

0

.0

%

Metropolitan

Transportation

Authority

,

Series

2010A

,

RB

,

6.67

%

,

11/15/39

..........

195

219,685

New

York

City

Municipal

Water

Finance

Authority

Series

2010EE

,

RB

,

6.01

%

,

06/15/42

....

105

115,294

Series

2011CC

,

RB

,

5.88

%

,

06/15/44

....

155

167,694

New

York

State

Dormitory

Authority

,

Series

2010H

,

RB

,

5.39

%

,

03/15/40

..........

60

61,712

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

York

(continued)

Port

Authority

of

New

York

&

New

Jersey

Series

2010-165

,

RB

,

5.65

%

,

11/01/40

...

USD

120

$

130,674

Series

2014-181

,

RB

,

4.96

%

,

08/01/46

...

195

197,070

892,129

Ohio

—

0

.0

%

American

Municipal

Power,

Inc.

,

Series

2010A

,

RB

,

8.08

%

,

02/15/50

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

135

184,185

Texas

—

0

.2

%

City

of

San

Antonio

Electric

&

Gas

Systems

,

Series

2010A

,

RB

,

5.81

%

,

02/01/41

.....

215

230,361

Port

of

Beaumont

Navigation

District

,

Series

2024B

,

RB

,

10.00

%

,

07/01/26

(b)

........

450

463,514

State

of

Texas

,

Series

2009A

,

GO

,

5.52

%

,

04/01/39

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

345

371,746

1,065,621

Total

Municipal

Bonds

—

0

.7

%

(Cost:

$

6,776,283

)

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

6,427,635

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.4%

Alternative

Loan

Trust

Series

2005-22T1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

5.42%

Cap

+

0.46%),

5.32%,

06/25/35

(a)

.....

90

76,038

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.00%

Floor

+

1.00%),

6.12%,

02/25/36

(a)

.........

13

11,304

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

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

48

23,136

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

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

8

3,540

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

and

2.00%

Cap

+

1.73%),

6.85%,

11/25/46

(a)

46

37,365

Series

2006-OA16,

Class

A4C,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

5.65%,

10/25/46

(a)

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

115

83,896

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.35%,

07/25/46

(a)

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

6

5,520

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

5.43%,

11/25/36

(a)

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

55

46,993

Series

2006-OC7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

0.61%),

5.47%,

07/25/46

(a)

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

55

46,960

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

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

9

4,169

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.25%,

04/25/47

(a)

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

12

10,639

American

Home

Mortgage

Assets

Trust

(a)

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

6.06%,

10/25/46

..........

41

26,919

Series

2006-4,

Class

1A12,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.32%),

5.18%,

10/25/46

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

47

25,480

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-1,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.70%

Floor

+

0.70%),

5.82%,

02/25/47

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

USD

49

$

17,484

Angel

Oak

Mortgage

Trust,

Series

2023-7,

Class

A1,

4.80%,

11/25/67

(b)

(e)

.........

250

247,928

APS

Resecuritization

Trust,

Series

2016-1,

Class

1MZ,

2.14%,

07/31/57

(a)

(b)

........

279

109,051

Banc

of

America

Funding

Trust

(a)(b)

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

118

39,554

Series

2016-R2,

Class

1A1,

4.70%,

05/01/33

45

44,546

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2006-SL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

11.00%

Cap

+

0.39%),

5.25%,

08/25/36

......

11

10,599

Series

2007-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

10.50%

Cap

+

0.45%),

5.31%,

03/25/37

......

63

59,536

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

and

10.50%

Cap

+

0.25%),

5.11%,

03/25/37

......

8

7,387

Series

2007-AR4,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

10.50%

Cap

+

0.51%),

5.37%,

09/25/47

......

27

25,207

Series

2007-AR4,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

and

10.50%

Cap

+

0.32%),

5.18%,

06/25/37

......

9

8,457

Chase

Mortgage

Finance

Trust,

Series

2007-

S6,

Class

1A1,

6.00%,

12/25/37

........

653

277,042

CHL

Mortgage

Pass-Through

Trust

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

6.08%,

04/25/46

(a)

.........

128

39,079

Series

2006-OA5,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.37%,

04/25/46

(a)

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

13

12,164

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

171

64,547

Series

2007-9,

Class

A1,

5.75%,

07/25/37

.

57

28,019

Series

2007-9,

Class

A11,

5.75%,

07/25/37

31

15,310

Citicorp

Mortgage

Securities

Trust

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

32

29,722

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

49

39,164

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

(b)

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

281

112,682

Cross

Mortgage

Trust,

Series

2023-H2,

Class

A1A,

7.13%,

11/25/68

(b)

(e)

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

124

126,687

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

8,695

CSMC

Trust

(a)(b)

Series

2022-NQM3,

Class

A1B,

4.26%,

03/25/67

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

168

163,300

Series

2022-NQM6,

Class

PT,

8.92%,

12/25/67

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

270

269,698

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.31%,

08/25/47

(a)

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

86

74,859

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust,

Series

2006-AB3,

Class

A8,

6.36%,

07/25/36

(a)

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

6

5,585

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Edenbrook

Mortgage

Funding

plc,

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

6.90%,

03/22/57

(a)

(c)

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

GBP

99

$

132,863

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

7.12%,

03/25/36

(a)

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

USD

12

10,610

GSMPS

Mortgage

Loan

Trust

(a)(b)

Series

2005-RP1,

Class

1AF,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.32%,

01/25/35

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

28

23,590

Series

2005-RP2,

Class

1AF,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.32%,

03/25/35

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

31

28,318

Series

2006-RP1,

Class

1AF1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

9.15%

Cap

+

0.46%),

5.32%,

01/25/36

......

25

20,214

GSR

Mortgage

Loan

Trust,

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

..........

1

2,124

HarborView

Mortgage

Loan

Trust,

Series

2007-4,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

10.00%

Cap

+

0.61%),

5.33%,

07/19/47

(a)

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

75

67,823

Homeward

Opportunities

Fund

Trust,

Series

2022-1,

Class

A1,

5.08%,

07/25/67

(b)

(e)

...

92

91,730

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR19,

Class

3A1,

4.02%,

09/25/37

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

62

40,882

Series

2007-FLX5,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.45%,

08/25/37

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

70

62,977

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

4.75%,

08/25/37

(a)

(b)

.........

14

4,429

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.39%,

04/25/37

(a)

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

81

66,473

Miltonia

Mortgage

Finance

SRL,

Series

1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

4.99%,

04/28/62

(a)

(c)

..........

EUR

100

108,900

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(1-mo.

LIBOR

USD

at

0.34%

Floor

and

9.00%

Cap

+

0.34%),

5.66%,

04/16/36

(a)

(b)

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

USD

156

150,585

New

Residential

Mortgage

Loan

Trust,

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

(a)

(b)

..

29

28,359

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.84%

Floor

+

0.95%),

5.81%,

06/25/37

(a)

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

9

7,389

PRPM

LLC,

Series

2022-1,

Class

A1,

3.72%,

02/25/27

(b)

(e)

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

679

673,081

RALI

Trust,

Series

2007-QH9,

Class

A1,

6.50%,

11/25/37

(a)

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

19

16,014

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AF,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

9.50%

Cap

+

0.51%),

5.37%,

09/25/35

(a)

(b)

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

2

1,820

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2006-3,

Class

4A,

4.14%,

04/25/36

(a)

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

35

18,546

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.35%,

06/25/36

......

USD

51

$

44,267

Series

2006-AR5,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

and

10.50%

Cap

+

0.53%),

5.39%,

05/25/46

......

28

18,608

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

32

29,185

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(e)

21

18,571

3,905,619

Commercial

Mortgage-Backed

Securities

—

0.5%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.78%,

06/05/37

(a)

(b)

..........

200

175,577

280

Park

Avenue

Mortgage

Trust

(a)(b)

Series

2017-280P,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.79%

Floor

+

1.84%),

6.95%,

09/15/34

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

100

93,500

Series

2017-280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

7.54%,

09/15/34

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

137

126,733

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

7.37%,

04/15/35

(a)

(b)

.....

19

18,662

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

Series

2015-200P,

Class

F,

3.72%,

04/14/33

200

192,036

Series

2017-SCH,

Class

CL,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.64%,

11/15/32

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

100

99,787

Series

2017-SCH,

Class

DL,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.05%),

7.14%,

11/15/32

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

100

99,792

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

5.42%,

01/25/36

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

21

19,829

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.79%),

5.64%,

01/25/36

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

15

14,411

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.65%),

5.51%,

04/25/36

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

5

4,839

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.49%),

5.34%,

10/25/36

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

7

6,513

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

5.42%,

10/25/36

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

6

5,436

Series

2007-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.52%),

5.37%,

07/25/37

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

14

13,325

Series

2007-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

5.64%,

09/25/37

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

62

59,715

BBCMS

Mortgage

Trust,

Series

2018-TALL,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.92%),

6.02%,

03/15/37

(a)

(b)

.....

35

33,075

BBCMS

Trust,

Series

2015-SRCH,

Class

A1,

3.31%,

08/10/35

(b)

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

46

44,534

BHMS,

Series

2018-ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.64%,

07/15/35

(a)

(b)

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

140

139,958

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

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)

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

C,

3.45%,

03/10/33

(b)

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

USD

105

$

96,865

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2020-VKNG,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.04%),

6.14%,

10/15/37

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

58

58,320

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

6.86%,

12/09/40

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

98

97,904

Series

2023-XL3,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.59%),

8.69%,

12/09/40

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

134

134,130

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.67%,

08/13/37

60

51,562

Series

2017-CC,

Class

E,

3.67%,

08/13/37

110

88,301

Series

2017-GM,

Class

D,

3.54%,

06/13/39

200

186,439

Series

2017-GM,

Class

E,

3.54%,

06/13/39

50

45,745

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.05%),

7.14%,

12/15/37

(a)

(b)

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

100

99,875

Cassia

SRL,

Series

2022-1A,

Class

A,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.04%,

05/22/34

(a)

(b)

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

EUR

364

404,297

CD

Mortgage

Trust,

Series

2017-CD3,

Class

A4,

3.63%,

02/10/50

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

USD

30

28,463

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C3,

Class

A3,

3.87%,

01/10/48

.....

10

9,889

CFK

Trust,

Series

2019-FAX,

Class

D,

4.79%,

01/15/39

(a)

(b)

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

126

115,469

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

C,

5.08%,

04/10/49

(a)

..

20

16,838

Commercial

Mortgage

Trust,

Series

2016-667M,

Class

D,

3.28%,

10/10/36

(a)

(b)

..........

100

80,475

CSMC

Trust

(b)

Series

2017-PFHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.00%),

6.09%,

12/15/30

(a)

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

60

57,836

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

100

83,035

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

E,

3.65%,

10/10/34

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

210

205,006

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

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

80

77,697

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

A,

5.37%,

05/03/32

(b)

......

100

98,981

GS

Mortgage

Securities

Corp.

Trust,

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(b)

..

85

72,527

HMH

Trust,

Series

2017-NSS,

Class

A,

3.06%,

07/05/31

(b)

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

70

51,669

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-NXSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.18%

Floor

+

2.18%),

7.28%,

09/15/39

(a)

(b)

..........

300

300,006

KSL

Commercial

Mortgage

Trust,

Series

2023-

HT,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.29%

Floor

+

4.29%),

9.38%,

12/15/36

(a)

(b)

100

100,250

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

4.08%,

05/10/39

(a)

(b)

..........

190

137,295

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.37%,

08/19/35

(a)

(b)

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

139

139,617

UK

Logistics

DAC,

Series

2024-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

1.65%

Floor

+

1.65%),

6.63%,

05/17/34

(a)

(c)

.....

GBP

100

134,095

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2017-2,

Class

M3,

4.24%,

11/25/47

.

USD

52

$

47,070

Series

2017-2,

Class

M4,

5.00%,

11/25/47

.

26

23,357

Series

2024-1,

Class

A,

6.55%,

01/25/54

..

184

187,291

4,378,026

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

60,108

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.73%,

02/15/50

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

1,000

12,469

BBCMS

Trust,

Series

2015-SRCH,

Class

XA,

1.03%,

08/10/35

(b)

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

906

17,274

BB-UBS

Trust,

Series

2012-SHOW,

Class

XA,

0.73%,

11/05/36

(b)

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

3,475

56

Benchmark

Mortgage

Trust

Series

2018-B8,

Class

XA,

0.78%,

01/15/52

4,459

92,927

Series

2019-B9,

Class

XA,

1.18%,

03/15/52

988

35,777

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.85%,

05/10/58

....

170

1,585

Commercial

Mortgage

Trust

Series

2015-3BP,

Class

XA,

0.17%,

02/10/35

(b)

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

1,916

19

Series

2015-CR25,

Class

XA,

0.93%,

08/10/48

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

165

641

CSAIL

Commercial

Mortgage

Trust,

Series

2017-CX10,

Class

XB,

0.32%,

11/15/50

...

1,430

11,252

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(b)

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

900

10,618

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C22,

Class

XA,

0.54%,

09/15/47

119

1

Series

2014-C23,

Class

XA,

0.63%,

09/15/47

165

2

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

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

1,800

23,394

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

Series

2014-C19,

Class

XF,

1.40%,

12/15/47

130

1,471

Series

2015-C26,

Class

XD,

1.45%,

10/15/48

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

120

1,354

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

XD,

1.75%,

03/15/49

(b)

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

1,000

19,045

Series

2017-H1,

Class

XD,

2.30%,

06/15/50

(b)

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

110

5,443

Series

2019-L2,

Class

XA,

1.17%,

03/15/52

361

13,105

One

Market

Plaza

Trust

(b)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

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

1,562

4,884

Series

2017-1MKT,

Class

XNCP,

0.22%,

02/10/32

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

312

819

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-BNK1,

Class

XD,

1.38%,

08/15/49

(b)

.

1,000

19,079

331,323

Total

Non-Agency

Mortgage-Backed

Securities

—

1

.0

%

(Cost:

$

9,393,033

)

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

8,614,968

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Beneficial

Interest

(000)

Value

Other

Interests

(q)

Capital

Markets

—

0.0%

(g)(h)(i)

Lehman

Brothers

Holdings,

Inc.

..........

USD

1,025

$

—

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

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

185

—

Total

Other

Interests

—

0.0

%

(Cost:

$

12

)

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

—

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

Variable

Rate

Notes

,

Series

2018-1

,

Class

BX

,

3.81

%

,

05/25/57

(a)

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

19

7,838

Interest

Only

Collateralized

Mortgage

Obligations

—

0.2%

Federal

Home

Loan

Mortgage

Corp.

,

Series

5081

,

Class

AI

,

3.50

%

,

03/25/51

.......

283

52,998

Federal

National

Mortgage

Association

,

Series

437

,

Class

C11

,

3.00

%

,

07/25/52

.......

1,289

221,226

Government

National

Mortgage

Association

Series

2021-58

,

Class

IY

,

3.00

%

,

02/20/51

.

1,241

199,344

Series

2021-78

,

Class

IP

,

3.00

%

,

05/20/51

.

1,539

248,133

Series

2021-83

,

Class

PI

,

3.00

%

,

05/20/51

1,313

209,163

Series

2021-97

,

Class

LI

,

3.00

%

,

08/20/50

.

1,514

243,170

Series

2022-78

,

Class

D

,

3.00

%

,

08/20/51

.

1,029

166,637

Series

2022-85

,

Class

IK

,

3.00

%

,

05/20/51

977

155,850

1,496,521

Mortgage-Backed

Securities

—

31.5%

Federal

Home

Loan

Mortgage

Corp.

2.50

%

,

01/01/29

-

04/01/31

...........

171

165,456

3.00

%

,

09/01/27

-

12/01/46

...........

692

647,187

3.50

%

,

02/01/31

-

01/01/48

...........

1,310

1,263,699

4.00

%

,

08/01/40

-

12/01/45

...........

110

109,061

4.50

%

,

02/01/39

-

04/01/49

...........

1,957

1,966,423

5.00

%

,

10/01/41

-

11/01/48

...........

82

84,114

5.50

%

,

02/01/35

-

06/01/41

...........

73

75,426

Federal

National

Mortgage

Association

4.00

%

,

01/01/41

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

7

6,648

6.00

%

,

07/01/39

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

59

61,786

Government

National

Mortgage

Association

2.00

%

,

08/20/50

-

02/20/51

...........

4,342

3,686,212

2.00

%

,

10/15/54

(r)

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

6,228

5,279,428

2.50

%

,

04/20/51

-

01/20/53

...........

6,712

5,915,877

2.50

%

,

10/15/54

(r)

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

4,053

3,571,827

3.00

%

,

02/15/45

-

01/20/52

...........

4,535

4,142,572

3.00

%

,

10/15/54

(r)

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

3,299

3,007,600

3.50

%

,

01/15/42

-

11/20/46

...........

3,036

2,894,179

3.50

%

,

10/15/54

(r)

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

2,988

2,807,449

4.00

%

,

04/20/39

-

12/20/52

...........

2,364

2,296,429

4.00

%

,

10/15/54

(r)

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

1,721

1,663,322

4.50

%

,

12/20/39

-

07/20/49

...........

597

597,987

4.50

%

,

10/15/54

(r)

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

3,149

3,109,210

5.00

%

,

12/15/38

-

07/20/44

...........

51

52,804

5.00

%

,

10/15/54

(r)

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

3,923

3,929,281

5.50

%

,

10/15/54

(r)

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

4,352

4,393,908

6.00

%

,

10/15/54

-

11/15/54

(r)

..........

6,844

6,957,723

6.50

%

,

10/15/54

-

11/15/54

(r)

..........

4,622

4,727,125

Uniform

Mortgage-Backed

Securities

1.50

%

,

12/01/35

-

04/01/52

...........

11,972

9,982,653

1.50

%

,

10/25/39

(r)

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

179

159,671

2.00

%

,

10/01/31

-

03/01/52

...........

54,734

46,346,779

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

2.00

%

,

10/25/39

-

10/25/54

(r)

..........

USD

1,472

$

1,334,788

2.50

%

,

09/01/27

-

04/01/52

...........

35,874

31,635,167

2.50

%

,

10/25/39

-

10/25/54

(r)

..........

1,264

1,179,434

3.00

%

,

04/01/28

-

08/01/52

...........

15,574

14,320,517

3.00

%

,

10/25/39

-

10/25/54

(r)

..........

5,732

5,167,088

3.50

%

,

03/01/29

-

01/01/51

...........

10,498

9,926,216

3.50

%

,

10/25/39

-

10/25/54

(r)

..........

15,459

14,399,446

4.00

%

,

08/01/31

-

06/01/52

...........

9,877

9,635,391

4.00

%

,

10/25/39

-

11/25/54

(r)

..........

2,733

2,635,717

4.50

%

,

02/01/25

-

08/01/52

...........

6,227

6,247,286

4.50

%

,

10/25/39

-

10/25/54

(r)

..........

8,212

8,092,109

5.00

%

,

02/01/35

-

04/01/53

...........

5,002

5,040,750

5.00

%

,

10/25/54

-

11/25/54

(r)

..........

14,872

14,863,341

5.50

%

,

02/01/35

-

08/01/53

...........

9,591

9,724,278

5.50

%

,

10/25/54

(r)

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

8,961

9,064,483

6.00

%

,

04/01/35

-

09/01/54

...........

7,059

7,253,601

6.00

%

,

10/25/54

-

11/25/54

(r)

..........

2,753

2,813,119

6.50

%

,

05/01/40

-

09/01/54

...........

9,850

10,202,515

6.50

%

,

10/25/54

(r)

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

878

905,125

7.50

%

,

12/01/53

-

01/01/54

...........

353

375,067

284,717,274

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

,

Series

2017-3

,

Class

B

,

0.00

%

,

07/25/56

(b)

(j)

..........

111

16,328

Total

U.S.

Government

Sponsored

Agency

Securities

—

31

.7

%

(Cost:

$

295,520,340

)

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

286,237,961

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

4.25

%

,

05/15/39

-

11/15/40

...........

803

827,043

4.50

%

,

08/15/39

-

02/15/44

...........

5,174

5,463,852

4.38

%

,

11/15/39

-

05/15/41

...........

3,090

3,227,487

4.63

%

,

02/15/40

-

05/15/44

(s)

..........

13,734

14,562,066

1.13

%

,

05/15/40

-

08/15/40

...........

3,606

2,372,002

3.88

%

,

08/15/40

-

02/15/43

...........

3,967

3,835,142

1.38

%

,

11/15/40

-

08/15/50

...........

3,531

2,175,322

1.88

%

,

02/15/41

-

11/15/51

...........

4,489

2,950,114

4.75

%

,

02/15/41

-

11/15/53

(s)

..........

4,770

5,257,871

2.00

%

,

11/15/41

-

08/15/51

...........

2,998

2,046,823

2.38

%

,

02/15/42

-

05/15/51

...........

4,402

3,205,172

3.00

%

,

05/15/42

-

08/15/52

...........

12,267

9,992,574

3.13

%

,

02/15/43

-

05/15/48

...........

4,031

3,405,634

2.88

%

,

05/15/43

-

05/15/49

...........

5,928

4,834,432

3.63

%

,

08/15/43

-

05/15/53

...........

8,781

8,025,404

3.75

%

,

11/15/43

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

2,303

2,166,619

2.50

%

,

02/15/45

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

4,580

3,500,480

2.75

%

,

11/15/47

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

4,580

3,565,959

2.25

%

,

08/15/49

-

02/15/52

...........

4,084

2,827,549

1.63

%

,

11/15/50

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

3,216

1,891,544

4.13

%

,

08/15/53

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

730

726,949

U.S.

Treasury

Notes

1.50

%

,

02/15/25

-

02/15/30

...........

12,125

11,538,733

2.00

%

,

02/15/25

-

11/15/26

...........

2,430

2,377,778

2.63

%

,

04/15/25

-

02/15/29

...........

7,089

7,014,405

0.38

%

,

04/30/25

-

09/30/27

...........

8,452

8,140,443

2.13

%

,

05/15/25

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

1,044

1,030,399

5.00

%

,

08/31/25

-

09/30/25

...........

12,261

12,372,191

4.50

%

,

11/15/25

-

07/15/26

...........

6,467

6,537,909

4.00

%

,

12/15/25

-

02/15/34

...........

15,847

16,054,041

4.63

%

,

03/15/26

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

4,747

4,804,112

0.75

%

,

05/31/26

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

4,408

4,198,448

0.63

%

,

07/31/26

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

2,268

2,146,184

1.63

%

,

11/30/26

-

05/15/31

...........

8,936

8,226,519

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

1.88

%

,

02/28/27

-

02/15/32

...........

USD

5,808

$

5,566,516

2.38

%

,

05/15/27

-

05/15/29

...........

2,273

2,184,343

0.50

%

,

05/31/27

-

08/31/27

...........

7,469

6,855,665

2.25

%

,

08/15/27

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

3,486

3,360,313

4.13

%

,

10/31/27

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

2,734

2,777,253

3.88

%

,

11/30/27

-

12/31/29

(s)

..........

13,043

13,184,556

3.63

%

,

03/31/28

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

4,233

4,241,899

1.25

%

,

05/31/28

-

08/15/31

...........

16,365

14,554,596

1.00

%

,

07/31/28

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

10,800

9,808,594

3.13

%

,

11/15/28

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

1,084

1,065,115

1.75

%

,

01/31/29

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

67

62,111

3.25

%

,

06/30/29

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

2,495

2,458,643

3.75

%

,

05/31/30

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

3,809

3,833,642

4.88

%

,

10/31/30

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

4,115

4,392,440

2.88

%

,

05/15/32

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

714

674,425

Total

U.S.

Treasury

Obligations

—

27

.2

%

(Cost:

$

252,260,862

)

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

246,321,311

Total

Long-Term

Investments

—

105.1%

(Cost:

$

968,568,667

)

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

950,184,388

Short-Term

Securities

Foreign

Government

Obligations

—

0.0%

Egypt

—

0.0%

Arab

Republic

of

Egypt

Treasury

Bills

(t)

36.01%

,

12/10/24

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

EGP

5,200

101,984

24.90%

,

02/18/25

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

3,600

67,224

34.23%

,

03/18/25

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

5,450

99,488

268,696

Mexico

—

0.0%

United

Mexican

States

Treasury

Bills

,

12.07%

,

11/28/24

(t)

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

MXN

641

319,881

Total

Foreign

Government

Obligations

—

0

.0

%

(Cost:

$

599,100

)

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

588,577

Shares

Shares

Money

Market

Funds

—

4.9%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.83

%

(o)

(u)

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

44,009,963

44,009,963

Total

Money

Market

Funds

—

4

.9

%

(Cost:

$

44,009,963

)

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

44,009,963

Total

Short-Term

Securities

—

4.9%

(Cost:

$

44,609,063

)

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

44,598,540

Total

Options

Purchased

—

0

.1

%

(

Cost:

$

1,144,411

)

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

1,623,037

Total

Investments

Before

Options

Written

and

TBA

Sale

Commitments

—

110

.1

%

(Cost:

$

1,014,322,141

)

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

996,405,965

Total

Options

Written

—

(

0

.2

)

%

(Premium

Received

—

$

(

1,725,719

)

)

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

(

2,366,335

)

Security

Par

(000)

Pa

r

(

000)

Value

TBA

Sale

Commitments

(r)

Mortgage-Backed

Securities

—

(

6

.0

)

%

Government

National

Mortgage

Association

2.50

%

,

10/15/54

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

USD

(

77

)

$

(

67,853

)

3.00

%

,

10/15/54

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

(

63

)

(

57,443

)

3.50

%

,

10/15/54

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

(

73

)

(

68,580

)

4.00

%

,

10/15/54

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

(

53

)

(

51,239

)

6.00

%

,

10/15/54

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

(

3,356

)

(

3,412,858

)

6.50

%

,

10/15/54

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

(

2,311

)

(

2,364,465

)

Uniform

Mortgage-Backed

Securities

2.00

%

,

10/25/54

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

(

1,425

)

(

1,177,920

)

2.50

%

,

10/25/54

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

(

390

)

(

336,258

)

3.50

%

,

10/25/54

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

(

3,684

)

(

3,430,255

)

4.00

%

,

10/25/54

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

(

1,125

)

(

1,079,935

)

4.50

%

,

10/25/54

-

11/25/54

...........

(

38,818

)

(

38,165,182

)

6.00

%

,

10/25/54

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

(

574

)

(

586,645

)

6.50

%

,

10/25/54

-

11/25/54

...........

(

3,879

)

(

3,997,411

)

Total

TBA

Sale

Commitments

—

(

6

.0

)

%

(Proceeds:

$

(

54,996,955

)

)

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

(

54,796,044

)

Total

Investments

Net

of

Options

Written

and

TBA

Sale

Commitments

—

103

.9

%

(Cost:

$

957,599,467

)

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

939,243,586

Liabilities

in

Excess

of

Other

Assets

—

(

3.9

)

%

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

(

35,237,211

)

Net

Assets

—

100.0%

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

$

904,006,375

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

16

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

September

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Rounds

to

less

than

1,000.

(e)

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.

(f)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(g)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(h)

Non-income

producing

security.

(i)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(j)

Zero-coupon

bond.

(k)

Perpetual

security

with

no

stated

maturity

date.

(l)

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.

(m)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$564,200,

representing

0.06%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$560,000.

(n)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(o)

Affiliate

of

the

Fund.

(p)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(q)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(r)

Represents

or

includes

a

TBA

transaction.

(s)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(t)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(u)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/24

Shares

Held

at

09/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

19,602,803

$

24,407,160

(a)

$

—

$

—

$

—

$

44,009,963

44,009,963

$

1,134,961

$

—

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

..

134,287,385

—

—

—

3,169,874

137,457,259

14,408,518

6,637,794

—

$

—

$

3,169,874

$

181,467,222

$

7,772,755

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

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

Euro-Bund

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

38

12/06/24

$

5,707

$

(

485

)

Australia

10-Year

Bond

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

75

12/16/24

6,035

(

71,888

)

U.S.

Treasury

10-Year

Note

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

218

12/19/24

24,934

34,421

U.S.

Treasury

10-Year

Ultra

Note

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

7

12/19/24

829

52

U.S.

Treasury

Long

Bond

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

194

12/19/24

24,123

(

122,635

)

U.S.

Treasury

5-Year

Note

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

661

12/31/24

72,679

45,708

3-mo.

SONIA

Index

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

3

03/18/25

958

(

964

)

(

115,791

)

Short

Contracts

Euro-Buxl

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

29

12/06/24

4,399

632

U.S.

Treasury

Ultra

Bond

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

64

12/19/24

8,530

106,395

U.S.

Treasury

2-Year

Note

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

15

12/31/24

3,124

1,172

3-mo.

SOFR

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

170

03/17/26

41,229

29,046

137,245

$

21,454

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

85,656

USD

94,061

Goldman

Sachs

International

10/01/24

$

1,287

BRL

632,672

USD

113,000

Bank

of

America

NA

10/02/24

3,136

BRL

377,196

USD

68,000

Barclays

Bank

plc

10/02/24

1,240

BRL

253,468

USD

46,000

BNP

Paribas

SA

10/02/24

527

BRL

1,385,267

USD

248,000

Goldman

Sachs

International

10/02/24

6,285

BRL

893,909

USD

158,000

HSBC

Bank

plc

10/02/24

6,089

BRL

999,717

USD

172,657

JPMorgan

Chase

Bank

NA

10/02/24

10,855

BRL

833,694

USD

151,000

Toronto

Dominion

Bank

10/02/24

2,036

USD

162,000

BRL

879,330

Bank

of

America

NA

10/02/24

587

USD

103,000

BRL

559,445

Citibank

NA

10/02/24

306

USD

112,000

BRL

607,878

Goldman

Sachs

International

10/02/24

416

USD

196,655

BRL

999,717

Morgan

Stanley

&

Co.

International

plc

10/02/24

13,143

TRY

1,649,688

USD

44,000

BNP

Paribas

SA

10/23/24

3,140

USD

181,000

JPY

25,805,870

Deutsche

Bank

AG

10/24/24

847

AUD

47,477

EUR

29,000

Morgan

Stanley

&

Co.

International

plc

10/25/24

521

AUD

132,000

USD

90,142

Bank

of

America

NA

10/25/24

1,152

AUD

66,000

USD

45,432

BNP

Paribas

SA

10/25/24

215

CLP

58,421,790

USD

63,000

Barclays

Bank

plc

10/25/24

1,951

CNY

477,615

USD

68,000

Citibank

NA

10/25/24

304

GBP

201,000

USD

266,759

Barclays

Bank

plc

10/25/24

1,965

IDR

4,563,000,000

USD

300,000

Barclays

Bank

plc

10/25/24

31

KRW

26,584,000

USD

20,000

Barclays

Bank

plc

10/25/24

177

NOK

485,781

USD

46,000

JPMorgan

Chase

Bank

NA

10/25/24

45

PEN

240,250

USD

64,000

Barclays

Bank

plc

10/25/24

785

SGD

87,777

USD

68,000

JPMorgan

Chase

Bank

NA

10/25/24

382

THB

2,501,927

USD

75,500

Bank

of

America

NA

10/25/24

2,386

THB

2,942,940

USD

91,000

Morgan

Stanley

&

Co.

International

plc

10/25/24

614

THB

2,978,430

USD

91,000

Nomura

International

plc

10/25/24

1,719

TWD

1,299,454

USD

41,000

HSBC

Bank

plc

10/25/24

120

USD

45,000

COP

187,695,000

Citibank

NA

10/25/24

519

USD

156,000

COP

655,122,000

Deutsche

Bank

AG

10/25/24

747

USD

45,000

COP

188,347,500

Societe

Generale

SA

10/25/24

365

USD

68,239

EUR

61,000

Goldman

Sachs

International

10/25/24

266

USD

385,585

EUR

345,597

Morgan

Stanley

&

Co.

International

plc

10/25/24

483

USD

68,300

GBP

51,000

Goldman

Sachs

International

10/25/24

116

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

18

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

150,000

IDR

2,279,842,500

Citibank

NA

10/25/24

$

94

USD

68,000

MXN

1,328,030

Barclays

Bank

plc

10/25/24

806

USD

114,000

MXN

2,247,260

Goldman

Sachs

International

10/25/24

297

USD

182,000

PLN

698,734

Barclays

Bank

plc

10/25/24

559

USD

1,044,814

PLN

4,013,643

Morgan

Stanley

&

Co.

International

plc

10/25/24

2,585

USD

68,000

ZAR

1,176,121

UBS

AG

10/25/24

68

ZAR

1,408,852

EUR

72,000

Toronto

Dominion

Bank

10/25/24

1,144

ZAR

1,541,213

USD

89,000

Bank

of

America

NA

10/25/24

19

ZAR

1,579,278

USD

91,000

HSBC

Bank

plc

10/25/24

218

ZAR

916,190

USD

52,218

Nomura

International

plc

10/25/24

700

TRY

1,632,224

USD

44,000

Barclays

Bank

plc

10/28/24

2,371

TRY

2,460,150

USD

66,000

Citibank

NA

10/28/24

3,892

USD

554,294

MXN

10,871,099

State

Street

Bank

and

Trust

Co.

10/28/24

4,531

USD

68,000

BRL

370,229

Bank

of

America

NA

11/04/24

312

TRY

2,473,684

USD

68,000

UBS

AG

11/12/24

1,117

TRY

3,134,356

USD

86,000

HSBC

Bank

plc

11/18/24

1,002

TRY

4,897,000

USD

134,753

UBS

AG

11/20/24

876

USD

137,893

COP

581,548,000

Deutsche

Bank

AG

11/27/24

637

USD

314,946

CZK

7,089,509

Morgan

Stanley

&

Co.

International

plc

11/27/24

1,594

TRY

1,471,890

USD

36,761

Barclays

Bank

plc

12/04/24

3,383

TRY

3,418,110

USD

87,906

Goldman

Sachs

International

12/04/24

5,322

TRY

2,764,000

USD

64,621

BNP

Paribas

SA

12/06/24

10,605

BRL

7,400,000

USD

1,326,938

JPMorgan

Chase

Bank

NA

12/18/24

19,021

USD

4,012

GBP

3,000

Natwest

Markets

plc

12/18/24

2

USD

3,223,030

JPY

454,340,000

HSBC

Bank

plc

12/18/24

27,714

USD

434,267

JPY

60,389,000

Morgan

Stanley

&

Co.

International

plc

12/18/24

9,559

USD

124,451

JPY

17,286,000

Royal

Bank

of

Canada

12/18/24

2,881

USD

1,124,162

JPY

159,164,000

UBS

AG

12/18/24

4,782

USD

1,879,000

MXN

36,363,254

Citibank

NA

12/18/24

54,458

CNY

1,432,950

USD

205,000

Morgan

Stanley

&

Co.

International

plc

01/27/25

1,359

226,665

USD

189,999

EUR

176,419

JPMorgan

Chase

Bank

NA

10/01/24

(

6,382

)

BRL

368,900

USD

68,000

Bank

of

America

NA

10/02/24

(

283

)

USD

249,000

BRL

1,392,449

BNP

Paribas

SA

10/02/24

(

6,602

)

USD

68,000

BRL

375,632

Citibank

NA

10/02/24

(

952

)

USD

158,000

BRL

867,067

Goldman

Sachs

International

10/02/24

(

1,162

)

USD

40,433

TRY

1,431,687

Barclays

Bank

plc

10/07/24

(

1,224

)

USD

570,144

COP

2,435,944,494

Morgan

Stanley

&

Co.

International

plc

10/16/24

(

7,876

)

USD

16,238

EUR

14,818

Toronto

Dominion

Bank

10/17/24

(

268

)

COP

1,647,869,000

USD

396,136

BNP

Paribas

SA

10/23/24

(

5,509

)

USD

386,103

COP

1,647,869,000

Morgan

Stanley

&

Co.

International

plc

10/23/24

(

4,526

)

JPY

25,786,074

USD

181,000

Bank

of

America

NA

10/24/24

(

985

)

AUD

98,000

USD

67,888

Bank

of

America

NA

10/25/24

(

109

)

AUD

66,000

USD

45,703

Barclays

Bank

plc

10/25/24

(

56

)

CHF

57,136

USD

68,000

Barclays

Bank

plc

10/25/24

(

298

)

CNY

321,021

USD

46,000

Goldman

Sachs

International

10/25/24

(

90

)

COP

356,025,600

GBP

64,000

Deutsche

Bank

AG

10/25/24

(

1,192

)

COP

187,740,000

USD

45,000

Bank

of

America

NA

10/25/24

(

509

)

COP

189,025,650

USD

45,000

Barclays

Bank

plc

10/25/24

(

204

)

COP

186,314,850

USD

45,000

JPMorgan

Chase

Bank

NA

10/25/24

(

847

)

EUR

153,000

GBP

128,609

Morgan

Stanley

&

Co.

International

plc

10/25/24

(

1,452

)

EUR

31,000

USD

34,585

BNP

Paribas

SA

10/25/24

(

41

)

EUR

61,000

USD

68,471

Goldman

Sachs

International

10/25/24

(

498

)

EUR

124,000

USD

138,563

Natwest

Markets

plc

10/25/24

(

389

)

HUF

54,174,408

USD

153,000

Barclays

Bank

plc

10/25/24

(

1,358

)

IDR

1,708,334,000

USD

113,000

HSBC

Bank

plc

10/25/24

(

672

)

JPY

16,302,483

USD

114,000

Bank

of

America

NA

10/25/24

(

173

)

KRW

58,806,000

USD

45,000

Barclays

Bank

plc

10/25/24

(

366

)

KRW

58,738,500

USD

45,000

Morgan

Stanley

&

Co.

International

plc

10/25/24

(

418

)

MXN

10,725,061

USD

551,000

Goldman

Sachs

International

10/25/24

(

8,350

)

MXN

1,320,807

USD

68,000

State

Street

Bank

and

Trust

Co.

10/25/24

(

1,172

)

NOK

461,535

USD

44,000

State

Street

Bank

and

Trust

Co.

10/25/24

(

253

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

19

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

PLN

128,470

EUR

30,000

State

Street

Bank

and

Trust

Co.

10/25/24

$

(

69

)

PLN

346,687

USD

91,000

HSBC

Bank

plc

10/25/24

(

975

)

PLN

441,457

USD

115,000

Toronto

Dominion

Bank

10/25/24

(

366

)

PLN

349,003

USD

91,000

UBS

AG

10/25/24

(

374

)

SGD

57,540

USD

45,000

Bank

of

America

NA

10/25/24

(

174

)

USD

181,458

AUD

264,000

Bank

of

America

NA

10/25/24

(

1,130

)

USD

9,201

AUD

13,500

Natwest

Markets

plc

10/25/24

(

136

)

USD

23,000

CHF

19,432

Morgan

Stanley

&

Co.

International

plc

10/25/24

(

26

)

USD

68,000

CLP

61,166,000

Barclays

Bank

plc

10/25/24

(

2

)

USD

46,000

CLP

41,503,960

Goldman

Sachs

International

10/25/24

(

142

)

USD

62,000

CNY

437,199

UBS

AG

10/25/24

(

524

)

USD

114,000

JPY

16,380,629

BNP

Paribas

SA

10/25/24

(

373

)

USD

159,000

MXN

3,143,828

HSBC

Bank

plc

10/25/24

(

66

)

USD

84,000

SEK

852,957

Deutsche

Bank

AG

10/25/24

(

88

)

USD

182,000

THB

6,026,748

Westpac

Banking

Corp.

10/25/24

(

5,614

)

USD

41,145

TRY

1,458,481

Barclays

Bank

plc

10/25/24

(

435

)

USD

41,000

TWD

1,300,233

HSBC

Bank

plc

10/25/24

(

145

)

USD

89,000

ZAR

1,560,406

Deutsche

Bank

AG

10/25/24

(

1,128

)

USD

91,000

ZAR

1,596,283

HSBC

Bank

plc

10/25/24

(

1,200

)

ZAR

1,164,788

USD

68,000

UBS

AG

10/25/24

(

723

)

USD

170,568

TRY

6,020,319

UBS

AG

10/28/24

(

468

)

BRL

631,568

USD

116,000

Bank

of

America

NA

11/04/24

(

532

)

BRL

619,331

USD

114,000

Goldman

Sachs

International

11/04/24

(

769

)

USD

123,360

TRY

4,890,000

UBS

AG

12/04/24

(

10,009

)

USD

70,292

TRY

2,764,000

Barclays

Bank

plc

12/06/24

(

4,934

)

USD

275,665

PEN

1,051,332

Goldman

Sachs

International

12/11/24

(

7,734

)

BRL

7,626,574

USD

1,394,000

Citibank

NA

12/18/24

(

6,830

)

JPY

324,134,000

USD

2,298,280

Morgan

Stanley

&

Co.

International

plc

12/18/24

(

18,686

)

MXN

36,693,112

USD

1,879,000

Citibank

NA

12/18/24

(

37,907

)

USD

8,109,944

BRL

46,345,900

Barclays

Bank

plc

12/18/24

(

319,745

)

USD

8,343,593

EUR

7,541,400

Deutsche

Bank

AG

12/18/24

(

77,886

)

USD

118,470

EUR

107,106

Morgan

Stanley

&

Co.

International

plc

12/18/24

(

1,136

)

USD

74,776

EUR

67,000

State

Street

Bank

and

Trust

Co.

12/18/24

(

43

)

USD

3,050,214

EUR

2,732,000

Toronto

Dominion

Bank

12/18/24

(

609

)

USD

61,405

EUR

55,000

UBS

AG

12/18/24

(

13

)

USD

295,609

GBP

225,000

Barclays

Bank

plc

12/18/24

(

5,152

)

USD

5,685,928

GBP

4,353,000

State

Street

Bank

and

Trust

Co.

12/18/24

(

132,790

)

USD

576,448

MXN

11,528,900

State

Street

Bank

and

Trust

Co.

12/18/24

(

2,020

)

USD

446,924

ZAR

7,900,539

Morgan

Stanley

&

Co.

International

plc

12/20/24

(

7,249

)

USD

205,000

CNY

1,436,435

Morgan

Stanley

&

Co.

International

plc

01/27/25

(

1,861

)

COP

581,548,000

USD

146,191

Citibank

NA

02/21/25

(

10,482

)

COP

818,109,000

USD

197,230

HSBC

Bank

plc

02/24/25

(

6,396

)

(

721,157

)

$

(

494,492

)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

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

One-Touch

Barclays

Bank

plc

10/18/24

CNH

7.30

CNH

7.30

USD

11

$

181

USD

Currency

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

One-Touch

HSBC

Bank

plc

10/18/24

PLN

4.25

PLN

4.25

USD

11

59

USD

Currency

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

One-Touch

Morgan

Stanley

&

Co.

International

plc

10/18/24

CNH

7.35

CNH

7.35

USD

23

236

USD

Currency

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

One-Touch

Barclays

Bank

plc

10/23/24

CNH

7.50

CNH

7.50

USD

31

37

USD

Currency

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

One-Touch

Bank

of

America

NA

11/06/24

CNH

7.50

CNH

7.50

USD

34

190

USD

Currency

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

One-Touch

HSBC

Bank

plc

11/27/24

SGD

1.32

SGD

1.32

SGD

23

1,817

USD

Currency

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

One-Touch

HSBC

Bank

plc

12/09/24

CNH

7.65

CNH

7.65

USD

15

95

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

20

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

CNH

Currency

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

One-Touch

JPMorgan

Chase

Bank

NA

01/23/25

INR

12.50

INR

12.50

CNH

76

$

1,847

4,462

Put

USD

Currency

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

Down

and

Out

UBS

AG

10/30/24

TRY

35.50

TRY

34.00

USD

108

1,415

EUR

Currency

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

One-Touch

HSBC

Bank

plc

11/04/24

USD

1.06

USD

1.06

EUR

20

244

EUR

Currency

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

One-Touch

Bank

of

America

NA

11/12/24

USD

1.05

USD

1.05

EUR

10

109

EUR

Currency

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

One-Touch

Bank

of

America

NA

11/19/24

USD

1.05

USD

1.05

EUR

10

171

USD

Currency

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

One-Touch

UBS

AG

11/21/24

TRY

35.00

TRY

35.00

USD

10

2,561

EUR

Currency

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

One-Touch

Barclays

Bank

plc

12/09/24

USD

1.04

USD

1.04

EUR

15

282

USD

Currency

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

One-Touch

UBS

AG

12/12/24

TRY

35.25

TRY

35.25

USD

9

1,674

CNH

Currency

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

One-Touch

Standard

Chartered

Bank

01/23/25

INR

11.50

INR

11.50

CNH

151

1,124

7,580

$

12,042

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

3-mo.

SOFR

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

465

11/15/24

USD

95.75

USD

116,250

$

279,000

3-mo.

SOFR

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

465

11/15/24

USD

95.25

USD

116,250

825,375

1,104,375

Put

3-mo.

SOFR

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

1,501

10/11/24

USD

96.94

USD

375,250

328,344

$

1,432,719

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

10/09/24

MXN

18.30

USD

132

$

9,451

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

10/18/24

MXN

18.30

USD

211

15,449

USD

Currency

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

Bank

of

America

NA

10/22/24

CAD

1.37

USD

114

160

USD

Currency

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

Standard

Chartered

Bank

10/29/24

CNH

7.05

USD

137

580

USD

Currency

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

Deutsche

Bank

AG

11/12/24

BRL

5.75

USD

133

778

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

11/12/24

ZAR

19.00

USD

177

213

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

11/12/24

COP

4,200.00

USD

200

4,468

USD

Currency

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

Bank

of

America

NA

03/06/26

CNH

7.75

USD

23,434

110,844

141,943

Put

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

10/11/24

BRL

5.56

USD

114

2,582

EUR

Currency

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

JPMorgan

Chase

Bank

NA

11/12/24

USD

1.06

EUR

102

33

EUR

Currency

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

JPMorgan

Chase

Bank

NA

11/19/24

USD

1.06

EUR

102

53

USD

Currency

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

Goldman

Sachs

International

12/06/24

TRY

42.50

USD

84

13,283

15,951

$

157,894

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

21

OTC

Dual

Binary

Options

Purchased

Description

(a)

Counterparty

Units

Expiration

Date

Notional

Amount

(000)

Value

Put

Payout

at

expiry

if

USDCNHC

>=

7.35

and

difference

of

US

30-Year

swap

and

US

5-Year

swap

>=

0.23

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

Citibank

NA

486,000

01/17/25

USD

3,572

$

3,375

(a)

Option

only

pays

if

both

terms

are

met

on

the

expiration

date.

OTC

Interest

Rate

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Put

10-Year

Interest

Rate

Swap

(a)

3.38%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

10/07/24

3

.38

%

USD

806

$

1,542

10-Year

Interest

Rate

Swap

(a)

4.43%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

10/17/24

4

.43

USD

15,524

—

10-Year

Interest

Rate

Swap

(a)

4.00%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

10/25/24

4

.00

USD

189

7

30-Year

Interest

Rate

Swap

(a)

3.93%

Annual

1-day

SOFR

Annual

Citibank

NA

12/18/24

3

.93

USD

4,617

15,458

$

17,007

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

CNH

Currency

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

One-Touch

Standard

Chartered

Bank

01/23/25

INR

12.50

INR

12.50

CNY

76

$

(

1,847

)

Put

CNH

Currency

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

One-Touch

JPMorgan

Chase

Bank

NA

01/23/25

INR

11.50

INR

11.50

CNY

53

(

394

)

$

(

2,241

)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

3-mo.

SOFR

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

930

11/15/24

USD

95.50

USD

232,500

$

(

1,081,125

)

Put

3-mo.

SOFR

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

1,366

10/11/24

USD

96.56

USD

341,500

(

25,612

)

$

(

1,106,737

)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

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

HSBC

Bank

plc

10/04/24

BRL

5.95

USD

68

$

—

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

10/09/24

MXN

19.10

USD

198

(

6,393

)

USD

Currency

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

Bank

of

America

NA

10/17/24

KRW

1,380.00

USD

67

(

15

)

USD

Currency

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

Deutsche

Bank

AG

11/12/24

BRL

6.00

USD

67

(

135

)

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

11/12/24

ZAR

20.00

USD

88

(

26

)

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

11/12/24

COP

4,500.00

USD

111

(

477

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

22

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

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

Bank

of

America

NA

11/22/24

CAD

1.40

USD

114

$

(

56

)

USD

Currency

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

Bank

of

America

NA

12/30/24

ZAR

17.60

USD

68

(

1,464

)

–

(

8,566

)

–

Put

USD

Currency

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

Morgan

Stanley

&

Co.

International

plc

10/18/24

MXN

17.00

USD

106

—

USD

Currency

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

Goldman

Sachs

International

12/06/24

TRY

40.50

USD

126

(

13,434

)

–

(

13,434

)

–

$

(

22,000

)

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

2.76%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

03/28/25

2

.76

%

USD

5,475

$

(

41,903

)

10-Year

Interest

Rate

Swap

(a)

2.76%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

04/02/25

2

.76

USD

5,516

(

44,587

)

10-Year

Interest

Rate

Swap

(a)

3.98%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

05/11/26

3

.98

USD

877

(

64,430

)

10-Year

Interest

Rate

Swap

(a)

3.29%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

08/21/26

3

.29

USD

744

(

29,453

)

10-Year

Interest

Rate

Swap

(a)

3.32%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

08/24/26

3

.32

USD

650

(

26,632

)

10-Year

Interest

Rate

Swap

(a)

3.38%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

08/31/26

3

.38

USD

651

(

28,493

)

10-Year

Interest

Rate

Swap

(a)

3.22%

Annual

1-day

SOFR

Annual

Citibank

NA

09/09/26

3

.22

USD

1,654

(

61,016

)

10-Year

Interest

Rate

Swap

(a)

3.17%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

09/10/26

3

.17

USD

3,306

(

116,417

)

10-Year

Interest

Rate

Swap

(a)

3.19%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

09/11/26

3

.19

USD

1,504

(

54,019

)

10-Year

Interest

Rate

Swap

(a)

3.28%

Annual

1-day

SOFR

Annual

Barclays

Bank

plc

09/21/26

3

.28

USD

1,899

(

75,644

)

10-Year

Interest

Rate

Swap

(a)

3.34%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

09/28/26

3

.34

USD

1,214

(

51,546

)

(

594,140

)

Put

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.55%

Annual

Bank

of

America

NA

10/07/24

3

.55

USD

806

(

98

)

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

5.10%

At

Termination

Goldman

Sachs

International

10/17/24

5

.10

USD

130,403

—

3-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Annual

Bank

of

America

NA

10/25/24

4

.00

USD

552

(

5

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.76%

Annual

JPMorgan

Chase

Bank

NA

03/28/25

3

.76

USD

5,475

(

47,448

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.76%

Annual

JPMorgan

Chase

Bank

NA

04/02/25

3

.76

USD

5,516

(

48,909

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.98%

Annual

Bank

of

America

NA

05/11/26

3

.98

USD

877

(

17,373

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.29%

Annual

Deutsche

Bank

AG

08/21/26

3

.29

USD

744

(

31,903

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.32%

Annual

Bank

of

America

NA

08/24/26

3

.32

USD

650

(

27,224

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.38%

Annual

Bank

of

America

NA

08/31/26

3

.38

USD

651

(

25,875

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.22%

Annual

Citibank

NA

09/09/26

3

.22

USD

1,654

(

76,762

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.17%

Annual

Bank

of

America

NA

09/10/26

3

.17

USD

3,306

(

159,403

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.19%

Annual

Bank

of

America

NA

09/11/26

3

.19

USD

1,504

(

71,417

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.28%

Annual

Barclays

Bank

plc

09/21/26

3

.28

USD

1,899

(

83,727

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.34%

Annual

Bank

of

America

NA

09/28/26

3

.34

USD

1,214

(

51,073

)

(

641,217

)

$

(

1,235,357

)

(a)

Forward

settling

swaption.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

23

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

43.V1

...........

5

.00

%

Quarterly

12/20/29

B+

USD

16,354

$

1,218,331

$

1,201,765

$

16,566

(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.

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)

4.68%

Annual

3-mo.

PRIBOR

Quarterly

N/A

03/20/25

CZK

14,812

$

(

17,433

)

$

—

$

(

17,433

)

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

12/20/25

PLN

1,121

(

5,833

)

—

(

5,833

)

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

05/07/25

(a)

05/07/26

ZAR

6,759

(

4,497

)

—

(

4,497

)

7.97%

Quarterly

3-mo.

JIBAR

Quarterly

06/06/25

(a)

06/06/26

ZAR

4,669

(

2,623

)

—

(

2,623

)

28-day

MXIBTIIE

Monthly

10.76%

Monthly

N/A

06/11/26

MXN

2,780

3,610

—

3,610

28-day

MXIBTIIE

Monthly

9.41%

Monthly

N/A

07/24/29

MXN

3,116

5,254

—

5,254

7.46%

Quarterly

3-mo.

JIBAR

Quarterly

12/18/24

(a)

12/18/29

ZAR

1,951

1,737

—

1,737

3.84%

Annual

1-day

SOFR

Annual

10/01/24

(a)

10/01/34

USD

2,715

(

120,596

)

—

(

120,596

)

2.49%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/19/54

EUR

1,791

(

108,790

)

—

(

108,790

)

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/20/54

EUR

1,762

(

116,956

)

—

(

116,956

)

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/20/54

EUR

1,791

(

115,627

)

—

(

115,627

)

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/01/54

EUR

895

(

59,355

)

—

(

59,355

)

2.46%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/22/54

EUR

376

(

20,404

)

—

(

20,404

)

2.54%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

04/22/54

EUR

1,455

(

80,418

)

(

2,977

)

(

77,441

)

2.43%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

06/19/54

EUR

373

(

11,556

)

—

(

11,556

)

2.43%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

06/20/54

EUR

362

(

11,271

)

—

(

11,271

)

6-mo.

EURIBOR

Semi-Annual

2.44%

Annual

N/A

06/24/54

EUR

254

8,717

—

8,717

$

(

656,041

)

$

(

2,977

)

$

(

653,064

)

(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)

2.30%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

09/10/54

USD

503

$

6,976

$

—

$

6,976

2.31%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

09/10/54

USD

503

6,535

—

6,535

2.28%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

09/11/54

USD

503

9,119

—

9,119

2.29%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

09/11/54

USD

503

8,571

—

8,571

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

3.10%

At

Termination

09/15/54

GBP

1,394

(

35,778

)

(

1,941

)

(

33,837

)

$

(

4,577

)

$

(

1,941

)

$

(

2,636

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

24

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

122

$

(

230

)

$

135

$

(

365

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

(

226

)

133

(

359

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

78

(

147

)

85

(

232

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

170

(

320

)

185

(

505

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

123

(

230

)

134

(

364

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

120

(

226

)

133

(

359

)

American

Electric

Power

Co.,

Inc.

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

1

.00

Quarterly

Bank

of

America

NA

12/20/29

USD

1,712

(

53,875

)

(

49,766

)

(

4,109

)

American

Express

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

USD

870

(

27,346

)

(

25,836

)

(

1,510

)

Dominion

Energy,

Inc.

.......

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

USD

849

(

25,747

)

(

23,928

)

(

1,819

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/29

USD

292

7,017

9,270

(

2,253

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/29

USD

560

13,458

17,779

(

4,321

)

Republic

of

Colombia

.......

1

.00

Quarterly

Barclays

Bank

plc

12/20/29

USD

201

9,169

10,184

(

1,015

)

Republic

of

Turkiye

(The)

....

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

USD

20

1,461

1,636

(

175

)

Republic

of

Turkiye

(The)

....

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

USD

218

16,164

18,108

(

1,944

)

CMBX.NA.9.AAA

..........

0

.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

99

14

1,012

(

998

)

CMBX.NA.9.AAA

..........

0

.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

3

—

33

(

33

)

CMBX.NA.9.BBB-

.........

3

.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8

1,266

392

874

CMBX.NA.6.AAA

..........

0

.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

—

—

(

106

)

106

$

–

$

–

$

–

$

(

59,798

)

$

(

40,417

)

$

(

19,381

)

$

–

$

–

$

–

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

$

(

1,267

)

$

(

818

)

$

(

449

)

CMBX.NA.10.BBB-

....

3

.00

Monthly

JPMorgan

Securities

LLC

11/17/59

BBB-

USD

10

(

1,726

)

(

733

)

(

993

)

$

(

2,993

)

$

(

1,551

)

$

(

1,442

)

(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

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

9.81%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

N/A

05/10/25

COP

1,072,918

$

(

329

)

$

—

$

(

329

)

9.73%

At

Termination

1-day

IBR

At

Termination

Morgan

Stanley

&

Co.

International

plc

N/A

05/10/25

COP

717,746

(

88

)

—

(

88

)

1-day

BZDIOVER

At

Termination

10.81%

At

Termination

BNP

Paribas

SA

N/A

07/01/25

BRL

2,076

(

2,539

)

—

(

2,539

)

1-day

BZDIOVER

At

Termination

10.98%

At

Termination

BNP

Paribas

SA

N/A

07/01/25

BRL

1,290

(

1,204

)

—

(

1,204

)

8.62%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

11/05/24

(a)

11/05/25

COP

2,014,959

(

3,527

)

—

(

3,527

)

1-day

BZDIOVER

At

Termination

10.14%

At

Termination

Goldman

Sachs

International

N/A

01/02/26

BRL

563

(

4,124

)

—

(

4,124

)

10.97%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

N/A

01/04/27

BRL

2,243

10,981

—

10,981

11.57%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

976

2,281

—

2,281

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

25

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (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.

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

10.32%

At

Termination

Bank

of

America

NA

N/A

01/04/27

BRL

27

$

(

215

)

$

—

$

(

215

)

1-day

BZDIOVER

At

Termination

9.79%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

1,892

(

21,057

)

—

(

21,057

)

4.34%

Semi-Annual

1-day

CLICP

Semi-Annual

Goldman

Sachs

International

N/A

09/13/27

CLP

227,784

(

88

)

—

(

88

)

$

(

19,909

)

$

—

$

(

19,909

)

(a)

Forward

swap.

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

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

Overnight

Brazil

CETIP

—

Interbank

Rate

0

.04

%

1-day

CLICP

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

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0

.05

1-day

IBR

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

Colombian

Reference

Banking

Indicator

10

.08

1-day

SOFR

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

Secured

Overnight

Financing

Rate

5

.16

28-day

MXIBTIIE

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

Mexico

Interbank

TIIE

28-Day

10

.74

3-mo.

JIBAR

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

Johannesburg

Interbank

Average

Rate

8

.05

3-mo.

PRIBOR

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

Prague

Interbank

Offered

Rate

4

.20

6-mo.

EURIBOR

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

Euro

Interbank

Offered

Rate

3

.11

6-mo.

WIBOR

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

Warsaw

Interbank

Offered

Rate

5

.75

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

13,064,164

$

—

$

13,064,164

Common

Stocks

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

672,451

—

—

672,451

Corporate

Bonds

Aerospace

&

Defense

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

—

8,798,118

—

8,798,118

Banks

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

—

22,788,394

3,900

22,792,294

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

26

Level

1

Level

2

Level

3

Total

Beverages

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

$

—

$

422,767

$

—

$

422,767

Biotechnology

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

—

6,786,587

—

6,786,587

Broadline

Retail

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

—

965,939

—

965,939

Capital

Markets

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

—

28,686,796

—

28,686,796

Chemicals

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

—

310,449

—

310,449

Communications

Equipment

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

—

125,818

—

125,818

Consumer

Finance

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

—

1,311,060

—

1,311,060

Diversified

REITs

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

—

11,858,515

—

11,858,515

Diversified

Telecommunication

Services

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

—

5,822,654

—

5,822,654

Electric

Utilities

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

—

21,117,015

—

21,117,015

Financial

Services

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

—

775,047

—

775,047

Food

Products

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

—

33,440

—

33,440

Gas

Utilities

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

—

562,465

—

562,465

Ground

Transportation

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

—

2,800,904

—

2,800,904

Health

Care

Equipment

&

Supplies

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

—

548,419

—

548,419

Health

Care

Providers

&

Services

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

—

8,450,915

—

8,450,915

Hotels,

Restaurants

&

Leisure

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

—

49,999

—

49,999

Household

Products

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

—

50,689

—

50,689

Industrial

Conglomerates

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

—

554,046

—

554,046

Insurance

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

—

942,065

—

942,065

Interactive

Media

&

Services

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

—

1,670,876

—

1,670,876

IT

Services

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

—

2,965,816

—

2,965,816

Leisure

Products

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

—

—

425,315

425,315

Life

Sciences

Tools

&

Services

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

—

344,168

—

344,168

Machinery

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

—

351,739

—

351,739

Media

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

—

2,463,545

—

2,463,545

Metals

&

Mining

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

—

2,448,475

—

2,448,475

Multi-Utilities

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

—

733,965

—

733,965

Oil,

Gas

&

Consumable

Fuels

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

—

41,207,180

—

41,207,180

Passenger

Airlines

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

—

682,505

—

682,505

Pharmaceuticals

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

—

2,058,499

—

2,058,499

Real

Estate

Management

&

Development

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

—

3,000

—

3,000

Retail

REITs

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

—

476,028

—

476,028

Semiconductors

&

Semiconductor

Equipment

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

—

3,059,493

564,200

3,623,693

Software

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

—

2,789,020

—

2,789,020

Specialized

REITs

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

—

4,025,735

—

4,025,735

Specialty

Retail

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

—

1,090,421

—

1,090,421

Technology

Hardware,

Storage

&

Peripherals

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

—

1,468,527

—

1,468,527

Textiles,

Apparel

&

Luxury

Goods

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

—

728,694

—

728,694

Tobacco

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

—

4,458,057

—

4,458,057

Trading

Companies

&

Distributors

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

—

99,472

—

99,472

Wireless

Telecommunication

Services

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

—

4,627,193

—

4,627,193

Fixed

Rate

Loan

Interests

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

—

—

205,128

205,128

Floating

Rate

Loan

Interests

Capital

Markets

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

—

115,125

—

115,125

Financial

Services

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

—

—

52,000

52,000

Media

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

—

170

—

170

Oil,

Gas

&

Consumable

Fuels

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

—

—

154,305

154,305

Foreign

Agency

Obligations

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

—

6,077,001

—

6,077,001

Foreign

Government

Obligations

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

—

42,276,986

—

42,276,986

Investment

Companies

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

137,457,259

—

—

137,457,259

Municipal

Bonds

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

—

6,427,635

—

6,427,635

Non-Agency

Mortgage-Backed

Securities

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

—

8,614,968

—

8,614,968

Other

Interests

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

—

—

—

—

U.S.

Government

Sponsored

Agency

Securities

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

—

286,237,961

—

286,237,961

U.S.

Treasury

Obligations

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

—

246,321,311

—

246,321,311

Short-Term

Securities

Foreign

Government

Obligations

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

—

588,577

—

588,577

Money

Market

Funds

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

44,009,963

—

—

44,009,963

Options

Purchased

Foreign

currency

exchange

contracts

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

—

169,936

—

169,936

Interest

rate

contracts

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

1,432,719

17,007

—

1,449,726

Other

contracts

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

—

3,375

—

3,375

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Total

Return

V.I.

Fund

27

Level

1

Level

2

Level

3

Total

Liabilities

Investments

TBA

Sale

Commitments

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

$

—

$

(

54,796,044

)

$

—

$

(

54,796,044

)

$

183,572,392

$

756,632,681

$

1,404,848

$

941,609,921

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

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

$

—

$

17,546

$

—

$

17,546

Foreign

currency

exchange

contracts

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

—

226,665

—

226,665

Interest

rate

contracts

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

217,426

32,580

—

250,006

Other

contracts

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

—

31,201

—

31,201

Liabilities

Credit

contracts

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

—

(

21,803

)

—

(

21,803

)

Foreign

currency

exchange

contracts

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

—

(

745,398

)

—

(

745,398

)

Interest

rate

contracts

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

(

1,302,709

)

(

1,940,910

)

—

(

3,243,619

)

Other

contracts

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

—

(

33,837

)

—

(

33,837

)

$

(

1,085,283

)

$

(

2,433,956

)

$

—

$

(

3,519,239

)

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

PEN

Peruvian

Sol

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

AMT

Alternative

Minimum

Tax

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CLICP

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

IBR

Colombian

Reference

Banking

Indicator

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

OTC

Over-the-counter

PIK

Payment-In-Kind

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

TBA

To-be-announced

VRDN

Variable

Rate

Demand

Notes

WIBOR

Warsaw

Interbank

Offered

Rate

Fair

Value

Hierarchy

as

of

Period

End

(continued)