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BlackRock Total Return V.I. Fund Q1 2026 Commentary (Mutual Fund:MPHQX)

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• The fund posted a return of -0.20% ((Class I shares)) for the first quarter of 2026.

• Structured products, selection among agency mortgage-backed securities (MBS), and U.S. investment grade credit sector allocation contributed to performance, while U.S. rates, emerging market debt, and

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