Schedule

Investments

(unaudited)

March

31,

2025

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Aerospace

Defense

—

2.3%

Axon

Enterprise,

Inc.

(a)

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

913

480,192

BWX

Technologies,

Inc.

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

4,460

439,979

Curtiss-Wright

Corp.

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

2,458

779,850

Ducommun,

Inc.

(a)

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

5,101

296,011

Karman

Holdings,

Inc.

(a)

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

3,294

110,085

Leonardo

DRS,

Inc.

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

4,648

152,826

Mercury

Systems,

Inc.

(a)

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

2,162

93,161

Moog,

Inc.

Class

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

3,367

583,669

Triumph

Group,

Inc.

(a)

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

1,237

31,346

V2X,

Inc.

(a)

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

7,357

360,861

3,327,980

Air

Freight

Logistics

—

0.7%

Robinson

Worldwide,

Inc.

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

5,166

528,998

GXO

Logistics,

Inc.

(a)

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

11,845

462,903

991,901

Automobile

Components

—

0.8%

Adient

plc

(a)

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

19,238

247,401

BorgWarner,

Inc.

(b)

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

21,499

615,946

Dorman

Products,

Inc.

(a)

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

630

75,940

Gentex

Corp.

(b)

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

7,340

171,022

Modine

Manufacturing

Co.

(a)

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

660

50,655

1,160,964

Banks

—

5.4%

Axos

Financial,

Inc.

(a)

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

320

20,646

Banc

California,

Inc.

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

18,164

257,747

Bank7

Corp.

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

2,995

116,026

Bar

Harbor

Bankshares

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

2,403

70,889

Capital

City

Bank

Group,

Inc.

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

1,274

45,813

Capitol

Federal

Financial,

Inc.

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

2,585

14,476

Commerce

Bancshares,

Inc.

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

2,189

136,222

ConnectOne

Bancorp,

Inc.

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

6,767

164,506

Cullen/Frost

Bankers,

Inc.

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

519

64,979

Dime

Community

Bancshares,

Inc.

.........

875

24,395

Enterprise

Bancorp,

Inc.

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

243

9,460

Enterprise

Financial

Services

Corp.

(b)

.......

3,563

191,476

Financial

Corp.

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

5,119

237,317

First

Bank

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

3,174

47,007

First

Business

Financial

Services,

Inc.

.......

1,148

54,128

First

Financial

Bankshares,

Inc.

...........

505

18,140

First

Horizon

Corp.

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

47,578

923,965

First

Internet

Bancorp

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

4,313

115,502

First

Long

Island

Corp.

(The)

...........

1,052

12,992

Flushing

Financial

Corp.

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

6,400

81,280

FNB

Corp.

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

14,774

198,710

Hancock

Whitney

Corp.

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

8,092

424,425

HarborOne

Bancorp,

Inc.

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

3,558

36,896

Heritage

Commerce

Corp.

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

17,576

167,324

Heritage

Financial

Corp.

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

112

2,725

HomeTrust

Bancshares,

Inc.

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

2,907

99,652

Horizon

Bancorp,

Inc.

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

11,442

172,545

Independent

Bank

Corp.

(b)

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

32,355

996,210

Kearny

Financial

Corp.

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

34,637

216,828

Mercantile

Bank

Corp.

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

2,127

92,397

Metrocity

Bankshares,

Inc.

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

1,123

30,961

Metropolitan

Bank

Holding

Corp.

(a)

(b)

........

3,379

189,190

Midland

States

Bancorp,

Inc.

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

10,224

175,035

MVB

Financial

Corp.

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

1,257

21,771

Nicolet

Bankshares,

Inc.

(b)

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

193

21,029

Northfield

Bancorp,

Inc.

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

32,129

350,527

OceanFirst

Financial

Corp.

(b)

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

29,176

496,284

Park

National

Corp.

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

101

15,291

Peoples

Bancorp,

Inc.

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

541

16,046

Security

Value

Banks

(continued)

Prosperity

Bancshares,

Inc.

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

5,184

369,982

Provident

Financial

Services,

Inc.

..........

3,672

63,048

ServisFirst

Bancshares,

Inc.

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

1,246

102,920

Shore

Bancshares,

Inc.

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

2,789

37,763

Southern

First

Bancshares,

Inc.

(a)

..........

1,370

45,100

United

Bankshares,

Inc.

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

1,068

37,028

Univest

Financial

Corp.

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

3,668

104,025

USCB

Financial

Holdings,

Inc.

Class

......

7,716

143,209

Valley

National

Bancorp

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

54,193

481,776

Washington

Trust

Bancorp,

Inc.

...........

1,735

53,542

West

Bancorp,

Inc.

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

1,188

23,689

Western

New

England

Bancorp,

Inc.

........

8,042

74,791

7,867,685

Beverages

—

0.2%

(a)

Boston

Beer

Co.,

Inc.

(The)

Class

........

863

206,119

Celsius

Holdings,

Inc.

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

505

17,988

Vita

Coco

Co.,

Inc.

(The)

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

470

14,405

238,512

Biotechnology

—

5.4%

(a)

ACADIA

Pharmaceuticals,

Inc.

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

15,171

251,990

Agios

Pharmaceuticals,

Inc.

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

560

16,408

Akero

Therapeutics,

Inc.

(b)

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

1,046

42,342

Amicus

Therapeutics,

Inc.

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

36,699

299,464

Apellis

Pharmaceuticals,

Inc.

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

7,944

173,735

Arcus

Biosciences,

Inc.

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

1,360

10,676

BioCryst

Pharmaceuticals,

Inc.

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

39,397

295,478

Blueprint

Medicines

Corp.

(b)

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

4,198

371,565

CareDx,

Inc.

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

3,128

55,522

Catalyst

Pharmaceuticals,

Inc.

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

13,208

320,294

Celldex

Therapeutics,

Inc.

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

2,392

43,415

Cytokinetics,

Inc.

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

2,676

107,548

Day

One

Biopharmaceuticals,

Inc.

.........

14,434

114,462

Denali

Therapeutics,

Inc.

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

11,881

161,522

Exact

Sciences

Corp.

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

3,294

142,597

Exelixis,

Inc.

(b)

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

10,780

397,998

Halozyme

Therapeutics,

Inc.

(b)

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

753

48,049

Ideaya

Biosciences,

Inc.

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

12,065

197,625

Insmed,

Inc.

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

2,392

182,486

Intellia

Therapeutics,

Inc.

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

3,984

28,326

Ionis

Pharmaceuticals,

Inc.

(b)

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

11,596

349,851

Iovance

Biotherapeutics,

Inc.

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

10,875

36,214

iTeos

Therapeutics,

Inc.

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

13,169

78,619

Kiniksa

Pharmaceuticals

International

plc

.....

4,991

110,850

Kura

Oncology,

Inc.

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

5,528

36,485

Kymera

Therapeutics,

Inc.

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

1,355

37,086

MannKind

Corp.

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

3,950

19,869

Metsera,

Inc.

(b)

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

2,039

55,502

MiMedx

Group,

Inc.

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

18,647

141,717

Myriad

Genetics,

Inc.

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

5,543

49,166

Natera,

Inc.

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

4,639

656,001

Neurocrine

Biosciences,

Inc.

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

2,924

323,394

PTC

Therapeutics,

Inc.

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

6,448

328,590

REGENXBIO,

Inc.

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

4,918

35,164

Revolution

Medicines,

Inc.

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

507

17,928

Sarepta

Therapeutics,

Inc.

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

4,571

291,721

SQZ

Biotechnologies

Co.

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

601

Syndax

Pharmaceuticals,

Inc.

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

5,600

68,796

Therapeutics,

Inc.

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

6,347

250,262

Travere

Therapeutics,

Inc.

(b)

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

5,871

105,208

Ultragenyx

Pharmaceutical,

Inc.

...........

8,961

324,478

United

Therapeutics

Corp.

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

1,848

569,683

Vanda

Pharmaceuticals,

Inc.

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

53,366

244,950

Vaxcyte,

Inc.

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

1,208

45,614

Veracyte,

Inc.

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

3,145

93,249

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Biotechnology

(continued)

Vericel

Corp.

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

1,626

72,552

Verve

Therapeutics,

Inc.

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

5,909

27,004

Viking

Therapeutics,

Inc.

(b)

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

6,812

164,510

Voyager

Therapeutics,

Inc.

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

6,119

20,682

7,816,664

Broadline

Retail

—

0.4%

Etsy,

Inc.

(a)

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

10,773

508,270

Macy's,

Inc.

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

8,028

100,832

609,102

Building

Products

—

1.2%

Advanced

Drainage

Systems,

Inc.

.........

326

35,420

Allegion

plc

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

1,874

244,482

Armstrong

World

Industries,

Inc.

...........

630

88,754

AZEK

Co.,

Inc.

(The)

Class

(a)

...........

1,584

77,442

Caesarstone

Ltd.

(a)

(b)

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

10,507

25,532

Gibraltar

Industries,

Inc.

(a)

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

1,674

98,197

Griffon

Corp.

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

4,645

332,117

Owens

Corning

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

2,009

286,925

Zurn

Elkay

Water

Solutions

Corp.

(b)

.........

17,170

566,267

1,755,136

Capital

Markets

—

4.7%

Acadian

Asset

Management,

Inc.

..........

2,357

60,952

Evercore,

Inc.

Class

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

1,615

322,548

Houlihan

Lokey,

Inc.

Class

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

9,069

1,464,643

Interactive

Brokers

Group,

Inc.

Class

......

2,734

452,723

Invesco

Ltd.

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

33,129

502,567

Janus

Henderson

Group

plc

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

2,979

107,691

MarketAxess

Holdings,

Inc.

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

612

132,406

Morningstar,

Inc.

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

1,484

445,007

PJT

Partners,

Inc.

Class

(b)

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

2,540

350,215

Robinhood

Markets,

Inc.

Class

(a)

.........

18,619

774,923

SEI

Investments

Co.

(b)

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

18,550

1,440,037

Silvercrest

Asset

Management

Group,

Inc.

Class

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

933

15,264

Virtu

Financial,

Inc.

Class

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

15,023

572,677

XP,

Inc.

Class

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

11,516

158,345

6,799,998

Chemicals

—

1.2%

Axalta

Coating

Systems

Ltd.

(a)

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

4,306

142,830

Balchem

Corp.

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

283

46,978

Industries

Holdings,

Inc.

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

270

21,100

Huntsman

Corp.

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

56,187

887,193

Koppers

Holdings,

Inc.

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

655

18,340

Minerals

Technologies,

Inc.

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

6,668

423,885

Mosaic

Co.

(The)

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

7,090

191,501

Perimeter

Solutions,

Inc.

(a)

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

4,870

49,041

1,780,868

Commercial

Services

Supplies

—

0.5%

ACV

Auctions,

Inc.

Class

(a)

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

3,865

54,458

CoreCivic,

Inc.

(a)

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

10,586

214,790

Tetra

Tech,

Inc.

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

12,973

379,460

648,708

Communications

Equipment

—

0.6%

ADTRAN

Holdings,

Inc.

(a)

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

2,171

18,931

Calix,

Inc.

(a)

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

1,435

50,856

Ciena

Corp.

(a)

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

6,676

403,431

Juniper

Networks,

Inc.

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

8,057

291,583

NETGEAR,

Inc.

(a)

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

4,892

119,658

884,459

Security

Value

Construction

Engineering

—

2.4%

Comfort

Systems

USA,

Inc.

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

3,293

1,061,433

EMCOR

Group,

Inc.

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

1,735

641,308

Fluor

Corp.

(a)

(b)

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

3,513

125,836

MasTec,

Inc.

(a)

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

8,141

950,136

Primoris

Services

Corp.

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

10,496

602,575

Sterling

Infrastructure,

Inc.

(a)

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

1,004

113,663

3,494,951

Consumer

Finance

—

2.3%

Enova

International,

Inc.

(a)

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

9,203

888,642

EZCORP,

Inc.

Class

(a)

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

44,113

649,343

FirstCash

Holdings,

Inc.

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

4,416

531,333

OneMain

Holdings,

Inc.

(b)

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

15,743

769,518

Oportun

Financial

Corp.

(a)

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

11,060

60,719

PRA

Group,

Inc.

(a)

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

8,460

174,445

Regional

Management

Corp.

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

9,497

285,955

Upstart

Holdings,

Inc.

(a)

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

240

11,047

3,371,002

Consumer

Staples

Distribution

Retail

—

1.9%

Albertsons

Cos.,

Inc.

Class

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

23,771

522,724

Performance

Food

Group

Co.

(a)

...........

8,047

632,736

Sprouts

Farmers

Market,

Inc.

(a)

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

6,501

992,313

United

Natural

Foods,

Inc.

(a)

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

7,028

192,497

Foods

Holding

Corp.

(a)

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

6,222

407,292

2,747,562

Containers

Packaging

—

2.3%

Crown

Holdings,

Inc.

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

21,039

1,877,941

Packaging

Corp.

America

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

7,654

1,515,645

3,393,586

Diversified

Consumer

Services

—

2.3%

Bright

Horizons

Family

Solutions,

Inc.

(a)

......

10,653

1,353,357

Coursera,

Inc.

(a)

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

29,345

195,438

Duolingo,

Inc.

Class

(a)

(b)

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

1,778

552,140

Grand

Canyon

Education,

Inc.

(a)

...........

1,335

230,982

H&R

Block,

Inc.

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

1,993

109,436

Laureate

Education,

Inc.

(a)

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

43,178

882,990

Strategic

Education,

Inc.

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

181

15,197

Stride,

Inc.

(a)

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

377

47,690

3,387,230

Diversified

REITs

—

0.0%

Alexander

Baldwin,

Inc.

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

1,782

30,704

Diversified

Telecommunication

Services

—

0.0%

Liberty

Global

Ltd.

Class

(a)

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

5,709

65,711

Electric

Utilities

—

0.5%

TXNM

Energy,

Inc.

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

12,645

676,255

Electrical

Equipment

—

0.9%

Bloom

Energy

Corp.

Class

(a)

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

1,815

35,683

EnerSys

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

2,053

188,014

Generac

Holdings,

Inc.

(a)

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

4,708

596,268

NEXTracker,

Inc.

Class

(a)

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

4,379

184,531

nVent

Electric

plc

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

4,243

222,418

Vertiv

Holdings

Co.

Class

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

1,018

73,500

1,300,414

Electronic

Equipment,

Instruments

Components

—

2.2%

Badger

Meter,

Inc.

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

1,238

235,529

Coherent

Corp.

(a)

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

1,108

71,954

Fabrinet

(a)

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

1,604

316,806

Flex

Ltd.

(a)

(b)

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

21,933

725,544

Insight

Enterprises,

Inc.

(a)

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

4,908

736,151

Methode

Electronics,

Inc.

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

20,566

131,211

Connection,

Inc.

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

2,279

142,255

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Electronic

Equipment,

Instruments

Components

(continued)

Plexus

Corp.

(a)

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

592

75,853

SYNNEX

Corp.

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

3,194

332,048

TTM

Technologies,

Inc.

(a)

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

18,696

383,455

3,150,806

Energy

Equipment

Services

—

1.0%

Flowco

Holdings,

Inc.

Class

(a)

(b)

..........

3,028

77,668

Forum

Energy

Technologies,

Inc.

(a)

.........

2,130

42,834

NOV,

Inc.

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

10,468

159,323

Schlumberger

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

1,004

41,967

TechnipFMC

plc

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

31,020

983,024

Transocean

Ltd.

(a)

(b)

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

59,947

190,032

1,494,848

Entertainment

—

0.5%

(a)

Gaia,

Inc.

Class

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

1,508

5,806

Lions

Gate

Entertainment

Corp.

Class

.....

2,520

19,958

Roku,

Inc.

Class

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

9,624

677,915

703,679

Financial

Services

—

1.6%

Affirm

Holdings,

Inc.

Class

(a)

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

10,723

484,572

Essent

Group

Ltd.

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

3,510

202,597

Euronet

Worldwide,

Inc.

(a)

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

2,569

274,497

Pagseguro

Digital

Ltd.

Class

(a)

..........

30,195

230,388

Remitly

Global,

Inc.

(a)

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

12,611

262,309

Toast,

Inc.

Class

(a)

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

20,987

696,139

Velocity

Financial,

Inc.

(a)

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

6,125

114,599

2,265,101

Food

Products

—

0.8%

Cal-Maine

Foods,

Inc.

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

2,079

188,981

Darling

Ingredients,

Inc.

(a)

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

9,576

299,154

Freshpet,

Inc.

(a)

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

5,496

457,103

Ingredion,

Inc.

(b)

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

668

90,320

Lancaster

Colony

Corp.

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

320

56,000

Vital

Farms,

Inc.

(a)

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

4,198

127,913

1,219,471

Gas

Utilities

—

1.4%

New

Jersey

Resources

Corp.

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

24,235

1,188,969

ONE

Gas,

Inc.

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

3,802

287,393

Southwest

Gas

Holdings,

Inc.

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

6,778

486,661

1,963,023

Ground

Transportation

—

0.9%

Covenant

Logistics

Group,

Inc.

Class

......

3,884

86,225

Lyft,

Inc.

Class

(a)

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

43,161

512,321

Saia,

Inc.

(a)

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

596

208,260

XPO,

Inc.

(a)

(b)

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

4,260

458,291

1,265,097

Health

Care

Equipment

Supplies

—

1.3%

Accuray,

Inc.

(a)

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

14,060

25,167

Beta

Bionics,

Inc.

(a)

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

3,547

43,415

Envista

Holdings

Corp.

(a)

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

3,247

56,043

Globus

Medical,

Inc.

Class

(a)

...........

814

59,585

Haemonetics

Corp.

(a)

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

1,873

119,029

Inmode

Ltd.

(a)

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

7,403

131,329

Inspire

Medical

Systems,

Inc.

(a)

...........

1,518

241,787

iRadimed

Corp.

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

2,526

132,565

LeMaitre

Vascular,

Inc.

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

4,070

341,473

Merit

Medical

Systems,

Inc.

(a)

(b)

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

3,688

389,859

Novocure

Ltd.

(a)

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

15,059

268,351

Omnicell,

Inc.

(a)

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

3,063

107,083

1,915,686

Security

Value

Health

Care

Providers

Services

—

3.1%

Acadia

Healthcare

Co.,

Inc.

(a)

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

1,518

46,026

Alignment

Healthcare,

Inc.

(a)

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

18,889

351,713

Ardent

Health

Partners,

Inc.

(a)

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

1,325

18,219

CareMax,

Inc.

Class

(a)

(c)

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

148

—

Castle

Biosciences,

Inc.

(a)

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

2,307

46,186

Clover

Health

Investments

Corp.

Class

(a)

...

5,301

19,031

Cross

Country

Healthcare,

Inc.

(a)

..........

801

11,927

Encompass

Health

Corp.

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

5,414

548,330

Ensign

Group,

Inc.

(The)

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

1,654

214,028

Guardant

Health,

Inc.

(a)

(b)

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

3,536

150,634

Hims

Hers

Health,

Inc.

Class

(a)

.........

431

12,736

LifeStance

Health

Group,

Inc.

(a)

...........

12,013

80,006

Privia

Health

Group,

Inc.

(a)

(b)

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

12,186

273,576

Progyny,

Inc.

(a)

(b)

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

8,072

180,328

RadNet,

Inc.

(a)

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

2,952

146,773

Select

Medical

Holdings

Corp.

(b)

...........

41,317

689,994

Surgery

Partners,

Inc.

(a)

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

1,417

33,654

Tenet

Healthcare

Corp.

(a)

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

3,881

521,994

Universal

Health

Services,

Inc.

Class

.....

5,773

1,084,747

Viemed

Healthcare,

Inc.

(a)

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

10,509

76,505

4,506,407

Health

Care

REITs

—

0.5%

CareTrust

REIT,

Inc.

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

13,492

385,601

Omega

Healthcare

Investors,

Inc.

..........

2,215

84,347

Sabra

Health

Care

REIT,

Inc.

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

17,068

298,178

768,126

Health

Care

Technology

—

0.5%

(a)

Certara,

Inc.

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

6,843

67,746

Doximity,

Inc.

Class

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

8,746

507,530

Health

Catalyst,

Inc.

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

13,770

62,378

Phreesia,

Inc.

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

6,025

153,999

791,653

Hotel

Resort

REITs

—

0.7%

Chatham

Lodging

Trust

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

1,243

8,863

DiamondRock

Hospitality

Co.

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

17,673

136,435

Park

Hotels

Resorts,

Inc.

(b)

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

68,596

732,605

Pebblebrook

Hotel

Trust

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

2,217

22,458

RLJ

Lodging

Trust

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

18,393

145,121

1,045,482

Hotels,

Restaurants

Leisure

—

2.2%

Brinker

International,

Inc.

(a)

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

2,893

431,202

Caesars

Entertainment,

Inc.

(a)

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

565

14,125

Dutch

Bros,

Inc.

Class

(a)

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

2,483

153,300

Life

Time

Group

Holdings,

Inc.

(a)

...........

11,930

360,286

Lindblad

Expeditions

Holdings,

Inc.

(a)

........

9,133

84,663

Monarch

Casino

Resort,

Inc.

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

216

16,794

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

.......

6,672

126,501

Planet

Fitness,

Inc.

Class

(a)

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

2,060

199,017

Rush

Street

Interactive,

Inc.

Class

(a)

......

10,280

110,201

Shake

Shack,

Inc.

Class

(a)

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

2,939

259,132

Texas

Roadhouse,

Inc.

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

4,701

783,328

Wingstop,

Inc.

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

1,721

388,223

Wyndham

Hotels

Resorts,

Inc.

..........

3,096

280,219

3,206,991

Household

Durables

—

1.5%

Century

Communities,

Inc.

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

1,420

95,282

M/I

Homes,

Inc.

(a)

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

4,700

536,646

Mohawk

Industries,

Inc.

(a)

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

2,933

334,890

Newell

Brands,

Inc.

(b)

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

80,009

496,056

Taylor

Morrison

Home

Corp.

(a)

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

658

39,506

Toll

Brothers,

Inc.

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

5,811

613,584

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Household

Durables

(continued)

Universal

Electronics,

Inc.

(a)

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

2,845

17,411

2,133,375

Household

Products

—

0.2%

Central

Garden

Pet

Co.

Class

(a)

........

6,452

211,174

Spectrum

Brands

Holdings,

Inc.

...........

641

45,863

WD-40

Co.

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

14,640

271,677

Industrial

Conglomerates

—

0.1%

Brookfield

Business

Corp.

Class

.........

4,423

117,740

Industrial

REITs

—

1.7%

Americold

Realty

Trust,

Inc.

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

32,177

690,518

First

Industrial

Realty

Trust,

Inc.

...........

32,460

1,751,542

2,442,060

Insurance

—

4.2%

AMERISAFE,

Inc.

(b)

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

9,117

479,098

CNO

Financial

Group,

Inc.

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

2,611

108,748

Donegal

Group,

Inc.

Class

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

3,474

68,195

Fidelis

Insurance

Holdings

Ltd.

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

3,465

56,133

First

American

Financial

Corp.

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

2,458

161,319

Globe

Life,

Inc.

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

5,847

770,167

Hamilton

Insurance

Group

Ltd.

Class

(a)

....

3,492

72,389

Hanover

Insurance

Group,

Inc.

(The)

.......

2,696

468,969

Kinsale

Capital

Group,

Inc.

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

843

410,297

Holdings,

Inc.

(a)

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

10,321

147,177

Oscar

Health,

Inc.

Class

(a)

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

10,521

137,930

Palomar

Holdings,

Inc.

(a)

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

1,057

144,894

Primerica,

Inc.

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

594

169,011

Reinsurance

Group

America,

Inc.

........

4,200

826,980

Selective

Insurance

Group,

Inc.

...........

258

23,617

Stewart

Information

Services

Corp.

.........

6,012

428,956

Tiptree,

Inc.

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

664

15,996

TWFG,

Inc.

(a)

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

626

19,350

United

Fire

Group,

Inc.

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

514

15,142

Universal

Insurance

Holdings,

Inc.

.........

1,596

37,825

Unum

Group

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

17,908

1,458,786

6,020,979

Interactive

Media

Services

—

0.9%

EverQuote,

Inc.

Class

(a)

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

8,402

220,048

Grindr,

Inc.

(a)

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

13,553

242,599

MediaAlpha,

Inc.

Class

(a)

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

8,735

80,711

Outbrain,

Inc.

(a)

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

9,264

34,555

QuinStreet,

Inc.

(a)

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

11,221

200,183

Shutterstock,

Inc.

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

3,305

61,572

Taboola.com

Ltd.

(a)

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

35,623

105,088

Yelp,

Inc.

(a)

(b)

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

3,525

130,531

ZipRecruiter,

Inc.

Class

(a)

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

43,514

256,297

1,331,584

Leisure

Products

—

0.6%

Hasbro,

Inc.

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

7,956

489,214

Peloton

Interactive,

Inc.

Class

(a)

.........

2,017

12,748

YETI

Holdings,

Inc.

(a)

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

11,691

386,972

888,934

Life

Sciences

Tools

Services

—

0.7%

Bio-Techne

Corp.

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

1,516

88,883

Bruker

Corp.

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

6,294

262,712

Charles

River

Laboratories

International,

Inc.

(a)

424

63,820

Fortrea

Holdings,

Inc.

(a)

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

1,524

11,506

Medpace

Holdings,

Inc.

(a)

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

970

295,549

Personalis,

Inc.

(a)

(b)

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

15,535

54,528

QIAGEN

(a)

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

2,092

83,994

Repligen

Corp.

(a)

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

383

48,733

Security

Value

Life

Sciences

Tools

Services

(continued)

Seer,

Inc.

Class

(a)

(b)

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

26,669

45,071

954,796

Machinery

—

3.7%

Astec

Industries,

Inc.

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

Atmus

Filtration

Technologies,

Inc.

.........

6,034

221,629

Donaldson

Co.,

Inc.

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

8,715

584,428

Energy

Recovery,

Inc.

(a)

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

5,567

88,460

Federal

Signal

Corp.

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

2,328

171,224

Flowserve

Corp.

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

32,148

1,570,108

ITT,

Inc.

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

7,605

982,262

Mueller

Industries,

Inc.

(b)

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

362

27,563

Mueller

Water

Products,

Inc.

Class

(b)

......

13,394

340,476

Oshkosh

Corp.

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

3,788

356,375

Pentair

plc

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

3,200

279,936

Shyft

Group,

Inc.

(The)

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

8,534

69,040

SPX

Technologies,

Inc.

(a)

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

771

99,289

Watts

Water

Technologies,

Inc.

Class

......

3,122

636,638

5,427,462

Media

—

0.7%

Gray

Media,

Inc.

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

9,051

39,100

Liberty

Broadband

Corp.

Class

(a)

.........

605

51,425

New

York

Times

Co.

(The)

Class

.........

12,141

602,194

Paramount

Global

Class

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

12,749

152,478

PubMatic,

Inc.

Class

(a)

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

4,698

42,940

Thryv

Holdings,

Inc.

(a)

(b)

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

5,240

67,124

955,261

Metals

Mining

—

1.5%

Alcoa

Corp.

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

9,095

277,397

Alpha

Metallurgical

Resources,

Inc.

(a)

(b)

......

2,593

324,773

Century

Aluminum

Co.

(a)

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

5,830

108,205

Cleveland-Cliffs,

Inc.

(a)

(b)

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

79,559

653,975

Coeur

Mining,

Inc.

(a)

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

9,680

57,306

Compass

Minerals

International,

Inc.

(a)

.......

7,054

65,532

Kaiser

Aluminum

Corp.

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

1,732

104,994

Materion

Corp.

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

1,386

113,098

Olympic

Steel,

Inc.

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

5,838

184,014

Piedmont

Lithium,

Inc.

(a)

(b)

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

2,098

13,217

Radius

Recycling,

Inc.

Class

...........

9,345

269,883

Ramaco

Resources,

Inc.

Class

..........

2,179

17,933

2,190,327

Multi-Utilities

—

1.0%

NiSource,

Inc.

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

27,176

1,089,486

Northwestern

Energy

Group,

Inc.

..........

5,026

290,854

1,380,340

Oil,

Gas

Consumable

Fuels

—

3.2%

Antero

Resources

Corp.

(a)

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

11,506

465,303

California

Resources

Corp.

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

6,014

264,435

Chord

Energy

Corp.

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

2,462

277,517

Civitas

Resources,

Inc.

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

13,884

484,413

Midstream,

Inc.

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

991

95,612

EQT

Corp.

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

12,413

663,227

Sinclair

Corp.

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

4,579

150,557

Matador

Resources

Co.

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

5,894

301,124

Murphy

Oil

Corp.

(b)

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

36,619

1,039,980

Ovintiv,

Inc.

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

11,366

486,465

PBF

Energy,

Inc.

Class

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

4,180

79,796

Scorpio

Tankers,

Inc.

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

1,257

47,238

Texas

Pacific

Land

Corp.

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

100,699

Viper

Energy,

Inc.

Class

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

3,432

154,955

4,611,321

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Paper

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

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

6,478

595,846

Passenger

Airlines

—

0.4%

Alaska

Air

Group,

Inc.

(a)

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

1,958

96,373

American

Airlines

Group,

Inc.

(a)

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

9,060

95,583

Copa

Holdings

Class

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

463

42,809

SkyWest,

Inc.

(a)

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

4,541

396,747

631,512

Personal

Care

Products

—

1.0%

BellRing

Brands,

Inc.

(a)

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

19,133

1,424,643

Pharmaceuticals

—

2.1%

Amneal

Pharmaceuticals,

Inc.

Class

(a)

.....

2,076

17,397

Atea

Pharmaceuticals,

Inc.

(a)

(b)

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

14,887

44,512

Corcept

Therapeutics,

Inc.

(a)

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

9,713

1,109,419

Elanco

Animal

Health,

Inc.

(a)

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

13,644

143,262

Harmony

Biosciences

Holdings,

Inc.

(a)

.......

2,902

96,317

Intra-Cellular

Therapies,

Inc.

(a)

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

2,532

334,022

Jazz

Pharmaceuticals

plc

(a)

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

3,388

420,620

Phibro

Animal

Health

Corp.

Class

........

4,619

98,662

Prestige

Consumer

Healthcare,

Inc.

(a)

(b)

......

6,142

528,028

Scilex

Holding

Co.

(Acquired

01/06/23

cost

17,290

)

(a)

(d)

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

1,650

408

Supernus

Pharmaceuticals,

Inc.

(a)

..........

7,531

246,640

3,039,287

Professional

Services

—

3.6%

CACI

International,

Inc.

Class

(a)

(b)

........

1,524

559,186

ExlService

Holdings,

Inc.

(a)

(b)

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

30,366

1,433,579

Genpact

Ltd.

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

5,526

278,400

IBEX

Holdings

Ltd.

(a)

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

6,289

153,137

ICF

International,

Inc.

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

2,401

204,013

Insperity,

Inc.

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

687

61,301

KBR,

Inc.

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

494

24,606

ManpowerGroup,

Inc.

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

26,961

1,560,503

Maximus,

Inc.

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

810

55,234

Paylocity

Holding

Corp.

(a)

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

753

141,067

RCM

Technologies,

Inc.

(a)

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

1,855

28,938

Robert

Half,

Inc.

(b)

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

10,998

599,941

TriNet

Group,

Inc.

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

677

53,645

Willdan

Group,

Inc.

(a)

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

2,979

121,305

5,274,855

Real

Estate

Management

Development

—

0.2%

Anywhere

Real

Estate,

Inc.

(a)

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

33,186

110,509

Jones

Lang

LaSalle,

Inc.

(a)

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

153

37,930

Kennedy-Wilson

Holdings,

Inc.

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

5,295

45,961

St.

Joe

Co.

(The)

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

1,395

65,495

Zillow

Group,

Inc.

Class

(a)

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

1,137

76,020

335,915

Residential

REITs

—

0.2%

Camden

Property

Trust

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

1,710

209,133

NexPoint

Residential

Trust,

Inc.

...........

3,343

132,149

341,282

Retail

REITs

—

2.4%

Brixmor

Property

Group,

Inc.

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

64,923

1,723,706

Kimco

Realty

Corp.

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

17,448

370,595

Kite

Realty

Group

Trust

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

29,538

660,765

NNN

REIT,

Inc.

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

14,737

628,533

Tanger,

Inc.

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

2,625

88,699

3,472,298

Semiconductors

Semiconductor

Equipment

—

1.8%

Ambarella,

Inc.

(a)

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

3,404

171,323

Astera

Labs,

Inc.

(a)

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

1,329

79,302

Security

Value

Semiconductors

Semiconductor

Equipment

(continued)

Credo

Technology

Group

Holding

Ltd.

(a)

......

4,331

173,933

Diodes,

Inc.

(a)

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

251

10,836

Lattice

Semiconductor

Corp.

(a)

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

1,169

61,314

Maxeon

Solar

Technologies

Ltd.

(a)

..........

MaxLinear,

Inc.

(a)

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

4,321

46,926

Onto

Innovation,

Inc.

(a)

(b)

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

2,965

359,773

Power

Integrations,

Inc.

(b)

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

15,166

765,883

Rambus,

Inc.

(a)

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

2,459

127,315

Semtech

Corp.

(a)

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

526

18,094

SiTime

Corp.

(a)

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

2,043

312,313

Synaptics,

Inc.

(a)

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

7,422

472,930

2,600,019

Software

—

5.5%

ACI

Worldwide,

Inc.

(a)

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

12,164

665,492

Alarm.com

Holdings,

Inc.

(a)

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

1,330

74,014

Asana,

Inc.

Class

(a)

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

6,429

93,671

Box,

Inc.

Class

(a)

(b)

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

13,269

409,481

C3.ai,

Inc.

Class

(a)

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

3,083

64,897

Clearwater

Analytics

Holdings,

Inc.

Class

(a)

10,603

284,160

Confluent,

Inc.

Class

(a)

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

16,965

397,660

Dolby

Laboratories,

Inc.

Class

..........

677

54,370

DoubleVerify

Holdings,

Inc.

(a)

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

18,324

244,992

Elastic

(a)

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

8,394

747,905

Five9,

Inc.

(a)

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

6,279

170,475

Freshworks,

Inc.

Class

(a)

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

9,305

131,294

Gitlab,

Inc.

Class

(a)

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

7,596

357,012

Guidewire

Software,

Inc.

(a)

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

947

177,430

JFrog

Ltd.

(a)

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

1,828

58,496

LiveRamp

Holdings,

Inc.

(a)

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

8,920

233,169

Manhattan

Associates,

Inc.

(a)

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

1,706

295,206

Nutanix,

Inc.

Class

(a)

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

5,072

354,076

Ooma,

Inc.

(a)

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

28,676

375,369

Qualys,

Inc.

(a)

(b)

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

4,005

504,350

Rapid7,

Inc.

(a)

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

903

23,939

RingCentral,

Inc.

Class

(a)

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

16,977

420,351

Rubrik,

Inc.

Class

(a)

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

425

25,916

SentinelOne,

Inc.

Class

(a)

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

1,714

31,161

SoundThinking,

Inc.

(a)

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

2,821

47,816

Tenable

Holdings,

Inc.

(a)

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

8,561

299,464

Unity

Software,

Inc.

(a)

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

13,270

259,959

Varonis

Systems,

Inc.

(a)

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

8,711

352,360

Verint

Systems,

Inc.

(a)

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

1,648

29,417

Workiva,

Inc.

Class

(a)

(b)

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

9,142

693,969

Zeta

Global

Holdings

Corp.

Class

(a)

.......

5,567

75,488

7,953,359

Specialized

REITs

—

1.8%

CubeSmart

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

16,043

685,197

Lamar

Advertising

Co.

Class

(b)

..........

12,819

1,458,546

Rayonier,

Inc.

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

15,704

437,827

2,581,570

Specialty

Retail

—

3.5%

Abercrombie

Fitch

Co.

Class

(a)

.........

3,154

240,871

Bath

Body

Works,

Inc.

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

9,828

297,985

Boot

Barn

Holdings,

Inc.

(a)

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

1,359

145,997

Carvana

Co.

Class

(a)

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

3,585

749,552

Chewy,

Inc.

Class

(a)

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

8,051

261,738

Five

Below,

Inc.

(a)

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

4,257

318,956

Floor

Decor

Holdings,

Inc.

Class

(a)

......

1,128

90,770

Gap,

Inc.

(The)

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

10,099

208,140

Group

Automotive,

Inc.

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

320

122,224

Lithia

Motors,

Inc.

Class

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

2,448

718,586

Murphy

USA,

Inc.

(b)

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

1,426

669,949

Penske

Automotive

Group,

Inc.

...........

14,254

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

March

31,

2025

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Specialty

Retail

(continued)

Petco

Health

Wellness

Co.,

Inc.

(a)

........

22,515

68,671

Revolve

Group,

Inc.

Class

(a)

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

16,093

345,839

(a)

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

1,138

266,759

Upbound

Group,

Inc.

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

2,891

69,268

Urban

Outfitters,

Inc.

(a)

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

3,127

163,855

Victoria's

Secret

Co.

(a)

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

1,553

28,855

Warby

Parker,

Inc.

Class

(a)

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

10,024

182,737

Wayfair,

Inc.

Class

(a)

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

2,362

75,655

5,040,661

Technology

Hardware,

Storage

Peripherals

—

0.2%

(a)

IonQ,

Inc.

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

1,134

25,028

Pure

Storage,

Inc.

Class

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

5,194

229,938

254,966

Textiles,

Apparel

Luxury

Goods

—

1.5%

Deckers

Outdoor

Corp.

(a)

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

2,977

332,858

G-III

Apparel

Group

Ltd.

(a)

(b)

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

5,953

162,815

Ralph

Lauren

Corp.

Class

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

5,251

1,159,106

Skechers

USA,

Inc.

Class

(a)

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

6,954

394,848

Corp.

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

8,870

137,662

2,187,289

Trading

Companies

Distributors

—

1.7%

Applied

Industrial

Technologies,

Inc.

........

234

52,729

BlueLinx

Holdings,

Inc.

(a)

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

1,121

84,053

Boise

Cascade

Co.

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

6,919

678,685

DNOW,

Inc.

(a)

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

22,467

383,736

Security

Value

Trading

Companies

Distributors

(continued)

FTAI

Aviation

Ltd.

(b)

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

1,994

221,394

Herc

Holdings,

Inc.

(b)

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

2,341

314,326

Watsco,

Inc.

(b)

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

1,463

743,643

2,478,566

Water

Utilities

—

0.1%

SJW

Group

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

2,065

112,935

Total

Long-Term

Investments

—

(Cost:

147,712,400

)

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

143,696,621

Short-Term

Securities

Money

Market

Funds

—

11.9%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

Agency

4.50

(g)

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

16,121,406

16,129,467

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.22

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

1,215,658

Total

Short-Term

Securities

—

(Cost:

17,345,613

)

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

17,345,125

Total

Investments

—

111

(Cost:

165,058,013

)

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

161,041,746

Liabilities

Excess

Other

Assets

—

(

11.0

)

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

(

15,981,268

)

Net

Assets

—

100.0%

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

145,060,478

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(d)

Restricted

security

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

current

value

$408,

representing

less

than

0.05%

its

net

assets

period

end,

and

original

cost

$17,290.

(e)

Affiliate

the

Fund.

(f)

Annualized

7-day

yield

period

end.

(g)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

12/31/24

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

03/31/25

Held

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

14,356,475

1,773,359

(a)

—

(

947

)

580

16,129,467

16,121,406

8,069

(b)

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

1,490,443

—

(

274,785

)

(a)

—

1,215,658

15,534

—

(

947

)

580

17,345,125

23,603

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

For

purposes

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

the

Fund

for

compliance

purposes.

Schedule

Investments

(unaudited)

(continued)

March

31,

2025

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

that

the

Fund

has

the

ability

access

for

identical

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

liability (including

the

Valuation

Committee's

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds,

that

may

not

have

secondary

market,

and/

or may

have

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major