Hierarchical multiple regression - total variance

#1
What is the total variance accounted for in a Hierarchical model?

Is the total variance accounted for the maxium F Change result?
EG: In total, x1 and x2 accounted for 38.1% of the variance in y. R2 =0.38, F(2,997) =.323.39, p<.001
or is the total variance treated like a normal multiple regression?
EG: In total, x1 and x2 accounted for 38% of the variance in y. R2 =0.38, F(2,997) =.308.34, p<.001
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