NPORT-EX 2 Small_Cap_Index.htm
Schedule
of
Investments
(unaudited)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.4%
AAR
Corp.
(a)
(b)
.......................
4,358
$
244,005
AeroVironment,
Inc.
(a)
(b)
.................
3,481
414,900
AerSale
Corp.
(b)
......................
4,272
31,997
Archer
Aviation,
Inc.
,
Class
A
(b)
............
40,037
284,663
Astronics
Corp.
(b)
.....................
3,641
88,003
Byrna
Technologies,
Inc.
(b)
...............
2,178
36,678
Cadre
Holdings,
Inc.
...................
3,266
96,706
Ducommun,
Inc.
(b)
....................
1,777
103,119
Eve
Holding,
Inc.
(a)
(b)
...................
6,076
20,172
Intuitive
Machines,
Inc.
,
Class
A
(b)
..........
5,191
38,673
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
(b)
..
18,236
541,427
Leonardo
DRS,
Inc.
...................
9,195
302,332
Mercury
Systems,
Inc.
(b)
................
6,443
277,629
Moog,
Inc.
,
Class
A
...................
3,473
602,045
National
Presto
Industries,
Inc.
............
663
58,284
Park
Aerospace
Corp.
..................
1,835
24,681
Redwire
Corp.
(b)
......................
2,820
23,378
Rocket
Lab
USA,
Inc.
(a)
(b)
................
43,814
783,394
Triumph
Group,
Inc.
(b)
..................
8,983
227,629
V2X,
Inc.
(b)
.........................
2,043
100,209
Virgin
Galactic
Holdings,
Inc.
(a)
(b)
...........
3,656
11,078
VirTra,
Inc.
(a)
(b)
.......................
1,315
5,352
4,316,354
Air
Freight
&
Logistics
—
0.2%
Air
Transport
Services
Group,
Inc.
(b)
........
6,274
140,788
Forward
Air
Corp.
(a)
(b)
..................
3,164
63,565
Hub
Group,
Inc.
,
Class
A
................
7,633
283,719
Radiant
Logistics,
Inc.
(b)
................
4,387
26,980
515,052
Automobile
Components
—
1.1%
Adient
plc
(b)
.........................
10,372
133,384
American
Axle
&
Manufacturing
Holdings,
Inc.
(b)
14,354
58,421
Cooper-Standard
Holdings,
Inc.
(b)
..........
2,110
32,325
Dana,
Inc.
..........................
15,891
211,827
Dorman
Products,
Inc.
(b)
................
3,234
389,826
Fox
Factory
Holding
Corp.
(b)
..............
5,326
124,309
Gentherm,
Inc.
(b)
.....................
3,894
104,126
Goodyear
Tire
&
Rubber
Co.
(The)
(b)
........
35,870
331,439
Holley,
Inc.
(b)
........................
5,818
14,952
LCI
Industries
.......................
3,065
267,973
Luminar
Technologies,
Inc.
,
Class
A
(a)
(b)
......
2,806
15,124
Modine
Manufacturing
Co.
(b)
.............
6,410
491,967
Patrick
Industries,
Inc.
.................
4,015
339,508
Phinia,
Inc.
.........................
5,212
221,145
Solid
Power,
Inc.
,
Class
A
(a)
(b)
.............
19,650
20,633
Standard
Motor
Products,
Inc.
(a)
...........
2,464
61,428
Stoneridge,
Inc.
(b)
.....................
3,064
14,064
Visteon
Corp.
(b)
......................
3,334
258,785
XPEL,
Inc.
(a)
(b)
(c)
......................
3,166
93,017
3,184,253
Automobiles
—
0.0%
Livewire
Group,
Inc.
(a)
(b)
.................
2,321
4,642
Winnebago
Industries,
Inc.
..............
3,458
119,163
123,805
Banks
—
10.7%
1st
Source
Corp.
.....................
2,205
131,881
ACNB
Corp.
........................
981
40,378
Amalgamated
Financial
Corp.
(a)
...........
2,379
68,396
Amerant
Bancorp,
Inc.
,
Class
A
(a)
..........
4,430
91,435
Ameris
Bancorp
......................
8,099
466,259
Ames
National
Corp.
..................
1,111
19,465
Security
Shares
Shares
Value
Banks
(continued)
Arrow
Financial
Corp.
..................
1,959
$
51,502
Associated
Banc-Corp.
(a)
................
20,273
456,751
Atlantic
Union
Bankshares
Corp.
(a)
.........
10,838
337,495
Axos
Financial,
Inc.
(a)
(b)
.................
6,864
442,865
Banc
of
California,
Inc.
.................
16,673
236,590
BancFirst
Corp.
(a)
.....................
2,480
272,478
Bancorp,
Inc.
(The)
(b)
..................
5,683
300,290
Bank
First
Corp.
(a)
....................
1,255
126,429
Bank
of
Hawaii
Corp.
..................
4,726
325,952
Bank
of
Marin
Bancorp
.................
2,055
45,354
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
......
5,471
212,931
Bank7
Corp.
........................
407
15,767
BankUnited,
Inc.
.....................
9,013
310,408
Bankwell
Financial
Group,
Inc.
............
1,001
30,210
Banner
Corp.
.......................
4,086
260,564
Bar
Harbor
Bankshares
................
1,956
57,702
BayCom
Corp.
......................
1,492
37,554
BCB
Bancorp,
Inc.
....................
2,193
21,623
Berkshire
Hills
Bancorp,
Inc.
.............
5,072
132,328
Blue
Foundry
Bancorp
(b)
................
2,123
19,532
Bridgewater
Bancshares,
Inc.
(b)
...........
2,303
31,989
Brookline
Bancorp,
Inc.
(a)
................
10,942
119,268
Burke
&
Herbert
Financial
Services
Corp.
....
1,721
96,565
Business
First
Bancshares,
Inc.
...........
3,118
75,923
Byline
Bancorp,
Inc.
...................
3,956
103,489
Cadence
Bank
......................
19,124
580,605
California
Bancorp
(b)
...................
3,023
43,320
Camden
National
Corp.
................
2,065
83,571
Capital
Bancorp,
Inc.
..................
1,075
30,455
Capital
City
Bank
Group,
Inc.
.............
1,779
63,973
Capitol
Federal
Financial,
Inc.
............
15,065
84,364
Carter
Bankshares,
Inc.
(b)
...............
3,079
49,818
Cathay
General
Bancorp
................
8,518
366,530
Central
Pacific
Financial
Corp.
............
3,251
87,907
Chemung
Financial
Corp.
...............
440
20,931
ChoiceOne
Financial
Services,
Inc.
.........
1,129
32,481
Citizens
&
Northern
Corp.
...............
1,779
35,793
Citizens
Financial
Services,
Inc.
...........
491
28,503
City
Holding
Co.
(a)
....................
1,731
203,341
Civista
Bancshares,
Inc.
................
1,975
38,591
CNB
Financial
Corp.
...................
2,895
64,414
Coastal
Financial
Corp.
(b)
...............
1,533
138,599
Colony
Bankcorp,
Inc.
.................
1,900
30,685
Columbia
Financial,
Inc.
(a)
(b)
..............
3,235
48,525
Community
Financial
System,
Inc.
.........
6,481
368,510
Community
Trust
Bancorp,
Inc.
(a)
..........
2,021
101,778
Community
West
Bancshares
............
2,248
41,543
ConnectOne
Bancorp,
Inc.
..............
4,427
107,620
Customers
Bancorp,
Inc.
(b)
...............
3,723
186,895
CVB
Financial
Corp.
...................
16,648
307,322
Dime
Community
Bancshares,
Inc.
.........
4,939
137,699
Eagle
Bancorp,
Inc.
(a)
..................
3,499
73,479
Eastern
Bankshares,
Inc.
(a)
..............
24,040
394,256
Enterprise
Bancorp,
Inc.
................
1,148
44,692
Enterprise
Financial
Services
Corp.
(a)
.......
4,694
252,256
Equity
Bancshares,
Inc.
,
Class
A
..........
1,903
74,978
Esquire
Financial
Holdings,
Inc.
...........
818
61,661
ESSA
Bancorp,
Inc.
...................
1,030
19,415
Farmers
&
Merchants
Bancorp,
Inc.
........
1,698
40,599
Farmers
National
Banc
Corp.
.............
4,586
59,847
FB
Financial
Corp.
(a)
...................
4,546
210,753
Fidelity
D&D
Bancorp,
Inc.
...............
564
23,468
Financial
Institutions,
Inc.
...............
2,357
58,831
First
Bancorp
.......................
19,804
379,643
First
Bancorp
(a)
......................
4,766
191,307
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
First
Bancorp,
Inc.
(The)
................
1,391
$
34,386
First
Bancshares,
Inc.
(The)
..............
3,926
132,738
First
Bank
..........................
2,963
43,882
First
Busey
Corp.
(a)
....................
10,215
220,644
First
Business
Financial
Services,
Inc.
.......
1,154
54,411
First
Commonwealth
Financial
Corp.
(a)
.......
12,700
197,358
First
Community
Bankshares,
Inc.
(a)
........
2,268
85,481
First
Financial
Bancorp
.................
11,856
296,163
First
Financial
Bankshares,
Inc.
...........
16,202
581,976
First
Financial
Corp.
...................
1,546
75,723
First
Financial
Northwest,
Inc.
............
900
20,394
First
Foundation,
Inc.
(a)
.................
7,998
41,510
First
Internet
Bancorp
..................
1,061
28,414
First
Interstate
BancSystem,
Inc.
,
Class
A
....
10,166
291,256
First
Merchants
Corp.
..................
7,330
296,425
First
Mid
Bancshares,
Inc.
...............
2,954
103,095
First
of
Long
Island
Corp.
(The)
...........
2,634
32,530
First
Western
Financial,
Inc.
(b)
............
917
18,019
Five
Star
Bancorp
....................
2,233
62,077
Flagstar
Financial,
Inc.
(a)
................
31,166
362,149
Flushing
Financial
Corp.
................
4,190
53,213
FS
Bancorp,
Inc.
.....................
752
28,583
Fulton
Financial
Corp.
..................
21,045
380,704
FVCBankcorp,
Inc.
(a)
(b)
.................
1,733
18,318
German
American
Bancorp,
Inc.
...........
3,734
140,025
Glacier
Bancorp,
Inc.
(a)
.................
14,214
628,543
Great
Southern
Bancorp,
Inc.
.............
1,039
57,529
Greene
County
Bancorp,
Inc.
(a)
............
786
18,950
Guaranty
Bancshares,
Inc.
..............
1,095
43,833
Hancock
Whitney
Corp.
................
10,899
571,653
Hanmi
Financial
Corp.
(a)
................
3,597
81,508
HarborOne
Bancorp,
Inc.
...............
4,474
46,395
HBT
Financial,
Inc.
....................
1,855
41,571
Heritage
Commerce
Corp.
...............
7,031
66,935
Heritage
Financial
Corp.
(a)
...............
4,119
100,215
Hilltop
Holdings,
Inc.
(a)
.................
5,966
181,665
Hingham
Institution
for
Savings
(The)
.......
194
46,133
Home
Bancorp,
Inc.
...................
875
39,200
Home
BancShares,
Inc.
(a)
...............
23,444
662,762
HomeStreet,
Inc.
(b)
....................
2,431
28,540
HomeTrust
Bancshares,
Inc.
.............
2,070
70,960
Hope
Bancorp,
Inc.
...................
13,842
144,926
Horizon
Bancorp,
Inc.
..................
5,512
83,121
Independent
Bank
Corp.
................
7,769
403,127
International
Bancshares
Corp.
...........
6,778
427,421
Investar
Holding
Corp.
.................
1,277
22,488
John
Marshall
Bancorp,
Inc.
.............
1,610
26,597
Kearny
Financial
Corp.
.................
7,196
45,047
Lakeland
Financial
Corp.
................
3,039
180,638
LCNB
Corp.
........................
1,811
26,785
LINKBANCORP,
Inc.
..................
2,602
17,642
Live
Oak
Bancshares,
Inc.
...............
4,442
118,424
Mercantile
Bank
Corp.
.................
2,049
89,009
Metrocity
Bankshares,
Inc.
..............
2,420
66,719
Metropolitan
Bank
Holding
Corp.
(b)
.........
1,301
72,843
Mid
Penn
Bancorp,
Inc.
.................
2,184
56,587
Middlefield
Banc
Corp.
.................
888
24,820
Midland
States
Bancorp,
Inc.
.............
2,729
46,720
MidWestOne
Financial
Group,
Inc.
.........
2,271
67,244
MVB
Financial
Corp.
..................
1,668
28,890
National
Bank
Holdings
Corp.
,
Class
A
......
4,543
173,861
National
Bankshares,
Inc.
(a)
..............
704
18,748
NB
Bancorp,
Inc.
(a)
(b)
...................
5,087
91,922
NBT
Bancorp,
Inc.
....................
5,779
247,919
Nicolet
Bankshares,
Inc.
(a)
...............
1,715
186,866
Security
Shares
Shares
Value
Banks
(continued)
Northeast
Bank
......................
916
$
83,851
Northeast
Community
Bancorp,
Inc.
........
1,375
32,230
Northfield
Bancorp,
Inc.
................
5,107
55,717
Northrim
Bancorp,
Inc.
.................
711
52,059
Northwest
Bancshares,
Inc.
..............
16,000
192,320
Norwood
Financial
Corp.
................
849
20,520
Oak
Valley
Bancorp
...................
678
16,923
OceanFirst
Financial
Corp.
..............
7,192
122,336
OFG
Bancorp
.......................
5,464
218,669
Old
National
Bancorp
(a)
.................
39,215
830,966
Old
Second
Bancorp,
Inc.
...............
5,507
91,636
Orange
County
Bancorp,
Inc.
.............
1,202
28,115
Origin
Bancorp,
Inc.
...................
3,591
124,500
Orrstown
Financial
Services,
Inc.
..........
2,419
72,594
Pacific
Premier
Bancorp,
Inc.
.............
11,705
249,551
Park
National
Corp.
(a)
..................
1,821
275,699
Parke
Bancorp,
Inc.
...................
1,688
31,802
Pathward
Financial,
Inc.
(a)
...............
3,082
224,832
PCB
Bancorp
.......................
1,351
25,277
Peapack-Gladstone
Financial
Corp.
........
2,316
65,774
Peoples
Bancorp
of
North
Carolina,
Inc.
.....
608
16,562
Peoples
Bancorp,
Inc.
.................
4,312
127,894
Peoples
Financial
Services
Corp.
..........
1,182
52,564
Pioneer
Bancorp,
Inc.
(b)
.................
1,483
17,366
Plumas
Bancorp
(a)
....................
613
26,524
Ponce
Financial
Group,
Inc.
(b)
............
2,558
32,410
Preferred
Bank
......................
1,061
88,763
Primis
Financial
Corp.
..................
2,525
24,669
Princeton
Bancorp,
Inc.
.................
601
18,361
Provident
Bancorp,
Inc.
(b)
...............
1,943
22,306
Provident
Financial
Services,
Inc.
..........
14,883
255,541
QCR
Holdings,
Inc.
(a)
..................
2,102
149,915
RBB
Bancorp
.......................
2,165
35,722
Red
River
Bancshares,
Inc.
..............
655
33,831
Renasant
Corp.
......................
7,376
250,268
Republic
Bancorp,
Inc.
,
Class
A
...........
1,050
67,011
S&T
Bancorp,
Inc.
....................
4,785
177,284
Sandy
Spring
Bancorp,
Inc.
..............
5,591
156,268
Seacoast
Banking
Corp.
of
Florida
.........
10,607
272,918
ServisFirst
Bancshares,
Inc.
.............
6,374
526,492
Shore
Bancshares,
Inc.
.................
4,023
54,471
Sierra
Bancorp
......................
1,907
53,167
Simmons
First
National
Corp.
,
Class
A
......
15,584
319,939
SmartFinancial,
Inc.
...................
1,999
62,129
South
Plains
Financial,
Inc.
..............
1,679
55,608
Southern
First
Bancshares,
Inc.
(b)
..........
985
32,426
Southern
Missouri
Bancorp,
Inc.
...........
1,201
62,476
Southern
States
Bancshares,
Inc.
..........
1,115
39,861
Southside
Bancshares,
Inc.
..............
3,616
104,719
SouthState
Corp.
.....................
12,202
1,132,590
Stellar
Bancorp,
Inc.
...................
6,138
169,777
Sterling
Bancorp,
Inc.
(b)
(d)
................
3,482
16,853
Stock
Yards
Bancorp,
Inc.
...............
3,314
228,865
Texas
Capital
Bancshares,
Inc.
(b)
..........
5,863
437,966
Third
Coast
Bancshares,
Inc.
(b)
............
1,458
48,653
Timberland
Bancorp,
Inc.
...............
953
28,733
Tompkins
Financial
Corp.
...............
1,632
102,783
Towne
Bank
........................
8,729
298,444
TriCo
Bancshares
(a)
...................
4,179
167,035
Triumph
Financial,
Inc.
(b)
................
2,670
154,326
TrustCo
Bank
Corp.
...................
2,175
66,294
Trustmark
Corp.
(a)
....................
7,317
252,363
UMB
Financial
Corp.
..................
8,576
867,034
United
Bankshares,
Inc.
................
16,606
575,730
United
Community
Banks,
Inc.
(a)
...........
14,510
408,166
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Unity
Bancorp,
Inc.
....................
817
$
33,252
Univest
Financial
Corp.
.................
3,945
111,880
USCB
Financial
Holdings,
Inc.
,
Class
A
......
1,251
23,219
Valley
National
Bancorp
................
58,746
522,252
Veritex
Holdings,
Inc.
..................
6,323
157,885
Virginia
National
Bankshares
Corp.
.........
540
19,483
WaFd,
Inc.
(a)
........................
9,614
274,768
Washington
Trust
Bancorp,
Inc.
...........
2,335
72,058
WesBanco,
Inc.
......................
10,805
334,523
West
Bancorp,
Inc.
....................
2,084
41,555
Westamerica
Bancorp
.................
3,216
162,826
WSFS
Financial
Corp.
(a)
................
7,095
368,018
32,092,728
Beverages
—
0.4%
MGP
Ingredients,
Inc.
..................
1,691
49,682
National
Beverage
Corp.
................
2,943
122,252
Primo
Brands
Corp.
,
Class
A
(a)
............
24,744
878,165
Vita
Coco
Co.,
Inc.
(The)
(b)
...............
4,913
150,583
1,200,682
Biotechnology
—
8.1%
(b)
2seventy
bio,
Inc.
.....................
6,266
30,954
4D
Molecular
Therapeutics,
Inc.
(a)
..........
6,268
20,246
89bio,
Inc.
.........................
13,903
101,075
Absci
Corp.
.........................
10,099
25,349
ACADIA
Pharmaceuticals,
Inc.
............
14,679
243,818
ACELYRIN,
Inc.
......................
8,658
21,385
Achieve
Life
Sciences,
Inc.
(a)
.............
4,241
11,323
Acrivon
Therapeutics,
Inc.
...............
1,049
2,129
Actinium
Pharmaceuticals,
Inc.
(a)
..........
4,343
6,992
Acumen
Pharmaceuticals,
Inc.
............
5,250
5,775
ADC
Therapeutics
SA
..................
8,686
12,247
ADMA
Biologics,
Inc.
..................
28,496
565,361
Adverum
Biotechnologies,
Inc.
(a)
...........
2,628
11,484
Aerovate
Therapeutics,
Inc.
..............
1,493
3,747
Agenus,
Inc.
........................
2,761
4,155
Agios
Pharmaceuticals,
Inc.
..............
7,104
208,147
Akebia
Therapeutics,
Inc.
...............
26,200
50,304
Akero
Therapeutics,
Inc.
................
9,255
374,642
Aldeyra
Therapeutics,
Inc.
(a)
..............
5,597
32,183
Alector,
Inc.
........................
9,171
11,280
Alkermes
plc
........................
20,025
661,226
Allogene
Therapeutics,
Inc.
(a)
.............
14,951
21,828
Altimmune,
Inc.
......................
8,976
44,880
ALX
Oncology
Holdings,
Inc.
.............
4,942
3,079
Amicus
Therapeutics,
Inc.
...............
36,808
300,353
AnaptysBio,
Inc.
.....................
2,582
47,999
Anavex
Life
Sciences
Corp.
(a)
.............
9,567
82,085
Anika
Therapeutics,
Inc.
................
1,826
27,445
Annexon,
Inc.
.......................
12,036
23,229
Apogee
Therapeutics,
Inc.
...............
4,751
177,497
Applied
Therapeutics,
Inc.
(a)
..............
12,064
5,898
Arbutus
Biopharma
Corp.
...............
18,532
64,677
Arcellx,
Inc.
.........................
5,414
355,158
Arcturus
Therapeutics
Holdings,
Inc.
........
2,749
29,112
Arcus
Biosciences,
Inc.
(a)
................
6,712
52,689
Arcutis
Biotherapeutics,
Inc.
.............
13,353
208,841
Ardelyx,
Inc.
........................
29,197
143,357
ArriVent
Biopharma,
Inc.
(a)
...............
3,442
63,643
Arrowhead
Pharmaceuticals,
Inc.
(a)
.........
15,008
191,202
ARS
Pharmaceuticals,
Inc.
..............
6,182
77,770
Artiva
Biotherapeutics,
Inc.
(a)
.............
1,583
4,749
Astria
Therapeutics,
Inc.
................
5,979
31,928
Atossa
Therapeutics,
Inc.
(a)
..............
15,745
10,595
Aura
Biosciences,
Inc.
.................
5,714
33,484
Security
Shares
Shares
Value
Biotechnology
(continued)
Aurinia
Pharmaceuticals,
Inc.
.............
16,680
$
134,107
Avidity
Biosciences,
Inc.
(a)
...............
14,185
418,741
Avita
Medical,
Inc.
(a)
...................
3,069
24,982
Beam
Therapeutics,
Inc.
................
11,482
224,243
Bicara
Therapeutics,
Inc.
................
2,264
29,500
BioCryst
Pharmaceuticals,
Inc.
............
25,932
194,490
Biohaven
Ltd.
(a)
......................
10,648
255,978
Biomea
Fusion,
Inc.
(a)
..................
3,259
6,942
Black
Diamond
Therapeutics,
Inc.
..........
4,697
7,280
Bluebird
Bio,
Inc.
.....................
1,120
5,466
Blueprint
Medicines
Corp.
...............
7,900
699,229
Boundless
Bio,
Inc.
...................
4,132
6,239
Bridgebio
Pharma,
Inc.
.................
17,367
600,377
C4
Therapeutics,
Inc.
(a)
.................
7,435
11,896
Cabaletta
Bio,
Inc.
....................
5,569
7,713
CAMP4
Therapeutics
Corp.
(a)
.............
1,799
7,196
Candel
Therapeutics,
Inc.
(a)
..............
3,554
20,080
Capricor
Therapeutics,
Inc.
(a)
.............
4,546
43,142
Cardiff
Oncology,
Inc.
..................
7,332
23,022
CareDx,
Inc.
........................
6,204
110,121
Cargo
Therapeutics,
Inc.
(a)
...............
4,251
17,302
Caribou
Biosciences,
Inc.
...............
9,543
8,714
Cartesian
Therapeutics,
Inc.
.............
1,463
19,282
Catalyst
Pharmaceuticals,
Inc.
............
14,145
343,016
Celcuity,
Inc.
........................
3,756
37,973
Celldex
Therapeutics,
Inc.
...............
8,118
147,342
Century
Therapeutics,
Inc.
...............
5,967
2,840
CervoMed,
Inc.
......................
675
6,176
CG
oncology,
Inc.
....................
6,711
164,352
Cibus,
Inc.
,
Class
A
...................
1,882
3,519
Climb
Bio,
Inc.
.......................
3,560
4,343
Cogent
Biosciences,
Inc.
................
11,544
69,149
Coherus
Biosciences,
Inc.
...............
12,395
10,003
Compass
Therapeutics,
Inc.
(a)
............
10,922
20,752
Corbus
Pharmaceuticals
Holdings,
Inc.
(a)
.....
1,278
6,786
Crinetics
Pharmaceuticals,
Inc.
...........
11,369
381,316
Cullinan
Therapeutics,
Inc.
..............
6,409
48,516
Cytokinetics,
Inc.
.....................
14,246
572,547
Day
One
Biopharmaceuticals,
Inc.
.........
6,567
52,076
Denali
Therapeutics,
Inc.
................
15,635
212,558
Design
Therapeutics,
Inc.
...............
3,934
15,185
Dianthus
Therapeutics,
Inc.
..............
2,995
54,329
Disc
Medicine,
Inc.
....................
2,834
140,680
Dynavax
Technologies
Corp.
.............
16,588
215,146
Dyne
Therapeutics,
Inc.
................
10,141
106,075
Editas
Medicine,
Inc.
(a)
.................
10,264
11,906
Elevation
Oncology,
Inc.
(a)
...............
6,412
1,661
Enanta
Pharmaceuticals,
Inc.
.............
2,510
13,855
Entrada
Therapeutics,
Inc.
...............
3,241
29,299
Erasca,
Inc.
........................
21,807
29,876
Fate
Therapeutics,
Inc.
(a)
................
13,080
10,335
Fennec
Pharmaceuticals,
Inc.
(a)
...........
3,532
21,510
Fibrobiologics,
Inc.
(a)
...................
3,107
2,796
Foghorn
Therapeutics,
Inc.
(a)
.............
3,375
12,319
Generation
Bio
Co.
...................
6,557
2,656
Geron
Corp.
(a)
.......................
72,281
114,927
Greenwich
Lifesciences,
Inc.
(a)
............
742
7,079
Gyre
Therapeutics,
Inc.
.................
975
7,527
Halozyme
Therapeutics,
Inc.
(a)
............
15,429
984,525
Heron
Therapeutics,
Inc.
(a)
...............
15,012
33,026
HilleVax,
Inc.
(a)
.......................
3,961
5,743
Humacyte,
Inc.
......................
11,096
18,919
Ideaya
Biosciences,
Inc.
(a)
...............
10,796
176,838
IGM
Biosciences,
Inc.
(a)
.................
1,949
2,241
ImmunityBio,
Inc.
(a)
....................
17,952
54,036
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Immunome,
Inc.
......................
8,770
$
59,022
Immunovant,
Inc.
.....................
7,300
124,757
Inhibrx
Biosciences,
Inc.
(a)
...............
1,640
22,944
Inmune
Bio,
Inc.
(a)
....................
1,528
11,934
Inovio
Pharmaceuticals,
Inc.
.............
3,227
5,260
Inozyme
Pharma,
Inc.
..................
6,484
5,900
Insmed,
Inc.
(a)
.......................
21,426
1,634,590
Intellia
Therapeutics,
Inc.
...............
12,147
86,365
Invivyd,
Inc.
........................
9,826
5,948
Iovance
Biotherapeutics,
Inc.
.............
33,956
113,073
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
.....
18,314
26,922
iTeos
Therapeutics,
Inc.
................
3,345
19,970
Janux
Therapeutics,
Inc.
................
3,926
106,002
Jasper
Therapeutics,
Inc.
...............
1,432
6,158
KalVista
Pharmaceuticals,
Inc.
............
4,806
55,461
Keros
Therapeutics,
Inc.
................
3,706
37,764
Kiniksa
Pharmaceuticals
International
plc
.....
4,682
103,987
Kodiak
Sciences,
Inc.
..................
3,902
10,945
Korro
Bio,
Inc.
.......................
765
13,319
Krystal
Biotech,
Inc.
(a)
..................
3,065
552,620
Kura
Oncology,
Inc.
...................
9,122
60,205
Kymera
Therapeutics,
Inc.
...............
5,848
160,060
Kyverna
Therapeutics,
Inc.
..............
2,118
4,088
Larimar
Therapeutics,
Inc.
...............
5,281
11,354
LENZ
Therapeutics,
Inc.
(a)
...............
1,588
40,827
Lexeo
Therapeutics,
Inc.
................
2,721
9,442
Lexicon
Pharmaceuticals,
Inc.
(a)
...........
15,096
6,956
Lineage
Cell
Therapeutics,
Inc.
(a)
..........
15,149
6,841
Lyell
Immunopharma,
Inc.
...............
21,226
11,420
MacroGenics,
Inc.
....................
7,026
8,923
Madrigal
Pharmaceuticals,
Inc.
............
2,237
740,962
MannKind
Corp.
.....................
33,155
166,770
MeiraGTx
Holdings
plc
.................
5,751
38,992
Mersana
Therapeutics,
Inc.
(a)
.............
13,844
4,765
Metagenomi,
Inc.
(a)
....................
3,083
4,193
Metsera,
Inc.
........................
1,918
52,208
MiMedx
Group,
Inc.
...................
14,839
112,776
Mineralys
Therapeutics,
Inc.
.............
3,608
57,295
Mirum
Pharmaceuticals,
Inc.
.............
4,911
221,241
Monte
Rosa
Therapeutics,
Inc.
(a)
...........
5,691
26,406
Myriad
Genetics,
Inc.
..................
11,251
99,796
Neurogene,
Inc.
(a)
.....................
1,290
15,106
Nkarta,
Inc.
.........................
6,676
12,284
Novavax,
Inc.
(a)
......................
19,050
122,111
Nurix
Therapeutics,
Inc.
................
9,375
111,375
Nuvalent,
Inc.
,
Class
A
.................
4,312
305,807
Ocugen,
Inc.
(a)
.......................
32,091
22,666
Olema
Pharmaceuticals,
Inc.
.............
5,036
18,935
Organogenesis
Holdings,
Inc.
,
Class
A
......
8,338
36,020
ORIC
Pharmaceuticals,
Inc.
..............
7,724
43,100
Outlook
Therapeutics,
Inc.
...............
1,014
1,237
Ovid
therapeutics,
Inc.
.................
6,988
2,180
PepGen,
Inc.
........................
1,942
2,729
Perspective
Therapeutics,
Inc.
(a)
...........
6,719
14,311
Praxis
Precision
Medicines,
Inc.
...........
2,161
81,837
Precigen,
Inc.
(a)
......................
19,112
28,477
Prelude
Therapeutics,
Inc.
...............
1,647
1,265
Prime
Medicine,
Inc.
(a)
..................
7,199
14,326
ProKidney
Corp.
,
Class
A
(a)
..............
13,826
12,114
Protagonist
Therapeutics,
Inc.
............
7,348
355,349
Prothena
Corp.
plc
(a)
...................
5,403
66,862
PTC
Therapeutics,
Inc.
.................
9,399
478,973
Puma
Biotechnology,
Inc.
...............
5,205
15,407
Pyxis
Oncology,
Inc.
...................
6,081
5,959
Q32
Bio,
Inc.
(a)
.......................
762
1,257
Security
Shares
Shares
Value
Biotechnology
(continued)
RAPT
Therapeutics,
Inc.
(a)
...............
3,769
$
4,598
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(a)
...
31,095
164,493
REGENXBIO,
Inc.
....................
5,928
42,385
Regulus
Therapeutics,
Inc.
(a)
.............
7,846
13,731
Relay
Therapeutics,
Inc.
(a)
...............
14,986
39,263
Renovaro,
Inc.
(a)
.....................
13,340
7,246
Replimune
Group,
Inc.
.................
8,509
82,963
Revolution
Medicines,
Inc.
(a)
..............
21,144
747,652
Rhythm
Pharmaceuticals,
Inc.
(a)
...........
6,886
364,751
Rigel
Pharmaceuticals,
Inc.
..............
1,983
35,674
Rocket
Pharmaceuticals,
Inc.
.............
9,571
63,839
Sage
Therapeutics,
Inc.
................
6,508
51,739
Sana
Biotechnology,
Inc.
................
16,675
28,014
Savara,
Inc.
........................
13,876
38,437
Scholar
Rock
Holding
Corp.
..............
9,983
320,953
Sera
Prognostics,
Inc.
,
Class
A
(a)
..........
3,426
12,608
Shattuck
Labs,
Inc.
...................
4,950
4,703
Skye
Bioscience,
Inc.
..................
2,114
3,361
Soleno
Therapeutics,
Inc.
...............
3,172
226,639
Solid
Biosciences,
Inc.
.................
2,854
10,560
SpringWorks
Therapeutics,
Inc.
...........
8,458
373,252
Spyre
Therapeutics,
Inc.
................
4,960
80,030
Stoke
Therapeutics,
Inc.
................
4,492
29,872
Summit
Therapeutics,
Inc.
(a)
..............
11,630
224,343
Sutro
Biopharma,
Inc.
..................
10,282
6,689
Syndax
Pharmaceuticals,
Inc.
............
10,369
127,383
Tango
Therapeutics,
Inc.
................
6,443
8,827
Taysha
Gene
Therapies,
Inc.
(a)
............
20,060
27,883
Tenaya
Therapeutics,
Inc.
...............
5,455
3,110
TG
Therapeutics,
Inc.
..................
17,224
679,142
Tourmaline
Bio,
Inc.
(a)
..................
2,902
44,139
Travere
Therapeutics,
Inc.
...............
10,457
187,389
TScan
Therapeutics,
Inc.
...............
4,768
6,580
Twist
Bioscience
Corp.
.................
7,458
292,801
Tyra
Biosciences,
Inc.
..................
2,554
23,752
Upstream
Bio,
Inc.
(a)
...................
2,031
12,430
UroGen
Pharma
Ltd.
(a)
.................
5,100
56,406
Vanda
Pharmaceuticals,
Inc.
.............
7,876
36,151
Vaxcyte,
Inc.
(a)
.......................
15,426
582,486
Vera
Therapeutics,
Inc.
,
Class
A
...........
5,516
132,494
Veracyte,
Inc.
.......................
9,786
290,155
Verastem,
Inc.
.......................
5,536
33,382
Vericel
Corp.
........................
6,090
271,736
Verve
Therapeutics,
Inc.
................
8,144
37,218
Vir
Biotechnology,
Inc.
(a)
................
11,321
73,360
Viridian
Therapeutics,
Inc.
...............
9,015
121,522
Voyager
Therapeutics,
Inc.
(a)
.............
6,065
20,500
Werewolf
Therapeutics,
Inc.
..............
3,899
3,791
X4
Pharmaceuticals,
Inc.
(a)
..............
24,509
5,794
XBiotech,
Inc.
.......................
2,277
7,377
Xencor,
Inc.
........................
8,292
88,227
XOMA
Royalty
Corp.
..................
843
16,801
Y-mAbs
Therapeutics,
Inc.
(a)
..............
4,220
18,695
Zenas
Biopharma,
Inc.
.................
1,696
13,398
Zentalis
Pharmaceuticals,
Inc.
............
7,228
11,493
Zura
Bio
Ltd.
,
Class
A
..................
5,547
7,156
Zymeworks,
Inc.
.....................
6,479
77,165
24,351,801
Broadline
Retail
—
0.0%
(b)
1stdibs.com,
Inc.
(a)
....................
3,079
9,360
Groupon,
Inc.
.......................
2,896
54,358
Savers
Value
Village,
Inc.
(a)
..............
3,137
21,645
85,363
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
—
1.4%
American
Woodmark
Corp.
(b)
.............
1,831
$
107,718
Apogee
Enterprises,
Inc.
................
2,776
128,612
AZZ,
Inc.
..........................
3,688
308,354
Caesarstone
Ltd.
(a)
(b)
...................
2,497
6,068
CSW
Industrials,
Inc.
(a)
.................
2,069
603,155
Gibraltar
Industries,
Inc.
(b)
...............
3,846
225,606
Griffon
Corp.
........................
4,879
348,848
Insteel
Industries,
Inc.
..................
2,323
61,095
Janus
International
Group,
Inc.
(b)
..........
16,621
119,671
JELD-WEN
Holding,
Inc.
(b)
...............
10,869
64,888
Masterbrand,
Inc.
(b)
...................
15,945
208,242
Quanex
Building
Products
Corp.
...........
5,625
104,569
Resideo
Technologies,
Inc.
(b)
.............
18,045
319,396
Tecnoglass,
Inc.
......................
2,820
201,771
UFP
Industries,
Inc.
...................
7,405
792,631
Zurn
Elkay
Water
Solutions
Corp.
(a)
.........
17,825
587,869
4,188,493
Capital
Markets
—
1.8%
Acadian
Asset
Management,
Inc.
..........
3,400
87,924
AlTi
Global,
Inc.
,
Class
A
(a)
(b)
.............
4,393
13,355
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
.............................
7,915
309,477
B
Riley
Financial,
Inc.
..................
2,465
9,540
BGC
Group,
Inc.
,
Class
A
(a)
..............
43,686
400,601
Cohen
&
Steers,
Inc.
(a)
.................
3,398
272,690
Diamond
Hill
Investment
Group,
Inc.
........
356
50,851
DigitalBridge
Group,
Inc.
,
Class
A
(a)
.........
20,299
179,037
Donnelley
Financial
Solutions,
Inc.
(b)
........
3,520
153,859
Forge
Global
Holdings,
Inc.
(a)
(b)
............
14,122
7,937
GCM
Grosvenor,
Inc.
,
Class
A
(a)
...........
5,090
67,341
Hamilton
Lane,
Inc.
,
Class
A
(a)
............
4,921
731,605
MarketWise,
Inc.
,
Class
A
...............
2,125
1,049
Moelis
&
Co.
,
Class
A
..................
7,865
459,001
Open
Lending
Corp.
,
Class
A
(b)
............
12,437
34,326
P10,
Inc.
,
Class
A
....................
4,575
53,756
Patria
Investments
Ltd.
,
Class
A
...........
7,105
80,216
Perella
Weinberg
Partners
,
Class
C
........
6,685
123,004
Piper
Sandler
Cos.
....................
2,176
538,908
PJT
Partners,
Inc.
,
Class
A
(a)
.............
2,930
403,988
Silvercrest
Asset
Management
Group,
Inc.
,
Class
A
.............................
1,151
18,830
StepStone
Group,
Inc.
,
Class
A
...........
8,215
429,069
StoneX
Group,
Inc.
(a)
(b)
.................
5,237
400,002
Value
Line,
Inc.
......................
105
4,060
Victory
Capital
Holdings,
Inc.
,
Class
A
.......
5,220
302,081
Virtus
Investment
Partners,
Inc.
...........
829
142,886
WisdomTree,
Inc.
.....................
16,578
147,876
5,423,269
Chemicals
—
1.6%
AdvanSix,
Inc.
.......................
3,093
70,056
American
Vanguard
Corp.
...............
3,269
14,384
Arq,
Inc.
(b)
..........................
3,089
12,881
ASP
Isotopes,
Inc.
(a)
(b)
..................
6,970
32,689
Aspen
Aerogels,
Inc.
(b)
.................
7,328
46,826
Avient
Corp.
(a)
.......................
11,228
417,232
Balchem
Corp.
......................
3,971
659,186
Cabot
Corp.
........................
6,542
543,902
Core
Molding
Technologies,
Inc.
(b)
..........
1,056
16,051
Ecovyst,
Inc.
(b)
.......................
14,615
90,613
Hawkins,
Inc.
.......................
2,424
256,750
HB
Fuller
Co.
(a)
......................
6,797
381,448
Ingevity
Corp.
(b)
......................
4,494
177,917
Innospec,
Inc.
.......................
3,104
294,104
Intrepid
Potash,
Inc.
(b)
..................
1,219
35,826
Security
Shares
Shares
Value
Chemicals
(continued)
Koppers
Holdings,
Inc.
.................
2,456
$
68,768
Kronos
Worldwide,
Inc.
.................
2,594
19,403
LSB
Industries,
Inc.
(b)
..................
6,852
45,155
Mativ
Holdings,
Inc.
...................
6,952
43,311
Minerals
Technologies,
Inc.
..............
3,909
248,495
Northern
Technologies
International
Corp.
....
932
9,702
Orion
SA
..........................
7,287
94,221
Perimeter
Solutions,
Inc.
(b)
...............
16,655
167,716
PureCycle
Technologies,
Inc.
(a)
(b)
...........
14,931
103,323
Quaker
Chemical
Corp.
................
1,668
206,181
Rayonier
Advanced
Materials,
Inc.
(b)
........
7,618
43,804
Sensient
Technologies
Corp.
.............
5,131
381,900
Stepan
Co.
.........................
2,694
148,278
Tronox
Holdings
plc
...................
15,043
105,903
Valhi,
Inc.
..........................
267
4,339
4,740,364
Commercial
Services
&
Supplies
—
1.8%
ABM
Industries,
Inc.
...................
7,743
366,708
ACCO
Brands
Corp.
...................
11,547
48,382
ACV
Auctions,
Inc.
,
Class
A
(b)
.............
18,584
261,849
Bridger
Aerospace
Group
Holdings,
Inc.
(b)
....
2,281
2,577
BrightView
Holdings,
Inc.
(b)
..............
7,770
99,767
Brink's
Co.
(The)
(a)
....................
5,485
472,588
Casella
Waste
Systems,
Inc.
,
Class
A
(b)
......
7,709
859,631
CECO
Environmental
Corp.
(b)
.............
3,588
81,806
Cimpress
plc
(b)
.......................
2,108
95,345
CompX
International,
Inc.
,
Class
A
.........
293
6,071
CoreCivic,
Inc.
(b)
.....................
13,724
278,460
Deluxe
Corp.
........................
5,398
85,342
Driven
Brands
Holdings,
Inc.
(b)
............
7,562
129,613
Ennis,
Inc.
.........................
3,242
65,132
Enviri
Corp.
(b)
.......................
9,407
62,557
GEO
Group,
Inc.
(The)
(a)
(b)
...............
15,698
458,539
Healthcare
Services
Group,
Inc.
(b)
..........
8,783
88,533
HNI
Corp.
..........................
5,970
264,769
Interface,
Inc.
.......................
7,046
139,793
LanzaTech
Global,
Inc.
(a)
(b)
...............
13,837
3,350
Liquidity
Services,
Inc.
(b)
................
2,520
78,145
Matthews
International
Corp.
,
Class
A
(a)
......
3,699
82,266
MillerKnoll,
Inc.
......................
8,416
161,082
Montrose
Environmental
Group,
Inc.
(b)
.......
4,006
57,126
NL
Industries,
Inc.
....................
1,159
9,156
OPENLANE,
Inc.
(b)
....................
13,187
254,245
Perma-Fix
Environmental
Services,
Inc.
(a)
(b)
...
1,557
11,319
Pitney
Bowes,
Inc.
....................
15,420
139,551
Pursuit
Attractions
&
Hospitality,
Inc.
(b)
.......
2,488
88,050
Quad/Graphics,
Inc.
,
Class
A
.............
4,043
22,034
Quest
Resource
Holding
Corp.
(b)
...........
2,005
5,213
Steelcase,
Inc.
,
Class
A
................
11,787
129,185
UniFirst
Corp.
.......................
1,851
322,074
Virco
Mfg.
Corp.
.....................
1,322
12,506
VSE
Corp.
.........................
2,199
263,858
5,506,622
Communications
Equipment
—
0.6%
(b)
ADTRAN
Holdings,
Inc.
................
10,024
87,409
Applied
Optoelectronics,
Inc.
(a)
............
5,542
85,070
Aviat
Networks,
Inc.
(a)
..................
1,387
26,589
Calix,
Inc.
..........................
7,407
262,504
Clearfield,
Inc.
.......................
1,540
45,769
CommScope
Holding
Co.,
Inc.
(a)
...........
26,415
140,264
Digi
International,
Inc.
..................
4,586
127,628
Extreme
Networks,
Inc.
.................
15,827
209,391
Harmonic,
Inc.
.......................
13,381
128,324
NETGEAR,
Inc.
......................
3,336
81,599
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Communications
Equipment
(continued)
NetScout
Systems,
Inc.
.................
8,864
$
186,233
Ribbon
Communications,
Inc.
............
11,507
45,107
Viasat,
Inc.
(a)
........................
15,284
159,259
Viavi
Solutions,
Inc.
...................
26,997
302,096
1,887,242
Construction
&
Engineering
—
1.5%
Ameresco,
Inc.
,
Class
A
(b)
...............
4,007
48,405
Arcosa,
Inc.
(a)
.......................
5,993
462,180
Argan,
Inc.
.........................
1,576
206,724
Bowman
Consulting
Group
Ltd.
(b)
..........
1,682
36,718
Centuri
Holdings,
Inc.
(b)
.................
2,276
37,304
Concrete
Pumping
Holdings,
Inc.
..........
2,502
13,661
Construction
Partners,
Inc.
,
Class
A
(b)
.......
5,722
411,240
Dycom
Industries,
Inc.
(b)
................
3,511
534,866
Fluor
Corp.
(b)
........................
21,275
762,070
Granite
Construction,
Inc.
...............
5,560
419,224
Great
Lakes
Dredge
&
Dock
Corp.
(b)
........
7,801
67,869
IES
Holdings,
Inc.
(b)
...................
1,045
172,540
Limbach
Holdings,
Inc.
(b)
................
1,288
95,917
Matrix
Service
Co.
(b)
...................
3,358
41,740
MYR
Group,
Inc.
(b)
....................
1,994
225,501
Northwest
Pipe
Co.
(b)
..................
1,286
53,112
Orion
Group
Holdings,
Inc.
(b)
.............
3,876
20,271
Primoris
Services
Corp.
................
6,608
379,365
Southland
Holdings,
Inc.
(a)
(b)
..............
1,020
3,050
Sterling
Infrastructure,
Inc.
(b)
.............
3,724
421,594
Tutor
Perini
Corp.
(b)
...................
5,476
126,934
4,540,285
Construction
Materials
—
0.3%
Knife
River
Corp.
(b)
....................
7,042
635,259
Smith-Midland
Corp.
(b)
.................
546
16,964
United
States
Lime
&
Minerals,
Inc.
.........
1,300
114,894
767,117
Consumer
Finance
—
0.9%
Atlanticus
Holdings
Corp.
(b)
..............
678
34,680
Bread
Financial
Holdings,
Inc.
............
3,398
170,172
Consumer
Portfolio
Services,
Inc.
(a)
(b)
........
1,480
12,832
Dave,
Inc.
,
Class
A
(b)
..................
991
81,916
Encore
Capital
Group,
Inc.
(b)
.............
3,015
103,354
Enova
International,
Inc.
(b)
...............
3,244
313,241
FirstCash
Holdings,
Inc.
................
4,756
572,242
Green
Dot
Corp.
,
Class
A
(b)
..............
5,435
45,871
LendingClub
Corp.
(b)
...................
14,168
146,214
LendingTree,
Inc.
(b)
....................
1,244
62,536
Medallion
Financial
Corp.
...............
2,508
21,845
Moneylion,
Inc.
,
Class
A
(b)
...............
1,077
93,171
Navient
Corp.
.......................
9,350
118,090
Nelnet,
Inc.
,
Class
A
...................
1,760
195,237
NerdWallet,
Inc.
,
Class
A
(b)
...............
4,207
38,073
OppFi,
Inc.
,
Class
A
(a)
..................
1,980
18,414
PRA
Group,
Inc.
(b)
....................
4,717
97,265
PROG
Holdings,
Inc.
..................
5,172
137,575
Regional
Management
Corp.
.............
939
28,273
Upstart
Holdings,
Inc.
(b)
.................
9,936
457,354
World
Acceptance
Corp.
(b)
...............
430
54,416
2,802,771
Consumer
Staples
Distribution
&
Retail
—
1.1%
Andersons,
Inc.
(The)
..................
4,142
177,816
Chefs'
Warehouse,
Inc.
(The)
(a)
(b)
..........
4,451
242,402
Guardian
Pharmacy
Services,
Inc.
,
Class
A
(b)
..
835
17,752
HF
Foods
Group,
Inc.
(a)
(b)
................
5,136
25,166
Ingles
Markets,
Inc.
,
Class
A
.............
1,846
120,230
Natural
Grocers
by
Vitamin
Cottage,
Inc.
(a)
....
1,096
44,059
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
PriceSmart,
Inc.
......................
3,152
$
276,903
SpartanNash
Co.
.....................
4,315
87,422
Sprouts
Farmers
Market,
Inc.
(b)
............
12,522
1,911,358
United
Natural
Foods,
Inc.
(b)
..............
7,448
204,001
Village
Super
Market,
Inc.
,
Class
A
.........
1,200
45,612
Weis
Markets,
Inc.
....................
1,951
150,325
3,303,046
Containers
&
Packaging
—
0.3%
Ardagh
Metal
Packaging
SA
(a)
............
17,892
54,034
Greif,
Inc.
,
Class
A
....................
3,185
175,143
Greif,
Inc.
,
Class
B
....................
626
37,109
Myers
Industries,
Inc.
..................
4,635
55,296
O-I
Glass,
Inc.
(b)
......................
19,650
225,385
Pactiv
Evergreen,
Inc.
.................
4,836
87,096
Ranpak
Holdings
Corp.
,
Class
A
(b)
.........
5,649
30,618
TriMas
Corp.
........................
5,140
120,430
785,111
Distributors
—
0.0%
A-Mark
Precious
Metals,
Inc.
.............
2,099
53,252
GigaCloud
Technology,
Inc.
,
Class
A
(b)
.......
2,946
41,833
Weyco
Group,
Inc.
....................
685
20,879
115,964
Diversified
Consumer
Services
—
1.2%
Adtalem
Global
Education,
Inc.
(b)
..........
4,656
468,580
American
Public
Education,
Inc.
(a)
(b)
.........
1,982
44,238
Carriage
Services,
Inc.
.................
1,563
60,566
Chegg,
Inc.
(b)
........................
13,436
8,588
Coursera,
Inc.
(b)
......................
17,586
117,123
European
Wax
Center,
Inc.
,
Class
A
(b)
.......
4,196
16,574
Frontdoor,
Inc.
(b)
......................
9,516
365,605
Graham
Holdings
Co.
,
Class
B
............
400
384,344
KinderCare
Learning
Cos.,
Inc.
(b)
..........
3,200
37,088
Laureate
Education,
Inc.
(b)
...............
16,234
331,985
Lincoln
Educational
Services
Corp.
(b)
........
3,241
51,435
Mister
Car
Wash,
Inc.
(b)
.................
11,778
92,928
Nerdy,
Inc.
,
Class
A
(a)
(b)
.................
8,498
12,067
OneSpaWorld
Holdings
Ltd.
..............
12,661
212,578
Perdoceo
Education
Corp.
...............
7,960
200,433
Strategic
Education,
Inc.
................
2,805
235,508
Stride,
Inc.
(a)
(b)
.......................
5,252
664,378
Udemy,
Inc.
(b)
.......................
10,971
85,135
Universal
Technical
Institute,
Inc.
(b)
.........
5,729
147,121
3,536,274
Diversified
REITs
—
0.7%
Alexander
&
Baldwin,
Inc.
...............
9,261
159,567
Alpine
Income
Property
Trust,
Inc.
.........
1,913
31,985
American
Assets
Trust,
Inc.
..............
6,047
121,787
Armada
Hoffler
Properties,
Inc.
...........
9,719
72,990
Broadstone
Net
Lease,
Inc.
(a)
.............
23,991
408,807
CTO
Realty
Growth,
Inc.
................
3,560
68,744
Empire
State
Realty
Trust,
Inc.
,
Class
A
......
16,564
129,531
Essential
Properties
Realty
Trust,
Inc.
(a)
......
22,033
719,157
Gladstone
Commercial
Corp.
.............
5,185
77,671
Global
Net
Lease,
Inc.
.................
25,630
206,065
NexPoint
Diversified
Real
Estate
Trust
(a)
.....
4,733
18,127
One
Liberty
Properties,
Inc.
..............
1,961
51,515
2,065,946
Diversified
Telecommunication
Services
—
0.6%
Anterix,
Inc.
(b)
.......................
1,214
44,432
AST
SpaceMobile,
Inc.
,
Class
A
(b)
..........
16,730
380,440
ATN
International,
Inc.
.................
1,274
25,875
Bandwidth,
Inc.
,
Class
A
(a)
(b)
..............
3,238
42,418
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
(continued)
Cogent
Communications
Holdings,
Inc.
......
5,507
$
337,634
Globalstar,
Inc.
(b)
.....................
6,141
128,101
IDT
Corp.
,
Class
B
....................
1,845
94,667
Liberty
Latin
America
Ltd.
,
Class
A
(b)
........
5,114
32,372
Liberty
Latin
America
Ltd.
,
Class
C
(b)
........
14,590
90,604
Lumen
Technologies,
Inc.
(b)
..............
126,318
495,167
Shenandoah
Telecommunications
Co.
.......
6,218
78,160
1,749,870
Electric
Utilities
—
0.9%
ALLETE,
Inc.
.......................
7,249
476,259
Genie
Energy
Ltd.
,
Class
B
..............
1,654
24,893
Hawaiian
Electric
Industries,
Inc.
(b)
.........
21,664
237,221
MGE
Energy,
Inc.
(a)
...................
4,566
424,455
Otter
Tail
Corp.
(a)
.....................
5,185
416,719
Portland
General
Electric
Co.
.............
13,019
580,647
TXNM
Energy,
Inc.
....................
11,130
595,232
2,755,426
Electrical
Equipment
—
1.2%
Allient,
Inc.
.........................
1,825
40,113
American
Superconductor
Corp.
(b)
.........
4,291
77,839
Amprius
Technologies,
Inc.
(a)
(b)
............
938
2,514
Array
Technologies,
Inc.
(b)
...............
19,189
93,450
Atkore,
Inc.
.........................
4,297
257,777
Blink
Charging
Co.
(a)
(b)
..................
12,202
11,198
Bloom
Energy
Corp.
,
Class
A
(b)
............
24,997
491,441
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
......
48,769
29,505
Energy
Vault
Holdings,
Inc.
(b)
.............
13,528
9,407
EnerSys
...........................
4,910
449,658
Enovix
Corp.
(a)
(b)
......................
20,324
149,178
Fluence
Energy,
Inc.
,
Class
A
(a)
(b)
..........
7,672
37,209
FuelCell
Energy,
Inc.
(a)
(b)
................
1,910
8,767
GrafTech
International
Ltd.
(b)
.............
33,405
29,209
Hyliion
Holdings
Corp.
,
Class
A
(a)
(b)
.........
16,073
22,502
LSI
Industries,
Inc.
....................
3,605
61,285
NANO
Nuclear
Energy,
Inc.
(b)
.............
3,044
80,544
Net
Power,
Inc.
,
Class
A
(a)
(b)
..............
2,585
6,799
NEXTracker,
Inc.
,
Class
A
(b)
..............
17,922
755,233
NuScale
Power
Corp.
,
Class
A
(a)
(b)
..........
11,231
159,031
Plug
Power,
Inc.
(a)
(b)
...................
104,473
141,039
Powell
Industries,
Inc.
..................
1,141
194,347
Preformed
Line
Products
Co.
.............
290
40,626
SES
AI
Corp.
,
Class
A
(a)
(b)
...............
15,997
8,330
Shoals
Technologies
Group,
Inc.
,
Class
A
(b)
...
20,018
66,460
SolarMax
Technology,
Inc.
(b)
..............
8,498
10,198
Stem,
Inc.
(a)
(b)
.......................
17,311
6,064
Sunrun,
Inc.
(b)
.......................
27,466
160,951
T1
Energy,
Inc.
(b)
.....................
14,008
17,650
Thermon
Group
Holdings,
Inc.
(b)
...........
4,223
117,611
TPI
Composites,
Inc.
(a)
(b)
................
5,282
4,257
Ultralife
Corp.
(b)
......................
1,226
6,596
Vicor
Corp.
(b)
........................
2,898
135,568
3,682,356
Electronic
Equipment,
Instruments
&
Components
—
2.9%
908
Devices,
Inc.
(b)
....................
2,594
11,621
Advanced
Energy
Industries,
Inc.
..........
4,600
438,426
Aeva
Technologies,
Inc.
(b)
...............
1,988
13,916
Arlo
Technologies,
Inc.
(a)
(b)
...............
11,960
118,045
Badger
Meter,
Inc.
(a)
...................
3,636
691,749
Bel
Fuse,
Inc.
,
Class
A
.................
231
16,646
Bel
Fuse,
Inc.
,
Class
B
.................
1,277
95,596
Belden,
Inc.
(a)
.......................
5,023
503,556
Benchmark
Electronics,
Inc.
.............
4,519
171,858
Climb
Global
Solutions,
Inc.
(a)
.............
535
59,257
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
CTS
Corp.
.........................
3,610
$
149,996
Daktronics,
Inc.
(b)
.....................
5,257
64,030
ePlus,
Inc.
(b)
........................
3,377
206,098
Evolv
Technologies
Holdings,
Inc.
(a)
(b)
.......
17,453
54,453
Fabrinet
(b)
..........................
4,535
895,708
FARO
Technologies,
Inc.
(b)
...............
2,309
63,036
Insight
Enterprises,
Inc.
(a)
(b)
..............
3,392
508,766
Itron,
Inc.
(b)
.........................
5,615
588,227
Kimball
Electronics,
Inc.
(b)
...............
3,059
50,321
Knowles
Corp.
(b)
.....................
10,378
157,746
Lightwave
Logic,
Inc.
(a)
(b)
................
14,442
14,803
Methode
Electronics,
Inc.
...............
4,365
27,849
MicroVision,
Inc.
(a)
(b)
...................
29,064
36,039
Mirion
Technologies,
Inc.
,
Class
A
(b)
........
25,926
375,927
Napco
Security
Technologies,
Inc.
.........
4,415
101,633
nLight,
Inc.
(b)
........................
5,642
43,838
Novanta,
Inc.
(b)
......................
4,390
561,349
OSI
Systems,
Inc.
(b)
...................
1,968
382,461
Ouster,
Inc.
,
Class
A
(a)
(b)
................
5,456
48,995
PAR
Technology
Corp.
(b)
................
4,194
257,260
PC
Connection,
Inc.
...................
1,428
89,136
Plexus
Corp.
(b)
.......................
3,351
429,364
Powerfleet,
Inc.
(b)
.....................
13,086
71,842
Richardson
Electronics
Ltd.
..............
1,438
16,048
Rogers
Corp.
(b)
......................
2,363
159,573
Sanmina
Corp.
(a)
(b)
....................
6,734
512,996
ScanSource,
Inc.
(b)
....................
3,025
102,880
SmartRent,
Inc.
,
Class
A
(b)
...............
22,841
27,638
TTM
Technologies,
Inc.
(b)
................
12,407
254,468
Vishay
Intertechnology,
Inc.
(a)
.............
15,198
241,648
Vishay
Precision
Group,
Inc.
(b)
............
1,433
34,521
8,649,319
Energy
Equipment
&
Services
—
2.1%
Archrock,
Inc.
.......................
20,889
548,127
Aris
Water
Solutions,
Inc.
,
Class
A
.........
3,476
111,371
Atlas
Energy
Solutions,
Inc.
(a)
.............
9,182
163,807
Borr
Drilling
Ltd.
(a)
....................
29,749
65,150
Bristow
Group,
Inc.
(b)
..................
3,090
97,582
Cactus,
Inc.
,
Class
A
..................
8,225
376,952
ChampionX
Corp.
....................
23,582
702,744
Core
Laboratories,
Inc.
.................
5,761
86,357
DMC
Global,
Inc.
(a)
(b)
...................
2,142
18,036
Drilling
Tools
International
Corp.
(b)
..........
1,693
4,012
Expro
Group
Holdings
NV
(b)
..............
11,919
118,475
Flowco
Holdings,
Inc.
,
Class
A
(b)
...........
2,303
59,072
Forum
Energy
Technologies,
Inc.
(b)
.........
1,154
23,207
Geospace
Technologies
Corp.
(a)
(b)
..........
1,560
11,248
Helix
Energy
Solutions
Group,
Inc.
(b)
........
18,306
152,123
Helmerich
&
Payne,
Inc.
................
12,288
320,963
Innovex
International,
Inc.
(b)
..............
4,147
74,480
Kodiak
Gas
Services,
Inc.
...............
5,564
207,537
Liberty
Energy,
Inc.
,
Class
A
.............
19,525
309,081
Mammoth
Energy
Services,
Inc.
(b)
..........
2,727
5,563
Nabors
Industries
Ltd.
(b)
................
1,116
46,548
Natural
Gas
Services
Group,
Inc.
(b)
.........
1,321
29,022
Noble
Corp.
plc
......................
16,494
390,908
NPK
International,
Inc.
(b)
................
10,488
60,935
Oceaneering
International,
Inc.
(b)
..........
12,792
278,994
Oil
States
International,
Inc.
(b)
.............
7,905
40,711
Patterson-UTI
Energy,
Inc.
..............
47,987
394,453
ProFrac
Holding
Corp.
,
Class
A
(a)
(b)
.........
2,833
21,502
ProPetro
Holding
Corp.
(b)
................
11,207
82,371
Ranger
Energy
Services,
Inc.
,
Class
A
.......
1,593
22,605
RPC,
Inc.
..........................
10,531
57,921
SEACOR
Marine
Holdings,
Inc.
(b)
..........
2,854
14,441
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Seadrill
Ltd.
(b)
.......................
8,036
$
200,900
Select
Water
Solutions,
Inc.
,
Class
A
........
11,603
121,832
Solaris
Energy
Infrastructure,
Inc.
,
Class
A
....
3,783
82,318
TETRA
Technologies,
Inc.
(b)
..............
15,972
53,666
Tidewater,
Inc.
(b)
.....................
6,123
258,819
Transocean
Ltd.
(a)
(b)
...................
91,897
291,314
Valaris
Ltd.
(b)
........................
7,709
302,655
6,207,802
Entertainment
—
0.5%
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.
49,947
143,348
Atlanta
Braves
Holdings,
Inc.
,
Class
A
(b)
......
1,365
59,883
Atlanta
Braves
Holdings,
Inc.
,
Class
C
(b)
.....
6,225
249,062
Cinemark
Holdings,
Inc.
................
13,621
339,027
Eventbrite,
Inc.
,
Class
A
(b)
...............
9,999
21,098
Golden
Matrix
Group,
Inc.
(a)
(b)
.............
3,443
6,783
IMAX
Corp.
(b)
.......................
5,497
144,846
Lions
Gate
Entertainment
Corp.
,
Class
A
(b)
....
7,685
68,012
Lions
Gate
Entertainment
Corp.
,
Class
B
(b)
....
15,119
119,743
LiveOne,
Inc.
(a)
(b)
.....................
8,461
5,914
Madison
Square
Garden
Entertainment
Corp.
(b)
.
4,972
162,783
Marcus
Corp.
(The)
...................
3,200
53,408
Playstudios,
Inc.
,
Class
A
(b)
..............
11,111
14,111
Reservoir
Media,
Inc.
(b)
.................
2,375
18,121
Sphere
Entertainment
Co.
,
Class
A
(b)
........
3,241
106,045
Vivid
Seats,
Inc.
,
Class
A
(b)
..............
10,498
31,074
1,543,258
Financial
Services
—
2.8%
Acacia
Research
Corp.
(a)
(b)
...............
4,540
14,528
Alerus
Financial
Corp.
.................
2,444
45,116
AvidXchange
Holdings,
Inc.
(b)
.............
22,060
187,069
Banco
Latinoamericano
de
Comercio
Exterior
SA
,
Class
E
......................
3,560
130,296
Burford
Capital
Ltd.
...................
25,133
332,007
Cannae
Holdings,
Inc.
.................
7,331
134,377
Cantaloupe,
Inc.
(b)
....................
6,923
54,484
Cass
Information
Systems,
Inc.
...........
1,674
72,400
Compass
Diversified
Holdings
............
8,490
158,508
Enact
Holdings,
Inc.
...................
3,523
122,424
Essent
Group
Ltd.
....................
13,025
751,803
EVERTEC,
Inc.
......................
7,854
288,792
Federal
Agricultural
Mortgage
Corp.
,
Class
C
..
1,167
218,824
Flywire
Corp.
(b)
......................
15,244
144,818
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
(a)
.....................
14,519
424,536
International
Money
Express,
Inc.
(b)
.........
3,487
44,006
Jackson
Financial,
Inc.
,
Class
A
...........
9,115
763,655
Marqeta,
Inc.
,
Class
A
(b)
................
59,010
243,121
Merchants
Bancorp
...................
2,222
82,214
Mr
Cooper
Group,
Inc.
(a)
(b)
...............
7,881
942,568
NCR
Atleos
Corp.
(b)
...................
9,108
240,269
NewtekOne,
Inc.
.....................
3,060
36,598
NMI
Holdings,
Inc.
,
Class
A
(b)
.............
9,876
356,030
Onity
Group,
Inc.
(b)
....................
821
26,535
Pagseguro
Digital
Ltd.
,
Class
A
(b)
..........
22,737
173,483
Payoneer
Global,
Inc.
(b)
.................
32,689
238,957
Paysafe
Ltd.
(b)
.......................
4,133
64,847
Paysign,
Inc.
(b)
.......................
3,341
7,083
PennyMac
Financial
Services,
Inc.
.........
3,339
334,267
Priority
Technology
Holdings,
Inc.
(b)
.........
3,062
20,867
Radian
Group,
Inc.
....................
18,570
614,110
Remitly
Global,
Inc.
(b)
..................
18,780
390,624
Repay
Holdings
Corp.
,
Class
A
(b)
..........
11,547
64,317
Sezzle,
Inc.
(a)
(b)
......................
1,806
63,011
StoneCo
Ltd.
,
Class
A
(b)
................
36,097
378,296
Security
Shares
Shares
Value
Financial
Services
(continued)
SWK
Holdings
Corp.
(b)
.................
413
$
7,182
Velocity
Financial,
Inc.
(b)
................
1,023
19,140
Walker
&
Dunlop,
Inc.
..................
4,016
342,806
Waterstone
Financial,
Inc.
...............
1,736
23,349
8,557,317
Food
Products
—
1.0%
Alico,
Inc.
..........................
763
22,768
B&G
Foods,
Inc.
(a)
....................
9,933
68,240
Beyond
Meat,
Inc.
(a)
(b)
..................
7,668
23,387
BRC,
Inc.
,
Class
A
(a)
(b)
..................
6,534
13,656
Calavo
Growers,
Inc.
..................
2,114
50,715
Cal-Maine
Foods,
Inc.
(a)
................
5,048
458,863
Dole
plc
...........................
9,569
138,272
Forafric
Global
plc
(a)
(b)
..................
802
6,897
Fresh
Del
Monte
Produce,
Inc.
............
4,247
130,935
Hain
Celestial
Group,
Inc.
(The)
(a)
(b)
.........
11,083
45,995
J
&
J
Snack
Foods
Corp.
................
1,910
251,585
John
B
Sanfilippo
&
Son,
Inc.
.............
1,123
79,576
Lancaster
Colony
Corp.
................
2,443
427,525
Lifeway
Foods,
Inc.
(a)
(b)
.................
701
17,139
Limoneira
Co.
.......................
1,958
34,696
Mama's
Creations,
Inc.
(b)
................
3,995
26,008
Mission
Produce,
Inc.
(b)
.................
5,047
52,893
Seneca
Foods
Corp.
,
Class
A
(b)
...........
591
52,623
Simply
Good
Foods
Co.
(The)
(a)
(b)
..........
11,422
393,945
SunOpta,
Inc.
(a)
(b)
.....................
12,205
59,316
TreeHouse
Foods,
Inc.
(b)
................
5,866
158,910
Utz
Brands,
Inc.
,
Class
A
................
8,168
115,005
Vital
Farms,
Inc.
(b)
....................
4,085
124,470
Westrock
Coffee
Co.
(a)
(b)
................
4,220
30,468
WK
Kellogg
Co.
(a)
.....................
8,225
163,924
2,947,811
Gas
Utilities
—
1.1%
Brookfield
Infrastructure
Corp.
,
Class
A
(a)
.....
14,819
536,300
Chesapeake
Utilities
Corp.
..............
2,754
353,696
New
Jersey
Resources
Corp.
.............
12,299
603,389
Northwest
Natural
Holding
Co.
............
4,827
206,209
ONE
Gas,
Inc.
(a)
......................
6,989
528,298
RGC
Resources,
Inc.
..................
893
18,637
Southwest
Gas
Holdings,
Inc.
............
7,656
549,701
Spire,
Inc.
..........................
7,112
556,514
3,352,744
Ground
Transportation
—
0.4%
ArcBest
Corp.
.......................
2,975
209,976
Covenant
Logistics
Group,
Inc.
,
Class
A
......
2,200
48,840
FTAI
Infrastructure,
Inc.
.................
12,932
58,582
Heartland
Express,
Inc.
.................
5,670
52,277
Hertz
Global
Holdings,
Inc.
(a)
(b)
............
15,624
61,559
Marten
Transport
Ltd.
..................
7,258
99,580
PAMT
Corp.
(b)
.......................
707
8,583
Proficient
Auto
Logistics,
Inc.
(b)
............
2,541
21,268
RXO,
Inc.
(a)
(b)
........................
19,758
377,378
Universal
Logistics
Holdings,
Inc.
(a)
.........
814
21,359
Werner
Enterprises,
Inc.
................
7,328
214,710
1,174,112
Health
Care
Equipment
&
Supplies
—
2.8%
Accuray,
Inc.
(b)
.......................
11,215
20,075
Alphatec
Holdings,
Inc.
(b)
................
12,907
130,877
AngioDynamics,
Inc.
(b)
.................
5,151
48,368
Anteris
Technologies
Global
Corp.
(b)
........
1,639
5,966
Artivion,
Inc.
(a)
(b)
......................
4,996
122,802
AtriCure,
Inc.
(a)
(b)
.....................
5,776
186,334
Avanos
Medical,
Inc.
(b)
.................
5,814
83,315
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
AxoGen,
Inc.
(b)
.......................
5,205
$
96,293
Beta
Bionics,
Inc.
(b)
....................
1,612
19,731
Bioventus,
Inc.
,
Class
A
(b)
...............
4,716
43,151
Ceribell,
Inc.
(b)
.......................
1,421
27,297
Cerus
Corp.
(b)
.......................
23,654
32,879
CONMED
Corp.
(a)
....................
3,898
235,400
CVRx,
Inc.
(a)
(b)
.......................
2,098
25,659
Embecta
Corp.
......................
7,296
93,024
Fractyl
Health,
Inc.
(b)
...................
2,092
2,489
Glaukos
Corp.
(b)
......................
6,077
598,098
Haemonetics
Corp.
(b)
..................
6,151
390,896
ICU
Medical,
Inc.
(a)
(b)
...................
2,698
374,644
Inmode
Ltd.
(b)
.......................
8,150
144,581
Inogen,
Inc.
(b)
.......................
2,708
19,308
Integer
Holdings
Corp.
(b)
................
4,114
485,493
Integra
LifeSciences
Holdings
Corp.
(b)
.......
8,211
180,560
iRadimed
Corp.
......................
1,024
53,740
iRhythm
Technologies,
Inc.
(b)
.............
3,837
401,657
Lantheus
Holdings,
Inc.
(a)
(b)
..............
8,532
832,723
LeMaitre
Vascular,
Inc.
(a)
................
2,535
212,687
LivaNova
plc
(b)
.......................
6,857
269,343
Merit
Medical
Systems,
Inc.
(b)
.............
7,064
746,735
Neogen
Corp.
(b)
......................
27,403
237,584
NeuroPace,
Inc.
(b)
....................
1,679
20,635
Nevro
Corp.
(b)
.......................
4,491
26,227
Novocure
Ltd.
(b)
......................
13,386
238,539
Omnicell,
Inc.
(b)
......................
5,575
194,902
OraSure
Technologies,
Inc.
(b)
.............
8,690
29,285
Orchestra
BioMed
Holdings,
Inc.
(a)
(b)
........
3,039
13,007
Orthofix
Medical,
Inc.
(b)
.................
4,464
72,808
OrthoPediatrics
Corp.
(b)
.................
1,931
47,561
Paragon
28,
Inc.
(b)
....................
6,014
78,543
PROCEPT
BioRobotics
Corp.
(b)
...........
5,542
322,877
Pulmonx
Corp.
(b)
.....................
4,607
31,005
Pulse
Biosciences,
Inc.
(b)
................
2,073
33,355
RxSight,
Inc.
(a)
(b)
......................
4,460
112,615
Sanara
Medtech,
Inc.
(a)
(b)
................
433
13,367
Semler
Scientific,
Inc.
(a)
(b)
................
856
30,987
SI-BONE,
Inc.
(a)
(b)
.....................
4,980
69,869
Sight
Sciences,
Inc.
(b)
..................
4,412
10,589
STAAR
Surgical
Co.
(a)
(b)
.................
6,216
109,588
Stereotaxis,
Inc.
(b)
....................
6,854
12,063
Surmodics,
Inc.
(b)
.....................
1,827
55,778
Tactile
Systems
Technology,
Inc.
(b)
.........
2,848
37,651
Tandem
Diabetes
Care,
Inc.
(b)
............
8,138
155,924
TransMedics
Group,
Inc.
(a)
(b)
..............
4,029
271,071
Treace
Medical
Concepts,
Inc.
(b)
...........
6,516
54,669
UFP
Technologies,
Inc.
(b)
................
910
183,556
Utah
Medical
Products,
Inc.
..............
363
20,343
Varex
Imaging
Corp.
(b)
.................
4,877
56,573
Zimvie,
Inc.
(b)
........................
3,284
35,467
Zynex,
Inc.
(a)
(b)
.......................
2,352
5,174
8,465,737
Health
Care
Providers
&
Services
—
3.1%
Accolade,
Inc.
(b)
......................
8,654
60,405
AdaptHealth
Corp.
(b)
...................
12,822
138,990
Addus
HomeCare
Corp.
(b)
...............
2,105
208,163
agilon
health,
Inc.
(b)
...................
38,754
167,805
AirSculpt
Technologies,
Inc.
(b)
.............
1,033
2,412
Alignment
Healthcare,
Inc.
(b)
.............
12,601
234,631
AMN
Healthcare
Services,
Inc.
(b)
...........
4,815
117,775
Ardent
Health
Partners,
Inc.
(b)
............
2,986
41,058
Astrana
Health,
Inc.
(b)
..................
5,309
164,632
Aveanna
Healthcare
Holdings,
Inc.
(b)
........
5,828
31,588
BrightSpring
Health
Services,
Inc.
(b)
........
6,889
124,622
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Brookdale
Senior
Living,
Inc.
(b)
............
24,092
$
150,816
Castle
Biosciences,
Inc.
(b)
...............
3,139
62,843
Community
Health
Systems,
Inc.
(b)
.........
16,224
43,805
Concentra
Group
Holdings
Parent,
Inc.
......
13,448
291,822
CorVel
Corp.
(b)
.......................
3,315
371,181
Cross
Country
Healthcare,
Inc.
(b)
..........
4,058
60,424
DocGo,
Inc.
(a)
(b)
......................
12,764
33,697
Enhabit,
Inc.
(b)
.......................
6,202
54,516
Ensign
Group,
Inc.
(The)
................
6,860
887,684
Fulgent
Genetics,
Inc.
(b)
................
2,569
43,416
GeneDx
Holdings
Corp.
,
Class
A
(b)
.........
1,542
136,567
Guardant
Health,
Inc.
(a)
(b)
................
14,840
632,184
HealthEquity,
Inc.
(b)
....................
10,626
939,020
Hims
&
Hers
Health,
Inc.
,
Class
A
(b)
.........
23,984
708,727
InfuSystem
Holdings,
Inc.
(b)
..............
2,010
10,814
Innovage
Holding
Corp.
(b)
...............
2,186
6,514
Joint
Corp.
(The)
(b)
....................
1,617
20,196
LifeStance
Health
Group,
Inc.
(a)
(b)
..........
17,315
115,318
ModivCare,
Inc.
(b)
.....................
1,556
2,046
Nano-X
Imaging
Ltd.
(a)
(b)
................
6,982
34,875
National
HealthCare
Corp.
...............
1,587
147,274
National
Research
Corp.
................
1,725
22,080
NeoGenomics,
Inc.
(b)
..................
15,611
148,148
OPKO
Health,
Inc.
(b)
...................
41,697
69,217
Option
Care
Health,
Inc.
(b)
...............
21,333
745,588
Owens
&
Minor,
Inc.
(b)
..................
9,516
85,929
PACS
Group,
Inc.
(b)
...................
4,903
55,110
Patterson
Cos.,
Inc.
...................
9,663
301,872
Pediatrix
Medical
Group,
Inc.
(b)
............
10,618
153,855
Pennant
Group,
Inc.
(The)
(b)
..............
4,055
101,983
Performant
Healthcare,
Inc.
(b)
.............
8,196
24,260
Privia
Health
Group,
Inc.
(b)
...............
12,876
289,066
Progyny,
Inc.
(a)
(b)
.....................
9,245
206,533
Quipt
Home
Medical
Corp.
(b)
.............
4,359
10,156
RadNet,
Inc.
(b)
.......................
8,184
406,908
Select
Medical
Holdings
Corp.
............
13,449
224,598
Sonida
Senior
Living,
Inc.
(b)
..............
420
9,782
Surgery
Partners,
Inc.
(b)
................
9,722
230,898
Talkspace,
Inc.
(a)
(b)
....................
15,411
39,452
US
Physical
Therapy,
Inc.
...............
1,776
128,511
Viemed
Healthcare,
Inc.
(b)
...............
3,706
26,980
9,326,746
Health
Care
REITs
—
0.9%
American
Healthcare
REIT,
Inc.
(a)
..........
19,061
577,548
CareTrust
REIT,
Inc.
(a)
..................
23,510
671,916
Community
Healthcare
Trust,
Inc.
..........
3,540
64,286
Diversified
Healthcare
Trust
..............
28,357
68,057
Global
Medical
REIT,
Inc.
...............
8,176
71,540
LTC
Properties,
Inc.
...................
5,501
195,011
National
Health
Investors,
Inc.
............
5,459
403,202
Sabra
Health
Care
REIT,
Inc.
(a)
............
29,956
523,331
Strawberry
Fields
REIT,
Inc.
.............
839
9,993
Universal
Health
Realty
Income
Trust
.......
1,714
70,205
2,655,089
Health
Care
Technology
—
0.4%
Definitive
Healthcare
Corp.
,
Class
A
(b)
.......
7,484
21,629
Evolent
Health,
Inc.
,
Class
A
(b)
............
14,533
137,627
Health
Catalyst,
Inc.
(b)
..................
6,886
31,194
HealthStream,
Inc.
....................
2,970
95,575
LifeMD,
Inc.
(b)
.......................
4,346
23,642
OptimizeRx
Corp.
(b)
...................
2,502
21,667
Phreesia,
Inc.
(b)
......................
6,889
176,083
Schrodinger,
Inc.
(b)
....................
7,031
138,792
Simulations
Plus,
Inc.
..................
1,993
48,868
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
Teladoc
Health,
Inc.
(b)
..................
21,561
$
171,626
Waystar
Holding
Corp.
(b)
................
9,795
365,941
1,232,644
Hotel
&
Resort
REITs
—
0.7%
Apple
Hospitality
REIT,
Inc.
..............
28,579
368,955
Braemar
Hotels
&
Resorts,
Inc.
...........
8,632
21,494
Chatham
Lodging
Trust
.................
5,768
41,126
DiamondRock
Hospitality
Co.
.............
25,935
200,218
Pebblebrook
Hotel
Trust
................
15,012
152,072
RLJ
Lodging
Trust
....................
18,688
147,448
Ryman
Hospitality
Properties,
Inc.
(a)
........
7,308
668,244
Service
Properties
Trust
................
20,094
52,445
Summit
Hotel
Properties,
Inc.
.............
12,362
66,878
Sunstone
Hotel
Investors,
Inc.
............
25,205
237,179
Xenia
Hotels
&
Resorts,
Inc.
.............
12,723
149,622
2,105,681
Hotels,
Restaurants
&
Leisure
—
1.9%
Accel
Entertainment,
Inc.
,
Class
A
(b)
........
6,784
67,297
Biglari
Holdings,
Inc.
,
Class
B
(b)
...........
65
14,075
BJ's
Restaurants,
Inc.
(a)
(b)
...............
2,328
79,757
Bloomin'
Brands,
Inc.
..................
10,088
72,331
Brinker
International,
Inc.
(b)
..............
5,462
814,111
Cheesecake
Factory,
Inc.
(The)
(a)
..........
6,110
297,313
Cracker
Barrel
Old
Country
Store,
Inc.
(a)
.....
2,844
110,404
Dave
&
Buster's
Entertainment,
Inc.
(a)
(b)
......
4,057
71,281
Denny's
Corp.
(b)
......................
6,672
24,486
Despegar.com
Corp.
(b)
.................
8,809
165,521
Dine
Brands
Global,
Inc.
................
1,980
46,075
El
Pollo
Loco
Holdings,
Inc.
(b)
.............
3,140
32,342
Everi
Holdings,
Inc.
(b)
..................
10,355
141,553
First
Watch
Restaurant
Group,
Inc.
(a)
(b)
.......
4,636
77,189
Full
House
Resorts,
Inc.
(a)
(b)
..............
3,953
16,524
Global
Business
Travel
Group
I
(b)
..........
15,483
112,407
Golden
Entertainment,
Inc.
..............
2,276
60,064
Hilton
Grand
Vacations,
Inc.
(b)
............
8,623
322,586
Inspired
Entertainment,
Inc.
(b)
.............
2,571
21,956
International
Game
Technology
plc
.........
14,336
233,103
Jack
in
the
Box,
Inc.
...................
2,411
65,555
Krispy
Kreme,
Inc.
....................
10,323
50,789
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
(b)
..........
894
45,773
Life
Time
Group
Holdings,
Inc.
(b)
...........
10,349
312,540
Lindblad
Expeditions
Holdings,
Inc.
(b)
........
4,188
38,823
Monarch
Casino
&
Resort,
Inc.
............
1,562
121,445
Nathan's
Famous,
Inc.
.................
364
35,081
ONE
Group
Hospitality,
Inc.
(The)
(a)
(b)
.......
3,303
9,876
Papa
John's
International,
Inc.
............
4,187
172,002
PlayAGS,
Inc.
(b)
......................
5,235
63,396
Portillo's,
Inc.
,
Class
A
(a)
(b)
...............
6,849
81,435
Potbelly
Corp.
(b)
......................
2,991
28,444
RCI
Hospitality
Holdings,
Inc.
.............
1,076
46,203
Red
Rock
Resorts,
Inc.
,
Class
A
...........
6,168
267,506
Rush
Street
Interactive,
Inc.
,
Class
A
(b)
......
9,561
102,494
Sabre
Corp.
(a)
(b)
......................
47,342
133,031
Shake
Shack,
Inc.
,
Class
A
(b)
.............
4,696
414,046
Six
Flags
Entertainment
Corp.
............
11,495
410,027
Super
Group
SGHC
Ltd.
................
18,065
116,339
Sweetgreen,
Inc.
,
Class
A
(b)
..............
12,797
320,181
Target
Hospitality
Corp.
(b)
...............
3,946
25,965
United
Parks
&
Resorts,
Inc.
(b)
............
3,856
175,294
Vacasa,
Inc.
,
Class
A
(a)
(b)
................
1,850
9,953
Xponential
Fitness,
Inc.
,
Class
A
(b)
.........
2,984
24,857
5,851,430
Security
Shares
Shares
Value
Household
Durables
—
2.0%
Beazer
Homes
USA,
Inc.
(b)
..............
3,705
$
75,545
Cavco
Industries,
Inc.
(b)
.................
996
517,552
Century
Communities,
Inc.
..............
3,512
235,655
Champion
Homes,
Inc.
(a)
(b)
...............
6,608
626,174
Cricut,
Inc.
,
Class
A
(a)
..................
5,860
30,179
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
(b)
......
3,497
78,892
Ethan
Allen
Interiors,
Inc.
...............
2,912
80,662
Flexsteel
Industries,
Inc.
................
568
20,738
GoPro,
Inc.
,
Class
A
(a)
(b)
.................
15,442
10,237
Green
Brick
Partners,
Inc.
(b)
..............
3,925
228,867
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
..
1,059
20,576
Helen
of
Troy
Ltd.
(b)
...................
2,829
151,323
Hooker
Furnishings
Corp.
(a)
..............
1,280
12,851
Hovnanian
Enterprises,
Inc.
,
Class
A
(b)
.......
610
63,873
Installed
Building
Products,
Inc.
...........
2,959
507,350
iRobot
Corp.
(b)
.......................
3,461
9,345
KB
Home
(a)
.........................
7,868
457,288
Landsea
Homes
Corp.
(b)
................
3,638
23,356
La-Z-Boy,
Inc.
.......................
5,156
201,548
Legacy
Housing
Corp.
(a)
(b)
...............
1,384
34,905
LGI
Homes,
Inc.
(b)
....................
2,619
174,085
Lifetime
Brands,
Inc.
(a)
.................
1,563
7,706
Lovesac
Co.
(The)
(b)
...................
1,802
32,760
M/I
Homes,
Inc.
(b)
.....................
3,313
378,278
Meritage
Homes
Corp.
.................
8,826
625,587
Purple
Innovation,
Inc.
(a)
(b)
...............
5,895
4,476
Sonos,
Inc.
(b)
........................
14,851
158,460
Taylor
Morrison
Home
Corp.
(b)
............
12,760
766,110
Traeger,
Inc.
(b)
.......................
4,596
7,721
TRI
Pointe
Homes,
Inc.
(b)
................
11,363
362,707
United
Homes
Group,
Inc.
,
Class
A
(b)
........
827
2,316
5,907,122
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
(b)
..............
1,412
51,764
Central
Garden
&
Pet
Co.
,
Class
A
(b)
........
5,999
196,347
Energizer
Holdings,
Inc.
................
9,078
271,614
Oil-Dri
Corp.
of
America
................
1,132
51,981
WD-40
Co.
(a)
........................
1,703
415,532
987,238
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Altus
Power,
Inc.
,
Class
A
(b)
..............
8,631
42,723
Montauk
Renewables,
Inc.
(a)
(b)
............
8,056
16,837
Ormat
Technologies,
Inc.
(a)
..............
7,180
508,129
Sunnova
Energy
International,
Inc.
(a)
(b)
.......
13,303
4,949
572,638
Industrial
Conglomerates
—
0.0%
Brookfield
Business
Corp.
,
Class
A
.........
3,163
84,199
Industrial
REITs
—
0.5%
Industrial
Logistics
Properties
Trust
.........
8,241
28,349
Innovative
Industrial
Properties,
Inc.
........
3,569
193,047
LXP
Industrial
Trust
...................
36,897
319,159
Plymouth
Industrial
REIT,
Inc.
............
5,084
82,869
Terreno
Realty
Corp.
..................
12,272
775,836
1,399,260
Insurance
—
2.3%
Ambac
Financial
Group,
Inc.
(b)
............
5,463
47,801
American
Coastal
Insurance
Corp.
.........
3,236
37,441
AMERISAFE,
Inc.
....................
2,367
124,386
Baldwin
Insurance
Group,
Inc.
(The)
,
Class
A
(b)
.
8,284
370,212
Bowhead
Specialty
Holdings,
Inc.
(b)
.........
1,957
79,552
CNO
Financial
Group,
Inc.
...............
12,995
541,242
Crawford
&
Co.
,
Class
A
(a)
...............
1,513
17,278
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Donegal
Group,
Inc.
,
Class
A
.............
2,120
$
41,616
Employers
Holdings,
Inc.
................
2,887
146,198
Enstar
Group
Ltd.
(b)
...................
1,570
521,837
F&G
Annuities
&
Life,
Inc.
...............
2,285
82,374
Fidelis
Insurance
Holdings
Ltd.
............
6,108
98,950
Genworth
Financial,
Inc.
,
Class
A
(b)
.........
53,081
376,344
GoHealth,
Inc.
,
Class
A
(b)
................
535
6,564
Goosehead
Insurance,
Inc.
,
Class
A
........
2,782
328,443
Greenlight
Capital
Re
Ltd.
,
Class
A
(b)
........
3,500
47,425
Hamilton
Insurance
Group
Ltd.
,
Class
B
(b)
....
5,295
109,765
HCI
Group,
Inc.
......................
1,032
154,005
Heritage
Insurance
Holdings,
Inc.
(b)
.........
2,937
42,352
Hippo
Holdings,
Inc.
(b)
..................
2,503
63,977
Horace
Mann
Educators
Corp.
............
4,848
207,155
Investors
Title
Co.
....................
176
42,430
James
River
Group
Holdings
Ltd.
..........
3,796
15,943
Kingsway
Financial
Services,
Inc.
(a)
(b)
........
2,087
16,529
Lemonade,
Inc.
(a)
(b)
....................
6,611
207,784
Maiden
Holdings
Ltd.
(b)
.................
10,057
5,736
MBIA,
Inc.
(a)
(b)
.......................
5,844
29,103
Mercury
General
Corp.
.................
3,408
190,507
NI
Holdings,
Inc.
(b)
....................
1,275
18,182
Oscar
Health,
Inc.
,
Class
A
(b)
.............
25,356
332,417
Palomar
Holdings,
Inc.
(b)
................
3,198
438,382
ProAssurance
Corp.
(a)
(b)
.................
6,029
140,777
Root,
Inc.
,
Class
A
(b)
...................
1,096
146,250
Safety
Insurance
Group,
Inc.
.............
1,839
145,060
Selective
Insurance
Group,
Inc.
...........
7,536
689,845
Selectquote,
Inc.
(b)
....................
15,945
53,256
SiriusPoint
Ltd.
(b)
.....................
8,656
149,662
Skyward
Specialty
Insurance
Group,
Inc.
(b)
....
4,690
248,195
Stewart
Information
Services
Corp.
.........
3,390
241,877
Tiptree,
Inc.
........................
3,216
77,473
Trupanion,
Inc.
(b)
.....................
4,177
155,677
United
Fire
Group,
Inc.
.................
2,555
75,270
Universal
Insurance
Holdings,
Inc.
.........
3,230
76,551
6,941,823
Interactive
Media
&
Services
—
0.6%
Bumble,
Inc.
,
Class
A
(a)
(b)
................
10,209
44,307
Cargurus,
Inc.
,
Class
A
(b)
................
10,812
314,954
Cars.com,
Inc.
(b)
......................
8,281
93,327
EverQuote,
Inc.
,
Class
A
(b)
...............
3,184
83,389
fuboTV,
Inc.
(b)
.......................
42,107
122,952
Getty
Images
Holdings,
Inc.
,
Class
A
(b)
.......
12,471
21,575
Grindr,
Inc.
(b)
........................
3,116
55,776
MediaAlpha,
Inc.
,
Class
A
(b)
..............
3,922
36,239
Nextdoor
Holdings,
Inc.
,
Class
A
(b)
.........
21,982
33,633
Outbrain,
Inc.
(b)
......................
4,636
17,292
QuinStreet,
Inc.
(b)
.....................
6,798
121,276
Shutterstock,
Inc.
.....................
3,050
56,822
System1,
Inc.
,
Class
A
(a)
(b)
...............
3,236
1,234
TrueCar,
Inc.
(b)
.......................
9,635
15,223
Vimeo,
Inc.
(b)
........................
18,764
98,699
Webtoon
Entertainment,
Inc.
(b)
............
1,752
13,438
Yelp,
Inc.
(a)
(b)
........................
7,918
293,204
Ziff
Davis,
Inc.
(b)
......................
5,218
196,092
ZipRecruiter,
Inc.
,
Class
A
(b)
..............
9,369
55,183
1,674,615
IT
Services
—
0.5%
Applied
Digital
Corp.
(a)
(b)
................
25,255
141,933
ASGN,
Inc.
(b)
........................
5,392
339,804
Backblaze,
Inc.
,
Class
A
(b)
...............
5,044
24,362
BigBear.ai
Holdings,
Inc.
(a)
(b)
..............
14,284
40,852
BigCommerce
Holdings,
Inc.
(b)
............
9,451
54,438
Security
Shares
Shares
Value
IT
Services
(continued)
Couchbase,
Inc.
(b)
....................
4,915
$
77,411
DigitalOcean
Holdings,
Inc.
(b)
.............
8,269
276,102
Fastly,
Inc.
,
Class
A
(b)
..................
16,320
103,306
Grid
Dynamics
Holdings,
Inc.
,
Class
A
(b)
......
8,009
125,341
Hackett
Group,
Inc.
(The)
...............
3,213
93,884
Information
Services
Group,
Inc.
...........
4,126
16,133
Rackspace
Technology,
Inc.
(b)
............
7,166
12,111
Tucows,
Inc.
,
Class
A
(a)
(b)
................
816
13,774
Unisys
Corp.
(b)
.......................
7,794
35,774
1,355,225
Leisure
Products
—
0.3%
Acushnet
Holdings
Corp.
(a)
..............
3,406
233,856
AMMO,
Inc.
(a)
(b)
......................
10,187
14,058
Clarus
Corp.
........................
2,888
10,830
Escalade,
Inc.
(a)
......................
986
15,086
Funko,
Inc.
,
Class
A
(b)
..................
3,467
23,784
JAKKS
Pacific,
Inc.
...................
822
20,279
Johnson
Outdoors,
Inc.
,
Class
A
(a)
.........
635
15,773
Latham
Group,
Inc.
(b)
..................
5,052
32,484
Malibu
Boats,
Inc.
,
Class
A
(b)
.............
2,472
75,841
Marine
Products
Corp.
.................
798
6,695
MasterCraft
Boat
Holdings,
Inc.
(b)
..........
2,195
37,798
Peloton
Interactive,
Inc.
,
Class
A
(b)
.........
43,809
276,873
Smith
&
Wesson
Brands,
Inc.
.............
5,641
52,574
Solo
Brands,
Inc.
,
Class
A
(b)
..............
1,638
275
Sturm
Ruger
&
Co.,
Inc.
................
1,851
72,726
Topgolf
Callaway
Brands
Corp.
(b)
..........
17,911
118,033
1,006,965
Life
Sciences
Tools
&
Services
—
0.2%
Adaptive
Biotechnologies
Corp.
(b)
..........
13,904
103,307
Akoya
Biosciences,
Inc.
(a)
(b)
..............
2,922
4,062
BioLife
Solutions,
Inc.
(b)
.................
4,286
97,892
Codexis,
Inc.
(b)
.......................
9,953
26,774
CryoPort,
Inc.
(a)
(b)
.....................
5,270
32,042
Cytek
Biosciences,
Inc.
(b)
................
14,912
59,797
Harvard
Bioscience,
Inc.
(b)
...............
4,660
2,637
Lifecore
Biomedical,
Inc.
(a)
(b)
..............
2,659
18,719
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(b)
.
13,904
30,728
MaxCyte,
Inc.
(b)
......................
13,119
35,815
Mesa
Laboratories,
Inc.
(a)
...............
604
71,671
Nautilus
Biotechnology,
Inc.
(b)
.............
5,548
4,777
Niagen
Bioscience,
Inc.
(b)
...............
6,071
41,890
OmniAb,
Inc.
(a)
(b)
.....................
11,395
27,348
OmniAb,
Inc.,
12.50
Earnout
Shares
(b)
(d)
......
703
—
OmniAb,
Inc.,
15.00
Earnout
Shares
(b)
(d)
......
703
—
Pacific
Biosciences
of
California,
Inc.
(a)
(b)
.....
36,058
42,548
Quanterix
Corp.
(b)
.....................
4,455
29,002
Quantum-Si,
Inc.
,
Class
A
(b)
..............
14,387
17,264
Standard
BioTools,
Inc.
(b)
................
37,724
40,742
687,015
Machinery
—
3.9%
374Water,
Inc.
(a)
(b)
....................
6,928
2,356
3D
Systems
Corp.
(b)
...................
16,298
34,552
Alamo
Group,
Inc.
....................
1,249
222,584
Albany
International
Corp.
,
Class
A
.........
3,924
270,913
Astec
Industries,
Inc.
..................
2,698
92,946
Atmus
Filtration
Technologies,
Inc.
(a)
........
10,506
385,885
Blue
Bird
Corp.
(b)
.....................
4,039
130,742
Chart
Industries,
Inc.
(b)
.................
5,354
772,903
Columbus
McKinnon
Corp.
..............
3,590
60,779
Commercial
Vehicle
Group,
Inc.
(b)
..........
3,905
4,491
Douglas
Dynamics,
Inc.
................
2,910
67,599
Eastern
Co.
(The)
....................
636
16,104
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Energy
Recovery,
Inc.
(a)
(b)
...............
6,825
$
108,449
Enerpac
Tool
Group
Corp.
,
Class
A
.........
6,679
299,620
Enpro,
Inc.
(a)
........................
2,585
418,227
ESCO
Technologies,
Inc.
...............
3,233
514,435
Federal
Signal
Corp.
..................
7,402
544,417
Franklin
Electric
Co.,
Inc.
...............
5,618
527,418
Gencor
Industries,
Inc.
(b)
................
1,043
12,683
Gorman-Rupp
Co.
(The)
................
2,455
86,171
Graham
Corp.
(b)
......................
1,262
36,371
Greenbrier
Cos.,
Inc.
(The)
..............
3,778
193,509
Helios
Technologies,
Inc.
................
4,094
131,376
Hillenbrand,
Inc.
.....................
8,837
213,325
Hillman
Solutions
Corp.
(b)
...............
23,731
208,595
Hyster-Yale,
Inc.
,
Class
A
...............
1,387
57,616
JBT
Marel
Corp.
.....................
5,805
709,371
Kadant,
Inc.
(a)
.......................
1,442
485,824
Kennametal,
Inc.
.....................
9,396
200,135
L
B
Foster
Co.
,
Class
A
(b)
................
1,130
22,238
Lindsay
Corp.
.......................
1,360
172,067
Luxfer
Holdings
plc
...................
3,156
37,430
Manitowoc
Co.,
Inc.
(The)
(b)
..............
4,179
35,898
Mayville
Engineering
Co.,
Inc.
(b)
...........
1,333
17,902
Miller
Industries,
Inc.
..................
1,407
59,615
Mueller
Industries,
Inc.
.................
13,890
1,057,585
Mueller
Water
Products,
Inc.
,
Class
A
.......
19,186
487,708
NN,
Inc.
(b)
..........................
5,855
13,232
Omega
Flex,
Inc.
.....................
375
13,043
Park-Ohio
Holdings
Corp.
...............
1,037
22,399
Proto
Labs,
Inc.
(b)
.....................
3,101
108,659
REV
Group,
Inc.
.....................
6,486
204,958
Shyft
Group,
Inc.
(The)
.................
4,344
35,143
SPX
Technologies,
Inc.
(a)
(b)
...............
5,576
718,077
Standex
International
Corp.
..............
1,417
228,690
Taylor
Devices,
Inc.
(b)
..................
279
9,003
Tennant
Co.
........................
2,382
189,965
Terex
Corp.
.........................
8,378
316,521
Titan
International,
Inc.
(b)
................
6,123
51,372
Trinity
Industries,
Inc.
..................
10,314
289,411
Twin
Disc,
Inc.
.......................
1,350
10,220
Wabash
National
Corp.
.................
5,616
62,057
Watts
Water
Technologies,
Inc.
,
Class
A
(a)
....
3,359
684,967
Worthington
Enterprises,
Inc.
.............
3,982
199,458
11,857,014
Marine
Transportation
—
0.3%
Costamare,
Inc.
......................
5,584
54,946
Genco
Shipping
&
Trading
Ltd.
............
5,272
70,434
Golden
Ocean
Group
Ltd.
(a)
..............
15,156
120,945
Himalaya
Shipping
Ltd.
(a)
................
3,197
17,519
Matson,
Inc.
........................
4,069
521,524
Pangaea
Logistics
Solutions
Ltd.
..........
3,688
17,555
Safe
Bulkers,
Inc.
....................
7,394
27,284
830,207
Media
—
0.8%
Advantage
Solutions,
Inc.
,
Class
A
(b)
........
13,544
20,451
AMC
Networks,
Inc.
,
Class
A
(b)
............
3,681
25,325
Boston
Omaha
Corp.
,
Class
A
(b)
...........
2,765
40,314
Cable
One,
Inc.
......................
715
190,026
Cardlytics,
Inc.
(a)
(b)
....................
5,464
9,944
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
......
43,981
48,819
EchoStar
Corp.
,
Class
A
(b)
...............
15,294
391,220
Emerald
Holding,
Inc.
(a)
.................
2,004
7,876
Entravision
Communications
Corp.
,
Class
A
...
8,024
16,850
EW
Scripps
Co.
(The)
,
Class
A
(b)
..........
7,028
20,803
Gambling.com
Group
Ltd.
(b)
..............
2,261
28,534
Security
Shares
Shares
Value
Media
(continued)
Gannett
Co.,
Inc.
(b)
....................
18,552
$
53,615
Gray
Media,
Inc.
.....................
10,125
43,740
Ibotta,
Inc.
,
Class
A
(a)
(b)
.................
1,918
80,940
iHeartMedia,
Inc.
,
Class
A
(b)
..............
11,806
19,480
Integral
Ad
Science
Holding
Corp.
(b)
........
9,150
73,749
John
Wiley
&
Sons,
Inc.
,
Class
A
..........
4,936
219,948
Magnite,
Inc.
(b)
.......................
15,857
180,928
National
CineMedia,
Inc.
(b)
...............
8,976
52,420
PubMatic,
Inc.
,
Class
A
(b)
................
5,342
48,826
Scholastic
Corp.
.....................
3,063
57,829
Sinclair,
Inc.
,
Class
A
..................
4,174
66,492
Stagwell,
Inc.
,
Class
A
(b)
................
11,481
69,460
TechTarget,
Inc.
(b)
.....................
3,307
48,977
TEGNA,
Inc.
........................
20,068
365,639
Thryv
Holdings,
Inc.
(a)
(b)
.................
4,504
57,696
Townsquare
Media,
Inc.
,
Class
A
..........
1,297
10,558
WideOpenWest,
Inc.
(b)
.................
6,242
30,898
2,281,357
Metals
&
Mining
—
1.6%
Alpha
Metallurgical
Resources,
Inc.
(b)
.......
1,378
172,595
Caledonia
Mining
Corp.
plc
..............
1,720
21,483
Carpenter
Technology
Corp.
.............
5,968
1,081,282
Century
Aluminum
Co.
(b)
................
6,344
117,745
Coeur
Mining,
Inc.
(a)
(b)
..................
78,184
462,849
Commercial
Metals
Co.
(a)
...............
14,112
649,293
Compass
Minerals
International,
Inc.
(b)
.......
4,317
40,105
Constellium
SE
,
Class
A
(b)
...............
16,279
164,255
Contango
ORE,
Inc.
(a)
(b)
.................
1,471
15,019
Critical
Metals
Corp.
(a)
(b)
.................
793
1,102
Dakota
Gold
Corp.
(a)
(b)
..................
9,636
25,535
Hecla
Mining
Co.
.....................
73,045
406,130
i-80
Gold
Corp.
(b)
.....................
40,732
23,698
Ivanhoe
Electric,
Inc.
(b)
.................
10,445
60,686
Kaiser
Aluminum
Corp.
.................
2,013
122,028
Lifezone
Metals
Ltd.
(a)
(b)
.................
4,455
18,622
MAC
Copper
Ltd.
,
Class
A
(a)
(b)
............
6,463
61,657
Materion
Corp.
......................
2,603
212,405
Metallus,
Inc.
(b)
......................
5,408
72,251
Novagold
Resources,
Inc.
(b)
..............
29,791
86,990
Olympic
Steel,
Inc.
....................
1,066
33,600
Perpetua
Resources
Corp.
(b)
.............
5,085
54,359
Piedmont
Lithium,
Inc.
(a)
(b)
...............
2,197
13,841
Radius
Recycling,
Inc.
,
Class
A
...........
3,180
91,838
Ramaco
Resources,
Inc.
,
Class
A
(a)
.........
3,403
28,007
Ramaco
Resources,
Inc.
,
Class
B
(a)
........
630
4,479
Ryerson
Holding
Corp.
.................
3,534
81,141
SSR
Mining,
Inc.
(a)
(b)
...................
25,507
255,835
SunCoke
Energy,
Inc.
..................
10,374
95,441
Tredegar
Corp.
(b)
.....................
3,463
26,665
Warrior
Met
Coal,
Inc.
..................
6,510
310,657
Worthington
Steel,
Inc.
.................
4,179
105,854
4,917,447
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
1.0%
Advanced
Flower
Capital,
Inc.
(a)
...........
2,019
11,246
AG
Mortgage
Investment
Trust,
Inc.
........
3,560
25,988
Angel
Oak
Mortgage
REIT,
Inc.
...........
1,478
14,085
Apollo
Commercial
Real
Estate
Finance,
Inc.
..
17,780
170,155
Arbor
Realty
Trust,
Inc.
(a)
................
19,889
233,696
Ares
Commercial
Real
Estate
Corp.
........
6,984
32,336
ARMOUR
Residential
REIT,
Inc.
(a)
.........
6,797
116,229
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
(a)
....
21,490
429,800
BrightSpire
Capital,
Inc.
,
Class
A
..........
16,679
92,735
Chicago
Atlantic
Real
Estate
Finance,
Inc.
....
1,895
27,857
Chimera
Investment
Corp.
...............
10,218
131,097
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
Claros
Mortgage
Trust,
Inc.
..............
11,378
$
42,440
Dynex
Capital,
Inc.
....................
10,174
132,465
Ellington
Financial,
Inc.
(a)
................
10,162
134,748
Franklin
BSP
Realty
Trust,
Inc.
............
10,429
132,865
Granite
Point
Mortgage
Trust,
Inc.
(a)
........
6,283
16,336
Invesco
Mortgage
Capital,
Inc.
(a)
...........
7,553
59,593
KKR
Real
Estate
Finance
Trust,
Inc.
........
7,483
80,816
Ladder
Capital
Corp.
,
Class
A
............
14,919
170,226
MFA
Financial,
Inc.
....................
12,823
131,564
New
York
Mortgage
Trust,
Inc.
............
10,974
71,221
Nexpoint
Real
Estate
Finance,
Inc.
.........
1,024
15,657
Orchid
Island
Capital,
Inc.
(a)
..............
9,697
72,921
PennyMac
Mortgage
Investment
Trust
.......
10,723
157,092
Ready
Capital
Corp.
(a)
..................
20,732
105,526
Redwood
Trust,
Inc.
...................
17,067
103,597
Seven
Hills
Realty
Trust
................
1,524
19,035
Sunrise
Realty
Trust,
Inc.
...............
1,489
16,483
TPG
RE
Finance
Trust,
Inc.
..............
8,122
66,194
Two
Harbors
Investment
Corp.
............
13,155
175,751
2,989,754
Multi-Utilities
—
0.5%
Avista
Corp.
........................
9,836
411,833
Black
Hills
Corp.
.....................
8,977
544,455
Northwestern
Energy
Group,
Inc.
..........
7,674
444,095
Unitil
Corp.
.........................
1,938
111,803
1,512,186
Office
REITs
—
0.7%
Brandywine
Realty
Trust
................
20,253
90,328
City
Office
REIT,
Inc.
..................
5,072
26,324
COPT
Defense
Properties
...............
13,995
381,644
Douglas
Emmett,
Inc.
..................
14,328
229,248
Easterly
Government
Properties,
Inc.
.......
12,664
134,238
Franklin
Street
Properties
Corp.
...........
12,539
22,320
Hudson
Pacific
Properties,
Inc.
............
16,576
48,899
JBG
SMITH
Properties
(a)
................
10,415
167,786
NET
Lease
Office
Properties
(b)
............
1,898
59,559
Orion
Properties,
Inc.
..................
8,184
17,514
Paramount
Group,
Inc.
.................
23,301
100,194
Peakstone
Realty
Trust
,
Class
E
..........
4,489
56,561
Piedmont
Office
Realty
Trust,
Inc.
,
Class
A
....
15,756
116,122
Postal
Realty
Trust,
Inc.
,
Class
A
..........
2,571
36,714
SL
Green
Realty
Corp.
.................
8,817
508,741
1,996,192
Oil,
Gas
&
Consumable
Fuels
—
3.0%
Aemetis,
Inc.
(a)
(b)
.....................
4,588
7,983
Amplify
Energy
Corp.
(b)
.................
4,344
16,247
Ardmore
Shipping
Corp.
................
5,245
51,349
Berry
Corp.
.........................
9,538
30,617
BKV
Corp.
(b)
........................
1,746
36,666
California
Resources
Corp.
..............
8,700
382,539
Centrus
Energy
Corp.
,
Class
A
(b)
...........
1,799
111,916
Clean
Energy
Fuels
Corp.
(b)
..............
20,123
31,191
CNX
Resources
Corp.
(a)
(b)
...............
17,989
566,294
Comstock
Resources,
Inc.
(b)
..............
11,304
229,923
Core
Natural
Resources,
Inc.
.............
6,573
506,778
Crescent
Energy,
Inc.
,
Class
A
............
20,854
234,399
CVR
Energy,
Inc.
.....................
4,492
87,145
Delek
US
Holdings,
Inc.
................
8,118
122,338
DHT
Holdings,
Inc.
....................
16,956
178,038
Diversified
Energy
Co.
plc
(c)
..............
5,898
79,741
Dorian
LPG
Ltd.
......................
4,343
97,023
Empire
Petroleum
Corp.
(a)
(b)
..............
1,716
10,776
Encore
Energy
Corp.
(b)
.................
22,328
30,589
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Energy
Fuels,
Inc.
(a)
(b)
..................
22,768
$
84,925
Evolution
Petroleum
Corp.
...............
3,594
18,617
Excelerate
Energy,
Inc.
,
Class
A
(a)
..........
2,154
61,777
FLEX
LNG
Ltd.
(a)
.....................
3,826
87,960
FutureFuel
Corp.
.....................
3,620
14,118
Golar
LNG
Ltd.
......................
12,203
463,592
Granite
Ridge
Resources,
Inc.
............
6,478
39,386
Green
Plains,
Inc.
(b)
...................
7,108
34,474
Gulfport
Energy
Corp.
(b)
................
1,576
290,205
Hallador
Energy
Co.
(b)
..................
3,491
42,869
HighPeak
Energy,
Inc.
(a)
................
1,886
23,877
Infinity
Natural
Resources,
Inc.
,
Class
A
(b)
....
1,452
27,225
International
Seaways,
Inc.
..............
5,068
168,258
Kinetik
Holdings,
Inc.
,
Class
A
............
4,778
248,169
Kosmos
Energy
Ltd.
(b)
..................
58,893
134,276
Magnolia
Oil
&
Gas
Corp.
,
Class
A
.........
21,393
540,387
Murphy
Oil
Corp.
(a)
....................
17,292
491,093
NACCO
Industries,
Inc.
,
Class
A
...........
471
15,887
NextDecade
Corp.
(b)
...................
14,477
112,631
Nordic
American
Tankers
Ltd.
(a)
...........
25,459
62,629
Northern
Oil
&
Gas,
Inc.
(a)
...............
12,205
368,957
Par
Pacific
Holdings,
Inc.
(b)
..............
6,662
95,000
PBF
Energy,
Inc.
,
Class
A
...............
12,504
238,701
Peabody
Energy
Corp.
.................
15,030
203,656
Prairie
Operating
Co.
(a)
(b)
................
859
4,596
PrimeEnergy
Resources
Corp.
(b)
...........
90
20,510
REX
American
Resources
Corp.
(b)
.........
1,972
74,088
Riley
Exploration
Permian,
Inc.
............
1,436
41,888
Ring
Energy,
Inc.
(b)
....................
15,880
18,262
Sable
Offshore
Corp.
,
Class
A
(a)
(b)
..........
6,174
156,634
SandRidge
Energy,
Inc.
................
4,152
47,416
Scorpio
Tankers,
Inc.
..................
5,494
206,465
SFL
Corp.
Ltd.
.......................
15,620
128,084
Sitio
Royalties
Corp.
,
Class
A
.............
9,425
187,275
SM
Energy
Co.
(a)
.....................
14,234
426,308
Talos
Energy,
Inc.
(b)
...................
17,670
171,752
Teekay
Corp.
Ltd.
....................
7,220
47,435
Teekay
Tankers
Ltd.
,
Class
A
.............
2,966
113,509
Uranium
Energy
Corp.
(b)
................
51,040
243,971
Ur-Energy,
Inc.
(b)
.....................
42,930
28,939
VAALCO
Energy,
Inc.
(a)
.................
13,518
50,828
Vital
Energy,
Inc.
(b)
....................
3,641
77,262
Vitesse
Energy,
Inc.
(a)
..................
3,038
74,704
W&T
Offshore,
Inc.
....................
11,854
18,374
World
Kinect
Corp.
....................
7,034
199,484
9,018,005
Paper
&
Forest
Products
—
0.1%
Clearwater
Paper
Corp.
(b)
...............
2,092
53,074
Sylvamo
Corp.
(a)
.....................
4,347
291,553
344,627
Passenger
Airlines
—
0.4%
Allegiant
Travel
Co.
...................
1,917
99,013
Blade
Air
Mobility,
Inc.
,
Class
A
(b)
..........
6,516
17,789
Frontier
Group
Holdings,
Inc.
(b)
............
4,630
20,094
JetBlue
Airways
Corp.
(a)
(b)
...............
38,891
187,455
Joby
Aviation,
Inc.
,
Class
A
(a)
(b)
............
53,692
323,226
SkyWest,
Inc.
(b)
......................
5,014
438,073
Sun
Country
Airlines
Holdings,
Inc.
(b)
........
4,654
57,337
Wheels
Up
Experience,
Inc.
,
Class
A
(a)
(b)
.....
11,100
11,211
1,154,198
Personal
Care
Products
—
0.3%
Beauty
Health
Co.
(The)
,
Class
A
(a)
(b)
........
10,149
13,600
Edgewell
Personal
Care
Co.
.............
5,778
180,331
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Personal
Care
Products
(continued)
Herbalife
Ltd.
(b)
......................
12,593
$
108,678
Honest
Co.,
Inc.
(The)
(b)
................
10,101
47,475
Interparfums,
Inc.
.....................
2,224
253,247
Medifast,
Inc.
(b)
......................
1,320
17,794
Nature's
Sunshine
Products,
Inc.
(b)
.........
1,330
16,691
Nu
Skin
Enterprises,
Inc.
,
Class
A
..........
6,314
45,840
Olaplex
Holdings,
Inc.
(a)
(b)
...............
17,468
22,184
USANA
Health
Sciences,
Inc.
(b)
...........
1,424
38,405
Waldencast
plc
,
Class
A
(b)
...............
2,921
8,763
753,008
Pharmaceuticals
—
1.9%
Alto
Neuroscience,
Inc.
(b)
................
2,625
5,670
Alumis,
Inc.
(a)
(b)
......................
3,513
21,570
Amneal
Pharmaceuticals,
Inc.
,
Class
A
(b)
.....
20,095
168,396
Amphastar
Pharmaceuticals,
Inc.
(b)
.........
4,834
140,138
ANI
Pharmaceuticals,
Inc.
(b)
..............
2,324
155,592
Aquestive
Therapeutics,
Inc.
(b)
............
9,407
27,280
Arvinas,
Inc.
(b)
.......................
8,075
56,686
Atea
Pharmaceuticals,
Inc.
(a)
(b)
............
8,884
26,563
Avadel
Pharmaceuticals
plc
,
ADR
(a)
(b)
.......
11,653
91,243
Axsome
Therapeutics,
Inc.
(a)
(b)
............
4,577
533,815
BioAge
Labs,
Inc.
(b)
...................
2,549
9,584
Biote
Corp.
,
Class
A
(b)
..................
3,287
10,946
Cassava
Sciences,
Inc.
(b)
...............
4,915
7,372
Collegium
Pharmaceutical,
Inc.
(b)
..........
3,957
118,116
Contineum
Therapeutics,
Inc.
,
Class
A
(a)
(b)
....
835
5,828
Corcept
Therapeutics,
Inc.
(b)
.............
9,992
1,141,286
CorMedix,
Inc.
(a)
(b)
....................
7,525
46,354
Edgewise
Therapeutics,
Inc.
(b)
............
9,121
200,662
Enliven
Therapeutics,
Inc.
(a)
(b)
.............
4,420
86,986
Esperion
Therapeutics,
Inc.
(a)
(b)
............
23,768
34,226
Evolus,
Inc.
(b)
.......................
6,956
83,681
EyePoint
Pharmaceuticals,
Inc.
(b)
..........
7,913
42,888
Fulcrum
Therapeutics,
Inc.
(b)
.............
7,805
22,478
Harmony
Biosciences
Holdings,
Inc.
(b)
.......
4,629
153,636
Harrow,
Inc.
(b)
.......................
3,876
103,102
Innoviva,
Inc.
(a)
(b)
.....................
6,547
118,697
Ligand
Pharmaceuticals,
Inc.
(b)
............
2,240
235,514
Liquidia
Corp.
(a)
(b)
.....................
8,183
120,699
Maze
Therapeutics,
Inc.
(b)
...............
1,078
11,869
MBX
Biosciences,
Inc.
(a)
(b)
...............
1,294
9,550
MediWound
Ltd.
(a)
(b)
...................
981
15,225
Mind
Medicine
MindMed,
Inc.
(a)
(b)
..........
9,049
52,937
Nektar
Therapeutics
(b)
..................
22,561
15,341
Neumora
Therapeutics,
Inc.
(a)
(b)
...........
10,531
10,531
Nuvation
Bio,
Inc.
,
Class
A
(b)
.............
22,605
39,785
Ocular
Therapeutix,
Inc.
(b)
...............
19,579
143,514
Omeros
Corp.
(a)
(b)
.....................
7,444
61,190
Pacira
BioSciences,
Inc.
(a)
(b)
..............
5,621
139,682
Phathom
Pharmaceuticals,
Inc.
(b)
..........
5,288
33,156
Phibro
Animal
Health
Corp.
,
Class
A
........
2,402
51,307
Pliant
Therapeutics,
Inc.
(b)
...............
6,925
9,349
Prestige
Consumer
Healthcare,
Inc.
(b)
.......
6,094
523,901
Rapport
Therapeutics,
Inc.
(b)
.............
2,099
21,053
Scilex
Holding
Co.
,
(Acquired
01/06/23
,
cost
$
82,679
)
(b)
(e)
......................
7,889
1,953
scPharmaceuticals,
Inc.
(a)
(b)
..............
3,467
9,118
Septerna,
Inc.
(b)
......................
2,221
12,860
SIGA
Technologies,
Inc.
(a)
(b)
..............
5,290
28,989
Supernus
Pharmaceuticals,
Inc.
(b)
..........
6,328
207,242
Tarsus
Pharmaceuticals,
Inc.
(b)
............
4,632
237,946
Telomir
Pharmaceuticals,
Inc.
(a)
(b)
..........
2,158
6,970
Terns
Pharmaceuticals,
Inc.
(b)
.............
8,814
24,327
Theravance
Biopharma,
Inc.
(b)
............
4,390
39,203
Third
Harmonic
Bio,
Inc.
(a)
(b)
..............
2,294
7,960
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Trevi
Therapeutics,
Inc.
(b)
...............
8,625
$
54,251
Ventyx
Biosciences,
Inc.
(b)
...............
5,721
6,579
Verrica
Pharmaceuticals,
Inc.
(b)
............
2,541
1,124
Veru,
Inc.
(a)
(b)
........................
16,355
8,016
WaVe
Life
Sciences
Ltd.
(a)
(b)
..............
12,377
100,006
Xeris
Biopharma
Holdings,
Inc.
(b)
..........
17,847
97,980
Zevra
Therapeutics,
Inc.
(a)
(b)
..............
6,812
51,022
5,802,944
Professional
Services
—
2.4%
Alight,
Inc.
,
Class
A
...................
52,573
311,758
Asure
Software,
Inc.
(b)
..................
3,370
32,184
Barrett
Business
Services,
Inc.
............
3,240
133,326
BlackSky
Technology,
Inc.
,
Class
A
(a)
(b)
.......
3,107
24,017
CBIZ,
Inc.
(a)
(b)
........................
6,006
455,615
Conduent,
Inc.
(b)
.....................
19,839
53,565
CRA
International,
Inc.
.................
841
145,661
CSG
Systems
International,
Inc.
...........
3,637
219,929
DLH
Holdings
Corp.
(b)
..................
984
3,985
ExlService
Holdings,
Inc.
(b)
..............
19,585
924,608
Exponent,
Inc.
.......................
6,219
504,112
First
Advantage
Corp.
(b)
.................
7,381
103,998
FiscalNote
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
7,953
6,427
Forrester
Research,
Inc.
(b)
...............
1,441
13,315
Franklin
Covey
Co.
(b)
..................
1,424
39,331
Heidrick
&
Struggles
International,
Inc.
......
2,512
107,589
HireQuest,
Inc.
......................
623
7,414
Huron
Consulting
Group,
Inc.
(b)
............
2,164
310,426
IBEX
Holdings
Ltd.
(b)
...................
975
23,741
ICF
International,
Inc.
..................
2,347
199,425
Innodata,
Inc.
(b)
......................
3,413
122,527
Insperity,
Inc.
(a)
......................
4,415
393,950
Kelly
Services,
Inc.
,
Class
A
..............
4,094
53,918
Kforce,
Inc.
.........................
2,315
113,180
Korn
Ferry
(a)
........................
6,424
435,740
Legalzoom.com,
Inc.
(b)
.................
15,828
136,279
Maximus,
Inc.
.......................
7,081
482,853
Mistras
Group,
Inc.
(b)
..................
2,441
25,826
NV5
Global,
Inc.
(b)
....................
7,156
137,896
Planet
Labs
PBC
,
Class
A
(b)
..............
28,352
95,830
Resolute
Holdings
Management,
Inc.
(b)
......
284
8,901
Resources
Connection,
Inc.
..............
4,061
26,559
Spire
Global,
Inc.
,
Class
A
(a)
(b)
............
2,787
22,547
TriNet
Group,
Inc.
(a)
...................
3,932
311,572
TrueBlue,
Inc.
(b)
......................
3,719
19,748
TTEC
Holdings,
Inc.
...................
2,622
8,626
Upwork,
Inc.
(b)
.......................
15,279
199,391
Verra
Mobility
Corp.
,
Class
A
(b)
............
20,517
461,838
Willdan
Group,
Inc.
(b)
..................
1,489
60,632
WNS
Holdings
Ltd.
(b)
..................
5,321
327,188
7,065,427
Real
Estate
Management
&
Development
—
0.6%
Anywhere
Real
Estate,
Inc.
(b)
.............
11,673
38,871
Compass,
Inc.
,
Class
A
(b)
................
45,765
399,528
Cushman
&
Wakefield
plc
(b)
..............
19,001
194,190
eXp
World
Holdings,
Inc.
(a)
...............
10,292
100,656
Forestar
Group,
Inc.
(b)
..................
2,495
52,744
FRP
Holdings,
Inc.
(b)
...................
1,722
49,198
Kennedy-Wilson
Holdings,
Inc.
............
13,944
121,034
Marcus
&
Millichap,
Inc.
................
3,004
103,488
Maui
Land
&
Pineapple
Co.,
Inc.
(a)
(b)
........
731
12,844
Newmark
Group,
Inc.
,
Class
A
............
16,943
206,196
Offerpad
Solutions,
Inc.
,
Class
A
(a)
(b)
........
2,177
3,614
Opendoor
Technologies,
Inc.
,
Class
A
(b)
......
78,165
79,728
RE/MAX
Holdings,
Inc.
,
Class
A
(b)
..........
2,229
18,657
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Real
Brokerage,
Inc.
(The)
(a)
(b)
............
11,977
$
48,627
Redfin
Corp.
(b)
.......................
14,838
136,658
RMR
Group,
Inc.
(The)
,
Class
A
...........
1,933
32,184
St.
Joe
Co.
(The)
.....................
4,524
212,402
Star
Holdings
(b)
......................
1,552
13,207
Stratus
Properties,
Inc.
(a)
(b)
...............
685
12,159
Tejon
Ranch
Co.
(b)
....................
2,315
36,693
Transcontinental
Realty
Investors,
Inc.
(b)
.....
183
5,115
1,877,793
Residential
REITs
—
0.5%
Apartment
Investment
&
Management
Co.
,
Class
A
.............................
17,116
150,621
BRT
Apartments
Corp.
.................
1,549
26,333
Centerspace
........................
2,088
135,198
Clipper
Realty,
Inc.
....................
1,016
3,901
Elme
Communities
....................
11,202
194,915
Independence
Realty
Trust,
Inc.
(a)
..........
28,114
596,860
NexPoint
Residential
Trust,
Inc.
...........
2,785
110,091
UMH
Properties,
Inc.
..................
8,983
167,982
Veris
Residential,
Inc.
..................
9,816
166,087
1,551,988
Retail
REITs
—
1.4%
Acadia
Realty
Trust
...................
15,034
314,962
Alexander's,
Inc.
.....................
265
55,427
CBL
&
Associates
Properties,
Inc.
..........
2,692
71,553
Curbline
Properties
Corp.
...............
11,737
283,918
FrontView
REIT,
Inc.
...................
1,775
22,702
Getty
Realty
Corp.
....................
6,318
196,995
InvenTrust
Properties
Corp.
..............
9,800
287,826
Kite
Realty
Group
Trust
.................
27,378
612,446
Macerich
Co.
(The)
(a)
..................
31,111
534,176
NETSTREIT
Corp.
....................
10,022
158,849
Phillips
Edison
&
Co.,
Inc.
...............
15,477
564,756
Saul
Centers,
Inc.
....................
1,435
51,761
SITE
Centers
Corp.
...................
6,094
78,247
Tanger,
Inc.
.........................
13,491
455,861
Urban
Edge
Properties
.................
15,870
301,530
Whitestone
REIT
.....................
6,072
88,469
4,079,478
Semiconductors
&
Semiconductor
Equipment
—
2.1%
ACM
Research,
Inc.
,
Class
A
(b)
............
6,408
149,563
Aehr
Test
Systems
(a)
(b)
..................
3,510
25,588
Alpha
&
Omega
Semiconductor
Ltd.
(b)
.......
2,896
71,995
Ambarella,
Inc.
(b)
.....................
4,698
236,450
Axcelis
Technologies,
Inc.
(b)
..............
4,089
203,101
CEVA,
Inc.
(b)
........................
3,008
77,035
Cohu,
Inc.
(b)
........................
5,871
86,362
Credo
Technology
Group
Holding
Ltd.
(b)
......
17,628
707,940
Diodes,
Inc.
(b)
.......................
5,731
247,407
Everspin
Technologies,
Inc.
(b)
.............
2,421
12,347
FormFactor,
Inc.
(a)
(b)
...................
9,718
274,922
Ichor
Holdings
Ltd.
(b)
...................
4,120
93,153
Impinj,
Inc.
(b)
........................
2,878
261,035
indie
Semiconductor,
Inc.
,
Class
A
(a)
(b)
.......
20,593
41,907
Kulicke
&
Soffa
Industries,
Inc.
............
6,648
219,251
MaxLinear,
Inc.
(b)
.....................
9,948
108,035
Navitas
Semiconductor
Corp.
(a)
(b)
..........
15,900
32,595
NVE
Corp.
.........................
559
35,631
PDF
Solutions,
Inc.
(b)
..................
3,795
72,522
Penguin
Solutions,
Inc.
(b)
................
6,498
112,870
Photronics,
Inc.
(b)
.....................
7,824
162,426
Power
Integrations,
Inc.
................
7,083
357,692
QuickLogic
Corp.
(b)
....................
1,704
8,707
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Rambus,
Inc.
(a)
(b)
.....................
13,263
$
686,692
Rigetti
Computing,
Inc.
(a)
(b)
...............
23,355
184,972
Semtech
Corp.
(b)
.....................
9,235
317,684
Silicon
Laboratories,
Inc.
(b)
...............
3,994
449,605
SiTime
Corp.
(b)
.......................
2,310
353,130
SkyWater
Technology,
Inc.
(b)
.............
3,449
24,453
Synaptics,
Inc.
(b)
.....................
4,911
312,929
Ultra
Clean
Holdings,
Inc.
(b)
..............
5,587
119,618
Veeco
Instruments,
Inc.
(a)
(b)
..............
6,989
140,339
6,187,956
Software
—
5.9%
8x8,
Inc.
(b)
..........................
15,721
31,442
A10
Networks,
Inc.
....................
8,641
141,194
ACI
Worldwide,
Inc.
(a)
(b)
.................
13,232
723,923
Adeia,
Inc.
.........................
13,297
175,786
Agilysys,
Inc.
(b)
......................
2,772
201,081
Airship
AI
Holdings,
Inc.
,
Class
A
(a)
(b)
........
1,141
4,404
Alarm.com
Holdings,
Inc.
(b)
..............
5,862
326,220
Alkami
Technology,
Inc.
(b)
...............
7,559
198,424
Amplitude,
Inc.
,
Class
A
(b)
...............
9,678
98,619
Appian
Corp.
,
Class
A
(a)
(b)
...............
5,166
148,832
Arteris,
Inc.
(b)
........................
3,447
23,819
Asana,
Inc.
,
Class
A
(b)
..................
10,144
147,798
AudioEye,
Inc.
(b)
......................
894
9,923
Aurora
Innovation,
Inc.
,
Class
A
(b)
..........
119,493
803,590
AvePoint,
Inc.
,
Class
A
(b)
................
16,123
232,816
Bit
Digital,
Inc.
(a)
(b)
.....................
14,875
30,048
Blackbaud,
Inc.
(b)
.....................
4,854
301,191
BlackLine,
Inc.
(a)
(b)
....................
7,251
351,093
Blend
Labs,
Inc.
,
Class
A
(b)
..............
29,023
97,227
Box,
Inc.
,
Class
A
(a)
(b)
..................
17,361
535,760
Braze,
Inc.
,
Class
A
(b)
..................
8,171
294,810
C3.ai,
Inc.
,
Class
A
(a)
(b)
.................
13,764
289,732
Cerence,
Inc.
(b)
......................
5,025
39,698
Cipher
Mining,
Inc.
(b)
...................
25,268
58,116
Cleanspark,
Inc.
(a)
(b)
...................
34,266
230,268
Clear
Secure,
Inc.
,
Class
A
..............
11,079
287,057
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(b)
..
23,189
621,465
Commvault
Systems,
Inc.
(a)
(b)
.............
5,406
852,851
Consensus
Cloud
Solutions,
Inc.
(b)
.........
2,071
47,799
Core
Scientific,
Inc.
(b)
..................
22,416
162,292
CS
Disco,
Inc.
(b)
......................
4,173
17,068
Daily
Journal
Corp.
(b)
..................
179
71,188
Digimarc
Corp.
(a)
(b)
....................
1,803
23,114
Digital
Turbine,
Inc.
(a)
(b)
.................
11,614
31,532
Domo,
Inc.
,
Class
B
(b)
..................
3,734
28,976
D-Wave
Quantum,
Inc.
(b)
................
22,670
172,292
E2open
Parent
Holdings,
Inc.
,
Class
A
(b)
.....
25,278
50,556
eGain
Corp.
(b)
.......................
2,947
14,293
Enfusion,
Inc.
,
Class
A
(b)
................
6,041
67,357
EverCommerce,
Inc.
(b)
.................
2,494
25,140
Freshworks,
Inc.
,
Class
A
(b)
..............
25,641
361,795
Hut
8
Corp.
(b)
........................
10,113
117,513
I3
Verticals,
Inc.
,
Class
A
(b)
...............
2,982
73,566
Intapp,
Inc.
(b)
........................
6,670
389,395
InterDigital,
Inc.
(a)
.....................
3,144
650,022
Jamf
Holding
Corp.
(b)
..................
10,114
122,885
Kaltura,
Inc.
(b)
.......................
9,763
18,354
Life360,
Inc.
(b)
.......................
1,301
49,945
LiveRamp
Holdings,
Inc.
(a)
(b)
..............
7,874
205,826
Logility
Supply
Chain
Solutions,
Inc.
,
Class
A
..
3,744
53,389
MARA
Holdings,
Inc.
(a)
(b)
................
42,339
486,899
Meridianlink,
Inc.
(b)
....................
4,112
76,195
Mitek
Systems,
Inc.
(b)
..................
5,830
48,098
N-able,
Inc.
(a)
(b)
......................
9,175
65,051
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
NCR
Voyix
Corp.
(b)
....................
18,419
$
179,585
NextNav,
Inc.
(a)
(b)
.....................
10,156
123,599
Olo,
Inc.
,
Class
A
(b)
....................
12,836
77,529
ON24,
Inc.
(b)
........................
3,326
17,295
OneSpan,
Inc.
.......................
4,995
76,174
Ooma,
Inc.
(a)
(b)
.......................
2,827
37,005
Pagaya
Technologies
Ltd.
,
Class
A
(a)
(b)
.......
4,472
46,867
PagerDuty,
Inc.
(b)
.....................
10,819
197,663
Porch
Group,
Inc.
(b)
...................
9,696
70,684
Progress
Software
Corp.
................
5,406
278,463
PROS
Holdings,
Inc.
(b)
.................
5,785
110,089
Q2
Holdings,
Inc.
(b)
....................
7,303
584,313
Qualys,
Inc.
(b)
.......................
4,582
577,011
Rapid7,
Inc.
(b)
.......................
7,790
206,513
Red
Violet,
Inc.
......................
1,517
57,024
Rekor
Systems,
Inc.
(a)
(b)
.................
8,915
7,905
ReposiTrak,
Inc.
(a)
....................
1,417
28,723
Rimini
Street,
Inc.
(b)
...................
6,637
23,097
Riot
Platforms,
Inc.
(a)
(b)
.................
38,612
274,917
Roadzen,
Inc.
(a)
(b)
.....................
4,324
4,497
Sapiens
International
Corp.
NV
...........
3,805
103,077
SEMrush
Holdings,
Inc.
,
Class
A
(b)
.........
4,586
42,787
Silvaco
Group,
Inc.
(b)
..................
704
3,210
SolarWinds
Corp.
....................
7,000
129,010
SoundHound
AI,
Inc.
,
Class
A
(a)
(b)
..........
40,218
326,570
SoundThinking,
Inc.
(b)
..................
1,052
17,831
Sprinklr,
Inc.
,
Class
A
(b)
.................
14,392
120,173
Sprout
Social,
Inc.
,
Class
A
(a)
(b)
............
6,220
136,778
SPS
Commerce,
Inc.
(a)
(b)
................
4,662
618,787
Telos
Corp.
(b)
........................
7,127
16,962
Tenable
Holdings,
Inc.
(b)
................
14,822
518,474
Terawulf,
Inc.
(a)
(b)
.....................
33,384
91,138
Varonis
Systems,
Inc.
(b)
.................
13,715
554,772
Verint
Systems,
Inc.
(b)
..................
7,812
139,444
Vertex,
Inc.
,
Class
A
(b)
..................
6,824
238,908
Viant
Technology,
Inc.
,
Class
A
(b)
...........
1,929
23,939
Weave
Communications,
Inc.
(b)
...........
4,965
55,062
WM
Technology,
Inc.
,
Class
A
(b)
...........
10,370
11,718
Workiva,
Inc.
,
Class
A
(b)
.................
6,347
481,801
Xperi,
Inc.
(b)
.........................
5,605
43,271
Yext,
Inc.
(b)
.........................
13,122
80,832
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
(b)
......
22,236
301,520
17,722,744
Specialized
REITs
—
0.5%
Farmland
Partners,
Inc.
(a)
...............
5,187
57,835
Four
Corners
Property
Trust,
Inc.
(a)
.........
12,076
346,581
Gladstone
Land
Corp.
.................
4,336
45,615
Outfront
Media,
Inc.
...................
18,084
291,876
PotlatchDeltic
Corp.
...................
9,839
443,936
Safehold,
Inc.
.......................
6,270
117,374
Uniti
Group,
Inc.
.....................
30,553
153,987
1,457,204
Specialty
Retail
—
2.0%
1-800-Flowers.com,
Inc.
,
Class
A
(a)
(b)
........
3,249
19,169
Abercrombie
&
Fitch
Co.
,
Class
A
(b)
.........
6,133
468,377
Academy
Sports
&
Outdoors,
Inc.
..........
8,550
389,966
American
Eagle
Outfitters,
Inc.
............
21,950
255,059
America's
Car-Mart,
Inc.
(b)
...............
950
43,120
Arhaus,
Inc.
,
Class
A
(b)
.................
6,435
55,985
Arko
Corp.
(a)
........................
9,829
38,825
Asbury
Automotive
Group,
Inc.
(a)
(b)
..........
2,441
539,070
BARK,
Inc.
,
Class
A
(a)
(b)
.................
13,878
19,290
Beyond,
Inc.
(a)
(b)
......................
6,087
35,305
Boot
Barn
Holdings,
Inc.
(b)
...............
3,717
399,317
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Buckle,
Inc.
(The)
....................
3,894
$
149,218
Build-A-Bear
Workshop,
Inc.
(a)
............
1,647
61,219
Caleres,
Inc.
........................
4,365
75,209
Camping
World
Holdings,
Inc.
,
Class
A
......
7,007
113,233
Citi
Trends,
Inc.
(b)
.....................
649
14,366
Designer
Brands,
Inc.
,
Class
A
(a)
...........
5,032
18,367
Destination
XL
Group,
Inc.
(b)
.............
6,938
10,129
EVgo,
Inc.
,
Class
A
(a)
(b)
.................
16,348
43,486
Foot
Locker,
Inc.
(b)
....................
10,505
148,121
Genesco,
Inc.
(b)
......................
1,236
26,240
Group
1
Automotive,
Inc.
................
1,615
616,849
GrowGeneration
Corp.
(a)
(b)
...............
6,574
7,100
Haverty
Furniture
Cos.,
Inc.
..............
1,754
34,589
J
Jill,
Inc.
(a)
.........................
820
16,015
Lands'
End,
Inc.
(b)
....................
1,728
17,591
Leslie's,
Inc.
(b)
.......................
22,001
16,182
MarineMax,
Inc.
(b)
.....................
2,745
59,018
Monro,
Inc.
.........................
3,863
55,898
National
Vision
Holdings,
Inc.
(b)
...........
9,491
121,295
ODP
Corp.
(The)
(b)
....................
3,456
49,524
OneWater
Marine,
Inc.
,
Class
A
(a)
(b)
.........
1,610
26,050
Petco
Health
&
Wellness
Co.,
Inc.
(b)
........
10,577
32,260
RealReal,
Inc.
(The)
(b)
..................
12,287
66,227
Revolve
Group,
Inc.
,
Class
A
(b)
............
4,654
100,014
RumbleON,
Inc.
,
Class
B
(b)
..............
2,254
6,356
Sally
Beauty
Holdings,
Inc.
(b)
.............
12,910
116,577
Shoe
Carnival,
Inc.
....................
2,259
49,675
Signet
Jewelers
Ltd.
...................
5,241
304,292
Sleep
Number
Corp.
(b)
.................
2,585
16,389
Sonic
Automotive,
Inc.
,
Class
A
...........
1,750
99,680
Stitch
Fix,
Inc.
,
Class
A
(b)
................
11,896
38,662
ThredUp,
Inc.
,
Class
A
(b)
................
10,186
24,548
Tile
Shop
Holdings,
Inc.
(a)
(b)
..............
4,225
27,378
Tilly's,
Inc.
,
Class
A
(a)
(b)
.................
3,026
6,657
Torrid
Holdings,
Inc.
(b)
..................
1,710
9,371
Upbound
Group,
Inc.
..................
6,802
162,976
Urban
Outfitters,
Inc.
(b)
.................
7,878
412,807
Victoria's
Secret
&
Co.
(b)
................
9,875
183,478
Warby
Parker,
Inc.
,
Class
A
(b)
.............
10,987
200,293
Winmark
Corp.
......................
359
114,115
Zumiez,
Inc.
(b)
.......................
1,816
27,040
5,941,977
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
CompoSecure,
Inc.
,
Class
A
(a)
............
3,409
37,056
Corsair
Gaming,
Inc.
(b)
.................
5,976
52,947
CPI
Card
Group,
Inc.
(b)
.................
806
23,511
Diebold
Nixdorf,
Inc.
(b)
..................
3,189
139,423
Eastman
Kodak
Co.
(b)
..................
7,027
44,411
Immersion
Corp.
(a)
....................
4,029
30,540
IonQ,
Inc.
(b)
.........................
25,371
559,938
Turtle
Beach
Corp.
(b)
...................
1,876
26,770
Xerox
Holdings
Corp.
(a)
.................
14,782
71,397
985,993
Textiles,
Apparel
&
Luxury
Goods
—
0.5%
Figs,
Inc.
,
Class
A
(b)
...................
16,006
73,468
G-III
Apparel
Group
Ltd.
(b)
...............
4,946
135,273
Hanesbrands,
Inc.
(b)
...................
44,377
256,055
Kontoor
Brands,
Inc.
(a)
.................
6,845
438,970
Movado
Group,
Inc.
...................
1,997
33,390
Oxford
Industries,
Inc.
.................
1,893
111,062
Rocky
Brands,
Inc.
....................
915
15,894
Steven
Madden
Ltd.
(a)
..................
8,721
232,327
Superior
Group
of
Cos.,
Inc.
.............
1,651
18,062
Vera
Bradley,
Inc.
(a)
(b)
..................
3,137
7,058
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Wolverine
World
Wide,
Inc.
..............
10,026
$
139,462
1,461,021
Tobacco
—
0.1%
Ispire
Technology,
Inc.
(a)
(b)
...............
2,188
5,974
Turning
Point
Brands,
Inc.
...............
2,148
127,677
Universal
Corp.
......................
3,004
168,374
302,025
Trading
Companies
&
Distributors
—
2.5%
Alta
Equipment
Group,
Inc.
,
Class
A
........
2,950
13,835
Applied
Industrial
Technologies,
Inc.
........
4,779
1,076,900
Beacon
Roofing
Supply,
Inc.
(b)
............
7,721
955,088
BlueLinx
Holdings,
Inc.
(b)
................
1,002
75,130
Boise
Cascade
Co.
...................
4,765
467,399
Custom
Truck
One
Source,
Inc.
(b)
..........
7,030
29,667
Distribution
Solutions
Group,
Inc.
(b)
.........
1,288
36,064
DNOW,
Inc.
(b)
.......................
12,810
218,795
DXP
Enterprises,
Inc.
(b)
.................
1,565
128,737
EVI
Industries,
Inc.
....................
550
9,229
FTAI
Aviation
Ltd.
.....................
12,568
1,395,425
GATX
Corp.
(a)
.......................
4,451
691,107
Global
Industrial
Co.
...................
1,806
40,454
GMS,
Inc.
(b)
.........................
4,909
359,192
H&E
Equipment
Services,
Inc.
............
3,980
377,264
Herc
Holdings,
Inc.
(a)
..................
3,500
469,945
Hudson
Technologies,
Inc.
(b)
.............
5,098
31,455
Karat
Packaging,
Inc.
..................
883
23,470
McGrath
RentCorp
....................
3,048
339,547
MRC
Global,
Inc.
(b)
....................
10,817
124,179
Rush
Enterprises,
Inc.
,
Class
A
...........
7,513
401,269
Rush
Enterprises,
Inc.
,
Class
B
...........
1,109
62,681
Titan
Machinery,
Inc.
(b)
.................
2,427
41,356
Transcat,
Inc.
(b)
......................
1,092
81,299
Willis
Lease
Finance
Corp.
..............
367
57,975
Xometry,
Inc.
,
Class
A
(b)
................
5,340
133,073
7,640,535
Transportation
Infrastructure
—
0.0%
Sky
Harbour
Group
Corp.
,
Class
A
(a)
(b)
.......
1,324
17,225
Water
Utilities
—
0.4%
American
States
Water
Co.
..............
4,644
365,390
Cadiz,
Inc.
(b)
........................
4,986
14,609
California
Water
Service
Group
...........
7,241
350,899
Consolidated
Water
Co.
Ltd.
.............
1,804
44,180
Global
Water
Resources,
Inc.
.............
1,630
16,805
Middlesex
Water
Co.
..................
2,147
137,623
Pure
Cycle
Corp.
(b)
....................
2,785
29,159
SJW
Group
.........................
4,052
221,604
York
Water
Co.
(The)
..................
1,683
58,366
1,238,635
Wireless
Telecommunication
Services
—
0.2%
Gogo,
Inc.
(a)
(b)
.......................
8,210
70,770
Spok
Holdings,
Inc.
...................
2,030
33,373
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
(continued)
Telephone
&
Data
Systems,
Inc.
...........
12,131
$
469,955
574,098
Total
Common
Stocks
—
99
.2
%
(Cost:
$
260,906,852
)
..............................
297,967,022
Rights
Biotechnology
—
0.0%
(b)
Contra
Aduro
Biotech
I,
CVR
(d)
...........
1,703
800
Contra
Chinook
Therape,
CVR
(d)
..........
7,079
6,017
Icosavax,
Inc.,
CVR
...................
3,727
1,155
Inhibrx,
Inc.,
CVR
(d)
...................
4,257
4,811
Oncternal
Therapeutics,
Inc.,
CVR
(d)
........
105
108
12,891
Total
Rights
—
0.0
%
(Cost:
$
10,009
)
.................................
12,891
Warrants
Health
Care
Equipment
&
Supplies
—
0.0
%
Pulse
Biosciences,
Inc.
(
1
Share
for
1
Warrant,
Expires
06/27/29
)
(a)
(b)
................
202
514
Total
Warrants
—
0.0
%
(Cost:
$
—
)
.....................................
514
Total
Long-Term
Investments
—
99.2%
(Cost:
$
260,916,861
)
..............................
297,980,427
Short-Term
Securities
Money
Market
Funds
—
17.4%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.50
%
(h)
...................
50,082,423
50,107,464
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.22
%
.....................
1,976,063
1,976,063
Total
Short-Term
Securities
—
17
.4
%
(Cost:
$
52,084,127
)
...............................
52,083,527
Total
Investments
—
116
.6
%
(Cost:
$
313,000,988
)
..............................
350,063,954
Liabilities
in
Excess
of
Other
Assets
—
(
16.6
)
%
............
(
49,778,596
)
Net
Assets
—
100.0%
...............................
$
300,285,358
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,953,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$82,679.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
19
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
55,342,077
$
—
$
(
5,235,049
)
(a)
$
(
3,320
)
$
3,756
$
50,107,464
50,082,423
$
67,799
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
1,592,079
383,984
(a)
—
—
—
1,976,063
1,976,063
21,182
—
$
(
3,320
)
$
3,756
$
52,083,527
$
88,981
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
20
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to the
entire
fair
value
measurement
for
the asset
or
liability (including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds,
that
may
not
have
a
secondary
market,
and/
or may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
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
....................................................
23
06/20/25
$
2,331
$
(
50,220
)
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
4,316,354
$
—
$
—
$
4,316,354
Air
Freight
&
Logistics
....................................
515,052
—
—
515,052
Automobile
Components
..................................
3,184,253
—
—
3,184,253
Automobiles
..........................................
123,805
—
—
123,805
Banks
...............................................
32,075,875
—
16,853
32,092,728
Beverages
...........................................
1,200,682
—
—
1,200,682
Biotechnology
.........................................
24,351,801
—
—
24,351,801
Broadline
Retail
........................................
85,363
—
—
85,363
Building
Products
.......................................
4,188,493
—
—
4,188,493
Capital
Markets
........................................
5,423,269
—
—
5,423,269
Chemicals
............................................
4,740,364
—
—
4,740,364
Commercial
Services
&
Supplies
.............................
5,506,622
—
—
5,506,622
Communications
Equipment
................................
1,887,242
—
—
1,887,242
Construction
&
Engineering
................................
4,540,285
—
—
4,540,285
Construction
Materials
....................................
767,117
—
—
767,117
Consumer
Finance
......................................
2,802,771
—
—
2,802,771
Consumer
Staples
Distribution
&
Retail
........................
3,303,046
—
—
3,303,046
Containers
&
Packaging
..................................
785,111
—
—
785,111
Distributors
...........................................
115,964
—
—
115,964
Diversified
Consumer
Services
..............................
3,536,274
—
—
3,536,274
Diversified
REITs
.......................................
2,065,946
—
—
2,065,946
Diversified
Telecommunication
Services
........................
1,749,870
—
—
1,749,870
Electric
Utilities
........................................
2,755,426
—
—
2,755,426
Electrical
Equipment
.....................................
3,682,356
—
—
3,682,356
Electronic
Equipment,
Instruments
&
Components
.................
8,649,319
—
—
8,649,319
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
21
Level
1
Level
2
Level
3
Total
Energy
Equipment
&
Services
..............................
$
6,207,802
$
—
$
—
$
6,207,802
Entertainment
.........................................
1,543,258
—
—
1,543,258
Financial
Services
......................................
8,557,317
—
—
8,557,317
Food
Products
.........................................
2,947,811
—
—
2,947,811
Gas
Utilities
...........................................
3,352,744
—
—
3,352,744
Ground
Transportation
...................................
1,174,112
—
—
1,174,112
Health
Care
Equipment
&
Supplies
...........................
8,465,737
—
—
8,465,737
Health
Care
Providers
&
Services
............................
9,326,746
—
—
9,326,746
Health
Care
REITs
......................................
2,655,089
—
—
2,655,089
Health
Care
Technology
..................................
1,232,644
—
—
1,232,644
Hotel
&
Resort
REITs
....................................
2,105,681
—
—
2,105,681
Hotels,
Restaurants
&
Leisure
..............................
5,851,430
—
—
5,851,430
Household
Durables
.....................................
5,907,122
—
—
5,907,122
Household
Products
.....................................
987,238
—
—
987,238
Independent
Power
and
Renewable
Electricity
Producers
............
572,638
—
—
572,638
Industrial
Conglomerates
..................................
84,199
—
—
84,199
Industrial
REITs
........................................
1,399,260
—
—
1,399,260
Insurance
............................................
6,941,823
—
—
6,941,823
Interactive
Media
&
Services
...............................
1,674,615
—
—
1,674,615
IT
Services
...........................................
1,355,225
—
—
1,355,225
Leisure
Products
.......................................
1,006,965
—
—
1,006,965
Life
Sciences
Tools
&
Services
..............................
687,015
—
—
687,015
Machinery
............................................
11,857,014
—
—
11,857,014
Marine
Transportation
....................................
830,207
—
—
830,207
Media
...............................................
2,281,357
—
—
2,281,357
Metals
&
Mining
........................................
4,917,447
—
—
4,917,447
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
2,989,754
—
—
2,989,754
Multi-Utilities
..........................................
1,512,186
—
—
1,512,186
Office
REITs
..........................................
1,996,192
—
—
1,996,192
Oil,
Gas
&
Consumable
Fuels
...............................
9,018,005
—
—
9,018,005
Paper
&
Forest
Products
..................................
344,627
—
—
344,627
Passenger
Airlines
......................................
1,154,198
—
—
1,154,198
Personal
Care
Products
..................................
753,008
—
—
753,008
Pharmaceuticals
.......................................
5,800,991
1,953
—
5,802,944
Professional
Services
....................................
7,065,427
—
—
7,065,427
Real
Estate
Management
&
Development
.......................
1,877,793
—
—
1,877,793
Residential
REITs
.......................................
1,551,988
—
—
1,551,988
Retail
REITs
..........................................
4,079,478
—
—
4,079,478
Semiconductors
&
Semiconductor
Equipment
....................
6,187,956
—
—
6,187,956
Software
.............................................
17,722,744
—
—
17,722,744
Specialized
REITs
......................................
1,457,204
—
—
1,457,204
Specialty
Retail
........................................
5,941,977
—
—
5,941,977
Technology
Hardware,
Storage
&
Peripherals
....................
985,993
—
—
985,993
Textiles,
Apparel
&
Luxury
Goods
............................
1,461,021
—
—
1,461,021
Tobacco
.............................................
302,025
—
—
302,025
Trading
Companies
&
Distributors
............................
7,640,535
—
—
7,640,535
Transportation
Infrastructure
...............................
17,225
—
—
17,225
Water
Utilities
.........................................
1,238,635
—
—
1,238,635
Wireless
Telecommunication
Services
.........................
574,098
—
—
574,098
Rights
................................................
—
1,155
11,736
12,891
Warrants
..............................................
—
514
—
514
Short-Term
Securities
Money
Market
Funds
......................................
52,083,527
—
—
52,083,527
$
350,031,743
$
3,622
$
28,589
$
350,063,954
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
50,220
)
$
—
$
—
$
(
50,220
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
22
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
REIT
Real
Estate
Investment
Trust