Schedule of Investments  (unaudited) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.0%
Aerospace & Defense — 1.4%
AAR Corp.		4,437	$	78,801
Aerojet Rocketdyne Holdings, Inc.(a)		9,632		402,906
AeroVironment, Inc.(a)(b)		2,834		172,761
Astronics Corp.(a)		3,043		27,935
Axon Enterprise, Inc.(a)		7,700		544,929
Cubic Corp.		4,162		171,932
Ducommun, Inc.(a)		1,349		33,523
Kratos Defense & Security Solutions, Inc.(a)		11,862		164,170
Maxar Technologies, Inc.(b)		7,819		83,507
Mercury Systems, Inc.(a)		7,190		512,935
Moog, Inc., Class A		4,052		204,748
National Presto Industries, Inc.		659		46,664
Park Aerospace Corp.		2,399		30,227
Parsons Corp.(a)(b)		2,520		80,539
Triumph Group, Inc.		6,744		45,589
Vectrus, Inc.(a)		1,481		61,328
				2,662,494
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)		7,604		139,001
Atlas Air Worldwide Holdings, Inc.(a)		3,145		80,732
Echo Global Logistics, Inc.(a)		3,341		57,064
Forward Air Corp.		3,753		190,090
Hub Group, Inc., Class A(a)		4,219		191,838
Radiant Logistics, Inc.(a)		5,513		21,335
				680,060
Airlines — 0.3%
Allegiant Travel Co.		1,730		141,514
Hawaiian Holdings, Inc.		6,150		64,206
Mesa Air Group, Inc.(a)		3,911		12,867
SkyWest, Inc.		6,558		171,754
Spirit Airlines, Inc.(a)		9,131		117,699
				508,040
Auto Components — 0.8%
Adient plc		11,673		105,874
American Axle & Manufacturing Holdings, Inc.(a)		15,245		55,034
Cooper Tire & Rubber Co.		6,737		109,813
Cooper-Standard Holdings, Inc.(a)		2,270		23,313
Dana, Inc.(b)		19,425		151,709
Dorman Products, Inc.(a)(b)		3,587		198,254
Fox Factory Holding Corp.(a)(b)		4,943		207,606
Gentherm, Inc.(a)		4,406		138,348
LCI Industries(b)		3,248		217,064
Modine Manufacturing Co.(a)		6,578		21,379
Motorcar Parts of America, Inc.(a)(b)		2,527		31,790
Standard Motor Products, Inc.		2,820		117,227
Stoneridge, Inc.(a)		3,352		56,146
Tenneco, Inc., Class A		6,755		24,318
Visteon Corp.(a)		3,717		178,342
				1,636,217
Automobiles — 0.1%
Winnebago Industries, Inc.		4,067		113,103
Banks — 9.0%
1st Constitution Bancorp.		1,123		14,880
1st Source Corp.		1,906		61,812
ACNB Corp.		1,067		32,010
Allegiance Bancshares, Inc.(a)		2,392		57,671
Amalgamated Bank, Class A		1,859		20,114

Security	Shares		Value
Banks (continued)
Amerant Bancorp, Inc.(a)(b)		2,602	$	40,045
American National Bankshares, Inc.		1,431		34,201
Ameris Bancorp(b)		8,150		193,644
Ames National Corp.		1,235		25,256
Arrow Financial Corp.		1,669		46,515
Atlantic Capital Bancshares, Inc.(a)		2,850		33,829
Atlantic Union Bankshares Corp.		10,634		232,885
Banc of California, Inc.		5,819		46,552
BancFirst Corp.		2,417		80,655
Bancorp, Inc. (The)(a)		6,694		40,633
BancorpSouth Bank		13,015		246,244
Bank First Corp.		757		42,392
Bank of Commerce Holdings(b)		2,460		19,360
Bank of Marin Bancorp.		1,806		54,180
Bank of NT Butterfield & Son Ltd. (The)		6,886		117,269
Bank of Princeton (The)(b)		734		17,065
Bank7 Corp.(a)(b)		476		3,779
BankFinancial Corp.		1,966		17,320
Bankwell Financial Group, Inc.		917		13,993
Banner Corp.		4,489		148,317
Bar Harbor Bankshares		2,025		34,992
Baycom Corp.(a)		1,265		15,243
BCB Bancorp, Inc.		1,943		20,693
Berkshire Hills Bancorp, Inc.		5,999		89,145
Boston Private Financial Holdings, Inc.		11,065		79,115
Bridge Bancorp, Inc.		2,203		46,615
Brookline Bancorp, Inc.		10,494		118,372
Bryn Mawr Bank Corp.(b)		2,648		75,150
Business First Bancshares, Inc.		1,726		23,301
Byline Bancorp, Inc.(a)		3,108		32,230
C&F Financial Corp.		402		16,040
Cadence BanCorp.		16,231		106,313
Cambridge Bancorp(b)		638		33,176
Camden National Corp.		2,044		64,284
Capital Bancorp, Inc.(a)		1,075		13,459
Capital City Bank Group, Inc.		1,796		36,136
Capstar Financial Holdings, Inc.		1,928		19,068
Carolina Financial Corp.		2,940		76,058
Carter Bank & Trust(a)		3,017		27,696
Cathay General Bancorp.		9,901		227,228
CBTX, Inc.		2,475		43,981
CenterState Bank Corp.		16,049		276,524
Central Pacific Financial Corp.		3,607		57,351
Central Valley Community Bancorp(b)		1,626		21,203
Century Bancorp, Inc., Class A		369		22,967
Chemung Financial Corp.		478		15,764
Citizens & Northern Corp.		1,663		33,260
City Holding Co.		2,120		141,044
Civista Bancshares, Inc.		2,041		30,533
CNB Financial Corp.		1,929		36,400
Coastal Financial Corp.(a)		887		9,322
Codorus Valley Bancorp, Inc.		1,282		20,640
Colony Bankcorp, Inc.		918		11,475
Columbia Banking System, Inc.		9,596		257,173
Community Bank System, Inc.(b)		6,757		397,312
Community Bankers Trust Corp.		2,934		14,230
Community Financial Corp. (The)		631		13,945
Community Trust Bancorp, Inc.		2,058		65,424
ConnectOne Bancorp, Inc.		4,499		60,467
CrossFirst Bankshares, Inc.(a)		5,895		49,518
Customers Bancorp, Inc.(a)		3,896		42,583
CVB Financial Corp.		17,853		357,953
Dime Community Bancshares, Inc.(b)		4,045		55,457
Eagle Bancorp, Inc.(a)(b)		4,241		128,121
Enterprise Bancorp, Inc.(b)		1,148		30,985

1

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Enterprise Financial Services Corp.		3,098	$	86,465
Equity Bancshares, Inc., Class A(a)		2,044		35,259
Esquire Financial Holdings, Inc.(a)		828		12,461
Evans Bancorp, Inc.(b)		678		16,482
Farmers & Merchants Bancorp, Inc.(b)		1,355		35,108
Farmers National Banc Corp.		3,365		39,135
FB Financial Corp.		2,319		45,731
Fidelity D&D Bancorp, Inc.(b)		358		18,265
Financial Institutions, Inc.		2,039		36,987
First Bancorp(b)		3,722		85,904
First BanCorp.		27,587		146,763
First Bancorp, Inc.		1,269		27,918
First Bancshares, Inc. (The)(b)		2,198		41,916
First Bank		2,179		15,122
First Busey Corp.		6,837		116,981
First Business Financial Services, Inc.		1,115		17,283
First Capital, Inc.		423		25,338
First Choice Bancorp(b)		1,381		20,729
First Commonwealth Financial Corp.		13,259		121,187
First Community Bankshares, Inc.		2,334		54,382
First Financial Bancorp(b)		12,566		187,359
First Financial Bankshares, Inc.(b)		17,178		461,058
First Financial Corp.		1,758		59,280
First Financial Northwest, Inc.		1,071		10,753
First Foundation, Inc.		5,059		51,703
First Guaranty Bancshares, Inc.		738		10,649
First Internet Bancorp(b)		1,295		21,264
First Interstate BancSystem, Inc., Class A		5,074		146,334
First Merchants Corp.(b)		7,108		188,291
First Mid Bancshares, Inc.		1,948		46,246
First Midwest Bancorp, Inc.		13,881		183,715
First Northwest Bancorp.		1,103		11,990
First of Long Island Corp. (The)(b)		2,979		51,686
Flushing Financial Corp.(b)		3,641		48,644
FNCB Bancorp, Inc.		2,251		15,554
Franklin Financial Network, Inc.		1,674		34,133
Franklin Financial Services Corp.		541		14,850
Fulton Financial Corp.		21,359		245,415
FVCBankcorp, Inc.(a)		1,570		20,912
German American Bancorp, Inc.(b)		3,281		90,063
Glacier Bancorp, Inc.(b)		11,488		390,649
Great Southern Bancorp, Inc.		1,466		59,226
Great Western Bancorp, Inc.		7,529		154,194
Guaranty Bancshares, Inc.		1,103		25,523
Hancock Whitney Corp.		11,553		225,515
Hanmi Financial Corp.(b)		4,133		44,843
HarborOne Bancorp, Inc.(a)		3,748		28,222
Hawthorn Bancshares, Inc.		722		13,249
HBT Financial, Inc.(a)		1,213		12,773
Heartland Financial USA, Inc.		4,546		137,289
Heritage Commerce Corp.		7,299		55,983
Heritage Financial Corp.		4,855		97,100
Hilltop Holdings, Inc.		9,307		140,722
Home BancShares, Inc.		20,443		245,112
HomeTrust Bancshares, Inc.		2,143		34,117
Hope Bancorp, Inc.		16,056		131,980
Horizon Bancorp, Inc.		4,916		48,472
Howard Bancorp, Inc.(a)		1,869		20,297
IBERIABANK Corp.		6,948		251,240
Independent Bank Corp.		7,317		320,770
Independent Bank Group, Inc.		4,599		108,904
International Bancshares Corp.		7,405		199,046
Investar Holding Corp.		1,325		16,920
Investors Bancorp, Inc.		30,259		241,769
Lakeland Bancorp, Inc.(b)		6,629		71,659

Security	Shares		Value
Banks (continued)
Lakeland Financial Corp.		3,301	$	121,312
LCNB Corp.		1,678		21,143
Level One Bancorp, Inc.(b)		774		13,932
Live Oak Bancshares, Inc.		3,380		42,149
Macatawa Bank Corp.		3,277		23,332
Mackinac Financial Corp.		1,132		11,829
MainStreet Bancshares, Inc.(a)		915		15,335
Malvern Bancorp, Inc.(a)		1,026		12,568
Mercantile Bank Corp.		2,155		45,621
Metrocity Bankshares, Inc.(b)		2,114		24,818
Metropolitan Bank Holding Corp.(a)		951		25,610
Mid Penn Bancorp, Inc.(b)		927		18,772
Midland States Bancorp, Inc.(b)		3,002		52,505
MidWestOne Financial Group, Inc.		1,511		31,640
MutualFirst Financial, Inc.		727		20,501
MVB Financial Corp.		1,269		16,180
National Bank Holdings Corp., Class A		3,858		92,206
National Bankshares, Inc.		802		25,584
NBT Bancorp, Inc.		5,660		183,327
Nicolet Bankshares, Inc.(a)(b)		1,245		67,952
Northeast Bank		860		10,028
Northrim BanCorp, Inc.		822		22,194
Norwood Financial Corp.		821		21,921
Oak Valley Bancorp.		869		13,678
OFG Bancorp.		6,834		76,404
Ohio Valley Banc Corp.		517		15,500
Old National Bancorp(b)		22,508		296,881
Old Second Bancorp, Inc.(b)		3,856		26,645
Opus Bank		3,005		52,077
Origin Bancorp, Inc.		2,614		52,934
Orrstown Financial Services, Inc.(b)		1,383		19,044
Pacific Mercantile Bancorp(a)		2,339		11,017
Pacific Premier Bancorp, Inc.		7,740		145,822
Park National Corp.		1,766		137,112
Parke Bancorp, Inc.		1,353		18,252
PCB Bancorp(b)		1,660		16,235
Peapack Gladstone Financial Corp.		2,395		42,990
Penns Woods Bancorp, Inc.(b)		859		20,874
Peoples Bancorp of North Carolina, Inc.		599		12,196
Peoples Bancorp, Inc.(b)		2,356		52,185
Peoples Financial Services Corp.(b)		912		36,243
People’s Utah Bancorp(b)		2,042		39,554
Preferred Bank		1,851		62,601
Premier Financial Bancorp, Inc.		1,798		22,295
Professional Holding Corp., Class A(a)		433		6,906
QCR Holdings, Inc.		2,000		54,140
RBB Bancorp.		2,205		30,253
Red River Bancshares, Inc.(a)		654		24,342
Reliant Bancorp, Inc.		1,447		16,308
Renasant Corp.		7,409		161,813
Republic Bancorp, Inc., Class A		1,275		42,113
Republic First Bancorp, Inc.(a)		5,329		11,671
Richmond Mutual Bancorporation, Inc.(a)		1,765		18,003
S&T Bancorp, Inc.		4,990		136,327
Sandy Spring Bancorp, Inc.		4,539		102,763
SB One Bancorp.		1,132		19,244
Seacoast Banking Corp. of Florida(a)(b)		6,600		120,846
Select Bancorp, Inc.(a)		2,076		15,840
ServisFirst Bancshares, Inc.(b)		6,294		184,540
Shore Bancshares, Inc.		1,707		18,521
Sierra Bancorp.		1,873		32,927
Silvergate Capital Corp., Class A(a)		370		3,530
Simmons First National Corp., Class A(b)		12,471		229,466
SmartFinancial, Inc.(a)		1,683		25,598
South Plains Financial, Inc.(a)(b)		1,349		20,896

2

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
South State Corp.(b)		4,455	$	261,642
Southern First Bancshares, Inc.(a)		986		27,973
Southern National Bancorp of Virginia, Inc.(b)		2,595		25,535
Southside Bancshares, Inc.(b)		4,288		130,312
Spirit of Texas Bancshares, Inc.(a)		1,910		19,749
Stock Yards Bancorp, Inc.		2,738		79,210
Summit Financial Group, Inc.(b)		1,524		32,324
Tompkins Financial Corp.		1,914		137,425
Towne Bank		8,872		160,494
TriCo Bancshares		3,618		107,889
TriState Capital Holdings, Inc.(a)		3,557		34,396
Triumph Bancorp, Inc.(a)		2,903		75,478
Trustmark Corp.		8,527		198,679
UMB Financial Corp.		5,900		273,642
Union Bankshares, Inc.		589		13,253
United Bankshares, Inc.(b)		12,992		299,855
United Community Banks, Inc.(b)		10,415		190,699
United Security Bancshares		2,059		13,178
Unity Bancorp, Inc.		966		11,302
Univest Financial Corp.		3,830		62,506
Valley National Bancorp.		51,607		377,247
Veritex Holdings, Inc.(b)		6,696		93,543
Washington Trust Bancorp, Inc.		1,999		73,083
WesBanco, Inc.		8,625		204,413
West Bancorporation, Inc.		2,109		34,482
Westamerica Bancorp(b)		3,464		203,614
				17,472,424
Beverages — 0.4%
Boston Beer Co., Inc. (The), Class A(a)(b)		1,109		407,624
Celsius Holdings, Inc.(a)		3,655		15,387
Coca-Cola Consolidated, Inc.		620		129,289
Craft Brew Alliance, Inc.(a)		1,547		23,050
MGP Ingredients, Inc.(b)		1,756		47,219
National Beverage Corp.		1,562		66,619
New Age Beverages Corp.(a)		9,763		13,571
				702,759
Biotechnology — 9.2%(a)
89bio, Inc.		377		9,519
Abeona Therapeutics, Inc.		6,663		13,992
ACADIA Pharmaceuticals, Inc.		14,875		628,469
Acceleron Pharma, Inc.		5,959		535,535
Acorda Therapeutics, Inc.(b)		5,787		5,397
Adamas Pharmaceuticals, Inc.		2,917		8,430
ADMA Biologics, Inc.		8,758		25,223
Aduro Biotech, Inc.		8,518		23,339
Adverum Biotechnologies, Inc.		8,311		81,198
Aeglea BioTherapeutics, Inc.		3,531		16,454
Affimed NV		10,323		16,310
Agenus, Inc.		14,144		34,653
AgeX Therapeutics, Inc.(b)		2,802		2,606
Aimmune Therapeutics, Inc.		6,018		86,780
Akcea Therapeutics, Inc.		1,693		24,210
Akebia Therapeutics, Inc.		15,963		121,000
Akero Therapeutics, Inc.		1,073		22,748
Albireo Pharma, Inc.		1,645		26,929
Aldeyra Therapeutics, Inc.		3,410		8,423
Alector, Inc.		4,559		110,009
Allakos, Inc.		2,557		113,761
Allogene Therapeutics, Inc.		5,045		98,075
AMAG Pharmaceuticals, Inc.		4,557		28,162
Amicus Therapeutics, Inc.		33,570		310,187
AnaptysBio, Inc.		3,322		46,940
Anavex Life Sciences Corp.		7,223		22,752

Security	Shares		Value
Biotechnology (continued)
Anika Therapeutics, Inc.		1,836	$	53,079
Apellis Pharmaceuticals, Inc.		7,495		200,791
Applied Therapeutics, Inc.		1,056		34,521
Aprea Therapeutics, Inc.		859		29,859
Arcus Biosciences, Inc.		4,422		61,377
Arcutis Biotherapeutics, Inc.		1,352		40,290
Ardelyx, Inc.		8,157		46,373
Arena Pharmaceuticals, Inc.		6,653		279,426
Arrowhead Pharmaceuticals, Inc.		13,234		380,742
Assembly Biosciences, Inc.(b)		3,692		54,752
Atara Biotherapeutics, Inc.		6,965		59,272
Athenex, Inc.(b)		9,224		71,394
Athersys, Inc.		16,463		49,389
Atreca, Inc., Class A		2,233		36,956
Avid Bioservices, Inc.(b)		7,134		36,455
Avrobio, Inc.		3,118		48,516
Axcella Health, Inc.(b)		1,539		5,263
Beam Therapeutics, Inc.		1,597		28,746
Beyondspring, Inc.		1,753		22,456
BioCryst Pharmaceuticals, Inc.		19,752		39,504
Biohaven Pharmaceutical Holding Co. Ltd.		5,642		191,997
BioSpecifics Technologies Corp.(b)		781		44,181
Bioxcel Therapeutics, Inc.		1,008		22,529
Black Diamond Therapeutics, Inc.		1,556		38,822
Blueprint Medicines Corp.		7,062		412,986
Bridgebio Pharma, Inc.		9,889		286,781
Cabaletta Bio, Inc.		799		5,833
Calithera Biosciences, Inc.		7,178		31,870
Calyxt, Inc.		1,254		4,176
CareDx, Inc.		5,556		121,287
CASI Pharmaceuticals, Inc.(b)		6,101		12,446
Castle Biosciences, Inc.(b)		1,243		37,054
Catalyst Pharmaceuticals, Inc.		12,807		49,307
Celcuity, Inc.		879		5,713
Cellular Biomedicine Group, Inc.		1,644		26,008
CEL-SCI Corp.		4,295		49,564
Centogene NV		244		4,880
Checkpoint Therapeutics, Inc.(b)		5,816		8,782
ChemoCentryx, Inc.		5,386		216,409
Chimerix, Inc.		6,499		9,359
Clovis Oncology, Inc.(b)		6,713		42,695
Coherus Biosciences, Inc.		8,368		135,729
Concert Pharmaceuticals, Inc.		3,406		30,109
Constellation Pharmaceuticals, Inc.(b)		2,493		78,355
Corbus Pharmaceuticals Holdings, Inc.(b)		8,897		46,620
Cortexyme, Inc.		1,515		69,099
Crinetics Pharmaceuticals, Inc.		1,489		21,888
Cue Biopharma, Inc.(b)		2,612		37,064
Cyclerion Therapeutics, Inc.(b)		3,184		8,438
Cytokinetics, Inc.(b)		7,404		87,293
CytomX Therapeutics, Inc.		5,910		45,330
Deciphera Pharmaceuticals, Inc.		2,763		113,753
Denali Therapeutics, Inc.		6,854		120,014
Dicerna Pharmaceuticals, Inc.		7,186		132,007
Dynavax Technologies Corp.		10,772		38,025
Eagle Pharmaceuticals, Inc.		1,172		53,912
Editas Medicine, Inc.(b)		6,943		137,680
Eidos Therapeutics, Inc.		1,505		73,730
Eiger BioPharmaceuticals, Inc.		3,155		21,454
Emergent BioSolutions, Inc.		6,035		349,185
Enanta Pharmaceuticals, Inc.(b)		2,486		127,855
Enochian Biosciences, Inc.		1,565		4,695
Epizyme, Inc.		10,256		159,071
Esperion Therapeutics, Inc.		3,372		106,319
Evelo Biosciences, Inc.		1,646		6,181

3

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Fate Therapeutics, Inc.		8,091	$	179,701
FibroGen, Inc.		10,344		359,454
Five Prime Therapeutics, Inc.		4,430		10,056
Flexion Therapeutics, Inc.		4,460		35,100
Forty Seven, Inc.		3,347		319,371
Frequency Therapeutics, Inc.		768		13,678
G1 Therapeutics, Inc.		4,579		50,461
Galectin Therapeutics, Inc.		4,332		8,491
Geron Corp.		26,314		31,314
Global Blood Therapeutics, Inc.		7,652		390,941
GlycoMimetics, Inc.(b)		4,523		10,312
Gossamer Bio, Inc.		5,775		58,616
Gritstone Oncology, Inc.(b)		3,344		19,462
Halozyme Therapeutics, Inc.		17,734		319,035
Harpoon Therapeutics, Inc.		933		10,804
Heron Therapeutics, Inc.		11,187		131,335
Homology Medicines, Inc.		3,277		50,925
Hookipa Pharma, Inc.		1,212		9,999
IGM Biosciences, Inc.		660		37,059
ImmunoGen, Inc.		22,067		75,248
Immunomedics, Inc.		25,073		337,984
Inovio Pharmaceuticals, Inc.(b)		12,529		93,216
Insmed, Inc.		11,725		187,952
Intellia Therapeutics, Inc.(b)		5,258		64,305
Intercept Pharmaceuticals, Inc.		3,347		210,727
Invitae Corp.(b)		11,330		154,881
Iovance Biotherapeutics, Inc.		15,500		463,992
Ironwood Pharmaceuticals, Inc.(b)		20,780		209,670
Jounce Therapeutics, Inc.		2,248		10,678
Kadmon Holdings, Inc.		20,902		87,579
KalVista Pharmaceuticals, Inc.		1,569		12,003
Karuna Therapeutics, Inc.		1,387		99,864
Karyopharm Therapeutics, Inc.		7,817		150,165
Kezar Life Sciences, Inc.		3,709		16,171
Kindred Biosciences, Inc.		4,771		19,084
Kiniksa Pharmaceuticals Ltd., Class A(b)		1,939		30,016
Kodiak Sciences, Inc.		3,707		176,824
Krystal Biotech, Inc.		1,411		61,012
Kura Oncology, Inc.		4,725		47,014
La Jolla Pharmaceutical Co.		2,847		11,957
Lexicon Pharmaceuticals, Inc.		5,737		11,187
Ligand Pharmaceuticals, Inc.		2,285		166,165
Lineage Cell Therapeutics, Inc.		13,380		11,080
LogicBio Therapeutics, Inc.(b)		1,272		6,284
MacroGenics, Inc.		6,448		37,527
Madrigal Pharmaceuticals, Inc.		1,178		78,643
Magenta Therapeutics, Inc.		2,629		16,510
MannKind Corp.		26,308		27,097
Marker Therapeutics, Inc.		3,653		6,941
MediciNova, Inc.(b)		5,798		21,569
MEI Pharma, Inc.		13,005		20,938
MeiraGTx Holdings plc		2,106		28,305
Mersana Therapeutics, Inc.		4,852		28,287
Millendo Therapeutics, Inc.		1,898		10,021
Minerva Neurosciences, Inc.		4,064		24,465
Mirati Therapeutics, Inc.		3,931		302,176
Mirum Pharmaceuticals, Inc.		624		8,736
Molecular Templates, Inc.		2,657		35,312
Momenta Pharmaceuticals, Inc.		15,006		408,163
Morphic Holding, Inc.		1,372		20,141
Mustang Bio, Inc.		3,972		10,645
Myriad Genetics, Inc.		9,492		135,831
Natera, Inc.		8,295		247,689
Neon Therapeutics, Inc.(b)		1,934		5,106
NextCure, Inc.		1,874		69,469

Security	Shares		Value
Biotechnology (continued)
Novavax, Inc.		4,201	$	57,050
Oncocyte Corp.		2,841		6,960
Oncternal Therapeutics, Inc., CVR(c)		105		215
OPKO Health, Inc.		50,635		67,851
Organogenesis Holdings, Inc.		1,375		4,441
Oyster Point Pharma, Inc.		751		26,285
Palatin Technologies, Inc.		28,574		12,104
PDL BioPharma, Inc.		14,395		40,594
Pfenex, Inc.		3,784		33,375
PhaseBio Pharmaceuticals, Inc.		1,832		6,064
Pieris Pharmaceuticals, Inc.		6,594		15,034
PolarityTE, Inc.		2,344		2,532
Portola Pharmaceuticals, Inc.		10,104		72,042
Precigen, Inc.		9,776		33,238
Precision BioSciences, Inc.		4,781		28,829
Prevail Therapeutics, Inc.		1,801		21,954
Principia Biopharma, Inc.		2,449		145,422
Progenics Pharmaceuticals, Inc.		11,642		44,240
Protagonist Therapeutics, Inc.(b)		2,580		18,215
Prothena Corp. plc		5,335		57,084
PTC Therapeutics, Inc.		7,964		355,274
Puma Biotechnology, Inc.(b)		4,277		36,098
Ra Pharmaceuticals, Inc.		4,606		221,134
Radius Health, Inc.		6,103		79,339
RAPT Therapeutics, Inc.		267		5,679
REGENXBIO, Inc.		4,375		141,662
Replimune Group, Inc.		1,698		16,929
Retrophin, Inc.		5,634		82,200
REVOLUTION Medicines, Inc.		1,849		40,512
Rhythm Pharmaceuticals, Inc.		3,909		59,495
Rigel Pharmaceuticals, Inc.		22,292		34,776
Rocket Pharmaceuticals, Inc.(b)		4,379		61,087
Rubius Therapeutics, Inc.		4,870		21,671
Sangamo Therapeutics, Inc.		15,538		98,977
Savara, Inc.		4,017		8,516
Scholar Rock Holding Corp.		2,298		27,829
Seres Therapeutics, Inc.		4,950		17,671
Solid Biosciences, Inc.		2,226		5,320
Sorrento Therapeutics, Inc.		18,078		33,264
Spectrum Pharmaceuticals, Inc.		15,116		35,220
Spero Therapeutics, Inc.		1,598		12,912
SpringWorks Therapeutics, Inc.		1,390		37,530
Stemline Therapeutics, Inc.		6,060		29,330
Stoke Therapeutics, Inc.		2,217		50,769
Sutro Biopharma, Inc.		1,452		14,810
Syndax Pharmaceuticals, Inc.		3,192		35,016
Synlogic, Inc.		2,305		3,965
Syros Pharmaceuticals, Inc.		4,666		27,669
TCR2 Therapeutics, Inc.(b)		1,695		13,119
TG Therapeutics, Inc.		11,331		111,497
Tocagen, Inc.(b)		2,703		3,298
Translate Bio, Inc.		4,523		45,094
Turning Point Therapeutics, Inc.		3,686		164,617
Twist Bioscience Corp.		3,453		105,593
Tyme Technologies, Inc.(b)		8,098		8,908
Ultragenyx Pharmaceutical, Inc.		7,208		320,251
UNITY Biotechnology, Inc.		3,788		21,970
UroGen Pharma Ltd.		2,526		45,064
Vanda Pharmaceuticals, Inc.		6,731		69,733
VBI Vaccines, Inc.		18,756		17,818
Veracyte, Inc.		6,290		152,910
Vericel Corp.		6,003		55,048
Viela Bio, Inc.		728		27,664
Viking Therapeutics, Inc.		8,777		41,076
Vir Biotechnology, Inc.		962		32,968

4

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Voyager Therapeutics, Inc.		3,264	$	29,866
X4 Pharmaceuticals, Inc.		2,090		20,900
XBiotech, Inc.		1,847		19,615
Xencor, Inc.(b)		6,228		186,093
Y-mAbs Therapeutics, Inc.		3,158		82,424
ZIOPHARM Oncology, Inc.		24,098		59,040
				17,854,239
Building Products — 1.5%
AAON, Inc.		5,438		262,764
Advanced Drainage Systems, Inc.		5,775		170,016
American Woodmark Corp.(a)(b)		2,167		98,750
Apogee Enterprises, Inc.		3,538		73,661
Armstrong Flooring, Inc.(a)		2,322		3,320
Builders FirstSource, Inc.(a)		15,173		185,566
Caesarstone Ltd.		3,044		32,175
Cornerstone Building Brands, Inc.(a)(b)		6,120		27,907
CSW Industrials, Inc.(a)(b)		1,955		126,782
Gibraltar Industries, Inc.(a)		4,296		184,384
Griffon Corp.(b)		4,926		62,314
Insteel Industries, Inc.(b)		2,420		32,065
JELD-WEN Holding, Inc.(a)		8,731		84,953
Masonite International Corp.(a)		3,279		155,589
Patrick Industries, Inc.(a)		3,046		85,775
PGT Innovations, Inc.(a)		7,646		64,150
Quanex Building Products Corp.		4,392		44,271
Simpson Manufacturing Co., Inc.		5,904		365,930
Trex Co., Inc.(a)(b)		7,769		622,608
Universal Forest Products, Inc.		7,926		294,768
				2,977,748
Capital Markets — 1.5%
Ares Management Corp.		9,536		294,948
Artisan Partners Asset Management, Inc., Class A		6,573		141,254
Assetmark Financial Holdings, Inc.(a)		1,850		37,721
Associated Capital Group, Inc., Class A		300		9,180
B. Riley Financial, Inc.		2,716		50,029
Blucora, Inc.(a)		6,509		78,433
Brightsphere Investment Group, Inc.(b)		8,750		55,912
Cohen & Steers, Inc.		3,016		137,077
Cowen, Inc., Class A(a)		3,877		37,452
Diamond Hill Investment Group, Inc.		433		39,074
Donnelley Financial Solutions, Inc.(a)		4,471		23,562
Federated Hermes, Inc., Class B		12,836		244,526
Focus Financial Partners, Inc., Class A(a)(b)		4,096		94,249
GAIN Capital Holdings, Inc.		2,657		14,826
GAMCO Investors, Inc., Class A		630		6,924
Greenhill & Co., Inc.		1,834		18,047
Hamilton Lane, Inc., Class A		2,941		162,667
Houlihan Lokey, Inc.(b)		5,591		291,403
INTL. FCStone, Inc.(a)(b)		2,051		74,369
Moelis & Co., Class A		6,267		176,103
Oppenheimer Holdings, Inc., Class A		1,284		25,372
Piper Sandler Cos.(b)		1,666		84,250
PJT Partners, Inc., Class A		2,939		127,523
Pzena Investment Management, Inc., Class A		2,576		11,489
Safeguard Scientifics, Inc.(a)		2,163		12,005
Sculptor Capital Management, Inc., Class A		2,284		30,925
Siebert Financial Corp.(a)		1,073		7,747
Silvercrest Asset Management Group, Inc., Class A		1,176		11,125
Stifel Financial Corp.		8,692		358,806
Value Line, Inc.		109		3,526
Virtus Investment Partners, Inc.		833		63,400

Security	Shares		Value
Capital Markets (continued)
Waddell & Reed Financial, Inc., Class A		8,775	$	99,859
Westwood Holdings Group, Inc.		1,082		19,811
WisdomTree Investments, Inc.(b)		18,061		42,082
				2,885,676
Chemicals — 1.7%
Advanced Emissions Solutions, Inc.(b)		2,446		16,070
AdvanSix, Inc.(a)		3,504		33,428
American Vanguard Corp.		3,869		55,946
Amyris, Inc.(a)		7,558		19,349
Balchem Corp.		4,247		419,264
Chase Corp.		962		79,163
Ferro Corp.(a)(b)		10,643		99,619
Flotek Industries, Inc.(a)(b)		7,476		6,654
FutureFuel Corp.		3,429		38,645
GCP Applied Technologies, Inc.(a)		7,128		126,878
Hawkins, Inc.		1,286		45,782
HB Fuller Co.		6,610		184,617
Ingevity Corp.(a)(b)		5,597		197,014
Innospec, Inc.		3,236		224,870
Intrepid Potash, Inc.(a)(b)		12,511		10,009
Koppers Holdings, Inc.(a)		2,536		31,370
Kraton Corp.(a)		4,302		34,846
Kronos Worldwide, Inc.(b)		3,186		26,890
Livent Corp.(a)(b)		19,676		103,299
LSB Industries, Inc.(a)(b)		2,515		5,282
Marrone Bio Innovations, Inc.(a)		8,606		7,030
Minerals Technologies, Inc.		4,401		159,580
OMNOVA Solutions, Inc.(a)		5,813		58,944
Orion Engineered Carbons SA		8,050		60,053
PolyOne Corp.		12,141		230,315
PQ Group Holdings, Inc.(a)		5,187		56,538
Quaker Chemical Corp.(b)		1,736		219,222
Rayonier Advanced Materials, Inc.		6,728		7,132
Schulman A, Inc., CVR(a)(c)		4,294		1,859
Sensient Technologies Corp.		5,640		245,396
Stepan Co.		2,718		240,434
Trecora Resources(a)		2,581		15,357
Tredegar Corp.		3,437		53,720
Trinseo SA		5,229		94,697
Tronox Holdings plc, Class A(b)		12,361		61,558
Valhi, Inc.(b)		4,603		4,741
				3,275,571
Commercial Services & Supplies — 2.6%
ABM Industries, Inc.		8,863		215,903
ACCO Brands Corp.(b)		12,423		62,736
Advanced Disposal Services, Inc.(a)(b)		9,677		317,406
Brady Corp., Class A		6,361		287,072
BrightView Holdings, Inc.(a)		4,249		46,994
Brink’s Co. (The)		6,579		342,437
Casella Waste Systems, Inc., Class A(a)(b)		6,091		237,914
CECO Environmental Corp.(a)		4,116		19,222
Charah Solutions, Inc.(a)		1,247		2,132
Cimpress plc(a)		2,471		131,457
CompX International, Inc.		284		4,317
Covanta Holding Corp.(b)		15,360		131,328
Deluxe Corp.(b)		5,617		145,649
Ennis, Inc.(b)		3,378		63,439
Harsco Corp.(a)		10,381		72,356
Healthcare Services Group, Inc.(b)		9,823		234,868
Heritage-Crystal Clean, Inc.(a)		2,118		34,396
Herman Miller, Inc.		7,844		174,137
HNI Corp.		5,565		140,182
Interface, Inc.		7,817		59,097

5

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Kimball International, Inc., Class B		4,802	$	57,192
Knoll, Inc.		6,677		68,907
Matthews International Corp., Class A		3,905		94,462
McGrath RentCorp		3,184		166,778
Mobile Mini, Inc.(b)		5,841		153,209
MSA Safety, Inc.(b)		4,668		472,402
NL Industries, Inc.(a)		1,105		3,293
PICO Holdings, Inc.(a)		2,314		18,003
Pitney Bowes, Inc.		21,971		44,821
Quad/Graphics, Inc.(b)		4,149		10,455
RR Donnelley & Sons Co.(b)		9,380		8,991
SP Plus Corp.(a)		3,006		62,374
Steelcase, Inc., Class A		11,753		116,002
Team, Inc.(a)		3,929		25,538
Tetra Tech, Inc.		7,215		509,523
UniFirst Corp.(b)		2,015		304,446
US Ecology, Inc.(b)		3,253		98,891
Viad Corp.		2,703		57,385
VSE Corp.		1,151		18,865
				5,014,579
Communications Equipment — 1.3%
Acacia Communications, Inc.(a)		5,014		336,841
ADTRAN, Inc.(b)		6,361		48,852
Applied Optoelectronics, Inc.(a)		2,492		18,914
CalAmp Corp.(a)		4,560		20,520
Calix, Inc.(a)		6,371		45,107
Cambium Networks Corp.(a)		582		3,259
Casa Systems, Inc.(a)		4,450		15,575
Clearfield, Inc.(a)		1,604		19,007
Comtech Telecommunications Corp.		3,244		43,113
DASAN Zhone Solutions, Inc.(a)		917		3,842
Digi International, Inc.(a)		3,731		35,594
Extreme Networks, Inc.(a)		16,157		49,925
Harmonic, Inc.(a)(b)		11,731		67,571
Infinera Corp.(a)(b)		23,791		126,092
Inseego Corp.(a)		5,969		37,187
InterDigital, Inc.		4,152		185,304
KVH Industries, Inc.(a)		2,325		21,925
Lumentum Holdings, Inc.(a)		9,895		729,262
NETGEAR, Inc.(a)		3,966		90,583
NetScout Systems, Inc.(a)(b)		9,306		220,273
Plantronics, Inc.(b)		4,553		45,803
Ribbon Communications, Inc.(a)(b)		8,090		24,513
TESSCO Technologies, Inc.		827		4,044
Viavi Solutions, Inc.(a)(b)		30,602		343,048
				2,536,154
Construction & Engineering — 1.1%
Aegion Corp.(a)		3,908		70,070
Ameresco, Inc., Class A(a)		2,963		50,460
Arcosa, Inc.(b)		6,434		255,687
Argan, Inc.		1,944		67,204
Comfort Systems USA, Inc.		4,842		176,975
Concrete Pumping Holdings, Inc.(a)		3,151		9,012
Construction Partners, Inc., Class A(a)		2,350		39,692
Dycom Industries, Inc.(a)(b)		4,113		105,498
EMCOR Group, Inc.		7,355		451,009
Granite Construction, Inc.(b)		6,341		96,256
Great Lakes Dredge & Dock Corp.(a)		8,174		67,844
IES Holdings, Inc.(a)		1,029		18,162
MasTec, Inc.(a)		7,990		261,513
MYR Group, Inc.(a)		2,137		55,968
Northwest Pipe Co.(a)		1,280		28,480
NV5 Global, Inc.(a)		1,374		56,732

Security	Shares		Value
Construction & Engineering (continued)
Primoris Services Corp.		5,960	$	94,764
Sterling Construction Co., Inc.(a)		3,409		32,386
Tutor Perini Corp.(a)		5,387		36,201
WillScot Corp.(a)(b)		6,954		70,444
				2,044,357
Construction Materials — 0.2%
Forterra, Inc.(a)		2,711		16,212
Summit Materials, Inc., Class A(a)		14,979		224,685
United States Lime & Minerals, Inc.		275		20,309
US Concrete, Inc.(a)(b)		2,136		38,747
				299,953
Consumer Finance — 0.6%
Curo Group Holdings Corp.(a)		2,345		12,429
Elevate Credit, Inc.(a)		3,330		3,463
Encore Capital Group, Inc.(a)		4,056		94,829
Enova International, Inc.(a)		4,153		60,177
EZCORP, Inc., Class A(a)(b)		6,650		27,731
FirstCash, Inc.		5,478		392,992
Green Dot Corp., Class A(a)		6,383		162,064
LendingClub Corp.(a)		8,925		70,061
Medallion Financial Corp.(a)		2,719		5,057
Nelnet, Inc., Class A		2,325		105,578
Oportun Financial Corp.(a)		967		10,202
PRA Group, Inc.(a)		5,951		164,962
Regional Management Corp.(a)		1,205		16,460
World Acceptance Corp.(a)(b)		729		39,811
				1,165,816
Containers & Packaging — 0.1%
Greif, Inc., Class A		3,367		104,680
Greif, Inc., Class B		766		30,686
Myers Industries, Inc.		4,675		50,256
UFP Technologies, Inc.(a)		876		33,367
				218,989
Distributors — 0.1%
Core-Mark Holding Co., Inc.(b)		6,062		173,191
Funko, Inc., Class A(a)		3,107		12,397
Greenlane Holdings, Inc., Class A(a)		840		1,445
Weyco Group, Inc.		783		15,793
				202,826
Diversified Consumer Services — 0.9%
Adtalem Global Education, Inc.(a)		6,917		185,306
American Public Education, Inc.(a)		1,938		46,376
Carriage Services, Inc.		2,185		35,288
Chegg, Inc.(a)		15,686		561,245
Collectors Universe, Inc.		1,268		19,870
Houghton Mifflin Harcourt Co.(a)		13,742		25,835
K12, Inc.(a)		5,218		98,412
Laureate Education, Inc., Class A(a)(b)		14,949		157,114
OneSpaWorld Holdings Ltd.(a)		6,105		24,786
Perdoceo Education Corp.(a)		8,955		96,624
Regis Corp.(a)		3,106		18,357
Select Interior Concepts, Inc., Class A(a)		2,865		5,931
Strategic Education, Inc.		2,832		395,800
WW International, Inc.(a)(b)		6,330		107,040
				1,777,984

6

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services — 0.3%
Alerus Financial Corp.		439	$	7,252
Banco Latinoamericano de Comercio Exterior
SA, Class E(b)		4,064		41,900
Cannae Holdings, Inc.(a)(b)		9,728		325,791
FGL Holdings		19,319		189,326
GWG Holdings, Inc.(a)		366		3,719
Marlin Business Services Corp.		1,178		13,158
On Deck Capital, Inc.(a)		9,007		13,871
				595,017
Diversified Telecommunication Services — 0.8%
Anterix, Inc.(a)		1,379		62,979
ATN International, Inc.		1,441		84,601
Bandwidth, Inc., Class A(a)		2,105		141,645
Cincinnati Bell, Inc.(a)		6,454		94,487
Cogent Communications Holdings, Inc.		5,642		462,475
Consolidated Communications Holdings, Inc.		9,318		42,397
Frontier Communications Corp.(b)		13,854		5,264
IDT Corp., Class B(a)		2,243		12,157
Intelsat SA(a)		9,064		13,868
Iridium Communications, Inc.(a)(b)		13,183		294,376
Ooma, Inc.(a)		2,658		31,710
ORBCOMM, Inc.(a)		9,715		23,705
Pareteum Corp.(a)		14,492		5,971
Vonage Holdings Corp.(a)		30,141		217,919
				1,493,554
Electric Utilities — 1.2%
ALLETE, Inc.(b)		6,847		415,476
El Paso Electric Co.		5,348		363,450
Genie Energy Ltd., Class B(b)		1,936		13,900
MGE Energy, Inc.		4,646		304,174
Otter Tail Corp.(b)		5,249		233,371
PNM Resources, Inc.(b)		10,483		398,354
Portland General Electric Co.		11,877		569,383
Spark Energy, Inc., Class A(b)		1,626		10,195
				2,308,303
Electrical Equipment — 1.1%
Allied Motion Technologies, Inc.		928		21,994
American Superconductor Corp.(a)(b)		2,806		15,377
Atkore International Group, Inc.(a)		6,220		131,055
AZZ, Inc.		3,372		94,821
Bloom Energy Corp., Class A(a)		7,432		38,869
Encore Wire Corp.		2,704		113,541
Energous Corp.(a)(b)		4,035		2,998
EnerSys		5,681		281,323
Generac Holdings, Inc.(a)		8,104		755,050
Plug Power, Inc.(a)		39,293		139,097
Powell Industries, Inc.(b)		1,149		29,495
Preformed Line Products Co.		373		18,587
Sunrun, Inc.(a)		14,947		150,965
Thermon Group Holdings, Inc.(a)		4,303		64,846
TPI Composites, Inc.(a)		3,894		57,553
Vicor Corp.(a)		2,319		103,288
Vivint Solar, Inc.(a)		5,873		25,665
				2,044,524
Electronic Equipment, Instruments & Components — 2.9%
Airgain, Inc.(a)		1,240		9,164
Akoustis Technologies, Inc.(a)(b)		4,135		22,205
Anixter International, Inc.(a)		4,057		356,489
Arlo Technologies, Inc.(a)		10,089		24,516
Badger Meter, Inc.(b)		3,813		204,377

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Bel Fuse, Inc., Class B		1,475	$	14,366
Belden, Inc.		5,102		184,080
Benchmark Electronics, Inc.(b)		4,914		98,231
Coda Octopus Group, Inc.(a)		614		3,445
CTS Corp.		4,344		108,122
Daktronics, Inc.(b)		4,775		23,541
ePlus, Inc.(a)		1,777		111,276
Fabrinet(a)(b)		4,821		263,034
FARO Technologies, Inc.(a)		2,254		100,303
Fitbit, Inc., Class A(a)(b)		30,604		203,823
II-VI, Inc.(a)(b)		11,989		341,686
Insight Enterprises, Inc.(a)		4,651		195,947
Iteris, Inc.(a)(b)		5,349		17,117
Itron, Inc.(a)		4,534		253,133
KEMET Corp.		7,578		183,084
Kimball Electronics, Inc.(a)		3,167		34,584
Knowles Corp.(a)		10,730		143,567
Methode Electronics, Inc.(b)		4,812		127,181
MTS Systems Corp.		2,465		55,462
Napco Security Technologies, Inc.(a)		1,561		23,680
nLight, Inc.(a)		4,402		46,177
Novanta, Inc.(a)		4,439		354,587
OSI Systems, Inc.(a)		2,231		153,761
PAR Technology Corp.(a)		1,560		20,062
PC Connection, Inc.		1,532		63,134
Plexus Corp.(a)		3,848		209,947
Rogers Corp.(a)		2,463		232,556
Sanmina Corp.(a)		9,001		245,547
ScanSource, Inc.(a)		3,376		72,213
Tech Data Corp.(a)		4,697		614,602
TTM Technologies, Inc.(a)		13,020		134,627
Vishay Intertechnology, Inc.(b)		17,661		254,495
Vishay Precision Group, Inc.(a)(b)		1,373		27,570
Wrap Technologies, Inc.(a)		1,005		4,281
				5,535,972
Energy Equipment & Services — 0.5%
Archrock, Inc.(b)		17,151		64,488
Cactus, Inc., Class A(a)(b)		6,347		73,625
Covia Holdings Corp.(a)		6,643		3,796
Diamond Offshore Drilling, Inc.(a)		8,606		15,749
DMC Global, Inc.(b)		1,879		43,236
Dril-Quip, Inc.(a)(b)		4,817		146,918
Era Group, Inc.(a)		2,446		13,037
Exterran Corp.(a)		3,860		18,528
Forum Energy Technologies, Inc.(a)		10,760		1,908
Frank’s International NV(a)		14,440		37,400
FTS International, Inc.(a)		4,077		909
Geospace Technologies Corp.(a)		1,756		11,238
Helix Energy Solutions Group, Inc.(a)		18,888		30,976
Independence Contract Drilling, Inc.(a)		243		340
KLX Energy Services Holdings, Inc.(a)		2,946		2,062
Liberty Oilfield Services, Inc., Class A(b)		7,371		19,828
Mammoth Energy Services, Inc.(b)		1,616		1,210
Matrix Service Co.(a)		3,515		33,287
Nabors Industries Ltd.(b)		47,783		18,640
National Energy Services Reunited Corp.(a)		3,128		15,890
Natural Gas Services Group, Inc.(a)		1,654		7,377
NCS Multistage Holdings, Inc.(a)		1,349		863
Newpark Resources, Inc.(a)		11,838		10,619
NexTier Oilfield Solutions, Inc.(a)		21,677		25,362
Nine Energy Service, Inc.(a)		2,255		1,823
Noble Corp. plc(a)(b)		32,761		8,518
Oceaneering International, Inc.(a)(b)		13,187		38,770
Oil States International, Inc.(a)(b)		7,974		16,187

7

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
Pacific Drilling SA(a)		4,018	$	1,728
ProPetro Holding Corp.(a)		10,789		26,973
RigNet, Inc.(a)(b)		2,020		3,636
RPC, Inc.		7,902		16,278
SEACOR Holdings, Inc.(a)		2,125		57,290
SEACOR Marine Holdings, Inc.(a)		2,597		11,375
Seadrill Ltd.(a)(b)		7,937		3,413
Select Energy Services, Inc., Class A(a)		8,004		25,853
Smart Sand, Inc.(a)		3,545		3,687
Solaris Oilfield Infrastructure, Inc., Class A(b)		4,133		21,698
TETRA Technologies, Inc.(a)		16,166		5,173
Tidewater, Inc.(a)		5,115		36,214
US Silica Holdings, Inc.		9,965		17,937
US Well Services, Inc.(a)(b)		2,477		743
				894,582
Entertainment — 0.2%
AMC Entertainment Holdings, Inc., Class A		6,901		21,807
Eros International plc(a)(b)		9,757		16,099
Gaia, Inc.(a)		1,075		9,546
Glu Mobile, Inc.(a)		15,672		98,577
IMAX Corp.(a)		7,122		64,454
Liberty Media Corp.-Liberty Braves, Class A(a)(b)		1,316		25,662
Liberty Media Corp-Liberty Braves, Class C(a)		4,688		89,354
LiveXLive Media, Inc.(a)		3,650		5,767
Marcus Corp. (The)(b)		3,022		37,231
Reading International, Inc., Class A(a)		2,052		7,982
				376,479
Equity Real Estate Investment Trusts (REITs) — 6.9%
Acadia Realty Trust		11,333		140,416
Agree Realty Corp.(b)		5,469		338,531
Alexander & Baldwin, Inc.		8,728		97,928
Alexander’s, Inc.		283		78,094
American Assets Trust, Inc.		6,435		160,875
American Finance Trust, Inc.(b)		14,443		90,269
Armada Hoffler Properties, Inc.		7,445		79,661
Ashford Hospitality Trust, Inc.(b)		13,107		9,689
Bluerock Residential Growth REIT, Inc.		2,866		15,964
Braemar Hotels & Resorts, Inc.		3,885		6,604
BRT Apartments Corp.		1,299		13,315
CareTrust REIT, Inc.		12,506		184,964
CatchMark Timber Trust, Inc., Class A		6,522		47,089
CBL & Associates Properties, Inc.(b)		22,490		4,500
Cedar Realty Trust, Inc.		11,410		10,647
Chatham Lodging Trust		6,324		37,565
CIM Commercial Trust Corp.		1,473		16,336
City Office REIT, Inc.		7,116		51,449
Clipper Realty, Inc.(b)		2,104		10,899
Community Healthcare Trust, Inc.(b)		2,575		98,571
CoreCivic, Inc.		15,608		174,341
CorEnergy Infrastructure Trust, Inc.(b)		1,747		32,110
CorePoint Lodging, Inc.		5,495		21,540
DiamondRock Hospitality Co.		26,809		136,190
Diversified Healthcare Trust(b)		32,026		116,254
Easterly Government Properties, Inc.(b)		9,905		244,059
EastGroup Properties, Inc.		5,077		530,445
Essential Properties Realty Trust, Inc.		12,042		157,268
Farmland Partners, Inc.		3,891		23,618
First Industrial Realty Trust, Inc.		16,675		554,110
Four Corners Property Trust, Inc.		9,263		173,311
Franklin Street Properties Corp.(b)		13,847		79,343
Front Yard Residential Corp.		6,550		78,272
GEO Group, Inc. (The)(b)		15,844		192,663
Getty Realty Corp.		4,442		105,453

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Gladstone Commercial Corp.		4,127	$	59,264
Gladstone Land Corp.		2,499		29,613
Global Medical REIT, Inc.		4,828		48,859
Global Net Lease, Inc.(b)		11,815		157,967
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b)		8,429		172,036
Healthcare Realty Trust, Inc.		17,576		490,898
Hersha Hospitality Trust		4,729		16,930
Independence Realty Trust, Inc.		11,955		106,878
Industrial Logistics Properties Trust		8,444		148,108
Innovative Industrial Properties, Inc.(b)		2,148		163,098
Investors Real Estate Trust		1,540		84,700
iStar, Inc.		8,024		85,135
Jernigan Capital, Inc.(b)		2,856		31,302
Kite Realty Group Trust		11,030		104,454
Lexington Realty Trust(b)		31,909		316,856
LTC Properties, Inc.		5,179		160,031
Mack-Cali Realty Corp.		11,395		173,546
Monmouth Real Estate Investment Corp.		12,430		149,781
National Health Investors, Inc.(b)		5,595		277,064
National Storage Affiliates Trust		7,806		231,058
New Senior Investment Group, Inc.(b)		11,263		28,833
NexPoint Residential Trust, Inc.		2,573		64,865
Office Properties Income Trust(b)		6,221		169,528
One Liberty Properties, Inc.		2,167		30,186
Pebblebrook Hotel Trust		17,314		188,549
Pennsylvania REIT(b)		9,137		8,329
Physicians Realty Trust		25,123		350,215
Piedmont Office Realty Trust, Inc., Class A		16,505		291,478
PotlatchDeltic Corp.		8,805		276,389
Preferred Apartment Communities, Inc., Class A		5,865		42,111
PS Business Parks, Inc.		2,673		362,245
QTS Realty Trust, Inc., Class A		7,620		442,036
Retail Opportunity Investments Corp.		15,215		126,132
Retail Value, Inc.		1,977		24,218
Rexford Industrial Realty, Inc.		15,104		619,415
RLJ Lodging Trust		22,508		173,762
RPT Realty		10,536		63,532
Ryman Hospitality Properties, Inc.		6,409		229,763
Sabra Health Care REIT, Inc.		26,337		287,600
Safehold, Inc.(b)		1,697		107,301
Saul Centers, Inc.		1,525		49,928
Seritage Growth Properties, Class A		4,601		41,915
STAG Industrial, Inc.(b)		19,585		441,054
Summit Hotel Properties, Inc.		13,781		58,156
Sunstone Hotel Investors, Inc.(b)		29,885		260,298
Tanger Factory Outlet Centers, Inc.		11,524		57,620
Terreno Realty Corp.(b)		8,704		450,432
UMH Properties, Inc.		4,828		52,432
Uniti Group, Inc.		24,453		147,452
Universal Health Realty Income Trust		1,711		172,486
Urban Edge Properties		15,324		135,004
Urstadt Biddle Properties, Inc., Class A		3,926		55,357
Washington Prime Group, Inc.(b)		24,825		19,987
Washington REIT		10,864		259,324
Whitestone REIT		5,069		31,428
Xenia Hotels & Resorts, Inc.(b)		15,090		155,427
				13,394,708
Food & Staples Retailing — 0.7%
Andersons, Inc. (The)		4,260		79,875
BJ’s Wholesale Club Holdings, Inc.(a)(b)		14,714		374,766
Chefs’ Warehouse, Inc. (The)(a)		3,284		33,070
HF Foods Group, Inc.(a)(b)		2,874		24,113
Ingles Markets, Inc., Class A(b)		1,873		67,728

8

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing (continued)
Natural Grocers by Vitamin Cottage, Inc.(a)(b)		1,090	$	9,276
Performance Food Group Co.(a)		15,074		372,629
PriceSmart, Inc.		2,991		157,177
Rite Aid Corp.(a)		7,249		108,735
SpartanNash Co.		4,730		67,734
United Natural Foods, Inc.(a)		7,064		64,847
Village Super Market, Inc., Class A(b)		1,016		24,973
Weis Markets, Inc.		1,268		52,825
				1,437,748
Food Products — 1.5%
Alico, Inc.		686		21,293
B&G Foods, Inc.(b)		8,446		152,788
Bridgford Foods Corp.(a)(b)		221		5,098
Calavo Growers, Inc.		2,126		122,649
Cal-Maine Foods, Inc.(b)		4,181		183,880
Darling Ingredients, Inc.(a)		21,651		415,050
Farmer Brothers Co.(a)		1,530		10,649
Fresh Del Monte Produce, Inc.		4,083		112,732
Freshpet, Inc.(a)		4,564		291,503
Hostess Brands, Inc.(a)		15,770		168,108
J&J Snack Foods Corp.		2,002		242,242
John B Sanfilippo & Son, Inc.		1,140		101,916
Lancaster Colony Corp.		2,492		360,443
Landec Corp.(a)		3,600		31,284
Limoneira Co.(b)		1,944		25,466
Sanderson Farms, Inc.		2,648		326,551
Seneca Foods Corp., Class A(a)		860		34,211
Simply Good Foods Co. (The)(a)		10,983		211,533
Tootsie Roll Industries, Inc.		2,200		79,116
				2,896,512
Gas Utilities — 1.4%
Chesapeake Utilities Corp.		2,129		182,477
New Jersey Resources Corp.(b)		12,569		426,969
Northwest Natural Holding Co.		4,047		249,902
ONE Gas, Inc.		6,912		577,981
RGC Resources, Inc.		1,035		29,943
South Jersey Industries, Inc.(b)		12,331		308,275
Southwest Gas Holdings, Inc.		7,168		498,606
Spire, Inc.		6,571		489,408
				2,763,561
Health Care Equipment & Supplies — 4.6%
Accuray, Inc.(a)(b)		11,846		22,507
Alphatec Holdings, Inc.(a)		5,097		17,585
AngioDynamics, Inc.(a)		4,838		50,460
Antares Pharma, Inc.(a)		21,843		51,550
Apyx Medical Corp.(a)(b)		4,436		15,925
AtriCure, Inc.(a)		5,023		168,723
Atrion Corp.		190		123,500
Avanos Medical, Inc.(a)		6,244		168,151
AxoGen, Inc.(a)		4,502		46,821
Axonics Modulation Technologies, Inc.(a)		2,446		62,153
BioLife Solutions, Inc.(a)		886		8,417
BioSig Technologies, Inc.(a)		2,080		8,715
Cardiovascular Systems, Inc.(a)		4,619		162,635
Cerus Corp.(a)(b)		20,425		94,976
Conformis, Inc.(a)		8,611		5,425
CONMED Corp.		3,596		205,943
CryoLife, Inc.(a)(b)		4,761		80,556
CryoPort, Inc.(a)(b)		4,233		72,257
Cutera, Inc.(a)		1,750		22,855
CytoSorbents Corp.(a)(b)		3,801		29,382

Security	Shares		Value
Health Care Equipment & Supplies (continued)
ElectroCore, Inc.(a)		865	$	822
GenMark Diagnostics, Inc.(a)(b)		7,611		31,357
Glaukos Corp.(a)(b)		5,197		160,379
Globus Medical, Inc., Class A(a)(b)		10,028		426,491
Haemonetics Corp.(a)(b)		6,691		666,825
Heska Corp.(a)		948		52,424
Inogen, Inc.(a)(b)		2,377		122,796
Integer Holdings Corp.(a)		4,303		270,487
IntriCon Corp.(a)		1,189		13,995
Invacare Corp.(b)		4,375		32,506
iRadimed Corp.(a)		560		11,956
iRhythm Technologies, Inc.(a)(b)		3,499		284,644
Lantheus Holdings, Inc.(a)(b)		5,154		65,765
LeMaitre Vascular, Inc.		2,137		53,254
LivaNova plc(a)		6,402		289,691
Meridian Bioscience, Inc.		5,517		46,343
Merit Medical Systems, Inc.(a)(b)		7,065		220,781
Mesa Laboratories, Inc.		526		118,923
Misonix, Inc.(a)		1,362		12,830
Natus Medical, Inc.(a)		4,402		101,818
Neogen Corp.(a)(b)		6,892		461,695
Neuronetics, Inc.(a)		1,687		3,188
Nevro Corp.(a)		3,954		395,321
Novocure Ltd.(a)		11,490		773,737
NuVasive, Inc.(a)		6,912		350,162
OraSure Technologies, Inc.(a)		7,886		84,853
Orthofix Medical, Inc.(a)(b)		2,446		68,512
OrthoPediatrics Corp.(a)		1,305		51,730
Pulse Biosciences, Inc.(a)		1,637		11,721
Quidel Corp.(a)		4,751		464,695
Rockwell Medical, Inc.(a)(b)		9,266		18,995
RTI Surgical Holdings, Inc.(a)(b)		7,485		12,799
SeaSpine Holdings Corp.(a)		2,713		22,165
Senseonics Holdings, Inc.(a)(b)		14,434		9,144
Shockwave Medical, Inc.(a)		3,392		112,547
SI-BONE, Inc.(a)		2,510		29,995
Sientra, Inc.(a)(b)		5,194		10,336
Silk Road Medical, Inc.(a)		2,145		67,525
Soliton, Inc.(a)		773		6,261
STAAR Surgical Co.(a)		5,853		188,818
Surmodics, Inc.(a)		1,722		57,377
Tactile Systems Technology, Inc.(a)		2,456		98,633
Tandem Diabetes Care, Inc.(a)		7,414		477,091
TransEnterix, Inc.(a)		1,966		692
TransMedics Group, Inc.(a)		1,899		22,940
Utah Medical Products, Inc.		456		42,887
Vapotherm, Inc.(a)		2,092		39,392
Varex Imaging Corp.(a)		5,069		115,117
ViewRay, Inc.(a)(b)		13,128		32,820
Wright Medical Group NV(a)		16,657		477,223
Zynex, Inc.		2,076		22,981
				8,933,975
Health Care Providers & Services — 2.4%
1Life Healthcare, Inc.(a)		2,542		46,137
Addus HomeCare Corp.(a)		1,661		112,284
Amedisys, Inc.(a)(b)		4,151		761,875
American Renal Associates Holdings, Inc.(a)		2,512		16,604
AMN Healthcare Services, Inc.(a)		6,108		353,103
Apollo Medical Holdings, Inc.(a)		1,198		15,478
Avalon GloboCare Corp.(a)		2,720		4,216
BioTelemetry, Inc.(a)		4,285		165,015
Brookdale Senior Living, Inc.(a)		24,828		77,463
Catasys, Inc.(a)(b)		948		14,438
Community Health Systems, Inc.(a)		10,916		36,459

9

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
CorVel Corp.(a)		1,147	$	62,523
Cross Country Healthcare, Inc.(a)		4,593		30,957
Ensign Group, Inc. (The)		6,656		250,332
Enzo Biochem, Inc.(a)(b)		6,578		16,642
Exagen, Inc.(a)		416		6,631
Genesis Healthcare, Inc.(a)		12,446		10,487
Hanger, Inc.(a)		4,879		76,015
HealthEquity, Inc.(a)		9,152		463,000
Joint Corp. (The)(a)		1,756		19,053
LHC Group, Inc.(a)(b)		3,973		557,015
Magellan Health, Inc.(a)		2,935		141,203
National HealthCare Corp.(b)		1,625		116,561
National Research Corp.(b)		1,618		73,587
Option Care Health, Inc.(a)		4,200		39,774
Owens & Minor, Inc.		8,111		74,216
Patterson Cos., Inc.(b)		11,060		169,107
Pennant Group, Inc. (The)(a)(b)		3,420		48,427
PetIQ, Inc.(a)		2,550		59,237
Progyny, Inc.(a)(b)		1,544		32,717
Providence Service Corp. (The)(a)(b)		1,528		83,857
R1 RCM, Inc.(a)		13,668		124,242
RadNet, Inc.(a)		5,657		59,455
Select Medical Holdings Corp.(a)		14,643		219,645
Surgery Partners, Inc.(a)		3,306		21,588
Tenet Healthcare Corp.(a)		13,692		197,165
Tivity Health, Inc.(a)		6,458		40,621
Triple-S Management Corp., Class B(a)		3,082		43,456
US Physical Therapy, Inc.(b)		1,647		113,643
				4,754,228
Health Care Technology — 1.8%
Allscripts Healthcare Solutions, Inc.(a)		21,537		151,620
Castlight Health, Inc., Class B(a)		13,619		9,848
Computer Programs & Systems, Inc.		1,726		38,403
Evolent Health, Inc., Class A(a)		9,811		53,274
Health Catalyst, Inc.(a)		2,469		64,564
HealthStream, Inc.		3,440		82,388
HMS Holdings Corp.(a)		11,565		292,248
Inovalon Holdings, Inc., Class A(a)(b)		9,518		158,570
Inspire Medical Systems, Inc.(a)		1,806		108,866
Livongo Health, Inc.(a)		6,796		193,890
NextGen Healthcare, Inc.(a)		7,340		76,630
Omnicell, Inc.(a)		5,483		359,575
OptimizeRx Corp.(a)		2,011		18,220
Phreesia, Inc.(a)(b)		3,564		74,951
Schrodinger, Inc.(a)		1,819		78,435
Simulations Plus, Inc.(b)		1,600		55,872
Tabula Rasa HealthCare, Inc.(a)(b)		2,550		133,339
Teladoc Health, Inc.(a)		9,561		1,482,051
Vocera Communications, Inc.(a)		4,159		88,337
				3,521,081
Hotels, Restaurants & Leisure — 1.9%
BBX Capital Corp.		8,715		20,132
Biglari Holdings, Inc., Class B(a)		102		5,243
BJ’s Restaurants, Inc.(b)		2,546		35,364
Bloomin’ Brands, Inc.		11,584		82,710
Bluegreen Vacations Corp.		972		5,618
Boyd Gaming Corp.		10,727		154,683
Brinker International, Inc.(b)		5,036		60,482
Carrols Restaurant Group, Inc.(a)		4,613		8,396
Century Casinos, Inc.(a)		3,588		8,647
Cheesecake Factory, Inc. (The)		5,537		94,572
Churchill Downs, Inc.		4,678		481,600
Chuy’s Holdings, Inc.(a)(b)		2,223		22,386

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store, Inc.(b)		3,200	$	266,304
Dave & Buster’s Entertainment, Inc.(b)		4,108		53,733
Del Taco Restaurants, Inc.(a)		3,868		13,267
Denny’s Corp.(a)		7,710		59,213
Dine Brands Global, Inc.(b)		2,126		60,974
Drive Shack, Inc.(a)		8,029		12,204
El Pollo Loco Holdings, Inc.(a)		2,603		21,995
Eldorado Resorts, Inc.(a)		8,769		126,273
Everi Holdings, Inc.(a)		10,564		34,861
Fiesta Restaurant Group, Inc.(a)(b)		3,154		12,711
Golden Entertainment, Inc.(a)		2,413		15,950
Inspired Entertainment, Inc.(a)		1,142		3,860
J Alexander’s Holdings, Inc.(a)		1,880		7,200
Jack in the Box, Inc.(b)		2,973		104,204
Kura Sushi USA, Inc., Class A(a)		452		5,406
Lindblad Expeditions Holdings, Inc.(a)(b)		3,075		12,823
Marriott Vacations Worldwide Corp.		5,513		306,412
Monarch Casino & Resort, Inc.(a)		1,502		42,161
Nathan’s Famous, Inc.		366		22,326
Noodles & Co.(a)		3,878		18,265
Papa John’s International, Inc.		2,949		157,388
Penn National Gaming, Inc.(a)		14,623		184,981
PlayAGS, Inc.(a)		3,591		9,516
Potbelly Corp.(a)		3,040		9,394
RCI Hospitality Holdings, Inc.		1,101		10,977
Red Lion Hotels Corp.(a)		3,230		4,716
Red Robin Gourmet Burgers, Inc.(a)		1,725		14,697
Red Rock Resorts, Inc., Class A		9,491		81,148
Ruth’s Hospitality Group, Inc.		3,835		25,618
Scientific Games Corp., Class A(a)		7,587		73,594
SeaWorld Entertainment, Inc.(a)		6,391		70,429
Shake Shack, Inc., Class A(a)(b)		3,792		143,110
Target Hospitality Corp.(a)(b)		4,408		8,772
Texas Roadhouse, Inc.		8,791		363,068
Twin River Worldwide Holdings, Inc.(a)		2,322		30,209
Wingstop, Inc.		3,906		311,308
				3,678,900
Household Durables — 1.5%
Bassett Furniture Industries, Inc.		1,195		6,513
Beazer Homes USA, Inc.(a)		3,883		25,006
Casper Sleep, Inc.(a)		830		3,561
Cavco Industries, Inc.(a)(b)		1,141		165,376
Century Communities, Inc.(a)		3,730		54,122
Ethan Allen Interiors, Inc.(b)		3,176		32,459
Flexsteel Industries, Inc.(b)		891		9,765
GoPro, Inc., Class A(a)		16,564		43,398
Green Brick Partners, Inc.(a)		2,967		23,884
Hamilton Beach Brands Holding Co., Class A		1,018		9,681
Helen of Troy Ltd.(a)(b)		3,311		476,883
Hooker Furniture Corp.		1,537		23,993
Installed Building Products, Inc.(a)		2,955		117,816
iRobot Corp.(a)		3,712		151,821
KB Home		11,411		206,539
La-Z-Boy, Inc.		6,025		123,814
Legacy Housing Corp.(a)(b)		610		5,642
LGI Homes, Inc.(a)		2,618		118,203
Lifetime Brands, Inc.		1,738		9,820
Lovesac Co. (The)(a)		1,244		7,252
M/I Homes, Inc.(a)		3,678		60,797
MDC Holdings, Inc.		6,701		155,463
Meritage Homes Corp.(a)		4,790		174,883
Purple Innovation, Inc.(a)		885		5,027
Skyline Champion Corp.		6,567		102,971
Sonos, Inc.(a)		10,472		88,803

10

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Taylor Morrison Home Corp., Class A(a)(b)		17,402	$	191,422
TopBuild Corp.(a)		4,455		319,156
TRI Pointe Group, Inc.(a)		18,422		161,561
Tupperware Brands Corp.		6,622		10,728
Universal Electronics, Inc.(a)		1,789		68,644
ZAGG, Inc.(a)		3,629		11,286
				2,966,289
Household Products — 0.3%
Central Garden & Pet Co.(a)		1,288		35,420
Central Garden & Pet Co., Class A(a)(b)		5,375		137,439
Oil-Dri Corp. of America		656		21,937
WD-40 Co.(b)		1,836		368,760
				563,556
Independent Power and Renewable Electricity Producers — 0.4%
Atlantic Power Corp.(a)		13,466		28,817
Clearway Energy, Inc.		15,130		276,904
Ormat Technologies, Inc.		5,260		355,891
Sunnova Energy International, Inc.(a)(b)		4,170		41,992
TerraForm Power, Inc., Class A		10,406		164,103
				867,707
Industrial Conglomerates — 0.1%
Raven Industries, Inc.		4,775		101,373
Insurance — 2.7%
Ambac Financial Group, Inc.(a)		6,015		74,225
American Equity Investment Life Holding Co.(b)		11,761		221,107
AMERISAFE, Inc.(b)		2,537		163,560
Argo Group International Holdings Ltd.		4,273		158,357
Benefytt Technologies, Inc.(a)(b)		1,333		29,846
BRP Group, Inc., Class A(a)		2,322		24,497
Citizens, Inc.(a)(b)		6,570		42,836
CNO Financial Group, Inc.		19,385		240,180
Crawford & Co., Class A		2,073		14,926
Donegal Group, Inc., Class A		1,325		20,140
eHealth, Inc.(a)		3,022		425,558
Employers Holdings, Inc.		4,181		169,372
Enstar Group Ltd.(a)(b)		1,530		243,347
FBL Financial Group, Inc., Class A		1,313		61,278
FedNat Holding Co.		1,409		16,175
Genworth Financial, Inc., Class A(a)		66,987		222,397
Global Indemnity Ltd.		1,088		27,744
Goosehead Insurance, Inc., Class A(b)		1,510		67,391
Greenlight Capital Re Ltd., Class A(a)(b)		3,963		23,580
Hallmark Financial Services, Inc.(a)(b)		1,903		7,688
HCI Group, Inc.		784		31,556
Heritage Insurance Holdings, Inc.		3,616		38,727
Horace Mann Educators Corp.(b)		5,465		199,964
Independence Holding Co.		675		17,253
Investors Title Co.(b)		172		22,016
James River Group Holdings Ltd.		3,914		141,843
Kinsale Capital Group, Inc.		2,724		284,740
MBIA, Inc.(a)		10,014		71,500
National General Holdings Corp.		8,893		147,179
National Western Life Group, Inc., Class A		303		52,116
NI Holdings, Inc.(a)(b)		1,375		18,645
Palomar Holdings, Inc.(a)		2,456		142,841
ProAssurance Corp.		7,051		176,275
ProSight Global, Inc.(a)(b)		1,224		11,934
Protective Insurance Corp., Class B		1,163		15,991
RLI Corp.(b)		5,286		464,798
Safety Insurance Group, Inc.		1,948		164,470

Security	Shares		Value
Insurance (continued)
Selective Insurance Group, Inc.(b)		7,713	$	383,336
State Auto Financial Corp.		2,240		62,250
Stewart Information Services Corp.		3,161		84,304
Third Point Reinsurance Ltd.(a)		9,835		72,877
Tiptree, Inc.		3,208		16,746
Trupanion, Inc.(a)(b)		3,847		100,138
United Fire Group, Inc.		2,777		90,558
United Insurance Holdings Corp.		2,729		25,216
Universal Insurance Holdings, Inc.		3,968		71,107
Watford Holdings Ltd.(a)		2,332		34,164
				5,196,748
Interactive Media & Services — 0.3%(a)
Cargurus, Inc.		10,028		189,930
Cars.com, Inc.		8,957		38,515
DHI Group, Inc.		6,873		14,846
Eventbrite, Inc., Class A		4,936		36,033
EverQuote, Inc., Class A		1,140		29,925
Liberty TripAdvisor Holdings, Inc., Class A		9,645		17,361
Meet Group, Inc. (The)(b)		9,223		54,139
QuinStreet, Inc.(b)		6,116		49,234
Travelzoo		766		3,010
TrueCar, Inc.		14,047		33,994
Yelp, Inc.(b)		9,125		164,524
				631,511
Internet & Direct Marketing Retail — 0.4%
1-800-Flowers.com, Inc., Class A(a)		3,304		43,712
Duluth Holdings, Inc., Class B(a)		1,462		5,863
Groupon, Inc.(a)		61,253		60,040
Lands’ End, Inc.(a)		1,541		8,229
Leaf Group Ltd.(a)		2,590		3,471
Liquidity Services, Inc.(a)		3,160		12,261
PetMed Express, Inc.		2,650		76,267
Quotient Technology, Inc.(a)		10,025		65,162
RealReal, Inc. (The)(a)		6,751		47,325
Rubicon Project, Inc. (The)(a)		6,457		35,836
Shutterstock, Inc.		2,507		80,625
Stamps.com, Inc.(a)		2,188		284,615
Stitch Fix, Inc., Class A(a)		5,395		68,516
Waitr Holdings, Inc.(a)		7,065		8,690
				800,612
IT Services — 2.3%
Brightcove, Inc.(a)(b)		5,103		35,568
Cardtronics plc, Class A(a)		4,895		102,403
Cass Information Systems, Inc.(b)		1,904		66,945
Conduent, Inc.(a)		23,405		57,342
CSG Systems International, Inc.(b)		4,325		181,001
Endurance International Group Holdings, Inc.(a)		9,321		17,990
EVERTEC, Inc.		8,019		182,272
Evo Payments, Inc., Class A(a)(b)		5,208		79,682
Exela Technologies, Inc.(a)		6,071		1,245
ExlService Holdings, Inc.(a)		4,462		232,158
GTT Communications, Inc.(a)(b)		4,521		35,942
Hackett Group, Inc. (The)		3,187		40,539
I3 Verticals, Inc., Class A(a)		1,874		35,775
Information Services Group, Inc.(a)		5,071		13,033
International Money Express, Inc.(a)		2,268		20,707
KBR, Inc.		18,851		389,839
Limelight Networks, Inc.(a)(b)		15,343		87,455
LiveRamp Holdings, Inc.(a)		8,832		290,749
ManTech International Corp., Class A		3,567		259,214
MAXIMUS, Inc.		8,402		488,996

11

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
NIC, Inc.		8,665	$	199,295
Paysign, Inc.(a)		4,001		20,645
Perficient, Inc.(a)		4,252		115,187
Perspecta, Inc.		18,622		339,665
PRGX Global, Inc.(a)		2,445		6,846
Priority Technology Holdings, Inc.(a)(b)		801		1,554
Science Applications International Corp.		7,637		569,949
StarTek, Inc.(a)		2,147		8,073
Sykes Enterprises, Inc.(a)(b)		5,131		139,153
TTEC Holdings, Inc.		2,288		84,015
Tucows, Inc., Class A(a)		1,263		60,952
Unisys Corp.(a)		6,703		82,782
Verra Mobility Corp.(a)(b)		17,017		121,501
Virtusa Corp.(a)		3,746		106,386
				4,474,858
Leisure Products — 0.4%
Acushnet Holdings Corp.		4,608		118,518
American Outdoor Brands Corp.(a)		7,134		59,212
Callaway Golf Co.(b)		12,442		127,157
Clarus Corp.(b)		2,876		28,185
Escalade, Inc.(b)		1,657		9,859
Johnson Outdoors, Inc., Class A(b)		710		44,517
Malibu Boats, Inc., Class A(a)		2,630		75,718
Marine Products Corp.		921		7,442
MasterCraft Boat Holdings, Inc.(a)		2,448		17,870
Sturm Ruger & Co., Inc.		2,233		113,682
Vista Outdoor, Inc.(a)		7,581		66,713
YETI Holdings, Inc.(a)(b)		7,444		145,307
				814,180
Life Sciences Tools & Services — 1.1%
Accelerate Diagnostics, Inc.(a)		3,726		31,038
ChromaDex Corp.(a)(b)		5,926		19,319
Codexis, Inc.(a)		7,145		79,738
Fluidigm Corp.(a)		9,326		23,688
Luminex Corp.(b)		5,583		153,700
Medpace Holdings, Inc.(a)		3,657		268,351
NanoString Technologies, Inc.(a)(b)		4,460		107,263
NeoGenomics, Inc.(a)(b)		12,590		347,610
Pacific Biosciences of California, Inc.(a)(b)		19,248		58,899
Personalis, Inc.(a)(b)		2,265		18,278
Quanterix Corp.(a)		1,749		32,129
Repligen Corp.(a)		6,917		667,767
Syneos Health, Inc.(a)		8,224		324,190
				2,131,970
Machinery — 3.5%
Alamo Group, Inc.		1,291		114,615
Albany International Corp., Class A(b)		4,028		190,645
Altra Industrial Motion Corp.(b)		8,564		149,784
Astec Industries, Inc.		2,871		100,399
Barnes Group, Inc.		6,274		262,441
Blue Bird Corp.(a)		1,933		21,128
Briggs & Stratton Corp.(b)		5,511		9,975
Chart Industries, Inc.(a)		4,794		138,930
CIRCOR International, Inc.(a)		2,639		30,691
Columbus McKinnon Corp.		3,096		77,400
Commercial Vehicle Group, Inc.(a)		3,913		5,909
Douglas Dynamics, Inc.		2,982		105,891
Eastern Co. (The)(b)		730		14,235
Energy Recovery, Inc.(a)		5,077		37,773
Enerpac Tool Group Corp.(b)		7,319		121,129
EnPro Industries, Inc.		2,750		108,845

Security	Shares		Value
Machinery (continued)
ESCO Technologies, Inc.(b)		3,401	$	258,170
Evoqua Water Technologies Corp.(a)		10,052		112,683
Federal Signal Corp.(b)		7,958		217,094
Franklin Electric Co., Inc.(b)		6,083		286,692
Gencor Industries, Inc.(a)		1,255		13,177
Gorman-Rupp Co. (The)(b)		2,343		73,125
Graham Corp.(b)		1,423		18,357
Greenbrier Cos., Inc. (The)		4,078		72,344
Helios Technologies, Inc.(b)		3,859		146,333
Hillenbrand, Inc.		9,380		179,252
Hurco Cos., Inc.		896		26,074
Hyster-Yale Materials Handling, Inc.		1,377		55,204
John Bean Technologies Corp.		4,152		308,369
Kadant, Inc.		1,452		108,392
Kennametal, Inc.		10,932		203,554
LB Foster Co., Class A(a)		1,317		16,278
Lindsay Corp.		1,425		130,501
Luxfer Holdings plc(b)		3,655		51,682
Lydall, Inc.(a)		2,247		14,516
Manitowoc Co., Inc. (The)(a)		4,691		39,873
Mayville Engineering Co., Inc.(a)		877		5,376
Meritor, Inc.(a)		9,224		122,218
Miller Industries, Inc.		1,464		41,402
Mueller Industries, Inc.		7,302		174,810
Mueller Water Products, Inc., Class A		20,757		166,264
Navistar International Corp.(a)		6,508		107,317
NN, Inc.		5,677		9,821
Omega Flex, Inc.(b)		370		31,228
Park-Ohio Holdings Corp.(b)		1,153		21,838
Proto Labs, Inc.(a)		3,590		273,307
RBC Bearings, Inc.(a)(b)		3,197		360,590
REV Group, Inc.		3,588		14,962
Rexnord Corp.(a)(b)		14,052		318,559
Spartan Motors, Inc.(b)		4,530		58,482
SPX Corp.(a)		5,760		188,006
SPX FLOW, Inc.(a)		5,574		158,413
Standex International Corp.		1,592		78,040
Tennant Co.		2,395		138,790
Terex Corp.		7,904		113,501
Titan International, Inc.(b)		6,671		10,340
TriMas Corp.(a)		5,908		136,475
Twin Disc, Inc.(a)(b)		1,346		9,395
Wabash National Corp.(b)		6,677		48,208
Watts Water Technologies, Inc., Class A		3,674		311,004
Welbilt, Inc.(a)		17,505		89,801
				6,809,607
Marine — 0.1%
Costamare, Inc.		7,116		32,165
Eagle Bulk Shipping, Inc.(a)		5,652		10,456
Genco Shipping & Trading Ltd.(a)		2,022		12,981
Matson, Inc.		5,658		173,248
Safe Bulkers, Inc.(a)		7,634		9,085
Scorpio Bulkers, Inc.(b)		7,727		19,549
				257,484
Media — 0.7%
Boston Omaha Corp., Class A(a)(b)		1,347		24,394
Cardlytics, Inc.(a)		1,921		67,158
Central European Media Enterprises Ltd., Class A(a)		11,908		37,272
Clear Channel Outdoor Holdings, Inc.(a)		5,317		3,403
comScore, Inc.(a)(b)		6,621		18,671
Cumulus Media, Inc., Class A(a)		1,889		10,238
Daily Journal Corp.(a)		144		32,875

12

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Emerald Holding, Inc.		3,293	$	8,529
Entercom Communications Corp., Class A		15,867		27,133
Entravision Communications Corp., Class A		8,032		16,305
EW Scripps Co. (The), Class A		7,392		55,736
Fluent, Inc.(a)		6,226		7,284
Gannett Co., Inc.(b)		15,730		23,280
Gray Television, Inc.(a)(b)		11,790		126,625
Hemisphere Media Group, Inc.(a)		2,141		18,284
Lee Enterprises, Inc.(a)		7,095		6,974
Liberty Latin America Ltd., Class A(a)		6,060		63,751
Liberty Latin America Ltd., Class C(a)		15,153		155,470
Loral Space & Communications, Inc.(a)		1,705		27,706
Marchex, Inc., Class B(a)(b)		4,549		6,596
MDC Partners, Inc., Class A(a)		7,197		10,436
Meredith Corp.(b)		5,174		63,226
MSG Networks, Inc., Class A(a)		5,719		58,334
National CineMedia, Inc.(b)		8,637		28,157
Saga Communications, Inc., Class A		482		13,260
Scholastic Corp.(b)		3,858		98,340
TechTarget, Inc.(a)(b)		3,072		63,314
TEGNA, Inc.		28,698		311,660
Tribune Publishing Co.(a)		2,161		17,526
WideOpenWest, Inc.(a)		3,185		15,161
				1,417,098
Metals & Mining — 1.0%
Allegheny Technologies, Inc.(a)		16,744		142,324
Carpenter Technology Corp.		6,123		119,399
Century Aluminum Co.(a)		6,633		24,011
Cleveland-Cliffs, Inc.(b)		52,513		207,426
Coeur Mining, Inc.(a)		31,820		102,142
Commercial Metals Co.		15,696		247,840
Compass Minerals International, Inc.(b)		4,507		173,384
Gold Resource Corp.		7,798		21,445
Haynes International, Inc.		1,648		33,965
Hecla Mining Co.		68,083		123,911
Kaiser Aluminum Corp.(b)		2,096		145,211
Materion Corp.		2,641		92,461
Novagold Resources, Inc.(a)		30,670		226,345
Olympic Steel, Inc.		1,022		10,578
Ramaco Resources, Inc.(a)		928		2,218
Ryerson Holding Corp.(a)		2,354		12,523
Schnitzer Steel Industries, Inc., Class A		3,479		45,366
SunCoke Energy, Inc.(a)(b)		8,529		32,837
Synalloy Corp.		984		8,590
TimkenSteel Corp.(a)		5,311		17,155
Warrior Met Coal, Inc.		6,753		71,717
Worthington Industries, Inc.		5,148		135,135
				1,995,983
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
AG Mortgage Investment Trust, Inc.(b)		4,470		12,248
Anworth Mortgage Asset Corp.(b)		12,933		14,614
Apollo Commercial Real Estate Finance, Inc.		20,686		153,490
Ares Commercial Real Estate Corp.		4,112		28,743
Arlington Asset Investment Corp., Class A		5,008		10,968
ARMOUR Residential REIT, Inc.		7,572		66,709
Blackstone Mortgage Trust, Inc., Class A		16,931		315,255
Capstead Mortgage Corp.		12,221		51,328
Cherry Hill Mortgage Investment Corp.		2,191		13,584
Colony Credit Real Estate, Inc.		10,769		42,430
Dynex Capital, Inc.(b)		2,532		26,434
Ellington Financial, Inc.(b)		5,276		30,126
Exantas Capital Corp.		4,032		11,128
Granite Point Mortgage Trust, Inc.(b)		7,083		35,911

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Great Ajax Corp.		2,191	$	13,935
Invesco Mortgage Capital, Inc.		22,060		75,225
KKR Real Estate Finance Trust, Inc.(b)		3,431		51,499
Ladder Capital Corp.		13,928		66,019
New York Mortgage Trust, Inc.(b)		48,478		75,141
Orchid Island Capital, Inc.(b)		8,529		25,161
PennyMac Mortgage Investment Trust		12,843		136,393
Ready Capital Corp.		4,684		33,818
Redwood Trust, Inc.(b)		14,888		75,333
TPG RE Finance Trust, Inc.		6,654		36,530
Western Asset Mortgage Capital Corp.		6,847		15,680
				1,417,702
Multiline Retail — 0.1%(b)
Big Lots, Inc.		5,064		72,010
Dillard’s, Inc., Class A		1,330		49,143
JC Penney Co., Inc.(a)		41,696		15,011
				136,164
Multi-Utilities — 0.7%
Avista Corp.		8,803		374,039
Black Hills Corp.		8,068		516,594
NorthWestern Corp.		6,686		400,023
Unitil Corp.		1,933		101,135
				1,391,791
Oil, Gas & Consumable Fuels — 1.2%
Abraxas Petroleum Corp.(a)(b)		20,376		2,465
Altus Midstream Co.(a)(b)		6,733		5,050
Amplify Energy Corp.		1,547		875
Arch Coal, Inc., Class A(b)		2,007		58,002
Ardmore Shipping Corp.(a)		4,444		23,331
Berry Corp.		8,603		20,733
Bonanza Creek Energy, Inc.(a)		2,503		28,159
Brigham Minerals, Inc., Class A(a)(b)		3,095		25,596
California Resources Corp.(a)(b)		6,549		6,549
Callon Petroleum Co.(a)(b)		52,440		28,732
Chaparral Energy, Inc., Class A(a)		4,210		1,979
Clean Energy Fuels Corp.(a)(b)		18,219		32,430
CNX Resources Corp.(a)(b)		24,816		132,021
Comstock Resources, Inc.(a)(b)		2,053		11,066
CONSOL Energy, Inc.(a)		3,224		11,896
Contura Energy, Inc.(a)		2,568		6,035
CVR Energy, Inc.(b)		3,630		60,004
Delek US Holdings, Inc.(b)		9,851		155,252
Denbury Resources, Inc.(a)(b)		61,047		11,269
DHT Holdings, Inc.(b)		14,560		111,675
Diamond S Shipping, Inc.(a)		3,463		40,898
Dorian LPG Ltd.(a)		3,739		32,567
Earthstone Energy, Inc., Class A(a)		2,843		5,004
Energy Fuels, Inc.(a)		11,654		13,752
Evolution Petroleum Corp.		3,310		8,639
Extraction Oil & Gas, Inc.(a)		11,504		4,855
Falcon Minerals Corp.(a)		5,120		11,008
GasLog Ltd.(b)		5,410		19,584
Golar LNG Ltd.(b)		12,612		99,383
Goodrich Petroleum Corp.(a)		1,356		5,777
Green Plains, Inc.(b)		4,822		23,387
Gulfport Energy Corp.(a)		21,910		9,743
Hallador Energy Co.(b)		2,493		2,366
HighPoint Resources Corp.(a)		14,441		2,744
International Seaways, Inc.(a)		3,396		81,130
Laredo Petroleum, Inc.(a)(b)		24,586		9,338
Magnolia Oil & Gas Corp., Class A(a)		13,573		54,292

13

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Matador Resources Co.(a)		14,781	$	36,657
Montage Resources Corp.(a)		2,916		6,561
NACCO Industries, Inc., Class A		496		13,878
NextDecade Corp.(a)		1,214		2,282
Nordic American Tankers Ltd.(b)		18,951		85,848
Northern Oil and Gas, Inc.(a)(b)		37,817		25,076
Oasis Petroleum, Inc.(a)(b)		43,283		15,149
Overseas Shipholding Group, Inc., Class A(a)		9,123		20,709
Panhandle Oil and Gas, Inc., Class A(b)		2,093		7,723
Par Pacific Holdings, Inc.(a)		4,580		32,518
PDC Energy, Inc.(a)		13,314		82,680
Peabody Energy Corp.		8,523		24,717
Penn Virginia Corp.(a)		1,845		5,701
PrimeEnergy Resources Corp.(a)		68		5,032
QEP Resources, Inc.(a)		32,392		10,835
Renewable Energy Group, Inc.(a)(b)		4,902		100,638
REX American Resources Corp.(a)		756		35,162
Ring Energy, Inc.(a)		7,602		5,007
Rosehill Resources, Inc.(a)(b)		1,463		600
SandRidge Energy, Inc.(a)		3,997		3,594
Scorpio Tankers, Inc.(b)		5,870		112,234
SFL Corp. Ltd.(b)		10,822		102,484
SilverBow Resources, Inc.(a)		792		1,956
SM Energy Co.(b)		15,199		18,543
Southwestern Energy Co.(a)		72,361		122,290
Talos Energy, Inc.(a)		2,676		15,387
Teekay Corp.		9,099		28,753
Teekay Tankers Ltd., Class A(a)(b)		3,168		70,456
Tellurian, Inc.(a)		12,799		11,569
Unit Corp.(a)		6,950		1,807
Uranium Energy Corp.(a)(b)		24,505		13,723
W&T Offshore, Inc.(a)(b)		12,348		20,992
Whiting Petroleum Corp.(a)		12,356		8,283
World Fuel Services Corp.		8,467		213,199
				2,419,629
Paper & Forest Products — 0.4%
Boise Cascade Co.		5,163		122,776
Clearwater Paper Corp.(a)(b)		2,145		46,782
Louisiana-Pacific Corp.		14,875		255,553
Neenah, Inc.		2,200		94,886
PH Glatfelter Co.(b)		5,770		70,509
Schweitzer-Mauduit International, Inc.(b)		4,074		113,339
Verso Corp., Class A(a)		4,578		51,640
				755,485
Personal Products — 0.3%
BellRing Brands, Inc., Class A(a)		5,294		90,263
Edgewell Personal Care Co.(a)		7,129		171,666
elf Beauty, Inc.(a)		3,563		35,060
Inter Parfums, Inc.(b)		2,310		107,069
Lifevantage Corp.(a)		1,846		19,014
Medifast, Inc.(b)		1,475		92,188
Nature’s Sunshine Products, Inc.(a)		1,254		10,195
Revlon, Inc., Class A(a)(b)		1,015		11,094
USANA Health Sciences, Inc.(a)(b)		1,669		96,401
Youngevity International, Inc.(a)		1,062		743
				633,693
Pharmaceuticals — 1.9%
AcelRx Pharmaceuticals, Inc.(a)		10,527		12,422
Acer Therapeutics, Inc.(a)		1,275		2,537
Aclaris Therapeutics, Inc.(a)		4,586		4,769
Aerie Pharmaceuticals, Inc.(a)		5,718		77,193

Security	Shares		Value
Pharmaceuticals (continued)
Akorn, Inc.(a)(b)		12,399	$	6,958
Amneal Pharmaceuticals, Inc.(a)(b)		15,791		54,953
Amphastar Pharmaceuticals, Inc.(a)		4,678		69,422
ANI Pharmaceuticals, Inc.(a)		1,233		50,232
Arvinas, Inc.(a)		2,829		114,009
Assertio Therapeutics, Inc.(a)		8,735		5,678
Axsome Therapeutics, Inc.(a)		3,568		209,905
Baudax Bio, Inc.(a)		1,080		2,678
BioDelivery Sciences International, Inc.(a)		10,900		41,311
Cara Therapeutics, Inc.(a)		5,380		71,070
cbdMD, Inc.(a)		6,795		6,319
Cerecor, Inc.(a)		2,832		7,023
Chiasma, Inc.(a)		4,596		16,775
Collegium Pharmaceutical, Inc.(a)		4,353		71,085
Corcept Therapeutics, Inc.(a)		12,614		149,980
Corium International, Inc., CVR(a)(c)		3,221		580
CorMedix, Inc.(a)		3,152		11,316
Cymabay Therapeutics, Inc.(a)		9,305		13,771
Eloxx Pharmaceuticals, Inc.(a)		2,875		5,635
Endo International plc(a)		29,752		110,082
Evofem Biosciences, Inc.(a)		1,861		9,901
Evolus, Inc.(a)		2,879		11,948
EyePoint Pharmaceuticals, Inc.(a)		8,209		8,373
Fulcrum Therapeutics, Inc.(a)		1,608		19,200
Innoviva, Inc.(a)(b)		8,285		97,432
Intersect ENT, Inc.(a)		4,208		49,865
Intra-Cellular Therapies, Inc.(a)(b)		6,931		106,530
Kala Pharmaceuticals, Inc.(a)		3,181		27,961
Kaleido Biosciences, Inc.(a)		1,552		9,545
Lannett Co., Inc.(a)(b)		4,271		29,683
Liquidia Technologies, Inc.(a)		1,777		8,370
Mallinckrodt plc(a)(b)		11,555		22,879
Marinus Pharmaceuticals, Inc.(a)		10,155		20,615
Menlo Therapeutics, Inc.(a)(b)		5,679		15,220
MyoKardia, Inc.(a)		5,862		274,811
NGM Biopharmaceuticals, Inc.(a)		3,250		40,073
Ocular Therapeutix, Inc.(a)		5,909		29,250
Odonate Therapeutics, Inc.(a)		1,259		34,761
Omeros Corp.(a)		6,809		91,036
Optinose, Inc.(a)		3,372		15,140
Osmotica Pharmaceuticals plc(a)		920		2,926
Pacira BioSciences, Inc.(a)		5,482		183,811
Paratek Pharmaceuticals, Inc.(a)		4,042		12,732
Phathom Pharmaceuticals, Inc.(a)(b)		1,432		36,974
Phibro Animal Health Corp., Class A		2,634		63,664
Prestige Consumer Healthcare, Inc.(a)		6,659		244,252
Reata Pharmaceuticals, Inc., Class A(a)(b)		3,011		434,608
Recro Pharma, Inc.(a)(b)		2,701		22,067
resTORbio, Inc.(a)		2,014		2,074
Revance Therapeutics, Inc.(a)		6,773		100,240
Satsuma Pharmaceuticals, Inc.(a)		219		4,713
SIGA Technologies, Inc.(a)(b)		7,071		33,799
Strongbridge Biopharma plc(a)		4,835		9,138
Supernus Pharmaceuticals, Inc.(a)		6,372		114,632
TherapeuticsMD, Inc.(a)(b)		29,614		31,391
Theravance Biopharma, Inc.(a)(b)		6,465		149,406
Tricida, Inc.(a)(b)		2,949		64,878
Verrica Pharmaceuticals, Inc.(a)		1,555		16,996
WaVe Life Sciences Ltd.(a)		3,046		28,541
Xeris Pharmaceuticals, Inc.(a)(b)		5,664		11,045
Zogenix, Inc.(a)		5,588		138,191
Zynerba Pharmaceuticals, Inc.(a)		2,814		10,778
				3,755,152

14

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 1.5%
Acacia Research Corp.(a)(b)		5,266	$	11,691
ASGN, Inc.(a)(b)		6,802		240,247
Barrett Business Services, Inc.		965		38,253
BG Staffing, Inc.(b)		1,420		10,622
CBIZ, Inc.(a)(b)		6,852		143,344
CRA International, Inc.(b)		1,043		34,847
Exponent, Inc.		6,912		497,042
Forrester Research, Inc.		1,475		43,114
Franklin Covey Co.(a)		1,317		20,466
FTI Consulting, Inc.(a)		4,926		589,987
GP Strategies Corp.(a)		1,543		10,045
Heidrick & Struggles International, Inc.		2,480		55,800
Huron Consulting Group, Inc.(a)		2,985		135,400
ICF International, Inc.		2,416		165,979
InnerWorkings, Inc.(a)		6,561		7,676
Insperity, Inc.		4,877		181,912
Kelly Services, Inc., Class A		4,468		56,699
Kforce, Inc.		2,692		68,834
Korn Ferry		7,208		175,299
Mistras Group, Inc.(a)		2,325		9,904
Resources Connection, Inc.		3,958		43,419
TriNet Group, Inc.(a)		5,807		218,692
TrueBlue, Inc.(a)		5,148		65,688
Upwork, Inc.(a)		7,414		47,820
Willdan Group, Inc.(a)		1,339		28,614
				2,901,394
Real Estate Management & Development — 0.6%
Altisource Portfolio Solutions SA(a)		896		6,872
American Realty Investors, Inc.(a)		393		3,631
Consolidated-Tomoka Land Co.		677		30,688
Cushman & Wakefield plc(a)		15,028		176,429
eXp World Holdings, Inc.(a)		2,580		21,827
Forestar Group, Inc.(a)		2,044		21,155
FRP Holdings, Inc.(a)		983		42,269
Griffin Industrial Realty, Inc.		166		5,428
Kennedy-Wilson Holdings, Inc.(b)		16,378		219,793
Marcus & Millichap, Inc.(a)		2,949		79,918
Maui Land & Pineapple Co., Inc.(a)		1,072		11,717
Newmark Group, Inc., Class A		19,400		82,450
Rafael Holdings, Inc., Class B(a)(b)		1,408		18,037
RE/MAX Holdings, Inc., Class A		2,368		51,907
Realogy Holdings Corp.(b)		15,425		46,429
Redfin Corp.(a)		11,955		184,346
RMR Group, Inc. (The), Class A(b)		2,018		54,425
St. Joe Co. (The)(a)		4,444		74,570
Stratus Properties, Inc.(a)(b)		832		14,718
Tejon Ranch Co.(a)		2,793		39,270
Transcontinental Realty Investors, Inc.(a)		82		1,682
				1,187,561
Road & Rail — 0.5%
ArcBest Corp.		3,409		59,726
Avis Budget Group, Inc.(a)		7,658		106,446
Covenant Transportation Group, Inc., Class A(a)		1,638		14,201
Daseke, Inc.(a)(b)		6,707		9,390
Heartland Express, Inc.(b)		6,002		111,457
Hertz Global Holdings, Inc.(a)(b)		13,713		84,746
Marten Transport Ltd.		5,193		106,560
PAM Transportation Services, Inc.(a)		250		7,688
Roadrunner Transportation Systems, Inc.(a)(b)		586		1,494
Saia, Inc.(a)		3,418		251,360
Universal Logistics Holdings, Inc.		965		12,642
US Xpress Enterprises, Inc., Class A(a)		2,495		8,333
Werner Enterprises, Inc.(b)		6,024		218,430

Security	Shares		Value
Road & Rail (continued)
YRC Worldwide, Inc.(a)		4,269	$	7,172
				999,645
Semiconductors & Semiconductor Equipment — 3.2%
Adesto Technologies Corp.(a)		3,606		40,351
Advanced Energy Industries, Inc.(a)		5,000		242,450
Alpha & Omega Semiconductor Ltd.(a)		2,486		15,935
Ambarella, Inc.(a)		4,276		207,643
Amkor Technology, Inc.(a)(b)		13,074		101,847
Axcelis Technologies, Inc.(a)		4,256		77,927
AXT, Inc.(a)		4,613		14,808
Brooks Automation, Inc.		9,590		292,495
Cabot Microelectronics Corp.(b)		3,824		436,471
CEVA, Inc.(a)		2,930		73,045
Cirrus Logic, Inc.(a)		7,690		504,695
Cohu, Inc.(b)		5,358		66,332
Diodes, Inc.(a)		5,552		225,606
DSP Group, Inc.(a)		2,886		38,672
Enphase Energy, Inc.(a)		12,170		392,969
FormFactor, Inc.(a)(b)		10,001		200,920
GSI Technology, Inc.(a)		2,022		14,073
Ichor Holdings Ltd.(a)		2,949		56,503
Impinj, Inc.(a)		2,238		37,397
Inphi Corp.(a)		5,929		469,399
Lattice Semiconductor Corp.(a)(b)		16,615		296,079
MACOM Technology Solutions Holdings, Inc.(a)		6,018		113,921
MaxLinear, Inc.(a)		8,814		102,859
NeoPhotonics Corp.(a)		5,049		36,605
NVE Corp.		634		32,987
Onto Innovation, Inc.(a)		6,358		188,642
PDF Solutions, Inc.(a)		3,756		44,020
Photronics, Inc.(a)		8,314		85,302
Power Integrations, Inc.		3,766		332,651
Rambus, Inc.(a)		14,472		160,639
Semtech Corp.(a)		8,772		328,950
Silicon Laboratories, Inc.(a)		5,677		484,873
SiTime Corp.(a)		622		13,541
SMART Global Holdings, Inc.(a)(b)		1,726		41,942
SunPower Corp.(a)		9,698		49,169
Synaptics, Inc.(a)		4,563		264,061
Ultra Clean Holdings, Inc.(a)		5,335		73,623
Veeco Instruments, Inc.(a)		6,420		61,439
Xperi Corp.		6,431		89,455
				6,310,296
Software — 5.1%
8x8, Inc.(a)		12,666		175,551
A10 Networks, Inc.(a)		6,567		40,781
ACI Worldwide, Inc.(a)		15,185		366,718
Agilysys, Inc.(a)		2,787		46,543
Alarm.com Holdings, Inc.(a)		4,846		188,558
Altair Engineering, Inc., Class A(a)		5,323		141,060
American Software, Inc., Class A		3,796		53,941
Appfolio, Inc., Class A(a)		2,099		232,884
Appian Corp.(a)		4,549		183,006
Avaya Holdings Corp.(a)		12,503		101,149
Benefitfocus, Inc.(a)		4,013		35,756
Blackbaud, Inc.(b)		6,504		361,297
Blackline, Inc.(a)(b)		5,698		299,772
Bottomline Technologies DE, Inc.(a)		5,690		208,539
Box, Inc., Class A(a)		19,381		272,109
ChannelAdvisor Corp.(a)		3,719		27,000
Cloudera, Inc.(a)		32,569		256,318
CommVault Systems, Inc.(a)		5,485		222,033
Cornerstone OnDemand, Inc.(a)		7,491		237,839

15

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Digimarc Corp.(a)		1,500	$	19,575
Digital Turbine, Inc.(a)		10,404		44,841
Domo, Inc., Class B(a)		2,403		23,886
Ebix, Inc.(b)		3,196		48,515
eGain Corp.(a)		2,825		20,707
Envestnet, Inc.(a)		6,391		343,708
Everbridge, Inc.(a)		4,409		468,941
Five9, Inc.(a)		7,906		604,493
ForeScout Technologies, Inc.(a)		5,707		180,284
GTY Technology Holdings, Inc.(a)		5,229		23,635
Ideanomics, Inc.(a)		16,464		22,062
Intelligent Systems Corp.(a)		910		30,931
j2 Global, Inc.(b)		6,208		464,669
LivePerson, Inc.(a)		8,230		187,233
Majesco(a)		1,107		6,044
MicroStrategy, Inc., Class A(a)		1,091		128,847
Mitek Systems, Inc.(a)		4,222		33,269
MobileIron, Inc.(a)(b)		12,914		49,073
Model N, Inc.(a)		4,362		96,880
OneSpan, Inc.(a)		4,263		77,374
Phunware, Inc.(a)		3,728		2,516
Ping Identity Holding Corp.(a)		1,834		36,717
Progress Software Corp.		6,016		192,512
PROS Holdings, Inc.(a)		4,445		137,928
Q2 Holdings, Inc.(a)		5,771		340,835
QAD, Inc., Class A		1,497		59,775
Qualys, Inc.(a)(b)		4,481		389,802
Rapid7, Inc.(a)		6,497		281,515
Rimini Street, Inc.(a)		2,641		10,802
Rosetta Stone, Inc.(a)		2,853		39,999
SailPoint Technologies Holding, Inc.(a)(b)		11,295		171,910
SecureWorks Corp., Class A(a)		1,136		13,075
SharpSpring, Inc.(a)(b)		1,605		9,726
ShotSpotter, Inc.(a)		1,098		30,173
Sprout Social, Inc., Class A(a)		1,226		19,567
SPS Commerce, Inc.(a)		4,631		215,388
SVMK, Inc.(a)		11,339		153,190
Synchronoss Technologies, Inc.(a)(b)		5,153		15,717
Telaria, Inc.(a)		5,908		35,448
Telenav, Inc.(a)		4,426		19,120
Tenable Holdings, Inc.(a)		5,004		109,387
TiVo Corp.		16,782		118,817
Upland Software, Inc.(a)		3,027		81,184
Varonis Systems, Inc.(a)(b)		3,949		251,433
Verint Systems, Inc.(a)		8,840		380,120
VirnetX Holding Corp.(a)		8,291		45,352
Workiva, Inc.(a)		4,799		155,152
Yext, Inc.(a)(b)		12,892		131,370
Zix Corp.(a)		7,316		31,532
Zuora, Inc., Class A(a)		11,528		92,800
				9,898,683
Specialty Retail — 1.7%
Aaron’s, Inc.		8,994		204,883
Abercrombie & Fitch Co., Class A(b)		8,356		75,956
American Eagle Outfitters, Inc.		20,316		161,512
America’s Car-Mart, Inc.(a)		793		44,686
Asbury Automotive Group, Inc.(a)		2,570		141,941
Ascena Retail Group, Inc.(a)		1,162		1,615
At Home Group, Inc.(a)		6,665		13,463
Barnes & Noble Education, Inc.(a)(b)		4,763		6,478
Bed Bath & Beyond, Inc.		16,229		68,324
Boot Barn Holdings, Inc.(a)(b)		3,725		48,164
Buckle, Inc. (The)(b)		3,825		52,441
Caleres, Inc.(b)		5,246		27,279

Security	Shares		Value
Specialty Retail (continued)
Camping World Holdings, Inc., Class A(b)		4,304	$	24,490
Cato Corp. (The), Class A		2,996		31,967
Chico’s FAS, Inc.		15,330		19,776
Children’s Place, Inc. (The)(b)		1,831		35,814
Citi Trends, Inc.		1,484		13,208
Conn’s, Inc.(a)		2,609		10,906
Container Store Group, Inc. (The)(a)		2,426		5,725
Designer Brands, Inc., Class A		8,279		41,229
Express, Inc.(a)		8,759		13,051
GameStop Corp., Class A(b)		8,443		29,550
Genesco, Inc.(a)		1,928		25,720
GNC Holdings, Inc., Class A(a)(b)		10,811		5,061
Group 1 Automotive, Inc.(b)		2,374		105,073
Guess?, Inc.		6,122		41,446
Haverty Furniture Cos., Inc.		2,222		26,420
Hibbett Sports, Inc.(a)		2,336		25,544
Hudson Ltd., Class A(a)(b)		5,283		26,521
J. Jill, Inc.(b)		2,734		1,510
Lithia Motors, Inc., Class A		2,992		244,716
Lumber Liquidators Holdings, Inc.(a)		3,779		17,724
MarineMax, Inc.(a)		2,806		29,239
Michaels Cos., Inc. (The)(a)		9,899		16,036
Monro, Inc.		4,346		190,398
Murphy USA, Inc.(a)		3,845		324,364
National Vision Holdings, Inc.(a)		10,451		202,958
Office Depot, Inc.		72,349		118,652
OneWater Marine, Inc., Class A(a)		604		4,621
Party City Holdco, Inc.(a)		7,527		3,450
Rent-A-Center, Inc.(a)		6,584		93,098
RH(a)		2,242		225,254
RTW RetailWinds, Inc.(a)(b)		4,547		955
Sally Beauty Holdings, Inc.(a)		15,312		123,721
Shoe Carnival, Inc.		1,250		25,962
Signet Jewelers Ltd.		6,729		43,402
Sleep Number Corp.(a)		3,717		71,218
Sonic Automotive, Inc., Class A		3,242		43,054
Sportsman’s Warehouse Holdings, Inc.(a)		5,721		35,241
Tailored Brands, Inc.(b)		6,597		11,479
Tilly’s, Inc., Class A(b)		3,138		12,960
Winmark Corp.		311		39,628
Zumiez, Inc.(a)		2,701		46,781
				3,254,664
Technology Hardware, Storage & Peripherals — 0.2%
3D Systems Corp.(a)		15,391		118,665
AstroNova, Inc.		902		7,000
Avid Technology, Inc.(a)		3,792		25,520
Diebold Nixdorf, Inc.(a)(b)		10,128		35,651
Immersion Corp.(a)(b)		4,242		22,737
Sonim Technologies, Inc.(a)		482		337
Stratasys Ltd.(a)		6,698		106,833
				316,743
Textiles, Apparel & Luxury Goods — 0.7%
Centric Brands, Inc.(a)		2,091		2,342
Crocs, Inc.(a)		9,185		156,053
Culp, Inc.(b)		1,410		10,377
Deckers Outdoor Corp.(a)		3,707		496,738
Delta Apparel, Inc.(a)(b)		815		8,484
Fossil Group, Inc.(a)		6,532		21,490
G-III Apparel Group Ltd.(a)(b)		5,890		45,353
Kontoor Brands, Inc.(a)(b)		5,810		111,378
Movado Group, Inc.		2,089		24,692
Oxford Industries, Inc.(b)		2,223		80,606
Rocky Brands, Inc.		943		18,247

16

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Steven Madden Ltd.(b)		11,043	$	256,529
Superior Group of Cos., Inc.		1,315		11,125
Unifi, Inc.(a)(b)		1,745		20,155
Vera Bradley, Inc.(a)(b)		3,000		12,360
Vince Holding Corp.(a)		408		1,583
Wolverine World Wide, Inc.		10,598		161,090
				1,438,602
Thrifts & Mortgage Finance — 1.8%
Axos Financial, Inc.(a)(b)		7,696		139,528
Bridgewater Bancshares, Inc.(a)		3,082		30,049
Capitol Federal Financial, Inc.(b)		17,595		204,278
Columbia Financial, Inc.(a)(b)		6,857		98,741
ESSA Bancorp, Inc.(b)		1,222		16,680
Essent Group Ltd.(a)		12,716		334,939
Federal Agricultural Mortgage Corp., Class C		1,192		66,311
First Defiance Financial Corp.		4,804		70,811
Flagstar Bancorp, Inc.		4,616		91,535
FS Bancorp, Inc.		493		17,748
Greene County Bancorp, Inc.(b)		388		9,064
Hingham Institution for Savings		187		27,113
Home Bancorp, Inc.		1,018		24,860
HomeStreet, Inc.(a)		2,666		59,265
Kearny Financial Corp.		10,162		87,292
Luther Burbank Corp.		2,629		24,108
Merchants Bancorp.		1,064		16,151
Meridian Bancorp, Inc.		6,383		71,617
Meta Financial Group, Inc.(b)		4,423		96,068
MMA Capital Holdings, Inc.(a)		637		15,753
Mr Cooper Group, Inc.(a)		10,364		75,968
NMI Holdings, Inc., Class A(a)		8,807		102,249
Northfield Bancorp, Inc.		5,768		64,544
Northwest Bancshares, Inc.		13,361		154,587
OceanFirst Financial Corp.(b)		6,956		110,670
Ocwen Financial Corp.(a)		18,506		9,253
OP Bancorp.		1,864		13,905
PCSB Financial Corp.(b)		2,088		29,211
PDL Community Bancorp(a)		1,335		13,710
PennyMac Financial Services, Inc.		2,351		51,981
Pioneer Bancorp, Inc.(a)(b)		1,483		15,394
Provident Bancorp, Inc.(a)		1,329		11,456
Provident Financial Holdings, Inc.		732		11,148
Provident Financial Services, Inc.		8,238		105,941
Prudential Bancorp, Inc.		1,270		18,796
Radian Group, Inc.		26,717		345,985
Riverview Bancorp, Inc.		3,056		15,311
Southern Missouri Bancorp, Inc.		1,047		25,411
Sterling Bancorp, Inc.		2,419		10,402
Territorial Bancorp, Inc.		1,110		27,250
Timberland Bancorp, Inc.		982		17,961
TrustCo Bank Corp.		12,433		67,263
Velocity Financial, Inc.(a)		769		5,791
Walker & Dunlop, Inc.(b)		3,652		147,066
Washington Federal, Inc.		10,345		268,556
Waterstone Financial, Inc.(b)		3,092		44,958
Western New England Bancorp, Inc.		2,982		20,158
WSFS Financial Corp.		6,622		165,020
				3,451,856
Tobacco — 0.2%
22nd Century Group, Inc.(a)		14,966		11,224
Pyxus International, Inc.(a)(b)		1,261		3,922
Turning Point Brands, Inc.		1,111		23,453
Universal Corp.(b)		3,196		141,295

Security	Shares		Value
Tobacco (continued)
Vector Group Ltd.		14,721	$	138,672
				318,566
Trading Companies & Distributors — 1.2%
Applied Industrial Technologies, Inc.		5,105		233,401
Beacon Roofing Supply, Inc.(a)		7,022		116,144
BlueLinx Holdings, Inc.(a)		1,118		5,534
BMC Stock Holdings, Inc.(a)		8,711		154,446
CAI International, Inc.(a)		2,260		31,956
DXP Enterprises, Inc.(a)		2,165		26,543
EVI Industries, Inc.		557		8,789
Foundation Building Materials, Inc.(a)		2,718		27,968
GATX Corp.(b)		4,662		291,655
General Finance Corp.(a)		1,474		9,198
GMS, Inc.(a)		5,304		83,432
H&E Equipment Services, Inc.		4,251		62,405
Herc Holdings, Inc.(a)		3,208		65,636
Kaman Corp.		3,684		141,723
Lawson Products, Inc.(a)		584		15,604
MRC Global, Inc.(a)		10,472		44,611
NOW, Inc.(a)(b)		14,416		74,386
Rush Enterprises, Inc., Class A(b)		3,719		118,711
Rush Enterprises, Inc., Class B		483		14,736
SiteOne Landscape Supply, Inc.(a)		5,440		400,493
Systemax, Inc.		1,623		28,776
Textainer Group Holdings Ltd.(a)		6,927		56,940
Titan Machinery, Inc.(a)		2,475		21,508
Transcat, Inc.(a)		853		22,604
Triton International Ltd.(b)		7,201		186,290
Veritiv Corp.(a)		1,816		14,274
Willis Lease Finance Corp.(a)		394		10,480
				2,268,243
Water Utilities — 0.7%
American States Water Co.		4,834		395,131
Artesian Resources Corp., Class A		1,099		41,081
Cadiz, Inc.(a)		1,930		22,523
California Water Service Group		6,441		324,111
Consolidated Water Co. Ltd.(b)		1,787		29,307
Global Water Resources, Inc.		1,617		16,477
Middlesex Water Co.		2,283		137,254
Pure Cycle Corp.(a)		2,648		29,525
SJW Group(b)		3,507		202,599
York Water Co. (The)		1,710		74,317
				1,272,325
Wireless Telecommunication Services — 0.2%
Boingo Wireless, Inc.(a)		5,878		62,366
Gogo, Inc.(a)(b)		7,458		15,811
Shenandoah Telecommunications Co.		6,382		314,313
Spok Holdings, Inc.		2,208		23,604
				416,094
Total Common Stocks — 99.0% (Cost: $220,350,866)				192,231,397

17

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies — 0.0%
Ferroglobe Representation & Warranty Insurance Trust — Beneficial Interest Units(c)		10,979	$	—
Total Investment Companies — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.0% (Cost: $220,350,866)				192,231,397

Security	Shares		Value
Short-Term Securities — 11.5%(d)
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%*		1,278,652	$	1,278,652
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Class, 0.27%		50,165		50,165
SL Liquidity Series, LLC, Money Market Series, 0.88%(e)*		20,905,854		20,899,582
Total Short-Term Securities — 11.5% (Cost: $22,239,574)				22,228,399
Total Investments — 110.5% (Cost: $242,590,440)				214,459,796
Liabilities in Excess of Other Assets — (10.5)%				(20,386,765	)
Net Assets — 100.0%			$	194,073,031

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Annualized 7-day yield as of period end.

^(e)  Security was purchased with the cash collateral from loaned securities.

* Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19	Shares Purchased	Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class(b)	3,005,083	—	(1,726,431	)	1,278,652	$	1,278,652	$	8,939		$	—		$	—
SL Liquidity Series, LLC, Money Market Series(b)	41,590,570	—	(20,684,716	)	20,905,854		20,899,582		56,895	(c)		(16,935	)		(11,400	)
						$	22,178,234	$	65,834		$	(16,935	)	$	(11,400	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c) Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

18

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund

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
Russell 2000 E-Mini Index		32		06/19/20	$	1,836	$	83,404

Glossary of Terms Used in this Report

Portfolio Abbreviations
CVR	Contingent Value Rights
REIT	Real Estate Investment Trust

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative 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 Global 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

As of March 31, 2020, certain investments of the Fund were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Aerospace & Defense	$	2,662,494	$	—	$	—	$	2,662,494
Air Freight & Logistics		680,060		—		—		680,060
Airlines		508,040		—		—		508,040
Auto Components		1,636,217		—		—		1,636,217
Automobiles		113,103		—		—		113,103
Banks		17,472,424		—		—		17,472,424

19

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund

	Level 1		Level 2		Level 3		Total
Beverages	$	702,759	$	—	$	—	$	702,759
Biotechnology		17,854,024		—		215		17,854,239
Building Products		2,977,748		—		—		2,977,748
Capital Markets		2,885,676		—		—		2,885,676
Chemicals		3,273,712		—		1,859		3,275,571
Commercial Services & Supplies		5,014,579		—		—		5,014,579
Communications Equipment		2,536,154		—		—		2,536,154
Construction & Engineering		2,044,357		—		—		2,044,357
Construction Materials		299,953		—		—		299,953
Consumer Finance		1,165,816		—		—		1,165,816
Containers & Packaging		218,989		—		—		218,989
Distributors		202,826		—		—		202,826
Diversified Consumer Services		1,777,984		—		—		1,777,984
Diversified Financial Services		595,017		—		—		595,017
Diversified Telecommunication Services		1,493,554		—		—		1,493,554
Electric Utilities		2,308,303		—		—		2,308,303
Electrical Equipment		2,044,524		—		—		2,044,524
Electronic Equipment, Instruments & Components		5,535,972		—		—		5,535,972
Energy Equipment & Services		894,582		—		—		894,582
Entertainment		376,479		—		—		376,479
Equity Real Estate Investment Trusts (REITs)		13,394,708		—		—		13,394,708
Food & Staples Retailing		1,437,748		—		—		1,437,748
Food Products		2,896,512		—		—		2,896,512
Gas Utilities		2,763,561		—		—		2,763,561
Health Care Equipment & Supplies		8,933,975		—		—		8,933,975
Health Care Providers & Services		4,754,228		—		—		4,754,228
Health Care Technology		3,521,081		—		—		3,521,081
Hotels, Restaurants & Leisure		3,678,900		—		—		3,678,900
Household Durables		2,966,289		—		—		2,966,289
Household Products		563,556		—		—		563,556
Independent Power and Renewable Electricity Producers		867,707		—		—		867,707
Industrial Conglomerates		101,373		—		—		101,373
Insurance		5,196,748		—		—		5,196,748
Interactive Media & Services		631,511		—		—		631,511
Internet & Direct Marketing Retail		800,612		—		—		800,612
IT Services		4,474,858		—		—		4,474,858
Leisure Products		814,180		—		—		814,180
Life Sciences Tools & Services		2,131,970		—		—		2,131,970
Machinery		6,809,607		—		—		6,809,607
Marine		257,484		—		—		257,484
Media		1,417,098		—		—		1,417,098
Metals & Mining		1,995,983		—		—		1,995,983
Mortgage Real Estate Investment Trusts (REITs)		1,417,702		—		—		1,417,702
Multiline Retail		136,164		—		—		136,164
Multi-Utilities		1,391,791		—		—		1,391,791
Oil, Gas & Consumable Fuels		2,419,629		—		—		2,419,629
Paper & Forest Products		755,485		—		—		755,485
Personal Products		633,693		—		—		633,693
Pharmaceuticals		3,754,572		—		580		3,755,152
Professional Services		2,901,394		—		—		2,901,394
Real Estate Management & Development		1,187,561		—		—		1,187,561
Road & Rail		999,645		—		—		999,645
Semiconductors & Semiconductor Equipment		6,310,296		—		—		6,310,296
Software		9,898,683		—		—		9,898,683
Specialty Retail		3,254,664		—		—		3,254,664
Technology Hardware, Storage & Peripherals		316,743		—		—		316,743
Textiles, Apparel & Luxury Goods		1,438,602		—		—		1,438,602
Thrifts & Mortgage Finance		3,451,856		—		—		3,451,856
Tobacco		318,566		—		—		318,566
Trading Companies & Distributors		2,268,243		—		—		2,268,243
Water Utilities		1,272,325		—		—		1,272,325
Wireless Telecommunication Services		416,094		—		—		416,094
Short-Term Securities		1,328,817		—		—		1,328,817
Subtotal	$	193,557,560	$	—	$	2,654	$	193,560,214

20

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Small Cap Index V.I. Fund

	Level 1		Level 2		Level 3		Total
Investments Valued at NAV(a)								20,899,582
Total Investments							$	214,459,796
Derivative Financial Instruments (b)
Assets:
Equity contracts	$	83,404	$	—	$	—	$	83,404

^(a) Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

21