Schedule
of
Investments
(unaudited)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.0%
AAR
Corp.
(a)
........................
4,522
$
405,488
AeroVironment,
Inc.
(a)
(b)
.................
4,024
1,267,117
AerSale
Corp.
(a)
......................
4,272
34,988
AIRO
Group
Holdings,
Inc.
(a)
.............
531
10,195
Archer
Aviation,
Inc.
,
Class
A
(a)
............
68,937
660,416
Astronics
Corp.
(a)
.....................
3,928
179,156
Byrna
Technologies,
Inc.
(a)
(b)
..............
2,178
48,265
Cadre
Holdings,
Inc.
(b)
..................
3,591
131,107
Ducommun,
Inc.
(a)
....................
1,777
170,823
Eve
Holding,
Inc.
(a)
....................
6,076
23,150
Intuitive
Machines,
Inc.
,
Class
A
(a)
(b)
.........
13,837
145,565
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
(b)
..
20,973
1,916,303
Mercury
Systems,
Inc.
(a)
(b)
...............
6,490
502,326
Moog,
Inc.
,
Class
A
...................
3,524
731,829
National
Presto
Industries,
Inc.
............
663
74,355
Park
Aerospace
Corp.
..................
2,361
48,023
Redwire
Corp.
(a)
(b)
.....................
6,003
53,967
Satellogic,
Inc.
,
Class
A
(a)
(b)
..............
8,653
28,382
V2X,
Inc.
(a)
.........................
2,441
141,798
Voyager
Technologies,
Inc.
,
Class
A
(a)
.......
1,595
47,499
VSE
Corp.
(b)
........................
2,570
427,237
7,047,989
Air
Freight
&
Logistics
—
0.1%
Forward
Air
Corp.
(a)
...................
2,628
67,382
Hub
Group,
Inc.
,
Class
A
................
7,633
262,881
Radiant
Logistics,
Inc.
(a)
................
4,387
25,883
356,146
Automobile
Components
—
1.3%
Adient
plc
(a)
.........................
10,372
249,758
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
14,354
86,268
Cooper-Standard
Holdings,
Inc.
(a)
..........
2,110
77,922
Dana,
Inc.
..........................
16,651
333,686
Dorman
Products,
Inc.
(a)
(b)
...............
3,478
542,151
Fox
Factory
Holding
Corp.
(a)
..............
5,326
129,369
Garrett
Motion,
Inc.
...................
16,830
229,225
Gentherm,
Inc.
(a)
.....................
3,894
132,630
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
........
33,092
247,528
Holley,
Inc.
(a)
........................
5,818
18,268
LCI
Industries
(b)
......................
3,053
284,387
Luminar
Technologies,
Inc.
,
Class
A
(a)
.......
6,367
12,161
Modine
Manufacturing
Co.
(a)
.............
6,585
936,124
Motorcar
Parts
of
America,
Inc.
(a)
..........
1,589
26,282
Patrick
Industries,
Inc.
(b)
................
4,122
426,338
Phinia,
Inc.
.........................
4,805
276,191
Solid
Power,
Inc.
,
Class
A
(a)
(b)
.............
19,650
68,185
Standard
Motor
Products,
Inc.
............
2,520
102,866
Strattec
Security
Corp.
(a)
................
484
32,941
Visteon
Corp.
.......................
3,479
416,993
XPEL,
Inc.
(a)
(c)
.......................
3,166
104,700
4,733,973
Automobiles
—
0.0%
Faraday
Future
Intelligent
Electric,
Inc.
(a)
.....
10,944
14,227
Livewire
Group,
Inc.
(a)
(b)
.................
4,588
21,793
Winnebago
Industries,
Inc.
..............
3,458
115,636
151,656
Banks
—
9.9%
1st
Source
Corp.
.....................
2,310
142,204
ACNB
Corp.
........................
1,185
52,187
Amalgamated
Financial
Corp.
............
3,106
84,328
Amerant
Bancorp,
Inc.
,
Class
A
...........
4,430
85,366
Ameris
Bancorp
(b)
.....................
8,370
613,605
Security
Shares
Shares
Value
Banks
(continued)
Ames
National
Corp.
(b)
.................
1,111
$
22,464
Arrow
Financial
Corp.
..................
1,959
55,440
Associated
Banc-Corp.
.................
21,469
551,968
Atlantic
Union
Bankshares
Corp.
..........
18,035
636,455
Axos
Financial,
Inc.
(a)
..................
6,841
579,091
Banc
of
California,
Inc.
.................
16,390
271,255
BancFirst
Corp.
......................
2,679
338,760
Bancorp,
Inc.
(The)
(a)
..................
5,683
425,600
Bank
First
Corp.
.....................
1,171
142,054
Bank
of
Hawaii
Corp.
..................
4,837
317,501
Bank
of
Marin
Bancorp
.................
2,055
49,895
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
......
5,337
229,064
Bank7
Corp.
........................
616
28,502
BankFinancial
Corp.
(b)
..................
1,104
13,281
BankUnited,
Inc.
.....................
9,543
364,161
Bankwell
Financial
Group,
Inc.
............
1,001
44,294
Banner
Corp.
.......................
4,313
282,501
Bar
Harbor
Bankshares
................
1,956
59,580
BayCom
Corp.
......................
1,492
42,895
BCB
Bancorp,
Inc.
....................
2,193
19,035
Beacon
Financial
Corp.
.................
10,470
248,244
Blue
Foundry
Bancorp
(a)
................
2,123
19,298
Blue
Ridge
Bankshares,
Inc.
(a)
............
7,738
32,732
Bridgewater
Bancshares,
Inc.
(a)
...........
2,907
51,163
Burke
&
Herbert
Financial
Services
Corp.
....
1,721
106,168
Business
First
Bancshares,
Inc.
...........
3,711
87,617
BV
Financial,
Inc.
(a)
...................
1,017
16,394
Byline
Bancorp,
Inc.
...................
3,956
109,700
C&F
Financial
Corp.
...................
384
25,805
Cadence
Bank
(b)
.....................
19,124
717,915
California
Bancorp
(a)
...................
3,023
50,424
Camden
National
Corp.
................
2,013
77,682
Capital
Bancorp,
Inc.
..................
1,375
43,862
Capital
City
Bank
Group,
Inc.
.............
1,779
74,344
Capitol
Federal
Financial,
Inc.
............
15,065
95,663
Carter
Bankshares,
Inc.
(a)
...............
3,079
59,763
Cathay
General
Bancorp
................
8,518
408,949
CB
Financial
Services,
Inc.
..............
568
18,863
Central
Pacific
Financial
Corp.
............
3,251
98,635
CF
Bankshares,
Inc.
...................
446
10,682
Chain
Bridge
Bancorp,
Inc.
,
Class
A
(a)
.......
383
12,536
Chemung
Financial
Corp.
...............
440
23,109
ChoiceOne
Financial
Services,
Inc.
.........
1,845
53,431
Citizens
&
Northern
Corp.
...............
1,779
35,242
Citizens
Community
Bancorp,
Inc.
.........
1,098
17,645
Citizens
Financial
Services,
Inc.
...........
646
38,941
City
Holding
Co.
.....................
1,720
213,056
Civista
Bancshares,
Inc.
................
2,481
50,389
CNB
Financial
Corp.
...................
3,775
91,355
Coastal
Financial
Corp.
(a)
...............
1,638
177,182
CoastalSouth
Bancshares,
Inc.
(a)
..........
547
11,930
Colony
Bankcorp,
Inc.
.................
1,900
32,319
Columbia
Financial,
Inc.
(a)
...............
3,235
48,557
Community
Financial
System,
Inc.
(b)
........
6,699
392,829
Community
Trust
Bancorp,
Inc.
(b)
..........
2,021
113,075
Community
West
Bancshares
............
2,248
46,848
ConnectOne
Bancorp,
Inc.
..............
6,173
153,152
Customers
Bancorp,
Inc.
(a)
...............
3,723
243,373
CVB
Financial
Corp.
(b)
..................
16,648
314,814
Dime
Community
Bancshares,
Inc.
.........
4,950
147,658
Eagle
Bancorp
Montana,
Inc.
.............
876
15,129
Eagle
Bancorp,
Inc.
...................
3,499
70,750
Eagle
Financial
Services,
Inc.
(b)
...........
495
18,726
Eastern
Bankshares,
Inc.
(b)
..............
24,581
446,145
ECB
Bancorp,
Inc.
(a)
(b)
..................
743
11,791
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Enterprise
Financial
Services
Corp.
(b)
.......
4,694
$
272,158
Equity
Bancshares,
Inc.
,
Class
A
..........
1,884
76,679
Esquire
Financial
Holdings,
Inc.
...........
922
94,095
Farmers
&
Merchants
Bancorp,
Inc.
........
1,698
42,467
Farmers
National
Banc
Corp.
.............
4,586
66,084
FB
Bancorp,
Inc.
(a)
(b)
...................
2,314
27,814
FB
Financial
Corp.
(b)
...................
5,237
291,910
Fidelity
D&D
Bancorp,
Inc.
...............
564
24,720
Financial
Institutions,
Inc.
...............
2,357
64,110
Finward
Bancorp
(b)
....................
359
11,520
Finwise
Bancorp
(a)
(b)
...................
1,092
21,174
First
Bancorp
(b)
......................
5,110
270,268
First
Bancorp
.......................
20,082
442,808
First
Bancorp,
Inc.
(The)
................
1,391
36,528
First
Bank
..........................
2,963
48,267
First
Busey
Corp.
(b)
....................
10,617
245,784
First
Business
Financial
Services,
Inc.
.......
951
48,748
First
Capital,
Inc.
.....................
389
17,816
First
Commonwealth
Financial
Corp.
(b)
.......
13,316
227,038
First
Community
Bankshares,
Inc.
.........
2,023
70,400
First
Community
Corp.
.................
886
25,003
First
Financial
Bancorp
.................
11,856
299,364
First
Financial
Bankshares,
Inc.
(b)
..........
17,087
574,978
First
Financial
Corp.
...................
1,546
87,256
First
Foundation,
Inc.
(a)
.................
7,998
44,549
First
Internet
Bancorp
..................
1,061
23,798
First
Interstate
BancSystem,
Inc.
,
Class
A
....
11,531
367,493
First
Merchants
Corp.
(b)
.................
7,325
276,152
First
Mid
Bancshares,
Inc.
...............
2,686
101,746
First
National
Corp.
(b)
..................
934
21,183
First
Savings
Financial
Group,
Inc.
.........
647
20,335
First
United
Corp.
(b)
...................
753
27,688
First
Western
Financial,
Inc.
(a)
............
917
21,114
Firstsun
Capital
Bancorp
(a)
...............
1,563
60,629
Five
Star
Bancorp
(b)
...................
2,233
71,903
Flagstar
Financial,
Inc.
.................
38,215
441,383
Flushing
Financial
Corp.
................
4,190
57,864
Franklin
Financial
Services
Corp.
(b)
.........
502
23,092
FS
Bancorp,
Inc.
.....................
752
30,020
Fulton
Financial
Corp.
..................
22,736
423,572
FVCBankcorp,
Inc.
....................
1,733
22,477
GBank
Financial
Holdings,
Inc.
(a)
..........
1,137
44,650
German
American
Bancorp,
Inc.
...........
4,643
182,331
Glacier
Bancorp,
Inc.
(b)
.................
15,050
732,483
Great
Southern
Bancorp,
Inc.
.............
1,039
63,639
Greene
County
Bancorp,
Inc.
.............
786
17,764
Guaranty
Bancshares,
Inc.
..............
1,095
53,381
Hancock
Whitney
Corp.
(b)
...............
11,215
702,171
Hanmi
Financial
Corp.
(b)
................
3,597
88,810
Hanover
Bancorp,
Inc.
(b)
................
535
12,011
HarborOne
Bancorp,
Inc.
...............
4,474
60,846
Hawthorn
Bancshares,
Inc.
(b)
.............
709
22,007
HBT
Financial,
Inc.
....................
1,441
36,313
Heritage
Commerce
Corp.
...............
7,973
79,172
Heritage
Financial
Corp.
(b)
...............
4,119
99,639
Hilltop
Holdings,
Inc.
...................
5,966
199,384
Hingham
Institution
for
Savings
(The)
(b)
......
194
51,173
Home
Bancorp,
Inc.
...................
875
47,534
Home
BancShares,
Inc.
................
24,312
688,030
HomeTrust
Bancshares,
Inc.
.............
2,070
84,746
Hope
Bancorp,
Inc.
...................
15,884
171,071
Horizon
Bancorp,
Inc.
..................
5,512
88,247
Independent
Bank
Corp.
................
8,865
512,968
International
Bancshares
Corp.
...........
7,034
483,587
Investar
Holding
Corp.
.................
1,277
29,639
Security
Shares
Shares
Value
Banks
(continued)
John
Marshall
Bancorp,
Inc.
.............
1,610
$
31,910
Kearny
Financial
Corp.
.................
7,196
47,278
Lakeland
Financial
Corp.
................
3,080
197,736
Landmark
Bancorp,
Inc.
................
507
13,532
LCNB
Corp.
........................
1,811
27,147
LINKBANCORP,
Inc.
..................
2,602
18,552
Live
Oak
Bancshares,
Inc.
...............
4,442
156,447
MainStreet
Bancshares,
Inc.
(b)
............
815
16,976
Mechanics
Bancorp
(a)
..................
2,431
32,357
Mercantile
Bank
Corp.
.................
2,049
92,205
Meridian
Corp.
......................
1,129
17,827
Metrocity
Bankshares,
Inc.
..............
2,420
67,010
Metropolitan
Bank
Holding
Corp.
..........
1,167
87,315
Mid
Penn
Bancorp,
Inc.
.................
2,592
74,235
Middlefield
Banc
Corp.
.................
888
26,649
Midland
States
Bancorp,
Inc.
.............
2,729
46,775
MidWestOne
Financial
Group,
Inc.
.........
1,949
55,137
MVB
Financial
Corp.
..................
1,668
41,800
National
Bank
Holdings
Corp.
,
Class
A
......
4,793
185,202
National
Bankshares,
Inc.
...............
704
20,726
NB
Bancorp,
Inc.
.....................
4,526
79,884
NBT
Bancorp,
Inc.
....................
6,341
264,800
Nicolet
Bankshares,
Inc.
(b)
...............
1,715
230,667
Northeast
Bank
......................
1,012
101,362
Northeast
Community
Bancorp,
Inc.
........
1,375
28,284
Northfield
Bancorp,
Inc.
................
5,107
60,263
Northpointe
Bancshares,
Inc.
(b)
............
1,375
23,485
Northrim
Bancorp,
Inc.
.................
2,844
61,601
Northwest
Bancshares,
Inc.
..............
18,218
225,721
Norwood
Financial
Corp.
................
849
21,582
Oak
Valley
Bancorp
...................
678
19,099
OceanFirst
Financial
Corp.
..............
7,154
125,696
OFG
Bancorp
.......................
5,691
247,502
Ohio
Valley
Banc
Corp.
(b)
................
453
16,752
Old
National
Bancorp
(b)
.................
44,281
971,968
Old
Second
Bancorp,
Inc.
...............
6,193
107,046
OP
Bancorp
........................
1,536
21,381
Orange
County
Bancorp,
Inc.
.............
1,423
35,874
Origin
Bancorp,
Inc.
...................
3,861
133,282
Orrstown
Financial
Services,
Inc.
..........
2,419
82,198
Park
National
Corp.
...................
1,908
310,107
Parke
Bancorp,
Inc.
...................
1,688
36,376
Pathward
Financial,
Inc.
................
3,082
228,099
Patriot
National
Bancorp,
Inc.
(a)
(b)
..........
7,917
10,292
PCB
Bancorp
.......................
1,351
28,371
Peapack-Gladstone
Financial
Corp.
........
1,955
53,958
Peoples
Bancorp
of
North
Carolina,
Inc.
.....
608
18,641
Peoples
Bancorp,
Inc.
.................
4,326
129,737
Peoples
Financial
Services
Corp.
..........
1,182
57,457
Pioneer
Bancorp,
Inc.
(a)
(b)
................
1,483
19,368
Plumas
Bancorp
.....................
613
26,445
Ponce
Financial
Group,
Inc.
(a)
............
2,558
37,603
Preferred
Bank
(b)
.....................
961
86,865
Primis
Financial
Corp.
..................
2,525
26,538
Princeton
Bancorp,
Inc.
.................
601
19,136
Provident
Bancorp,
Inc.
(a)
...............
1,943
24,346
Provident
Financial
Services,
Inc.
..........
14,883
286,944
QCR
Holdings,
Inc.
...................
2,102
158,995
RBB
Bancorp
.......................
2,165
40,615
Red
River
Bancshares,
Inc.
..............
655
42,457
Renasant
Corp.
(b)
.....................
11,929
440,061
Republic
Bancorp,
Inc.
,
Class
A
...........
1,050
75,862
Rhinebeck
Bancorp,
Inc.
(a)
(b)
..............
799
9,077
Richmond
Mutual
Bancorp,
Inc.
(b)
..........
998
14,182
Riverview
Bancorp,
Inc.
................
2,353
12,636
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
S&T
Bancorp,
Inc.
....................
4,785
$
179,868
SB
Financial
Group,
Inc.
................
712
13,734
Seacoast
Banking
Corp.
of
Florida
.........
10,607
322,771
ServisFirst
Bancshares,
Inc.
.............
6,527
525,619
Shore
Bancshares,
Inc.
.................
4,023
66,017
Sierra
Bancorp
......................
1,556
44,984
Simmons
First
National
Corp.
,
Class
A
(b)
.....
17,628
337,929
SmartFinancial,
Inc.
...................
1,999
71,424
Sound
Financial
Bancorp,
Inc.
............
218
10,041
South
Plains
Financial,
Inc.
..............
1,679
64,893
Southern
First
Bancshares,
Inc.
(a)
..........
985
43,458
Southern
Missouri
Bancorp,
Inc.
...........
1,201
63,125
Southside
Bancshares,
Inc.
..............
3,616
102,152
SR
Bancorp,
Inc.
.....................
839
12,661
Stellar
Bancorp,
Inc.
(b)
..................
6,138
186,227
Sterling
Bancorp,
Inc.
(a)
(b)
(d)
...............
3,482
—
Stock
Yards
Bancorp,
Inc.
(b)
..............
3,314
231,947
Texas
Capital
Bancshares,
Inc.
(a)
..........
5,739
485,118
Third
Coast
Bancshares,
Inc.
(a)
............
1,756
66,675
Timberland
Bancorp,
Inc.
...............
953
31,716
Tompkins
Financial
Corp.
...............
1,785
118,185
Towne
Bank
........................
9,272
320,533
TriCo
Bancshares
(b)
...................
3,945
175,197
Triumph
Financial,
Inc.
(a)
................
2,876
143,915
TrustCo
Bank
Corp.
...................
2,175
78,952
Trustmark
Corp.
.....................
7,317
289,753
UMB
Financial
Corp.
(b)
.................
9,173
1,085,625
Union
Bankshares,
Inc.
(b)
................
404
10,003
United
Bankshares,
Inc.
(b)
...............
17,905
666,245
United
Community
Banks,
Inc.
(b)
...........
15,236
477,649
United
Security
Bancshares
..............
1,513
14,116
Unity
Bancorp,
Inc.
....................
1,024
50,043
Univest
Financial
Corp.
.................
3,945
118,429
USCB
Financial
Holdings,
Inc.
,
Class
A
......
1,251
21,830
Valley
National
Bancorp
(b)
...............
61,952
656,691
Veritex
Holdings,
Inc.
..................
6,709
224,953
Virginia
National
Bankshares
Corp.
.........
540
20,957
WaFd,
Inc.
.........................
9,832
297,811
Washington
Trust
Bancorp,
Inc.
...........
2,335
67,481
WesBanco,
Inc.
......................
11,830
377,732
West
Bancorp,
Inc.
....................
2,084
42,347
Westamerica
Bancorp
.................
3,216
160,768
Western
New
England
Bancorp,
Inc.
........
2,279
27,371
WSFS
Financial
Corp.
.................
7,078
381,717
35,557,047
Beverages
—
0.1%
MGP
Ingredients,
Inc.
..................
1,691
40,905
National
Beverage
Corp.
(a)
...............
2,943
108,656
Vita
Coco
Co.,
Inc.
(The)
(a)
...............
5,512
234,095
Zevia
PBC
,
Class
A
(a)
..................
3,989
10,850
394,506
Biotechnology
—
7.4%
4D
Molecular
Therapeutics,
Inc.
(a)
(b)
.........
4,716
40,982
89bio,
Inc.
(a)
........................
15,812
232,436
Abeona
Therapeutics,
Inc.
(a)
..............
5,553
29,320
Absci
Corp.
(a)
(b)
......................
13,924
42,329
ACADIA
Pharmaceuticals,
Inc.
(a)
...........
15,756
336,233
Actuate
Therapeutics,
Inc.
(a)
(b)
.............
1,419
9,493
ADC
Therapeutics
SA
(a)
................
8,686
34,744
ADMA
Biologics,
Inc.
(a)
.................
29,311
429,699
Agios
Pharmaceuticals,
Inc.
(a)
............
7,104
285,155
Akebia
Therapeutics,
Inc.
(a)
..............
31,698
86,536
Akero
Therapeutics,
Inc.
(a)
(b)
..............
8,845
419,961
Aldeyra
Therapeutics,
Inc.
(a)
..............
7,422
38,743
Security
Shares
Shares
Value
Biotechnology
(continued)
Alector,
Inc.
(a)
.......................
9,171
$
27,146
Alkermes
plc
(a)
.......................
20,561
616,830
Allogene
Therapeutics,
Inc.
(a)
(b)
............
21,031
26,078
Altimmune,
Inc.
(a)
.....................
10,308
38,861
Amicus
Therapeutics,
Inc.
(a)
..............
35,130
276,824
AnaptysBio,
Inc.
(a)
(b)
...................
2,582
79,061
Anavex
Life
Sciences
Corp.
(a)
(b)
...........
10,612
94,447
Anika
Therapeutics,
Inc.
(a)
...............
1,826
17,164
Annexon,
Inc.
(a)
......................
12,036
36,710
Apogee
Therapeutics,
Inc.
(a)
..............
4,052
160,986
Arbutus
Biopharma
Corp.
(a)
..............
18,532
84,135
Arcellx,
Inc.
(a)
.......................
4,265
350,156
Arcturus
Therapeutics
Holdings,
Inc.
(a)
.......
3,463
63,823
Arcus
Biosciences,
Inc.
(a)
................
8,801
119,694
Arcutis
Biotherapeutics,
Inc.
(a)
............
13,335
251,365
Ardelyx,
Inc.
(a)
.......................
29,197
160,875
ArriVent
Biopharma,
Inc.
(a)
(b)
..............
2,958
54,575
Arrowhead
Pharmaceuticals,
Inc.
(a)
.........
15,008
517,626
ARS
Pharmaceuticals,
Inc.
(a)
(b)
............
6,948
69,827
Astria
Therapeutics,
Inc.
(a)
...............
4,407
32,083
aTyr
Pharma,
Inc.
(a)
(b)
..................
11,024
7,953
Aura
Biosciences,
Inc.
(a)
................
5,714
35,313
Aurinia
Pharmaceuticals,
Inc.
(a)
............
14,312
158,148
Avidity
Biosciences,
Inc.
(a)
...............
12,776
556,650
Avita
Medical,
Inc.
(a)
(b)
..................
1,233
6,301
Beam
Therapeutics,
Inc.
(a)
...............
12,126
294,298
Benitec
Biopharma,
Inc.
(a)
...............
1,803
25,296
Bicara
Therapeutics,
Inc.
(a)
(b)
.............
4,336
68,465
BioCryst
Pharmaceuticals,
Inc.
(a)
...........
26,897
204,148
Biohaven
Ltd.
(a)
......................
11,479
172,300
Bridgebio
Pharma,
Inc.
(a)
................
19,559
1,015,894
Bright
Minds
Biosciences,
Inc.
(a)
...........
573
34,758
Candel
Therapeutics,
Inc.
(a)
(b)
.............
5,529
28,198
Capricor
Therapeutics,
Inc.
(a)
(b)
............
4,546
32,777
Cardiff
Oncology,
Inc.
(a)
(b)
................
7,332
15,104
CareDx,
Inc.
(a)
.......................
6,688
97,244
Cartesian
Therapeutics,
Inc.
(a)
(b)
...........
1,463
14,952
Catalyst
Pharmaceuticals,
Inc.
(a)
...........
14,691
289,413
Celcuity,
Inc.
(a)
(b)
......................
3,756
185,546
Celldex
Therapeutics,
Inc.
(a)
..............
8,118
210,013
CG
oncology,
Inc.
(a)
...................
7,085
285,384
Cidara
Therapeutics,
Inc.
(a)
..............
1,932
185,008
Cogent
Biosciences,
Inc.
(a)
...............
16,223
232,962
Coherus
Oncology,
Inc.
(a)
(b)
..............
12,395
20,328
Compass
Therapeutics,
Inc.
(a)
............
11,868
41,538
Corvus
Pharmaceuticals,
Inc.
(a)
(b)
..........
6,649
49,003
CRISPR
Therapeutics
AG
(a)
(b)
.............
10,477
679,014
Cullinan
Therapeutics,
Inc.
(a)
.............
6,409
38,005
Cytokinetics,
Inc.
(a)
....................
14,770
811,759
Day
One
Biopharmaceuticals,
Inc.
(a)
........
9,177
64,698
Denali
Therapeutics,
Inc.
(a)
..............
16,810
244,081
Design
Therapeutics,
Inc.
(a)
..............
3,934
29,623
DiaMedica
Therapeutics,
Inc.
(a)
(b)
..........
3,257
22,376
Dianthus
Therapeutics,
Inc.
(a)
.............
2,045
80,471
Disc
Medicine,
Inc.
(a)
...................
2,868
189,517
Dynavax
Technologies
Corp.
(a)
............
13,519
134,244
Dyne
Therapeutics,
Inc.
(a)
...............
13,576
171,736
Editas
Medicine,
Inc.
(a)
.................
10,264
35,616
Eledon
Pharmaceuticals,
Inc.
(a)
............
7,361
19,065
Emergent
BioSolutions,
Inc.
(a)
............
6,877
60,655
Enanta
Pharmaceuticals,
Inc.
(a)
...........
2,510
30,045
Entrada
Therapeutics,
Inc.
(a)
.............
3,241
18,798
Erasca,
Inc.
(a)
.......................
21,807
47,539
Fate
Therapeutics,
Inc.
(a)
................
13,080
16,481
Fennec
Pharmaceuticals,
Inc.
(a)
(b)
..........
3,532
33,060
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Foghorn
Therapeutics,
Inc.
(a)
(b)
............
3,375
$
16,504
Geron
Corp.
(a)
.......................
66,847
91,580
Gossamer
Bio,
Inc.
(a)
..................
23,648
62,194
GRAIL,
Inc.
(a)
.......................
3,861
228,301
Greenwich
Lifesciences,
Inc.
(a)
(b)
...........
742
7,383
Gyre
Therapeutics,
Inc.
(a)
...............
899
6,707
Heron
Therapeutics,
Inc.
(a)
(b)
..............
19,468
24,530
Humacyte,
Inc.
(a)
(b)
....................
15,975
27,796
Ideaya
Biosciences,
Inc.
(a)
...............
9,913
269,733
ImmunityBio,
Inc.
(a)
....................
29,143
71,692
Immunome,
Inc.
(a)
....................
9,652
113,025
Immunovant,
Inc.
(a)
....................
8,771
141,389
Inhibikase
Therapeutics,
Inc.
(a)
(b)
...........
7,420
12,020
Inhibrx
Biosciences,
Inc.
(a)
...............
1,038
34,960
Inmune
Bio,
Inc.
(a)
(b)
...................
1,528
3,163
Intellia
Therapeutics,
Inc.
(a)
..............
12,236
211,316
Iovance
Biotherapeutics,
Inc.
(a)
(b)
...........
33,956
73,685
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
(a)
....
18,314
23,991
Jade
Biosciences,
Inc.
(b)
................
4,092
35,314
Janux
Therapeutics,
Inc.
(a)
...............
4,991
121,980
KalVista
Pharmaceuticals,
Inc.
(a)
...........
4,806
58,537
Keros
Therapeutics,
Inc.
(a)
...............
4,279
67,694
Kodiak
Sciences,
Inc.
(a)
.................
3,902
63,876
Korro
Bio,
Inc.
(a)
(b)
.....................
765
36,636
Krystal
Biotech,
Inc.
(a)
..................
3,137
553,775
Kura
Oncology,
Inc.
(a)
..................
9,122
80,730
Kymera
Therapeutics,
Inc.
(a)
..............
6,302
356,693
Larimar
Therapeutics,
Inc.
(a)
(b)
.............
5,281
17,058
Lexeo
Therapeutics,
Inc.
(a)
...............
2,721
18,067
Madrigal
Pharmaceuticals,
Inc.
(a)
..........
2,335
1,070,971
MannKind
Corp.
(a)
....................
38,221
205,247
MeiraGTx
Holdings
plc
(a)
................
5,751
47,331
Metsera,
Inc.
(a)
.......................
6,675
349,303
MiMedx
Group,
Inc.
(a)
..................
14,839
103,576
Mineralys
Therapeutics,
Inc.
(a)
............
4,955
187,894
Mirum
Pharmaceuticals,
Inc.
(a)
............
5,044
369,776
Monopar
Therapeutics,
Inc.
(a)
(b)
............
456
37,242
Monte
Rosa
Therapeutics,
Inc.
(a)
(b)
.........
5,758
42,667
Myriad
Genetics,
Inc.
(a)
.................
11,251
81,345
Neurogene,
Inc.
(a)
(b)
...................
1,290
22,356
Nkarta,
Inc.
(a)
........................
6,676
13,819
Novavax,
Inc.
(a)
(b)
.....................
19,050
165,163
Nurix
Therapeutics,
Inc.
(a)
...............
9,375
86,625
Nuvalent,
Inc.
,
Class
A
(a)
................
5,447
471,057
Nuvectis
Pharma,
Inc.
(a)
................
1,577
9,494
Ocugen,
Inc.
(a)
.......................
4
7
Olema
Pharmaceuticals,
Inc.
(a)
............
7,584
74,247
Organogenesis
Holdings,
Inc.
,
Class
A
(a)
.....
8,338
35,186
ORIC
Pharmaceuticals,
Inc.
(a)
............
7,147
85,764
Oruka
Therapeutics,
Inc.
(a)
(b)
..............
3,413
65,632
Palvella
Therapeutics,
Inc.
(a)
.............
863
54,101
Perspective
Therapeutics,
Inc.
(a)
...........
6,100
20,923
Praxis
Precision
Medicines,
Inc.
(a)
..........
2,338
123,914
Precigen,
Inc.
(a)
(b)
.....................
19,112
62,878
Prime
Medicine,
Inc.
(a)
(b)
................
9,830
54,458
Protagonist
Therapeutics,
Inc.
(a)
...........
7,349
488,194
Protalix
BioTherapeutics,
Inc.
(a)
...........
8,740
19,403
Protara
Therapeutics,
Inc.
(a)
..............
4,081
17,752
Prothena
Corp.
plc
(a)
...................
5,403
52,733
PTC
Therapeutics,
Inc.
(a)
................
9,825
602,960
Puma
Biotechnology,
Inc.
(a)
..............
5,205
27,639
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
..
45,427
221,684
REGENXBIO,
Inc.
(a)
...................
5,928
57,205
Relay
Therapeutics,
Inc.
(a)
...............
17,880
93,334
Replimune
Group,
Inc.
(a)
(b)
...............
8,509
35,653
Security
Shares
Shares
Value
Biotechnology
(continued)
Rezolute,
Inc.
(a)
......................
9,842
$
92,515
Rhythm
Pharmaceuticals,
Inc.
(a)
...........
6,547
661,182
Rigel
Pharmaceuticals,
Inc.
(a)
.............
2,179
61,731
Rocket
Pharmaceuticals,
Inc.
(a)
............
9,571
31,201
Sana
Biotechnology,
Inc.
(a)
(b)
.............
16,675
59,196
Savara,
Inc.
(a)
.......................
13,876
49,537
Scholar
Rock
Holding
Corp.
(a)
............
10,279
382,790
SELLAS
Life
Sciences
Group,
Inc.
(a)
........
12,000
19,320
Sionna
Therapeutics,
Inc.
(a)
(b)
.............
1,550
45,585
Soleno
Therapeutics,
Inc.
(a)
..............
5,288
357,469
Solid
Biosciences,
Inc.
(a)
................
6,511
40,173
Spyre
Therapeutics,
Inc.
(a)
...............
6,326
106,024
Stoke
Therapeutics,
Inc.
(a)
(b)
..............
5,775
135,712
Syndax
Pharmaceuticals,
Inc.
(a)
...........
10,369
159,527
Tango
Therapeutics,
Inc.
(a)
(b)
..............
9,758
81,967
Taysha
Gene
Therapies,
Inc.
(a)
............
26,112
85,386
Tectonic
Therapeutic,
Inc.
(a)
(b)
.............
1,392
21,840
Tevogen
Bio
Holdings,
Inc.
(a)
.............
8,119
6,376
TG
Therapeutics,
Inc.
(a)
.................
18,362
663,327
Tonix
Pharmaceuticals
Holding
Corp.
(a)
(b)
.....
971
23,459
Tourmaline
Bio,
Inc.
(a)
..................
2,115
101,160
Travere
Therapeutics,
Inc.
(a)
..............
11,161
266,748
TriSalus
Life
Sciences,
Inc.
(a)
.............
1,832
8,519
TuHURA
Biosciences,
Inc.
(a)
(b)
............
4,077
10,111
Twist
Bioscience
Corp.
(a)
................
7,458
209,868
Tyra
Biosciences,
Inc.
(a)
................
2,554
35,730
Upstream
Bio,
Inc.
(a)
(b)
..................
4,412
82,990
UroGen
Pharma
Ltd.
(a)
.................
4,362
87,022
Vanda
Pharmaceuticals,
Inc.
(a)
............
7,876
39,301
Vaxcyte,
Inc.
(a)
.......................
14,317
515,698
Vera
Therapeutics,
Inc.
,
Class
A
(a)
..........
6,523
189,558
Veracyte,
Inc.
(a)
......................
9,786
335,953
Verastem,
Inc.
(a)
......................
5,536
48,883
Vericel
Corp.
(a)
.......................
6,391
201,125
Vir
Biotechnology,
Inc.
(a)
................
11,321
64,643
Viridian
Therapeutics,
Inc.
(a)
..............
8,847
190,918
Voyager
Therapeutics,
Inc.
(a)
(b)
............
6,065
28,324
Xencor,
Inc.
(a)
.......................
9,347
109,640
Xenon
Pharmaceuticals,
Inc.
(a)
............
9,599
385,400
XOMA
Royalty
Corp.
(a)
.................
1,190
45,863
Zenas
Biopharma,
Inc.
(a)
(b)
...............
1,861
41,314
Zymeworks,
Inc.
(a)
....................
6,479
110,661
26,539,282
Broadline
Retail
—
0.1%
Groupon,
Inc.
(a)
(b)
.....................
3,164
73,879
Kohl's
Corp.
(b)
.......................
14,049
215,933
Savers
Value
Village,
Inc.
(a)
..............
4,702
62,302
352,114
Building
Products
—
1.4%
American
Woodmark
Corp.
(a)
.............
1,831
122,238
Apogee
Enterprises,
Inc.
................
2,776
120,950
AZZ,
Inc.
..........................
3,688
402,471
CSW
Industrials,
Inc.
..................
2,015
489,141
Gibraltar
Industries,
Inc.
(a)
...............
3,674
230,727
Griffon
Corp.
........................
4,826
367,500
Insteel
Industries,
Inc.
..................
2,323
89,064
Janus
International
Group,
Inc.
(a)
..........
16,621
164,049
JELD-WEN
Holding,
Inc.
(a)
...............
10,869
53,367
Masterbrand,
Inc.
(a)
...................
15,945
209,996
Quanex
Building
Products
Corp.
(b)
.........
6,134
87,226
Resideo
Technologies,
Inc.
(a)
.............
17,388
750,814
Tecnoglass,
Inc.
......................
3,088
206,618
UFP
Industries,
Inc.
(b)
..................
7,648
715,012
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
(continued)
Zurn
Elkay
Water
Solutions
Corp.
(b)
.........
18,948
$
891,124
4,900,297
Capital
Markets
—
1.7%
Acadian
Asset
Management,
Inc.
..........
3,414
164,418
AlTi
Global,
Inc.
,
Class
A
(a)
(b)
.............
4,393
15,639
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
.............................
7,915
343,511
Bakkt
Holdings,
Inc.
,
Class
A
(a)
............
727
24,464
BGC
Group,
Inc.
,
Class
A
...............
45,410
429,579
Cohen
&
Steers,
Inc.
..................
3,567
234,031
Diamond
Hill
Investment
Group,
Inc.
........
356
49,844
DigitalBridge
Group,
Inc.
,
Class
A
..........
21,767
254,674
Donnelley
Financial
Solutions,
Inc.
(a)
........
3,364
173,010
Forge
Global
Holdings,
Inc.
(a)
.............
1,460
24,674
GCM
Grosvenor,
Inc.
,
Class
A
(b)
...........
5,923
71,491
Marex
Group
plc
.....................
6,733
226,363
Moelis
&
Co.
,
Class
A
..................
7,865
560,932
Open
Lending
Corp.
,
Class
A
(a)
............
12,437
26,242
P10,
Inc.
,
Class
A
(b)
...................
5,457
59,372
Patria
Investments
Ltd.
,
Class
A
(b)
..........
7,800
113,880
Perella
Weinberg
Partners
,
Class
C
........
7,832
166,978
Piper
Sandler
Cos.
(b)
...................
2,206
765,460
PJT
Partners,
Inc.
,
Class
A
..............
2,919
518,794
Siebert
Financial
Corp.
(a)
(b)
...............
2,202
6,430
Silvercrest
Asset
Management
Group,
Inc.
,
Class
A
.............................
1,151
18,128
StepStone
Group,
Inc.
,
Class
A
...........
8,726
569,895
StoneX
Group,
Inc.
(a)
..................
5,857
591,088
Value
Line,
Inc.
......................
105
4,103
Victory
Capital
Holdings,
Inc.
,
Class
A
.......
5,666
366,930
Virtus
Investment
Partners,
Inc.
...........
827
157,155
Westwood
Holdings
Group,
Inc.
...........
913
15,055
WisdomTree,
Inc.
.....................
15,484
215,228
6,167,368
Chemicals
—
1.6%
AdvanSix,
Inc.
.......................
3,495
67,733
American
Vanguard
Corp.
(a)
..............
3,269
18,764
Arq,
Inc.
(a)
..........................
3,418
24,473
ASP
Isotopes,
Inc.
(a)
...................
9,382
90,255
Aspen
Aerogels,
Inc.
(a)
.................
8,944
62,250
Avient
Corp.
........................
11,468
377,871
Balchem
Corp.
......................
4,130
619,748
Cabot
Corp.
........................
6,897
524,517
Chemours
Co.
(The)
...................
19,148
303,304
Core
Molding
Technologies,
Inc.
(a)
..........
1,056
21,701
Ecovyst,
Inc.
(a)
.......................
14,615
128,027
Flotek
Industries,
Inc.
(a)
(b)
................
1,815
26,499
Hawkins,
Inc.
(b)
......................
2,424
442,913
HB
Fuller
Co.
.......................
6,794
402,748
Ingevity
Corp.
(a)
......................
4,494
248,024
Innospec,
Inc.
.......................
3,104
239,505
Intrepid
Potash,
Inc.
(a)
..................
1,219
37,277
Koppers
Holdings,
Inc.
.................
2,456
68,768
Kronos
Worldwide,
Inc.
.................
2,594
14,890
LSB
Industries,
Inc.
(a)
..................
6,852
53,994
Mativ
Holdings,
Inc.
...................
6,952
78,627
Minerals
Technologies,
Inc.
..............
3,917
243,324
Orion
SA
..........................
7,287
55,235
Perimeter
Solutions,
Inc.
(a)
...............
17,610
394,288
PureCycle
Technologies,
Inc.
(a)
(b)
...........
16,436
216,133
Quaker
Chemical
Corp.
................
1,794
236,359
Rayonier
Advanced
Materials,
Inc.
(a)
........
7,618
55,002
Sensient
Technologies
Corp.
(b)
............
5,343
501,441
Solesence,
Inc.
(a)
(b)
....................
2,255
7,261
Security
Shares
Shares
Value
Chemicals
(continued)
Stepan
Co.
.........................
2,694
$
128,504
Trinseo
plc
(b)
........................
4,253
9,994
Tronox
Holdings
plc
...................
15,043
60,473
Valhi,
Inc.
..........................
210
3,314
5,763,216
Commercial
Services
&
Supplies
—
1.6%
ABM
Industries,
Inc.
...................
7,743
357,107
ACCO
Brands
Corp.
...................
11,547
46,073
Acme
United
Corp.
(b)
..................
399
16,431
ACV
Auctions,
Inc.
,
Class
A
(a)
.............
21,234
210,429
BrightView
Holdings,
Inc.
(a)
..............
8,817
118,148
Brink's
Co.
(The)
.....................
5,291
618,306
Casella
Waste
Systems,
Inc.
,
Class
A
(a)
(b)
.....
7,903
749,837
CECO
Environmental
Corp.
(a)
.............
3,588
183,706
Cimpress
plc
(a)
.......................
1,900
119,776
CompX
International,
Inc.
,
Class
A
.........
293
6,856
CoreCivic,
Inc.
(a)
.....................
13,724
279,283
Deluxe
Corp.
........................
5,398
104,505
Ennis,
Inc.
.........................
3,242
59,264
Enviri
Corp.
(a)
.......................
9,407
119,375
GEO
Group,
Inc.
(The)
(a)
................
16,819
344,621
Healthcare
Services
Group,
Inc.
(a)
..........
9,443
158,926
HNI
Corp.
..........................
5,661
265,218
Interface,
Inc.
.......................
7,499
217,021
Liquidity
Services,
Inc.
(a)
................
2,932
80,425
MillerKnoll,
Inc.
......................
8,416
149,300
Mobile
Infrastructure
Corp.
(a)
(b)
............
2,342
8,244
Montrose
Environmental
Group,
Inc.
(a)
.......
4,006
110,005
NL
Industries,
Inc.
....................
1,159
7,128
OPENLANE,
Inc.
(a)
....................
13,606
391,581
Perma-Fix
Environmental
Services,
Inc.
(a)
(b)
...
2,484
25,088
Pitney
Bowes,
Inc.
....................
15,420
175,942
Quad/Graphics,
Inc.
,
Class
A
.............
4,043
25,309
Steelcase,
Inc.
,
Class
A
................
10,902
187,514
UniFirst
Corp.
.......................
1,899
317,494
Vestis
Corp.
........................
14,565
65,979
Virco
Mfg.
Corp.
.....................
1,322
10,245
5,529,136
Communications
Equipment
—
0.9%
(a)
ADTRAN
Holdings,
Inc.
................
9,013
84,542
Applied
Optoelectronics,
Inc.
(b)
............
6,815
176,713
Aviat
Networks,
Inc.
...................
1,387
31,804
BK
Technologies
Corp.
.................
346
29,230
Calix,
Inc.
..........................
7,416
455,120
Clearfield,
Inc.
.......................
1,540
52,945
CommScope
Holding
Co.,
Inc.
............
26,873
415,994
Digi
International,
Inc.
..................
4,586
167,206
Extreme
Networks,
Inc.
.................
16,610
342,997
Harmonic,
Inc.
.......................
14,412
146,714
Inseego
Corp.
(b)
......................
1,586
23,742
NETGEAR,
Inc.
......................
3,357
108,733
NetScout
Systems,
Inc.
.................
8,864
228,957
Ribbon
Communications,
Inc.
............
11,507
43,727
Viasat,
Inc.
.........................
14,823
434,314
Viavi
Solutions,
Inc.
...................
28,057
356,043
3,098,781
Construction
&
Engineering
—
2.4%
Ameresco,
Inc.
,
Class
A
(a)
...............
4,007
134,555
Arcosa,
Inc.
........................
6,059
567,789
Argan,
Inc.
.........................
1,678
453,144
Bowman
Consulting
Group
Ltd.
(a)
..........
1,682
71,249
Centuri
Holdings,
Inc.
(a)
.................
8,774
185,745
Concrete
Pumping
Holdings,
Inc.
..........
2,502
17,639
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
Construction
Partners,
Inc.
,
Class
A
(a)
.......
5,930
$
753,110
Dycom
Industries,
Inc.
(a)
................
3,522
1,027,579
Fluor
Corp.
(a)
........................
20,626
867,736
Granite
Construction,
Inc.
(b)
..............
5,560
609,654
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........
8,577
102,838
IES
Holdings,
Inc.
(a)
...................
1,143
454,514
Limbach
Holdings,
Inc.
(a)
................
1,355
131,598
Matrix
Service
Co.
(a)
...................
3,358
43,923
MYR
Group,
Inc.
(a)
....................
1,933
402,122
NWPX
Infrastructure,
Inc.
(a)
(b)
.............
1,286
68,068
Orion
Group
Holdings,
Inc.
(a)
.............
4,926
40,984
Primoris
Services
Corp.
................
6,859
941,946
Southland
Holdings,
Inc.
(a)
(b)
..............
1,020
4,376
Sterling
Infrastructure,
Inc.
(a)
.............
3,754
1,275,159
Tutor
Perini
Corp.
(a)
...................
5,691
373,273
8,527,001
Construction
Materials
—
0.2%
Knife
River
Corp.
(a)
....................
7,232
555,924
Smith-Midland
Corp.
(a)
(b)
................
332
12,251
Titan
America
SA
(a)
(b)
...................
3,005
44,895
United
States
Lime
&
Minerals,
Inc.
.........
1,397
183,775
796,845
Consumer
Finance
—
1.0%
Atlanticus
Holdings
Corp.
(a)
..............
678
39,717
Bread
Financial
Holdings,
Inc.
............
3,198
178,352
Consumer
Portfolio
Services,
Inc.
(a)
.........
1,480
11,174
Dave,
Inc.
,
Class
A
(a)
..................
1,176
234,436
Encore
Capital
Group,
Inc.
(a)
.............
2,779
115,995
Enova
International,
Inc.
(a)
...............
3,043
350,219
FirstCash
Holdings,
Inc.
................
5,003
792,575
Green
Dot
Corp.
,
Class
A
(a)
..............
6,513
87,470
Jefferson
Capital,
Inc.
..................
1,253
21,627
LendingClub
Corp.
(a)
...................
14,168
215,212
LendingTree,
Inc.
(a)
....................
1,363
88,227
Medallion
Financial
Corp.
(b)
..............
2,508
25,331
Navient
Corp.
.......................
9,350
122,953
Nelnet,
Inc.
,
Class
A
...................
1,652
207,128
NerdWallet,
Inc.
,
Class
A
(a)
...............
5,180
55,737
Oportun
Financial
Corp.
(a)
...............
4,238
26,148
OppFi,
Inc.
,
Class
A
(b)
..................
3,006
34,058
PRA
Group,
Inc.
(a)
....................
4,717
72,830
PROG
Holdings,
Inc.
..................
4,875
157,755
Regional
Management
Corp.
.............
1,200
46,752
Upstart
Holdings,
Inc.
(a)
(b)
................
10,653
541,172
Vroom,
Inc.
(a)
........................
338
9,136
World
Acceptance
Corp.
(a)
...............
348
58,861
3,492,865
Consumer
Staples
Distribution
&
Retail
—
0.5%
Andersons,
Inc.
(The)
..................
4,114
163,778
Chefs'
Warehouse,
Inc.
(The)
(a)
...........
4,613
269,076
Grocery
Outlet
Holding
Corp.
(a)
............
11,961
191,974
Guardian
Pharmacy
Services,
Inc.
,
Class
A
(a)
..
2,378
62,375
HF
Foods
Group,
Inc.
(a)
.................
5,136
14,175
Ingles
Markets,
Inc.
,
Class
A
.............
1,846
128,408
Natural
Grocers
by
Vitamin
Cottage,
Inc.
.....
1,621
64,840
PriceSmart,
Inc.
(b)
.....................
3,244
393,141
United
Natural
Foods,
Inc.
(a)
..............
7,448
280,194
Village
Super
Market,
Inc.
,
Class
A
.........
1,200
44,832
Weis
Markets,
Inc.
....................
2,083
149,705
1,762,498
Containers
&
Packaging
—
0.2%
Ardagh
Metal
Packaging
SA
.............
17,892
71,389
Greif,
Inc.
,
Class
A
....................
3,185
190,335
Security
Shares
Shares
Value
Containers
&
Packaging
(continued)
Greif,
Inc.
,
Class
B
....................
626
$
38,568
Myers
Industries,
Inc.
..................
4,635
78,517
O-I
Glass,
Inc.
(a)
......................
19,650
254,861
Ranpak
Holdings
Corp.
,
Class
A
(a)
.........
5,649
31,747
TriMas
Corp.
........................
4,215
162,868
828,285
Distributors
—
0.1%
A-Mark
Precious
Metals,
Inc.
.............
2,439
63,097
GigaCloud
Technology,
Inc.
,
Class
A
(a)
(b)
......
3,017
85,683
Weyco
Group,
Inc.
(b)
...................
685
20,611
169,391
Diversified
Consumer
Services
—
1.4%
Adtalem
Global
Education,
Inc.
(a)
..........
4,470
690,392
American
Public
Education,
Inc.
(a)
..........
2,304
90,939
Carriage
Services,
Inc.
.................
1,780
79,281
Coursera,
Inc.
(a)
......................
17,586
205,932
Driven
Brands
Holdings,
Inc.
(a)
............
7,562
121,824
European
Wax
Center,
Inc.
,
Class
A
(a)
.......
4,196
16,742
Frontdoor,
Inc.
(a)
......................
9,343
628,690
Graham
Holdings
Co.
,
Class
B
............
400
470,924
KinderCare
Learning
Cos.,
Inc.
(a)
..........
4,163
27,642
Laureate
Education,
Inc.
(a)
...............
16,234
512,020
Lincoln
Educational
Services
Corp.
(a)
........
3,689
86,692
Matthews
International
Corp.
,
Class
A
.......
3,699
89,812
McGraw
Hill,
Inc.
(a)
....................
2,773
34,801
Mister
Car
Wash,
Inc.
(a)
.................
13,284
70,804
Nerdy,
Inc.
,
Class
A
(a)
..................
8,498
10,708
OneSpaWorld
Holdings
Ltd.
..............
12,144
256,724
Perdoceo
Education
Corp.
...............
7,658
288,400
Strategic
Education,
Inc.
................
2,904
249,773
Stride,
Inc.
(a)
........................
5,370
799,808
Udemy,
Inc.
(a)
.......................
12,328
86,419
Universal
Technical
Institute,
Inc.
(a)
.........
5,729
186,479
5,004,806
Diversified
REITs
—
0.5%
Alexander
&
Baldwin,
Inc.
...............
9,261
168,458
Alpine
Income
Property
Trust,
Inc.
.........
1,913
27,107
American
Assets
Trust,
Inc.
..............
6,795
138,074
Armada
Hoffler
Properties,
Inc.
...........
9,719
68,130
Broadstone
Net
Lease,
Inc.
..............
24,577
439,191
CTO
Realty
Growth,
Inc.
................
3,560
58,028
Essential
Properties
Realty
Trust,
Inc.
(b)
......
24,721
735,697
Gladstone
Commercial
Corp.
.............
5,848
72,047
Global
Net
Lease,
Inc.
.................
25,630
208,372
Modiv
Industrial,
Inc.
,
Class
C
(b)
...........
1,149
16,821
NexPoint
Diversified
Real
Estate
Trust
......
4,982
18,384
1,950,309
Diversified
Telecommunication
Services
—
0.5%
Anterix,
Inc.
(a)
.......................
1,616
34,695
ATN
International,
Inc.
.................
1,274
19,072
Bandwidth,
Inc.
,
Class
A
(a)
...............
3,238
53,977
Cogent
Communications
Holdings,
Inc.
......
5,702
218,672
Globalstar,
Inc.
(a)
.....................
6,190
225,254
IDT
Corp.
,
Class
B
....................
2,067
108,125
Liberty
Latin
America
Ltd.
,
Class
A
(a)
........
5,114
42,395
Liberty
Latin
America
Ltd.
,
Class
C
(a)
........
14,590
123,140
Lumen
Technologies,
Inc.
(a)
..............
120,789
739,229
Shenandoah
Telecommunications
Co.
.......
6,218
83,446
Uniti
Group,
Inc.
.....................
18,420
112,730
1,760,735
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electric
Utilities
—
1.2%
ALLETE,
Inc.
.......................
7,437
$
493,817
Genie
Energy
Ltd.
,
Class
B
..............
2,687
40,171
Hawaiian
Electric
Industries,
Inc.
(a)
.........
21,727
239,866
MGE
Energy,
Inc.
.....................
4,671
393,205
Oklo,
Inc.
,
Class
A
(a)
(b)
..................
13,663
1,525,201
Otter
Tail
Corp.
(b)
.....................
4,913
402,718
Portland
General
Electric
Co.
.............
13,812
607,728
TXNM
Energy,
Inc.
(b)
...................
12,243
692,341
4,395,047
Electrical
Equipment
—
2.4%
Allient,
Inc.
.........................
1,825
81,669
American
Superconductor
Corp.
(a)
.........
5,477
325,279
Amprius
Technologies,
Inc.
(a)
.............
11,751
123,621
Array
Technologies,
Inc.
(a)
(b)
..............
19,189
156,390
Atkore,
Inc.
.........................
4,230
265,390
Bloom
Energy
Corp.
,
Class
A
(a)
............
26,994
2,282,883
Complete
Solaria,
Inc.
(a)
(b)
...............
7,021
12,357
EnerSys
...........................
4,833
545,936
Enovix
Corp.
(a)
(b)
......................
21,017
209,539
Eos
Energy
Enterprises,
Inc.
,
Class
A
(a)
(b)
.....
31,822
362,453
Fluence
Energy,
Inc.
,
Class
A
(a)
(b)
..........
9,668
104,414
Hyliion
Holdings
Corp.
,
Class
A
(a)
(b)
.........
16,073
31,664
KULR
Technology
Group,
Inc.
(a)
...........
4,145
17,243
LSI
Industries,
Inc.
....................
3,146
74,277
NANO
Nuclear
Energy,
Inc.
(a)
(b)
............
3,877
149,497
Net
Power,
Inc.
,
Class
A
(a)
(b)
..............
2,585
7,781
NEXTracker,
Inc.
,
Class
A
(a)
(b)
.............
18,357
1,358,234
NuScale
Power
Corp.
,
Class
A
(a)
...........
16,028
577,008
Plug
Power,
Inc.
(a)
(b)
...................
135,721
316,230
Powell
Industries,
Inc.
..................
1,200
365,772
Power
Solutions
International,
Inc.
(a)
........
827
81,228
Preformed
Line
Products
Co.
.............
290
56,883
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
...
21,508
159,374
SKYX
Platforms
Corp.
(a)
(b)
...............
7,983
8,941
Sunrun,
Inc.
(a)
.......................
26,335
455,332
T1
Energy,
Inc.
(a)
(b)
....................
14,008
30,537
Thermon
Group
Holdings,
Inc.
(a)
...........
4,223
112,839
Vicor
Corp.
(a)
........................
2,887
143,542
8,416,313
Electronic
Equipment,
Instruments
&
Components
—
3.3%
908
Devices,
Inc.
(a)
(b)
...................
3,971
34,786
Advanced
Energy
Industries,
Inc.
..........
4,769
811,398
Aeva
Technologies,
Inc.
(a)
...............
3,893
56,449
Arlo
Technologies,
Inc.
(a)
................
12,583
213,282
Badger
Meter,
Inc.
(b)
...................
3,752
670,032
Bel
Fuse,
Inc.
,
Class
A
.................
231
26,877
Bel
Fuse,
Inc.
,
Class
B
.................
1,277
180,082
Belden,
Inc.
........................
5,023
604,116
Benchmark
Electronics,
Inc.
.............
4,519
174,207
Climb
Global
Solutions,
Inc.
..............
535
72,139
CTS
Corp.
.........................
3,610
144,183
Daktronics,
Inc.
(a)
.....................
4,818
100,793
ePlus,
Inc.
.........................
3,377
239,801
Evolv
Technologies
Holdings,
Inc.
(a)
.........
14,725
111,174
Fabrinet
(a)
..........................
4,542
1,656,104
Frequency
Electronics,
Inc.
(a)
.............
809
27,433
Insight
Enterprises,
Inc.
(a)
...............
3,631
411,792
Itron,
Inc.
(a)
.........................
5,748
715,971
Kimball
Electronics,
Inc.
(a)
...............
3,059
91,342
Knowles
Corp.
(a)
.....................
10,959
255,454
Methode
Electronics,
Inc.
...............
4,365
32,956
MicroVision,
Inc.
(a)
(b)
...................
35,930
44,553
Mirion
Technologies,
Inc.
,
Class
A
(a)
........
29,463
685,309
M-Tron
Industries,
Inc.
(a)
................
307
17,032
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Napco
Security
Technologies,
Inc.
.........
4,415
$
189,624
Neonode,
Inc.
(a)
......................
1,336
4,663
nLight,
Inc.
(a)
........................
6,175
182,965
Novanta,
Inc.
(a)
......................
4,333
433,950
OSI
Systems,
Inc.
(a)
(b)
..................
2,012
501,471
Ouster,
Inc.
,
Class
A
(a)
..................
6,444
174,310
PC
Connection,
Inc.
...................
1,428
88,522
Plexus
Corp.
(a)
.......................
3,422
495,129
Powerfleet,
Inc.
(a)
.....................
15,743
82,493
Red
Cat
Holdings,
Inc.
(a)
................
10,586
109,565
Richardson
Electronics
Ltd.
..............
1,438
14,078
Rogers
Corp.
(a)
......................
2,363
190,127
Sanmina
Corp.
(a)
(b)
....................
6,632
763,410
ScanSource,
Inc.
(a)
....................
2,796
122,996
TTM
Technologies,
Inc.
(a)
................
12,772
735,667
Vishay
Intertechnology,
Inc.
..............
15,198
232,529
Vishay
Precision
Group,
Inc.
(a)
............
1,433
45,928
Vuzix
Corp.
(a)
(b)
......................
8,205
25,682
11,770,374
Energy
Equipment
&
Services
—
1.6%
Archrock,
Inc.
.......................
20,889
549,590
Aris
Water
Solutions,
Inc.
,
Class
A
.........
3,922
96,716
Atlas
Energy
Solutions,
Inc.
(b)
.............
9,888
112,427
Borr
Drilling
Ltd.
(b)
....................
29,749
80,025
Bristow
Group,
Inc.
(a)
(b)
.................
3,584
129,311
Cactus,
Inc.
,
Class
A
(b)
.................
8,630
340,626
Core
Laboratories,
Inc.
.................
5,761
71,206
DMC
Global,
Inc.
(a)
....................
2,184
18,455
Energy
Services
of
America
Corp.
.........
1,486
15,380
Expro
Group
Holdings
NV
(a)
..............
13,030
154,796
Flowco
Holdings,
Inc.
,
Class
A
(b)
...........
2,303
34,200
Forum
Energy
Technologies,
Inc.
(a)
.........
1,154
30,823
Helix
Energy
Solutions
Group,
Inc.
(a)
........
18,306
120,087
Helmerich
&
Payne,
Inc.
(b)
...............
12,288
271,442
Innovex
International,
Inc.
(a)
..............
4,676
86,693
Kodiak
Gas
Services,
Inc.
...............
8,457
312,655
Liberty
Energy,
Inc.
,
Class
A
.............
20,320
250,749
Mammoth
Energy
Services,
Inc.
(a)
..........
2,727
6,245
Nabors
Industries
Ltd.
(a)
(b)
...............
1,771
72,381
National
Energy
Services
Reunited
Corp.
(a)
(b)
..
7,435
76,283
Natural
Gas
Services
Group,
Inc.
..........
1,321
36,975
Noble
Corp.
plc
(b)
.....................
16,006
452,650
Oceaneering
International,
Inc.
(a)
..........
11,922
295,427
Oil
States
International,
Inc.
(a)
.............
7,905
47,904
Patterson-UTI
Energy,
Inc.
..............
45,023
233,219
ProFrac
Holding
Corp.
,
Class
A
(a)
..........
1,577
5,835
ProPetro
Holding
Corp.
(a)
................
11,207
58,725
Ranger
Energy
Services,
Inc.
,
Class
A
.......
2,383
33,457
RPC,
Inc.
..........................
10,531
50,128
SEACOR
Marine
Holdings,
Inc.
(a)
..........
2,854
18,522
Seadrill
Ltd.
(a)
.......................
8,036
242,768
Select
Water
Solutions,
Inc.
,
Class
A
........
11,603
124,036
Solaris
Energy
Infrastructure,
Inc.
,
Class
A
....
4,599
183,822
TETRA
Technologies,
Inc.
(a)
..............
15,972
91,839
Tidewater,
Inc.
(a)
.....................
6,147
327,819
Transocean
Ltd.
(a)
....................
108,694
339,125
Valaris
Ltd.
(a)
........................
8,072
393,671
5,766,012
Entertainment
—
0.5%
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.
55,109
159,816
Atlanta
Braves
Holdings,
Inc.
,
Class
A
(a)
......
913
41,514
Atlanta
Braves
Holdings,
Inc.
,
Class
C
(a)
.....
5,768
239,891
Cinemark
Holdings,
Inc.
................
13,053
365,745
CuriosityStream,
Inc.
,
Class
A
............
4,036
21,391
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Entertainment
(continued)
Eventbrite,
Inc.
,
Class
A
(a)
...............
9,999
$
25,198
Gaia,
Inc.
,
Class
A
(a)
...................
2,008
11,887
Golden
Matrix
Group,
Inc.
(a)
..............
3,443
3,891
IMAX
Corp.
(a)
.......................
5,497
180,027
Lionsgate
Studios
Corp.
(a)
...............
25,265
174,329
Madison
Square
Garden
Entertainment
Corp.
(a)
.
4,972
224,933
Marcus
Corp.
(The)
...................
3,200
49,632
Playstudios,
Inc.
,
Class
A
(a)
..............
11,111
10,695
Playtika
Holding
Corp.
.................
7,222
28,094
Reservoir
Media,
Inc.
(a)
.................
2,375
19,333
Sphere
Entertainment
Co.
,
Class
A
(a)
........
3,578
222,265
Starz
Entertainment
Corp.
...............
1,580
23,273
Vivid
Seats,
Inc.
,
Class
A
(a)
..............
523
8,692
1,810,606
Financial
Services
—
2.4%
Acacia
Research
Corp.
(a)
(b)
...............
4,540
14,755
Alerus
Financial
Corp.
.................
2,933
64,937
AvidXchange
Holdings,
Inc.
(a)
.............
22,060
219,497
Banco
Latinoamericano
de
Comercio
Exterior
SA
,
Class
E
......................
3,569
164,067
Better
Home
&
Finance
Holding
Co.
(a)
.......
777
43,621
Burford
Capital
Ltd.
...................
25,178
301,129
Cannae
Holdings,
Inc.
.................
7,331
134,231
Cantaloupe,
Inc.
(a)
(b)
...................
6,923
73,176
Cass
Information
Systems,
Inc.
...........
1,665
65,484
Compass
Diversified
Holdings
............
8,490
56,204
Enact
Holdings,
Inc.
...................
3,768
144,465
Essent
Group
Ltd.
....................
12,273
780,072
EVERTEC,
Inc.
......................
8,110
273,956
Federal
Agricultural
Mortgage
Corp.
,
Class
C
..
1,216
204,264
Finance
of
America
Cos.,
Inc.
,
Class
A
(a)
(b)
....
571
12,808
Flywire
Corp.
(a)
......................
14,436
195,463
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
......................
15,035
461,574
International
Money
Express,
Inc.
(a)
.........
3,487
48,713
Jackson
Financial,
Inc.
,
Class
A
...........
9,115
922,711
loanDepot,
Inc.
,
Class
A
(a)
(b)
..............
10,301
31,624
Marqeta,
Inc.
,
Class
A
(a)
................
48,951
258,461
Merchants
Bancorp
...................
3,315
105,417
NCR
Atleos
Corp.
(a)
...................
9,170
360,473
NewtekOne,
Inc.
.....................
3,893
44,575
NMI
Holdings,
Inc.
,
Class
A
(a)
.............
9,876
378,646
Onity
Group,
Inc.
(a)
....................
821
32,807
Pagseguro
Digital
Ltd.
,
Class
A
...........
22,737
227,370
Payoneer
Global,
Inc.
(a)
.................
35,245
213,232
Paysafe
Ltd.
(a)
.......................
4,133
53,398
Paysign,
Inc.
(a)
.......................
4,836
30,418
PennyMac
Financial
Services,
Inc.
.........
3,708
459,347
Priority
Technology
Holdings,
Inc.
(a)
.........
3,062
21,036
Radian
Group,
Inc.
....................
16,990
615,378
Remitly
Global,
Inc.
(a)
..................
20,948
341,452
Repay
Holdings
Corp.
,
Class
A
(a)
..........
9,543
49,910
Security
National
Financial
Corp.
,
Class
A
(a)
(b)
..
1,934
16,768
Sezzle,
Inc.
(a)
.......................
2,005
159,458
StoneCo
Ltd.
,
Class
A
(a)
................
31,640
598,312
SWK
Holdings
Corp.
..................
413
6,009
Triller
Group,
Inc.
(a)
....................
13,951
11,581
Velocity
Financial,
Inc.
(a)
................
970
17,596
Walker
&
Dunlop,
Inc.
..................
4,209
351,957
Waterstone
Financial,
Inc.
...............
1,736
27,082
8,593,434
Food
Products
—
0.8%
Alico,
Inc.
..........................
763
26,446
B&G
Foods,
Inc.
(b)
....................
9,933
44,003
Security
Shares
Shares
Value
Food
Products
(continued)
Beyond
Meat,
Inc.
(a)
(b)
..................
10,486
$
19,819
BRC,
Inc.
,
Class
A
(a)
(b)
..................
13,169
20,544
Calavo
Growers,
Inc.
..................
2,114
54,414
Cal-Maine
Foods,
Inc.
(b)
................
5,790
544,839
Dole
plc
...........................
8,627
115,947
Forafric
Global
plc
(a)
(b)
..................
802
6,969
Fresh
Del
Monte
Produce,
Inc.
............
4,247
147,456
Hain
Celestial
Group,
Inc.
(The)
(a)
..........
11,083
17,511
J
&
J
Snack
Foods
Corp.
................
1,910
183,532
John
B
Sanfilippo
&
Son,
Inc.
.............
977
62,802
Lancaster
Colony
Corp.
................
2,536
438,195
Lifeway
Foods,
Inc.
(a)
..................
701
19,460
Limoneira
Co.
.......................
1,958
29,076
Mama's
Creations,
Inc.
(a)
................
3,995
41,987
Mission
Produce,
Inc.
(a)
.................
5,189
62,372
Seneca
Foods
Corp.
,
Class
A
(a)
...........
591
63,793
Simply
Good
Foods
Co.
(The)
(a)
...........
11,839
293,844
SunOpta,
Inc.
(a)
......................
12,205
71,521
Tootsie
Roll
Industries,
Inc.
(b)
.............
2,149
90,086
TreeHouse
Foods,
Inc.
(a)
................
6,392
129,182
Utz
Brands,
Inc.
,
Class
A
................
9,103
110,601
Vital
Farms,
Inc.
(a)
....................
4,333
178,303
Westrock
Coffee
Co.
(a)
(b)
................
4,220
20,509
2,793,211
Gas
Utilities
—
1.0%
Brookfield
Infrastructure
Corp.
,
Class
A
(b)
.....
15,258
627,409
Chesapeake
Utilities
Corp.
(b)
.............
2,877
387,503
New
Jersey
Resources
Corp.
.............
12,576
605,534
Northwest
Natural
Holding
Co.
............
5,139
230,895
ONE
Gas,
Inc.
.......................
7,608
615,792
RGC
Resources,
Inc.
..................
893
20,039
Southwest
Gas
Holdings,
Inc.
............
8,162
639,411
Spire,
Inc.
(b)
.........................
7,348
599,009
3,725,592
Ground
Transportation
—
0.3%
ArcBest
Corp.
.......................
2,827
197,522
Covenant
Logistics
Group,
Inc.
,
Class
A
(b)
....
2,200
47,652
FTAI
Infrastructure,
Inc.
.................
12,932
56,384
Heartland
Express,
Inc.
.................
5,670
47,515
Hertz
Global
Holdings,
Inc.
(a)
(b)
............
15,624
106,243
Marten
Transport
Ltd.
..................
7,258
77,370
PAMT
Corp.
(a)
.......................
707
8,060
Proficient
Auto
Logistics,
Inc.
(a)
(b)
...........
2,541
17,507
RXO,
Inc.
(a)
.........................
20,578
316,490
Universal
Logistics
Holdings,
Inc.
(b)
.........
814
19,080
Werner
Enterprises,
Inc.
................
7,049
185,530
1,079,353
Health
Care
Equipment
&
Supplies
—
2.5%
Accuray,
Inc.
(a)
.......................
11,215
18,729
Alphatec
Holdings,
Inc.
(a)
................
14,668
213,273
AngioDynamics,
Inc.
(a)
.................
5,151
57,537
Anteris
Technologies
Global
Corp.
(a)
(b)
.......
4,698
21,141
Artivion,
Inc.
(a)
.......................
4,728
200,183
AtriCure,
Inc.
(a)
......................
6,132
216,153
Avanos
Medical,
Inc.
(a)
.................
5,814
67,210
AxoGen,
Inc.
(a)
.......................
5,311
94,748
Beta
Bionics,
Inc.
(a)
(b)
..................
4,738
94,144
Bioventus,
Inc.
,
Class
A
(a)
...............
6,133
41,030
Butterfly
Network,
Inc.
,
Class
A
(a)
(b)
.........
24,314
46,926
Carlsmed,
Inc.
(a)
......................
720
9,641
Ceribell,
Inc.
(a)
.......................
3,136
36,033
Cerus
Corp.
(a)
.......................
23,654
37,610
ClearPoint
Neuro,
Inc.
(a)
................
3,294
71,776
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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)
CONMED
Corp.
......................
3,898
$
183,323
CVRx,
Inc.
(a)
........................
2,098
16,931
Delcath
Systems,
Inc.
(a)
.................
3,808
40,936
Electromed,
Inc.
(a)
....................
860
21,113
Embecta
Corp.
......................
7,296
102,947
Enovis
Corp.
(a)
.......................
7,250
219,965
Glaukos
Corp.
(a)
......................
7,073
576,803
Haemonetics
Corp.
(a)
..................
6,012
293,025
ICU
Medical,
Inc.
(a)
....................
3,059
366,958
Inogen,
Inc.
(a)
.......................
2,564
20,948
Integer
Holdings
Corp.
(a)
................
4,366
451,139
Integra
LifeSciences
Holdings
Corp.
(a)
.......
8,750
125,387
iRadimed
Corp.
......................
1,024
72,868
iRhythm
Technologies,
Inc.
(a)
.............
4,032
693,464
Kestra
Medical
Technologies
Ltd.
(a)
(b)
........
1,600
38,016
KORU
Medical
Systems,
Inc.
(a)
............
5,165
19,782
Lantheus
Holdings,
Inc.
(a)
...............
8,633
442,787
LeMaitre
Vascular,
Inc.
.................
2,648
231,726
LENSAR,
Inc.
(a)
......................
1,183
14,610
LivaNova
plc
(a)
.......................
6,857
359,170
Lucid
Diagnostics,
Inc.
(a)
(b)
...............
8,227
8,309
Merit
Medical
Systems,
Inc.
(a)
.............
7,390
615,070
Myomo,
Inc.
(a)
.......................
4,095
3,653
Neogen
Corp.
(a)
......................
27,403
156,471
Neuronetics,
Inc.
(a)
(b)
...................
4,517
12,331
NeuroPace,
Inc.
(a)
....................
3,029
31,229
Novocure
Ltd.
(a)
......................
12,822
165,660
Omnicell,
Inc.
(a)
......................
5,906
179,838
OraSure
Technologies,
Inc.
(a)
.............
8,690
27,895
Orthofix
Medical,
Inc.
(a)
.................
4,464
65,353
OrthoPediatrics
Corp.
(a)
.................
2,357
43,675
Outset
Medical,
Inc.
(a)
(b)
.................
2,235
31,558
PROCEPT
BioRobotics
Corp.
(a)
...........
6,645
237,160
Pro-Dex,
Inc.
(a)
(b)
.....................
261
8,835
Pulmonx
Corp.
(a)
.....................
4,607
7,463
Pulse
Biosciences,
Inc.
(a)
(b)
...............
2,073
36,692
QuidelOrtho
Corp.
(a)
...................
8,581
252,710
RxSight,
Inc.
(a)
.......................
4,460
40,095
Sanara
Medtech,
Inc.
(a)
.................
433
13,739
SANUWAVE
Health,
Inc.
(a)
(b)
..............
875
32,795
Semler
Scientific,
Inc.
(a)
.................
1,457
43,710
Shoulder
Innovations,
Inc.
(a)
..............
706
8,860
SI-BONE,
Inc.
(a)
......................
4,980
73,306
Sight
Sciences,
Inc.
(a)
(b)
.................
4,412
15,177
STAAR
Surgical
Co.
(a)
..................
6,216
167,024
Stereotaxis,
Inc.
(a)
....................
6,854
21,316
Surmodics,
Inc.
(a)
.....................
1,827
54,609
Tactile
Systems
Technology,
Inc.
(a)
.........
2,848
39,416
Tandem
Diabetes
Care,
Inc.
(a)
(b)
...........
8,613
104,562
TransMedics
Group,
Inc.
(a)
...............
4,203
471,577
Treace
Medical
Concepts,
Inc.
(a)
...........
6,516
43,722
UFP
Technologies,
Inc.
(a)
................
952
190,019
Utah
Medical
Products,
Inc.
..............
363
22,858
Varex
Imaging
Corp.
(a)
.................
4,877
60,475
Zimvie,
Inc.
(a)
........................
3,284
62,199
8,867,393
Health
Care
Providers
&
Services
—
3.2%
AdaptHealth
Corp.
(a)
...................
12,886
115,330
Addus
HomeCare
Corp.
(a)
...............
2,291
270,315
agilon
health,
Inc.
(a)
(b)
..................
38,754
39,917
AirSculpt
Technologies,
Inc.
(a)
.............
1,033
8,285
Alignment
Healthcare,
Inc.
(a)
.............
18,286
319,091
AMN
Healthcare
Services,
Inc.
(a)
...........
4,815
93,218
Ardent
Health,
Inc.
(a)
(b)
..................
2,986
39,565
Astrana
Health,
Inc.
(a)
..................
5,309
150,510
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Aveanna
Healthcare
Holdings,
Inc.
(a)
........
5,828
$
51,694
BrightSpring
Health
Services,
Inc.
(a)
........
11,830
349,695
Brookdale
Senior
Living,
Inc.
(a)
............
28,907
244,842
Castle
Biosciences,
Inc.
(a)
...............
3,526
80,287
Clover
Health
Investments
Corp.
,
Class
A
(a)
(b)
..
50,931
155,849
Community
Health
Systems,
Inc.
(a)
.........
16,224
52,079
Concentra
Group
Holdings
Parent,
Inc.
......
14,765
309,031
CorVel
Corp.
(a)
.......................
3,663
283,589
Cross
Country
Healthcare,
Inc.
(a)
..........
4,058
57,624
DocGo,
Inc.
(a)
.......................
12,764
17,359
Enhabit,
Inc.
(a)
.......................
6,202
49,678
Ensign
Group,
Inc.
(The)
(b)
...............
7,011
1,211,290
Fulgent
Genetics,
Inc.
(a)
................
2,569
58,059
GeneDx
Holdings
Corp.
,
Class
A
(a)
.........
2,377
256,098
Guardant
Health,
Inc.
(a)
.................
14,985
936,263
HealthEquity,
Inc.
(a)
....................
10,787
1,022,284
Hims
&
Hers
Health,
Inc.
,
Class
A
(a)
.........
23,932
1,357,423
Innovage
Holding
Corp.
(a)
...............
2,186
11,280
Joint
Corp.
(The)
(a)
....................
1,617
15,426
LifeStance
Health
Group,
Inc.
(a)
(b)
..........
17,315
95,232
Nano-X
Imaging
Ltd.
(a)
(b)
................
6,982
25,833
National
HealthCare
Corp.
...............
1,587
192,836
National
Research
Corp.
................
1,679
21,458
NeoGenomics,
Inc.
(a)
(b)
.................
15,630
120,664
Nutex
Health,
Inc.
(a)
...................
433
44,738
Omada
Health,
Inc.
(a)
..................
1,094
24,188
Oncology
Institute,
Inc.
(The)
(a)
(b)
...........
6,573
22,940
OPKO
Health,
Inc.
(a)
...................
49,123
76,141
Option
Care
Health,
Inc.
(a)
...............
20,570
571,023
Owens
&
Minor,
Inc.
(a)
(b)
.................
9,516
45,677
PACS
Group,
Inc.
(a)
...................
5,660
77,712
Pediatrix
Medical
Group,
Inc.
(a)
............
10,618
177,852
Pennant
Group,
Inc.
(The)
(a)
..............
4,384
110,564
Performant
Healthcare,
Inc.
(a)
.............
8,196
63,355
Premier,
Inc.
,
Class
A
..................
10,325
287,035
Privia
Health
Group,
Inc.
(a)
...............
14,546
362,195
Progyny,
Inc.
(a)
.......................
9,323
200,631
RadNet,
Inc.
(a)
.......................
8,594
654,949
Select
Medical
Holdings
Corp.
............
14,196
182,277
Sonida
Senior
Living,
Inc.
(a)
(b)
.............
811
22,481
Surgery
Partners,
Inc.
(a)
................
9,722
210,384
Talkspace,
Inc.
(a)
.....................
15,411
42,534
US
Physical
Therapy,
Inc.
...............
1,900
161,405
Viemed
Healthcare,
Inc.
(a)
...............
3,706
25,164
11,375,349
Health
Care
REITs
—
1.0%
American
Healthcare
REIT,
Inc.
...........
20,242
850,366
CareTrust
REIT,
Inc.
...................
26,772
928,453
Community
Healthcare
Trust,
Inc.
..........
3,540
54,162
Diversified
Healthcare
Trust
..............
28,357
125,054
Global
Medical
REIT,
Inc.
...............
1,635
55,116
LTC
Properties,
Inc.
...................
5,838
215,189
National
Health
Investors,
Inc.
............
5,882
467,619
Sabra
Health
Care
REIT,
Inc.
.............
29,954
558,343
Sila
Realty
Trust,
Inc.
..................
7,030
176,453
Strawberry
Fields
REIT,
Inc.
.............
839
10,320
Universal
Health
Realty
Income
Trust
.......
1,714
67,137
3,508,212
Health
Care
Technology
—
0.4%
Claritev
Corp.
(a)
......................
979
51,965
Definitive
Healthcare
Corp.
,
Class
A
(a)
.......
4,671
18,964
Evolent
Health,
Inc.
,
Class
A
(a)
............
14,533
122,949
Health
Catalyst,
Inc.
(a)
..................
9,444
26,915
HealthStream,
Inc.
(b)
...................
2,978
84,099
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
LifeMD,
Inc.
(a)
.......................
4,699
$
31,906
OptimizeRx
Corp.
(a)
...................
1,893
38,807
Phreesia,
Inc.
(a)
(b)
.....................
7,233
170,120
Schrodinger,
Inc.
(a)
....................
7,031
141,042
Simulations
Plus,
Inc.
(a)
.................
1,993
30,035
Teladoc
Health,
Inc.
(a)
..................
22,737
175,757
TruBridge,
Inc.
(a)
.....................
1,256
25,334
Waystar
Holding
Corp.
(a)
................
13,786
522,765
1,440,658
Hotel
&
Resort
REITs
—
0.6%
Apple
Hospitality
REIT,
Inc.
(b)
.............
28,535
342,705
Braemar
Hotels
&
Resorts,
Inc.
...........
8,632
23,565
Chatham
Lodging
Trust
.................
5,768
38,703
DiamondRock
Hospitality
Co.
(b)
...........
27,179
216,345
Pebblebrook
Hotel
Trust
(b)
...............
15,012
170,987
RLJ
Lodging
Trust
....................
18,688
134,554
Ryman
Hospitality
Properties,
Inc.
(b)
........
7,780
697,010
Service
Properties
Trust
................
20,094
54,455
Summit
Hotel
Properties,
Inc.
(b)
...........
14,263
78,304
Sunstone
Hotel
Investors,
Inc.
............
24,112
225,929
Xenia
Hotels
&
Resorts,
Inc.
.............
12,723
174,560
2,157,117
Hotels,
Restaurants
&
Leisure
—
1.8%
Accel
Entertainment,
Inc.
,
Class
A
(a)
........
6,784
75,099
Bally's
Corp.
(a)
.......................
958
10,634
Biglari
Holdings,
Inc.
,
Class
B
(a)
...........
96
31,070
BJ's
Restaurants,
Inc.
(a)
.................
2,390
72,967
Bloomin'
Brands,
Inc.
..................
11,046
79,200
Brightstar
Lottery
plc
..................
14,336
247,296
Brinker
International,
Inc.
(a)
..............
5,566
705,101
Cheesecake
Factory,
Inc.
(The)
(b)
..........
5,923
323,633
Cracker
Barrel
Old
Country
Store,
Inc.
(b)
.....
2,844
125,307
Dave
&
Buster's
Entertainment,
Inc.
(a)
(b)
......
3,464
62,906
Denny's
Corp.
(a)
......................
6,672
34,895
Dine
Brands
Global,
Inc.
(b)
...............
1,980
48,946
El
Pollo
Loco
Holdings,
Inc.
(a)
.............
3,140
30,458
First
Watch
Restaurant
Group,
Inc.
(a)
........
5,657
88,475
Genius
Sports
Ltd.
(a)
...................
27,142
336,018
Global
Business
Travel
Group
I
(a)
..........
12,117
97,905
Golden
Entertainment,
Inc.
..............
2,600
61,308
Hilton
Grand
Vacations,
Inc.
(a)
............
7,296
305,046
Inspired
Entertainment,
Inc.
(a)
(b)
............
3,645
34,190
Jack
in
the
Box,
Inc.
(b)
..................
2,411
47,665
Krispy
Kreme,
Inc.
....................
10,323
39,950
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
...........
779
46,280
Life
Time
Group
Holdings,
Inc.
(a)
...........
17,092
471,739
Lindblad
Expeditions
Holdings,
Inc.
(a)
........
4,394
56,243
Marriott
Vacations
Worldwide
Corp.
(b)
.......
3,577
238,085
Monarch
Casino
&
Resort,
Inc.
............
1,551
164,158
Nathan's
Famous,
Inc.
.................
364
40,309
Papa
John's
International,
Inc.
............
4,187
201,604
Portillo's,
Inc.
,
Class
A
(a)
(b)
...............
6,849
44,176
Potbelly
Corp.
(a)
......................
2,991
50,967
Pursuit
Attractions
&
Hospitality,
Inc.
(a)
.......
2,488
90,016
RCI
Hospitality
Holdings,
Inc.
(b)
............
1,076
32,829
Red
Rock
Resorts,
Inc.
,
Class
A
...........
6,102
372,588
Rush
Street
Interactive,
Inc.
,
Class
A
(a)
......
11,235
230,093
Sabre
Corp.
(a)
(b)
......................
47,342
86,636
Serve
Robotics,
Inc.
(a)
(b)
.................
5,976
69,501
Shake
Shack,
Inc.
,
Class
A
(a)
.............
4,918
460,374
Six
Flags
Entertainment
Corp.
(a)
(b)
..........
12,140
275,821
Super
Group
SGHC
Ltd.
................
20,164
266,165
Sweetgreen,
Inc.
,
Class
A
(a)
..............
12,797
102,120
Target
Hospitality
Corp.
(a)
...............
3,946
33,462
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
United
Parks
&
Resorts,
Inc.
(a)
............
3,450
$
178,365
Xponential
Fitness,
Inc.
,
Class
A
(a)
.........
2,984
23,245
6,392,845
Household
Durables
—
1.8%
Bassett
Furniture
Industries,
Inc.
..........
768
12,011
Beazer
Homes
USA,
Inc.
(a)
..............
3,705
90,958
Cavco
Industries,
Inc.
(a)
.................
964
559,824
Century
Communities,
Inc.
..............
3,206
203,164
Champion
Homes,
Inc.
(a)
................
7,170
547,573
Cricut,
Inc.
,
Class
A
...................
5,860
36,859
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
(b)
......
3,881
100,595
Ethan
Allen
Interiors,
Inc.
...............
2,912
85,787
Flexsteel
Industries,
Inc.
................
568
26,327
Green
Brick
Partners,
Inc.
(a)
..............
3,852
284,509
Hamilton
Beach
Brands
Holding
Co.
,
Class
A
..
1,059
15,218
Helen
of
Troy
Ltd.
(a)
...................
2,829
71,291
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
.......
610
78,379
Installed
Building
Products,
Inc.
...........
2,959
729,867
KB
Home
..........................
8,305
528,530
La-Z-Boy,
Inc.
.......................
5,156
176,954
Legacy
Housing
Corp.
(a)
................
962
26,465
Leggett
&
Platt,
Inc.
...................
16,874
149,841
LGI
Homes,
Inc.
(a)
....................
2,619
135,428
Lovesac
Co.
(The)
(a)
(b)
..................
1,802
30,508
M/I
Homes,
Inc.
(a)
.....................
3,313
478,530
Meritage
Homes
Corp.
.................
8,953
648,466
Sonos,
Inc.
(a)
........................
14,851
234,646
Taylor
Morrison
Home
Corp.
(a)
............
12,219
806,576
Traeger,
Inc.
(a)
.......................
4,596
5,607
TRI
Pointe
Homes,
Inc.
(a)
................
10,649
361,747
6,425,660
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
(a)
..............
1,116
36,437
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........
6,247
184,474
Energizer
Holdings,
Inc.
................
8,410
209,325
Oil-Dri
Corp.
of
America
(b)
...............
1,329
81,122
Spectrum
Brands
Holdings,
Inc.
...........
2,867
150,604
WD-40
Co.
.........................
1,703
336,513
998,475
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Hallador
Energy
Co.
(a)
..................
4,136
80,941
Montauk
Renewables,
Inc.
(a)
.............
8,056
16,193
Ormat
Technologies,
Inc.
(b)
..............
7,656
736,890
834,024
Industrial
Conglomerates
—
0.0%
Brookfield
Business
Corp.
,
Class
A
(b)
........
2,856
95,762
Industrial
REITs
—
0.4%
Industrial
Logistics
Properties
Trust
.........
6,320
36,845
Innovative
Industrial
Properties,
Inc.
........
3,569
191,227
LXP
Industrial
Trust
...................
36,897
330,597
One
Liberty
Properties,
Inc.
..............
2,367
52,358
Plymouth
Industrial
REIT,
Inc.
............
5,084
113,526
Terreno
Realty
Corp.
(b)
.................
12,953
735,083
1,459,636
Insurance
—
2.0%
Abacus
Global
Management,
Inc.
(a)
.........
4,579
26,238
Ambac
Financial
Group,
Inc.
(a)
............
5,408
45,103
American
Coastal
Insurance
Corp.
.........
3,236
36,858
American
Integrity
Insurance
Group,
Inc.
(a)
....
891
19,878
AMERISAFE,
Inc.
....................
2,367
103,769
Aspen
Insurance
Holdings
Ltd.
,
Class
A
(a)
(b)
...
2,148
78,853
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Ategrity
Specialty
Holdings
LLC
(a)
..........
515
$
10,182
Baldwin
Insurance
Group,
Inc.
(The)
,
Class
A
(a)
.
8,916
251,520
Bowhead
Specialty
Holdings,
Inc.
(a)
.........
1,957
52,917
Citizens,
Inc.
,
Class
A
(a)
(b)
...............
5,615
29,479
CNO
Financial
Group,
Inc.
...............
12,299
486,425
Crawford
&
Co.
,
Class
A
................
2,314
24,760
Donegal
Group,
Inc.
,
Class
A
.............
2,120
41,107
eHealth,
Inc.
(a)
.......................
3,726
16,059
Employers
Holdings,
Inc.
................
2,887
122,640
F&G
Annuities
&
Life,
Inc.
...............
2,848
89,057
Fidelis
Insurance
Holdings
Ltd.
............
7,795
141,479
Genworth
Financial,
Inc.
,
Class
A
(a)
.........
51,866
461,607
GoHealth,
Inc.
,
Class
A
(a)
................
535
2,579
Goosehead
Insurance,
Inc.
,
Class
A
........
3,024
225,046
Greenlight
Capital
Re
Ltd.
,
Class
A
(a)
........
3,500
44,450
Hamilton
Insurance
Group
Ltd.
,
Class
B
(a)
....
5,883
145,898
HCI
Group,
Inc.
......................
1,311
251,620
Heritage
Insurance
Holdings,
Inc.
(a)
.........
2,937
73,954
Hippo
Holdings,
Inc.
(a)
..................
2,160
78,106
Horace
Mann
Educators
Corp.
............
5,090
229,915
Investors
Title
Co.
....................
225
60,262
James
River
Group
Holdings
Ltd.
..........
5,434
30,159
Kestrel
Group
Ltd.
(b)
...................
502
13,710
Kingstone
Cos.,
Inc.
...................
1,446
21,256
Kingsway
Financial
Services,
Inc.
(a)
.........
2,826
41,316
Lemonade,
Inc.
(a)
.....................
7,055
377,654
MBIA,
Inc.
(a)
........................
5,844
43,538
Mercury
General
Corp.
.................
3,408
288,930
NI
Holdings,
Inc.
(a)
....................
1,275
17,289
Oscar
Health,
Inc.
,
Class
A
(a)
.............
24,393
461,759
Palomar
Holdings,
Inc.
(a)
................
3,352
391,346
ProAssurance
Corp.
(a)
..................
6,469
155,191
Root,
Inc.
,
Class
A
(a)
...................
1,457
130,416
Safety
Insurance
Group,
Inc.
.............
1,839
129,999
Selective
Insurance
Group,
Inc.
...........
7,651
620,267
Selectquote,
Inc.
(a)
....................
15,945
31,252
SiriusPoint
Ltd.
(a)
.....................
8,656
156,587
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....
4,458
212,022
Slide
Insurance
Holdings,
Inc.
(a)
...........
2,793
44,088
Stewart
Information
Services
Corp.
.........
3,463
253,907
Tiptree,
Inc.
........................
3,216
61,651
Trupanion,
Inc.
(a)
.....................
4,706
203,676
United
Fire
Group,
Inc.
.................
2,555
77,723
Universal
Insurance
Holdings,
Inc.
.........
3,230
84,949
6,998,446
Interactive
Media
&
Services
—
0.6%
Angi,
Inc.
(a)
.........................
4,888
79,479
Arena
Group
Holdings,
Inc.
(The)
(a)
.........
1,591
8,703
Bumble,
Inc.
,
Class
A
(a)
.................
8,704
53,007
Cargurus,
Inc.
,
Class
A
(a)
................
10,460
389,426
Cars.com,
Inc.
(a)
......................
7,432
90,819
EverQuote,
Inc.
,
Class
A
(a)
...............
3,582
81,920
fuboTV,
Inc.
(a)
(b)
......................
42,107
174,744
Getty
Images
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
12,471
24,693
Grindr,
Inc.
(a)
........................
4,193
62,979
MediaAlpha,
Inc.
,
Class
A
(a)
..............
4,051
46,100
Nextdoor
Holdings,
Inc.
,
Class
A
(a)
.........
28,007
58,535
QuinStreet,
Inc.
(a)
.....................
6,798
105,165
Rumble,
Inc.
,
Class
A
(a)
(b)
................
13,068
94,612
Shutterstock,
Inc.
(b)
....................
3,050
63,593
Teads
Holding
Co.
(a)
...................
4,636
7,649
Travelzoo
(a)
.........................
790
7,766
TripAdvisor,
Inc.
(a)
....................
14,694
238,924
TrueCar,
Inc.
(a)
.......................
9,635
17,728
Vimeo,
Inc.
(a)
........................
18,764
145,421
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
Webtoon
Entertainment,
Inc.
(a)
(b)
...........
2,457
$
47,690
Yelp,
Inc.
(a)
.........................
7,918
247,042
Ziff
Davis,
Inc.
(a)
......................
5,206
198,349
ZipRecruiter,
Inc.
,
Class
A
(a)
..............
9,369
39,537
2,283,881
IT
Services
—
0.6%
Applied
Digital
Corp.
(a)
(b)
................
26,935
617,889
ASGN,
Inc.
(a)
........................
5,392
255,311
Backblaze,
Inc.
,
Class
A
(a)
...............
6,906
64,088
BigBear.ai
Holdings,
Inc.
(a)
...............
36,696
239,258
Commerce.com,
Inc.
(a)
.................
9,451
47,160
Crexendo,
Inc.
(a)
.....................
1,771
11,512
CSP,
Inc.
..........................
853
9,852
DigitalOcean
Holdings,
Inc.
(a)
.............
8,555
292,239
Fastly,
Inc.
,
Class
A
(a)
..................
17,694
151,284
Grid
Dynamics
Holdings,
Inc.
,
Class
A
(a)
......
8,009
61,749
Hackett
Group,
Inc.
(The)
...............
3,213
61,079
Information
Services
Group,
Inc.
...........
4,310
24,782
Rackspace
Technology,
Inc.
(a)
............
13,895
19,592
TSS,
Inc.
(a)
.........................
2,310
41,834
Tucows,
Inc.
,
Class
A
(a)
(b)
................
816
15,141
Unisys
Corp.
(a)
.......................
7,794
30,397
VTEX
,
Class
A
(a)
.....................
7,234
31,685
1,974,852
Leisure
Products
—
0.5%
Acushnet
Holdings
Corp.
(b)
..............
3,340
262,157
American
Outdoor
Brands,
Inc.
(a)
..........
1,483
12,872
Clarus
Corp.
........................
2,888
10,108
Escalade,
Inc.
(b)
......................
1,553
19,521
Funko,
Inc.
,
Class
A
(a)
..................
3,467
11,926
JAKKS
Pacific,
Inc.
...................
1,287
24,105
Johnson
Outdoors,
Inc.
,
Class
A
...........
635
25,648
Latham
Group,
Inc.
(a)
..................
5,052
38,446
Malibu
Boats,
Inc.
,
Class
A
(a)
.............
2,472
80,216
Marine
Products
Corp.
.................
798
7,078
MasterCraft
Boat
Holdings,
Inc.
(a)
..........
2,195
47,105
Outdoor
Holding
Co.
(a)
(b)
................
10,187
15,077
Peloton
Interactive,
Inc.
,
Class
A
(a)
.........
46,666
419,994
Polaris,
Inc.
(b)
.......................
6,793
394,877
Smith
&
Wesson
Brands,
Inc.
.............
5,641
55,451
Sturm
Ruger
&
Co.,
Inc.
................
2,061
89,592
Topgolf
Callaway
Brands
Corp.
(a)
..........
16,730
158,935
1,673,108
Life
Sciences
Tools
&
Services
—
0.4%
10X
Genomics,
Inc.
,
Class
A
(a)
............
13,402
156,669
Adaptive
Biotechnologies
Corp.
(a)
..........
18,941
283,357
Alpha
Teknova,
Inc.
(a)
..................
1,777
11,000
Atlantic
International
Corp.
(a)
(b)
............
2,555
7,793
Azenta,
Inc.
(a)
.......................
5,217
149,832
BioLife
Solutions,
Inc.
(a)
.................
4,822
123,009
Codexis,
Inc.
(a)
.......................
9,953
24,285
CryoPort,
Inc.
(a)
......................
6,582
62,397
Cytek
Biosciences,
Inc.
(a)
................
14,912
51,745
Fortrea
Holdings,
Inc.
(a)
.................
11,644
98,043
Ginkgo
Bioworks
Holdings,
Inc.
(a)
..........
4,966
72,404
Lifecore
Biomedical,
Inc.
(a)
...............
4,015
29,550
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.
13,450
38,602
MaxCyte,
Inc.
(a)
......................
13,119
20,728
Mesa
Laboratories,
Inc.
(b)
...............
679
45,500
Niagen
Bioscience,
Inc.
(a)
...............
6,647
62,017
OmniAb,
Inc.
(a)
.......................
11,395
18,232
Pacific
Biosciences
of
California,
Inc.
(a)
(b)
.....
36,058
46,154
Personalis,
Inc.
(a)
(b)
....................
6,394
41,689
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Quanterix
Corp.
(a)
(b)
...................
4,455
$
24,191
Quantum-Si,
Inc.
,
Class
A
(a)
(b)
.............
19,483
27,471
Standard
BioTools,
Inc.
(a)
................
37,724
49,041
1,443,709
Machinery
—
3.8%
3D
Systems
Corp.
(a)
(b)
..................
16,298
47,264
Aebi
Schmidt
Holding
AG
...............
4,518
56,339
AirJoule
Technologies
Corp.
(a)
............
2,546
11,941
Alamo
Group,
Inc.
....................
1,307
249,506
Albany
International
Corp.
,
Class
A
.........
3,787
201,847
Astec
Industries,
Inc.
(b)
.................
2,947
141,839
Atmus
Filtration
Technologies,
Inc.
.........
10,506
473,715
Blue
Bird
Corp.
(a)
.....................
4,039
232,444
Chart
Industries,
Inc.
(a)
.................
5,671
1,135,051
Columbus
McKinnon
Corp.
..............
3,590
51,481
Douglas
Dynamics,
Inc.
................
2,910
90,967
Eastern
Co.
(The)
....................
636
14,921
Energy
Recovery,
Inc.
(a)
................
6,563
101,201
Enerpac
Tool
Group
Corp.
,
Class
A
.........
6,898
282,818
Enpro,
Inc.
(b)
........................
2,647
598,222
ESCO
Technologies,
Inc.
...............
3,291
694,763
Federal
Signal
Corp.
(b)
.................
7,540
897,185
Franklin
Electric
Co.,
Inc.
...............
4,887
465,242
Gencor
Industries,
Inc.
(a)
................
1,043
15,259
Gorman-Rupp
Co.
(The)
................
2,455
113,937
Graham
Corp.
(a)
......................
1,262
69,284
Greenbrier
Cos.,
Inc.
(The)
..............
3,749
173,091
Helios
Technologies,
Inc.
................
4,094
213,420
Hillenbrand,
Inc.
.....................
8,837
238,952
Hillman
Solutions
Corp.
(a)
...............
25,119
230,592
Hyster-Yale,
Inc.
,
Class
A
...............
1,387
51,125
JBT
Marel
Corp.
.....................
6,602
927,251
Kadant,
Inc.
(b)
.......................
1,489
443,097
Kennametal,
Inc.
.....................
9,445
197,684
L
B
Foster
Co.
,
Class
A
(a)
................
1,130
30,453
Lindsay
Corp.
.......................
1,360
191,162
Luxfer
Holdings
plc
...................
3,156
43,868
Manitowoc
Co.,
Inc.
(The)
(a)
..............
4,179
41,832
Mayville
Engineering
Co.,
Inc.
(a)
...........
2,024
27,850
Microvast
Holdings,
Inc.
(a)
(b)
..............
25,127
96,739
Miller
Industries,
Inc.
..................
1,407
56,871
Mueller
Water
Products,
Inc.
,
Class
A
.......
19,708
502,948
Omega
Flex,
Inc.
.....................
375
11,694
Palladyne
AI
Corp.
(a)
...................
3,240
27,832
Park-Ohio
Holdings
Corp.
...............
1,037
22,026
Proto
Labs,
Inc.
(a)
.....................
2,889
144,537
REV
Group,
Inc.
.....................
6,170
349,654
Richtech
Robotics,
Inc.
,
Class
B
(a)
..........
8,747
37,525
SPX
Technologies,
Inc.
(a)
................
6,036
1,127,404
Standex
International
Corp.
(b)
.............
1,489
315,519
Tennant
Co.
........................
2,382
193,085
Terex
Corp.
.........................
8,099
415,479
Titan
International,
Inc.
(a)
(b)
...............
6,123
46,290
Trinity
Industries,
Inc.
..................
10,314
289,205
Wabash
National
Corp.
.................
5,616
55,430
Watts
Water
Technologies,
Inc.
,
Class
A
(b)
....
3,442
961,282
Worthington
Enterprises,
Inc.
.............
3,982
220,961
13,630,084
Marine
Transportation
—
0.2%
Costamare
Bulkers
Holdings
Ltd.
(a)
.........
1,116
16,037
Costamare,
Inc.
......................
5,584
66,506
Genco
Shipping
&
Trading
Ltd.
............
4,325
76,985
Himalaya
Shipping
Ltd.
(b)
................
3,197
26,311
Matson,
Inc.
........................
4,062
400,473
Security
Shares
Shares
Value
Marine
Transportation
(continued)
Pangaea
Logistics
Solutions
Ltd.
..........
3,751
$
19,055
Safe
Bulkers,
Inc.
....................
7,394
32,829
638,196
Media
—
1.0%
Advantage
Solutions,
Inc.
,
Class
A
(a)
(b)
.......
13,544
20,722
Altice
USA,
Inc.
,
Class
A
(a)
...............
32,956
79,424
AMC
Networks,
Inc.
,
Class
A
(a)
............
3,986
32,845
Boston
Omaha
Corp.
,
Class
A
(a)
(b)
..........
2,765
36,166
Cable
One,
Inc.
......................
643
113,843
EchoStar
Corp.
,
Class
A
(a)
(b)
..............
16,999
1,298,044
Emerald
Holding,
Inc.
(b)
.................
2,004
10,200
Entravision
Communications
Corp.
,
Class
A
...
8,024
18,696
EW
Scripps
Co.
(The)
,
Class
A
(a)
(b)
.........
10,041
24,701
Gambling.com
Group
Ltd.
(a)
..............
2,261
18,495
Gannett
Co.,
Inc.
(a)
....................
18,552
76,620
Gray
Media,
Inc.
.....................
10,593
61,227
Ibotta,
Inc.
,
Class
A
(a)
..................
1,656
46,120
iHeartMedia,
Inc.
,
Class
A
(a)
..............
13,623
39,098
Integral
Ad
Science
Holding
Corp.
(a)
........
9,150
93,055
John
Wiley
&
Sons,
Inc.
,
Class
A
..........
5,217
211,132
Magnite,
Inc.
(a)
.......................
17,739
386,355
National
CineMedia,
Inc.
................
8,976
40,482
Newsmax,
Inc.
(a)
.....................
934
11,582
Nexxen
International
Ltd.
(a)
(b)
.............
4,767
44,095
PubMatic,
Inc.
,
Class
A
(a)
(b)
...............
5,342
44,232
Scholastic
Corp.
.....................
2,553
69,901
Sinclair,
Inc.
,
Class
A
..................
4,996
75,440
Stagwell,
Inc.
,
Class
A
(a)
................
14,638
82,412
TechTarget,
Inc.
(a)
.....................
3,307
19,214
TEGNA,
Inc.
........................
20,135
409,344
Thryv
Holdings,
Inc.
(a)
..................
4,504
54,318
WideOpenWest,
Inc.
(a)
.................
6,242
32,209
3,449,972
Metals
&
Mining
—
2.1%
Alpha
Metallurgical
Resources,
Inc.
(a)
.......
1,488
244,166
American
Battery
Technology
Co.
(a)
.........
9,920
48,211
Ascent
Industries
Co.
(a)
.................
919
11,837
Caledonia
Mining
Corp.
plc
..............
2,296
83,138
Century
Aluminum
Co.
(a)
................
6,491
190,576
Coeur
Mining,
Inc.
(a)
(b)
..................
80,352
1,507,404
Commercial
Metals
Co.
.................
14,239
815,610
Compass
Minerals
International,
Inc.
(a)
.......
4,214
80,909
Constellium
SE
,
Class
A
(a)
...............
18,045
268,510
Contango
ORE,
Inc.
(a)
..................
999
24,905
Critical
Metals
Corp.
(a)
(b)
.................
4,565
28,394
Dakota
Gold
Corp.
(a)
...................
12,039
54,777
Ferroglobe
plc
.......................
15,627
71,103
Friedman
Industries,
Inc.
................
760
16,640
Hecla
Mining
Co.
.....................
75,179
909,666
Idaho
Strategic
Resources,
Inc.
(a)
(b)
.........
1,560
52,712
Ivanhoe
Electric,
Inc.
(a)
(b)
................
11,292
141,715
Kaiser
Aluminum
Corp.
.................
2,013
155,323
Lifezone
Metals
Ltd.
(a)
(b)
.................
4,455
24,413
MAC
Copper
Ltd.
,
Class
A
(a)
..............
7,576
92,503
Materion
Corp.
......................
2,603
314,468
Metallus,
Inc.
(a)
......................
4,752
78,551
NioCorp
Developments
Ltd.
(a)
.............
8,477
56,626
Novagold
Resources,
Inc.
(a)
..............
38,001
334,409
Olympic
Steel,
Inc.
....................
1,066
32,460
Perpetua
Resources
Corp.
(a)
.............
9,419
190,546
Ramaco
Resources,
Inc.
,
Class
A
(a)
.........
3,636
120,679
Ryerson
Holding
Corp.
.................
3,534
80,787
SSR
Mining,
Inc.
(a)
....................
25,507
622,881
SunCoke
Energy,
Inc.
..................
10,374
84,652
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Tredegar
Corp.
(a)
.....................
3,463
$
27,808
United
States
Antimony
Corp.
(a)
...........
11,493
71,257
US
Gold
Corp.
(a)
(b)
....................
1,363
22,462
Vox
Royalty
Corp.
(b)
...................
4,327
18,606
Warrior
Met
Coal,
Inc.
..................
6,511
414,360
Worthington
Steel,
Inc.
.................
4,179
127,000
7,420,064
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.9%
ACRES
Commercial
Realty
Corp.
(a)
(b)
.......
732
15,489
Adamas
Trust,
Inc.
....................
10,974
76,489
Advanced
Flower
Capital,
Inc.
(b)
...........
3,657
14,006
AG
Mortgage
Investment
Trust,
Inc.
........
4,854
35,143
Angel
Oak
Mortgage
REIT,
Inc.
(b)
..........
1,478
13,849
Apollo
Commercial
Real
Estate
Finance,
Inc.
..
17,780
180,111
Arbor
Realty
Trust,
Inc.
(b)
................
19,889
242,845
Ares
Commercial
Real
Estate
Corp.
........
6,984
31,498
ARMOUR
Residential
REIT,
Inc.
(b)
.........
13,718
204,947
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
(b)
....
20,925
385,229
BrightSpire
Capital,
Inc.
,
Class
A
..........
16,679
90,567
Chicago
Atlantic
Real
Estate
Finance,
Inc.
....
1,895
24,237
Chimera
Investment
Corp.
...............
10,218
135,082
Claros
Mortgage
Trust,
Inc.
(a)
.............
11,378
37,775
Dynex
Capital,
Inc.
(b)
...................
15,950
196,026
Ellington
Financial,
Inc.
.................
11,497
149,231
Franklin
BSP
Realty
Trust,
Inc.
............
10,429
113,259
Invesco
Mortgage
Capital,
Inc.
(b)
...........
9,056
68,463
KKR
Real
Estate
Finance
Trust,
Inc.
........
7,483
67,347
Ladder
Capital
Corp.
,
Class
A
............
14,919
162,766
Lument
Finance
Trust,
Inc.
(b)
.............
4,467
9,023
MFA
Financial,
Inc.
....................
13,889
127,640
Nexpoint
Real
Estate
Finance,
Inc.
(b)
........
1,024
14,520
Orchid
Island
Capital,
Inc.
(b)
..............
15,246
106,875
PennyMac
Mortgage
Investment
Trust
.......
11,358
139,249
Ready
Capital
Corp.
(b)
..................
20,732
80,233
Redwood
Trust,
Inc.
...................
17,067
98,818
Rithm
Property
Trust,
Inc.
(b)
..............
4,820
12,146
Seven
Hills
Realty
Trust
................
1,524
15,713
Sunrise
Realty
Trust,
Inc.
...............
1,489
15,471
TPG
RE
Finance
Trust,
Inc.
..............
9,322
79,796
Two
Harbors
Investment
Corp.
(b)
...........
13,155
129,840
3,073,683
Multi-Utilities
—
0.4%
Avista
Corp.
........................
9,994
377,873
Black
Hills
Corp.
.....................
9,046
557,143
Northwestern
Energy
Group,
Inc.
..........
7,672
449,656
Unitil
Corp.
.........................
1,938
92,753
1,477,425
Office
REITs
—
0.7%
Brandywine
Realty
Trust
(b)
...............
22,481
93,746
City
Office
REIT,
Inc.
..................
5,072
35,301
COPT
Defense
Properties
...............
14,527
422,155
Douglas
Emmett,
Inc.
(b)
.................
16,223
252,592
Easterly
Government
Properties,
Inc.
.......
5,065
116,140
Empire
State
Realty
Trust,
Inc.
,
Class
A
......
17,772
136,134
Franklin
Street
Properties
Corp.
...........
12,539
20,062
Hudson
Pacific
Properties,
Inc.
(a)
..........
46,616
128,660
JBG
SMITH
Properties
(b)
................
7,974
177,421
NET
Lease
Office
Properties
.............
1,898
56,295
Paramount
Group,
Inc.
(a)
................
23,363
152,794
Peakstone
Realty
Trust
,
Class
E
..........
4,489
58,896
Piedmont
Realty
Trust,
Inc.
,
Class
A
........
15,756
141,804
Postal
Realty
Trust,
Inc.
,
Class
A
..........
2,571
40,339
Security
Shares
Shares
Value
Office
REITs
(continued)
SL
Green
Realty
Corp.
(b)
................
9,162
$
547,979
2,380,318
Oil,
Gas
&
Consumable
Fuels
—
3.2%
Ardmore
Shipping
Corp.
................
4,295
50,982
Berry
Corp.
.........................
9,538
36,054
BKV
Corp.
(a)
........................
2,139
49,475
California
Resources
Corp.
..............
8,499
451,977
Calumet,
Inc.
(a)
......................
8,695
158,684
Centrus
Energy
Corp.
,
Class
A
(a)
...........
1,974
612,078
Clean
Energy
Fuels
Corp.
(a)
..............
20,123
51,917
CNX
Resources
Corp.
(a)
................
17,176
551,693
Comstock
Resources,
Inc.
(a)
..............
9,387
186,144
Core
Natural
Resources,
Inc.
.............
6,520
544,290
Crescent
Energy,
Inc.
,
Class
A
............
22,703
202,511
CVR
Energy,
Inc.
(a)
....................
3,952
144,169
Delek
US
Holdings,
Inc.
................
7,657
247,091
DHT
Holdings,
Inc.
....................
16,078
192,132
Diversified
Energy
Co.
plc
(c)
..............
6,924
97,005
Dorian
LPG
Ltd.
......................
4,742
141,312
Empire
Petroleum
Corp.
(a)
(b)
..............
1,716
7,756
Encore
Energy
Corp.
(a)
.................
22,328
71,673
Energy
Fuels,
Inc.
(a)
...................
26,994
414,358
Epsilon
Energy
Ltd.
...................
1,963
9,894
Evolution
Petroleum
Corp.
...............
3,594
17,323
Excelerate
Energy,
Inc.
,
Class
A
(b)
..........
2,963
74,638
FLEX
LNG
Ltd.
......................
3,826
96,415
FutureFuel
Corp.
.....................
3,620
14,046
Gevo,
Inc.
(a)
(b)
.......................
28,676
56,205
Golar
LNG
Ltd.
......................
12,594
508,924
Granite
Ridge
Resources,
Inc.
............
6,478
35,046
Green
Plains,
Inc.
(a)
...................
7,730
67,947
Gulfport
Energy
Corp.
(a)
................
1,978
357,978
HighPeak
Energy,
Inc.
(b)
................
1,886
13,334
Infinity
Natural
Resources,
Inc.
,
Class
A
(a)
....
1,964
25,748
International
Seaways,
Inc.
..............
5,068
233,533
Kinetik
Holdings,
Inc.
,
Class
A
(b)
...........
5,545
236,993
Kolibri
Global
Energy,
Inc.
(a)
..............
4,362
24,209
Kosmos
Energy
Ltd.
(a)
..................
58,893
97,762
Lightbridge
Corp.
(a)
....................
2,381
50,501
Magnolia
Oil
&
Gas
Corp.
,
Class
A
.........
23,537
561,828
Murphy
Oil
Corp.
(b)
....................
16,889
479,816
NACCO
Industries,
Inc.
,
Class
A
...........
471
19,857
Navigator
Holdings
Ltd.
.................
3,895
60,334
New
Fortress
Energy,
Inc.
,
Class
A
(a)
(b)
.......
21,582
47,696
NextDecade
Corp.
(a)
...................
16,824
114,235
NextNRG,
Inc.
(a)
......................
3,183
5,825
Nordic
American
Tankers
Ltd.
(b)
...........
25,459
79,941
Northern
Oil
&
Gas,
Inc.
................
12,289
304,767
OPAL
Fuels,
Inc.
,
Class
A
(a)
(b)
.............
3,503
7,707
Par
Pacific
Holdings,
Inc.
(a)
..............
6,373
225,732
PBF
Energy,
Inc.
,
Class
A
...............
10,660
321,612
Peabody
Energy
Corp.
(b)
................
15,247
404,350
Prairie
Operating
Co.
(a)
.................
3,309
6,568
PrimeEnergy
Resources
Corp.
(a)
...........
29
4,844
REX
American
Resources
Corp.
(a)
.........
3,944
120,765
Riley
Exploration
Permian,
Inc.
............
1,795
48,662
Sable
Offshore
Corp.
,
Class
A
(a)
...........
9,462
165,207
SandRidge
Energy,
Inc.
................
4,152
46,835
Scorpio
Tankers,
Inc.
..................
5,494
307,939
SFL
Corp.
Ltd.
.......................
15,267
114,961
SM
Energy
Co.
......................
14,617
364,986
Summit
Midstream
Corp.
(a)
..............
1,162
23,867
Talos
Energy,
Inc.
(a)
...................
15,511
148,751
Teekay
Corp.
Ltd.
....................
7,220
59,060
Teekay
Tankers
Ltd.
,
Class
A
.............
3,000
151,650
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Uranium
Energy
Corp.
(a)
................
53,753
$
717,065
VAALCO
Energy,
Inc.
..................
13,518
54,342
Vital
Energy,
Inc.
(a)
....................
3,641
61,497
Vitesse
Energy,
Inc.
(b)
..................
3,639
84,534
W&T
Offshore,
Inc.
(b)
..................
11,854
21,574
World
Kinect
Corp.
....................
7,029
182,403
XCF
Global,
Inc.
,
Class
A
(a)
..............
8,242
10,797
11,461,804
Paper
&
Forest
Products
—
0.1%
Clearwater
Paper
Corp.
(a)
...............
2,092
43,430
Magnera
Corp.
(a)
.....................
4,201
49,236
Sylvamo
Corp.
......................
4,347
192,224
284,890
Passenger
Airlines
—
0.5%
(a)
Allegiant
Travel
Co.
...................
1,745
106,044
Frontier
Group
Holdings,
Inc.
(b)
............
10,778
47,585
JetBlue
Airways
Corp.
..................
41,135
202,384
Joby
Aviation,
Inc.
,
Class
A
(b)
.............
57,906
934,603
SkyWest,
Inc.
.......................
5,126
515,778
Strata
Critical
Medical,
Inc.
,
Class
A
........
9,017
45,626
Sun
Country
Airlines
Holdings,
Inc.
.........
6,487
76,611
1,928,631
Personal
Care
Products
—
0.2%
Beauty
Health
Co.
(The)
,
Class
A
(a)
(b)
........
15,138
30,125
Edgewell
Personal
Care
Co.
.............
5,506
112,102
FitLife
Brands,
Inc.
(a)
(b)
..................
746
14,838
Herbalife
Ltd.
(a)
......................
12,593
106,285
Honest
Co.,
Inc.
(The)
(a)
................
12,036
44,292
Interparfums,
Inc.
.....................
2,302
226,471
Lifevantage
Corp.
....................
1,352
13,155
Medifast,
Inc.
(a)
(b)
.....................
1,320
18,044
Nature's
Sunshine
Products,
Inc.
(a)
.........
1,964
30,481
Nu
Skin
Enterprises,
Inc.
,
Class
A
..........
6,314
76,968
Olaplex
Holdings,
Inc.
(a)
................
17,468
22,883
USANA
Health
Sciences,
Inc.
(a)
...........
1,424
39,231
Waldencast
plc
,
Class
A
(a)
(b)
..............
6,975
13,811
748,686
Pharmaceuticals
—
2.0%
Aardvark
Therapeutics,
Inc.
(a)
.............
693
9,210
Aclaris
Therapeutics,
Inc.
(a)
..............
11,382
21,626
Alumis,
Inc.
(a)
.......................
7,680
30,643
Amneal
Pharmaceuticals,
Inc.
,
Class
A
(a)
.....
18,917
189,359
Amphastar
Pharmaceuticals,
Inc.
(a)
.........
4,834
128,826
Amylyx
Pharmaceuticals,
Inc.
(a)
...........
8,759
119,035
ANI
Pharmaceuticals,
Inc.
(a)
..............
2,324
212,878
Aquestive
Therapeutics,
Inc.
(a)
............
11,776
65,828
Arvinas,
Inc.
(a)
.......................
8,075
68,799
Atea
Pharmaceuticals,
Inc.
(a)
.............
8,884
25,764
Avadel
Pharmaceuticals
plc
,
ADR
(a)
.........
10,958
167,329
Axsome
Therapeutics,
Inc.
(a)
.............
5,117
621,460
BioAge
Labs,
Inc.
(a)
...................
2,549
14,988
Biote
Corp.
,
Class
A
(a)
..................
3,287
9,861
Collegium
Pharmaceutical,
Inc.
(a)
..........
3,957
138,455
CorMedix,
Inc.
(a)
......................
8,980
104,437
Crinetics
Pharmaceuticals,
Inc.
(a)
..........
11,369
473,519
Edgewise
Therapeutics,
Inc.
(a)
............
8,351
135,453
Enliven
Therapeutics,
Inc.
(a)
(b)
.............
5,103
104,458
Esperion
Therapeutics,
Inc.
(a)
.............
23,768
62,985
Eton
Pharmaceuticals,
Inc.
(a)
.............
3,240
70,405
Evolus,
Inc.
(a)
.......................
6,956
42,710
EyePoint
Pharmaceuticals,
Inc.
(a)
..........
7,126
101,474
Fulcrum
Therapeutics,
Inc.
(a)
.............
4,981
45,825
Harmony
Biosciences
Holdings,
Inc.
(a)
.......
5,559
153,206
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Harrow,
Inc.
(a)
.......................
3,876
$
186,746
Indivior
plc
(a)
........................
15,339
369,823
Innoviva,
Inc.
(a)
......................
7,966
145,380
Journey
Medical
Corp.
(a)
(b)
...............
1,469
10,459
LENZ
Therapeutics,
Inc.
(a)
...............
1,994
92,881
Ligand
Pharmaceuticals,
Inc.
(a)
............
2,423
429,210
Liquidia
Corp.
(a)
......................
8,183
186,081
Maze
Therapeutics,
Inc.
(a)
...............
2,383
61,791
MBX
Biosciences,
Inc.
(a)
................
2,161
37,818
MediWound
Ltd.
(a)
(b)
...................
981
17,678
Mind
Medicine
MindMed,
Inc.
(a)
(b)
..........
8,963
105,674
Nuvation
Bio,
Inc.
,
Class
A
(a)
(b)
............
31,551
116,739
Ocular
Therapeutix,
Inc.
(a)
...............
17,833
208,468
Omeros
Corp.
(a)
(b)
.....................
7,444
30,520
Pacira
BioSciences,
Inc.
(a)
...............
5,621
144,853
Phathom
Pharmaceuticals,
Inc.
(a)
..........
5,288
62,240
Phibro
Animal
Health
Corp.
,
Class
A
........
2,474
100,098
Prestige
Consumer
Healthcare,
Inc.
(a)
.......
6,264
390,874
Rapport
Therapeutics,
Inc.
(a)
.............
2,099
62,340
scPharmaceuticals,
Inc.
(a)
...............
5,347
30,317
Septerna,
Inc.
(a)
(b)
.....................
2,967
55,809
SIGA
Technologies,
Inc.
(b)
...............
5,290
48,404
Supernus
Pharmaceuticals,
Inc.
(a)
..........
6,858
327,744
Tarsus
Pharmaceuticals,
Inc.
(a)
............
4,906
291,564
Terns
Pharmaceuticals,
Inc.
(a)
.............
8,814
66,193
Theravance
Biopharma,
Inc.
(a)
............
4,390
64,094
Third
Harmonic
Bio,
Inc.
(a)
(d)
..............
4,153
125
Trevi
Therapeutics,
Inc.
(a)
...............
11,294
103,340
Tvardi
Therapeutics,
Inc.
(a)
...............
429
16,718
WaVe
Life
Sciences
Ltd.
(a)
(b)
..............
14,213
104,039
Xeris
Biopharma
Holdings,
Inc.
(a)
..........
19,903
162,010
Zevra
Therapeutics,
Inc.
(a)
...............
6,812
64,782
7,213,345
Professional
Services
—
1.9%
Acuren
Corp.
(a)
......................
21,168
281,746
Alight,
Inc.
,
Class
A
...................
54,677
178,247
Asure
Software,
Inc.
(a)
..................
3,370
27,634
Barrett
Business
Services,
Inc.
............
3,240
143,597
BlackSky
Technology,
Inc.
,
Class
A
(a)
........
3,652
73,588
CBIZ,
Inc.
(a)
.........................
6,106
323,374
Conduent,
Inc.
(a)
.....................
19,839
55,549
CRA
International,
Inc.
.................
841
175,374
CSG
Systems
International,
Inc.
(b)
..........
3,637
234,150
Exponent,
Inc.
.......................
6,423
446,270
First
Advantage
Corp.
(a)
(b)
...............
9,989
153,731
Forrester
Research,
Inc.
(a)
...............
1,441
15,275
Franklin
Covey
Co.
(a)
..................
1,424
27,640
Heidrick
&
Struggles
International,
Inc.
......
2,512
125,022
HireQuest,
Inc.
......................
623
5,993
Huron
Consulting
Group,
Inc.
(a)
............
2,164
317,610
IBEX
Holdings
Ltd.
(a)
...................
1,311
53,122
ICF
International,
Inc.
..................
2,347
217,802
Innodata,
Inc.
(a)
(b)
.....................
3,847
296,488
Insperity,
Inc.
........................
4,522
222,482
Kelly
Services,
Inc.
,
Class
A
..............
4,094
53,713
Kforce,
Inc.
.........................
2,315
69,404
Korn
Ferry
.........................
6,482
453,610
Legalzoom.com,
Inc.
(a)
.................
15,072
156,447
Maximus,
Inc.
.......................
7,099
648,636
Mistras
Group,
Inc.
(a)
..................
2,441
24,019
Planet
Labs
PBC
,
Class
A
(a)
..............
29,360
381,093
RCM
Technologies,
Inc.
(a)
...............
588
15,611
Resolute
Holdings
Management,
Inc.
(a)
......
576
41,558
Resources
Connection,
Inc.
..............
4,061
20,508
Skillsoft
Corp.
,
Class
A
(a)
(b)
...............
632
8,229
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Spire
Global,
Inc.
,
Class
A
(a)
(b)
............
3,753
$
41,245
TriNet
Group,
Inc.
....................
3,793
253,714
TrueBlue,
Inc.
(a)
......................
3,719
22,798
TTEC
Holdings,
Inc.
(a)
(b)
.................
2,622
8,810
Upwork,
Inc.
(a)
.......................
15,370
285,421
Verra
Mobility
Corp.
,
Class
A
(a)
............
20,066
495,630
Willdan
Group,
Inc.
(a)
..................
1,729
167,177
WNS
Holdings
Ltd.
(a)
..................
4,726
360,452
6,882,769
Real
Estate
Management
&
Development
—
0.6%
American
Realty
Investors,
Inc.
(a)
..........
667
11,159
Anywhere
Real
Estate,
Inc.
(a)
.............
12,829
135,859
Compass,
Inc.
,
Class
A
(a)
................
59,163
475,079
Cushman
&
Wakefield
plc
(a)
..............
19,001
302,496
Douglas
Elliman,
Inc.
(a)
.................
9,325
26,670
eXp
World
Holdings,
Inc.
(b)
...............
11,213
119,531
Forestar
Group,
Inc.
(a)
..................
2,495
66,342
FRP
Holdings,
Inc.
(a)
...................
1,722
41,948
Kennedy-Wilson
Holdings,
Inc.
............
15,376
127,928
Marcus
&
Millichap,
Inc.
................
3,004
88,167
Maui
Land
&
Pineapple
Co.,
Inc.
(a)
.........
771
14,371
Newmark
Group,
Inc.
,
Class
A
............
19,645
366,379
RE/MAX
Holdings,
Inc.
,
Class
A
(a)
..........
2,229
21,019
Real
Brokerage,
Inc.
(The)
(a)
.............
14,314
59,833
RMR
Group,
Inc.
(The)
,
Class
A
...........
1,933
30,406
Seaport
Entertainment
Group,
Inc.
(a)
........
896
20,536
St.
Joe
Co.
(The)
.....................
4,859
240,423
Stratus
Properties,
Inc.
(a)
................
685
14,495
Tejon
Ranch
Co.
(a)
....................
2,811
44,920
Transcontinental
Realty
Investors,
Inc.
(a)
.....
183
8,442
2,216,003
Residential
REITs
—
0.4%
Apartment
Investment
&
Management
Co.
,
Class
A
(b)
............................
17,116
135,730
BRT
Apartments
Corp.
.................
1,549
24,257
Centerspace
........................
2,088
122,983
Clipper
Realty,
Inc.
....................
1,016
3,861
Elme
Communities
....................
11,202
188,866
Independence
Realty
Trust,
Inc.
(b)
..........
29,494
483,407
NexPoint
Residential
Trust,
Inc.
...........
2,785
89,733
UMH
Properties,
Inc.
..................
9,916
147,252
Veris
Residential,
Inc.
..................
9,816
149,203
1,345,292
Retail
REITs
—
1.2%
Acadia
Realty
Trust
(b)
..................
16,971
341,966
Alexander's,
Inc.
.....................
265
62,140
CBL
&
Associates
Properties,
Inc.
..........
2,461
75,257
Curbline
Properties
Corp.
(b)
..............
12,376
275,985
FrontView
REIT,
Inc.
...................
2,575
35,303
Getty
Realty
Corp.
....................
6,655
178,554
InvenTrust
Properties
Corp.
..............
10,143
290,293
Kite
Realty
Group
Trust
.................
28,126
627,210
Macerich
Co.
(The)
(b)
..................
32,355
588,861
NETSTREIT
Corp.
(b)
...................
11,637
210,164
Phillips
Edison
&
Co.,
Inc.
...............
16,024
550,104
Saul
Centers,
Inc.
....................
1,435
45,733
SITE
Centers
Corp.
...................
6,998
63,052
Tanger,
Inc.
.........................
14,224
481,340
Urban
Edge
Properties
.................
15,870
324,859
Whitestone
REIT
.....................
6,072
74,564
4,225,385
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
3.5%
ACM
Research,
Inc.
,
Class
A
(a)
............
6,408
$
250,745
Aehr
Test
Systems
(a)
...................
3,510
105,686
Aeluma,
Inc.
(a)
(b)
......................
998
16,068
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.......
3,273
91,513
Ambarella,
Inc.
(a)
.....................
5,165
426,216
Ambiq
Micro,
Inc.
(a)
....................
526
15,738
Atomera,
Inc.
(a)
(b)
.....................
3,717
16,429
Axcelis
Technologies,
Inc.
(a)
..............
4,033
393,782
Blaize
Holdings,
Inc.
(a)
..................
8,560
29,532
CEVA,
Inc.
(a)
........................
3,008
79,441
Cohu,
Inc.
(a)
........................
5,871
119,357
Credo
Technology
Group
Holding
Ltd.
(a)
......
18,636
2,713,588
Diodes,
Inc.
(a)
.......................
5,719
304,308
FormFactor,
Inc.
(a)
....................
9,653
351,562
Ichor
Holdings
Ltd.
(a)
...................
4,120
72,182
Impinj,
Inc.
(a)
........................
3,289
594,487
indie
Semiconductor,
Inc.
,
Class
A
(a)
(b)
.......
24,564
99,976
Kopin
Corp.
(a)
(b)
......................
18,886
45,893
Kulicke
&
Soffa
Industries,
Inc.
............
6,379
259,243
MaxLinear,
Inc.
(a)
.....................
9,948
159,964
Navitas
Semiconductor
Corp.
(a)
(b)
..........
17,203
124,206
NVE
Corp.
.........................
528
34,463
PDF
Solutions,
Inc.
(a)
..................
3,795
97,987
Penguin
Solutions,
Inc.
(a)
................
6,565
172,528
Photronics,
Inc.
(a)
.....................
7,361
168,935
Power
Integrations,
Inc.
................
7,083
284,807
Rambus,
Inc.
(a)
(b)
.....................
13,575
1,414,515
Rigetti
Computing,
Inc.
(a)
................
40,118
1,195,115
Semtech
Corp.
(a)
.....................
10,965
783,449
Silicon
Laboratories,
Inc.
(a)
...............
4,095
536,977
SiTime
Corp.
(a)
(b)
.....................
2,671
804,799
SkyWater
Technology,
Inc.
(a)
(b)
............
3,449
64,358
Synaptics,
Inc.
(a)
.....................
4,911
335,618
Ultra
Clean
Holdings,
Inc.
(a)
..............
5,587
152,246
Veeco
Instruments,
Inc.
(a)
...............
7,046
214,410
12,530,123
Software
—
6.4%
8x8,
Inc.
(a)
..........................
15,721
33,329
A10
Networks,
Inc.
....................
8,852
160,664
ACI
Worldwide,
Inc.
(a)
..................
13,313
702,527
Adeia,
Inc.
.........................
13,980
234,864
Agilysys,
Inc.
(a)
......................
3,273
344,483
Airship
AI
Holdings,
Inc.
,
Class
A
(a)
(b)
........
2,922
15,107
Alarm.com
Holdings,
Inc.
(a)
..............
6,043
320,762
Alkami
Technology,
Inc.
(a)
(b)
..............
8,619
214,096
Amplitude,
Inc.
,
Class
A
(a)
...............
11,011
118,038
Appian
Corp.
,
Class
A
(a)
(b)
...............
4,809
147,011
Arteris,
Inc.
(a)
(b)
.......................
3,447
34,815
Asana,
Inc.
,
Class
A
(a)
..................
10,794
144,208
AudioEye,
Inc.
(a)
......................
894
12,391
AvePoint,
Inc.
,
Class
A
(a)
(b)
...............
16,852
252,949
Bit
Digital,
Inc.
(a)
......................
39,519
118,557
Bitdeer
Technologies
Group
,
Class
A
(a)
......
11,394
194,723
Blackbaud,
Inc.
(a)
.....................
4,854
312,161
BlackLine,
Inc.
(a)
.....................
6,477
343,929
Blend
Labs,
Inc.
,
Class
A
(a)
..............
26,172
95,528
Box,
Inc.
,
Class
A
(a)
...................
17,745
572,631
Braze,
Inc.
,
Class
A
(a)
..................
10,009
284,656
C3.ai,
Inc.
,
Class
A
(a)
(b)
.................
15,335
265,909
Cerence,
Inc.
(a)
......................
4,959
61,789
Cipher
Mining,
Inc.
(a)
(b)
..................
33,705
424,346
Cleanspark,
Inc.
(a)
(b)
...................
35,363
512,764
Clear
Secure,
Inc.
,
Class
A
..............
10,519
351,124
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
..
31,170
561,683
Commvault
Systems,
Inc.
(a)
..............
5,595
1,056,224
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Consensus
Cloud
Solutions,
Inc.
(a)
.........
2,488
$
73,073
Core
Scientific,
Inc.
(a)
(b)
.................
35,743
641,229
CoreCard
Corp.
(a)
.....................
684
18,413
CS
Disco,
Inc.
(a)
......................
2,426
15,672
Daily
Journal
Corp.
(a)
..................
156
72,562
Digimarc
Corp.
(a)
(b)
....................
1,803
17,615
Digital
Turbine,
Inc.
(a)
..................
13,353
85,459
Domo,
Inc.
,
Class
B
(a)
..................
4,198
66,496
D-Wave
Quantum,
Inc.
(a)
(b)
...............
38,759
957,735
eGain
Corp.
(a)
.......................
2,947
25,668
EverCommerce,
Inc.
(a)
(b)
................
1,604
17,853
Expensify,
Inc.
,
Class
A
(a)
...............
7,474
13,827
Five9,
Inc.
(a)
........................
9,683
234,329
Freshworks,
Inc.
,
Class
A
(a)
..............
25,641
301,795
Hut
8
Corp.
(a)
........................
11,972
416,745
I3
Verticals,
Inc.
,
Class
A
(a)
...............
2,982
96,796
Intapp,
Inc.
(a)
........................
7,025
287,323
InterDigital,
Inc.
(b)
.....................
3,265
1,127,176
Jamf
Holding
Corp.
(a)
..................
8,663
92,694
Kaltura,
Inc.
(a)
.......................
9,241
13,307
Life360,
Inc.
(a)
.......................
2,033
216,108
LiveRamp
Holdings,
Inc.
(a)
(b)
..............
8,187
222,195
MARA
Holdings,
Inc.
(a)
.................
46,678
852,340
Mercurity
Fintech
Holding,
Inc.
(a)
(b)
..........
4,022
98,861
Meridianlink,
Inc.
(a)
....................
4,112
81,952
Mitek
Systems,
Inc.
(a)
..................
5,830
56,959
N-able,
Inc.
(a)
........................
9,175
71,565
NCR
Voyix
Corp.
(a)
....................
17,592
220,780
NextNav,
Inc.
(a)
(b)
.....................
11,120
159,016
ON24,
Inc.
(a)
........................
5,120
29,286
OneSpan,
Inc.
.......................
4,316
68,581
Ooma,
Inc.
(a)
(b)
.......................
2,827
33,896
Pagaya
Technologies
Ltd.
,
Class
A
(a)
(b)
.......
5,802
172,261
PagerDuty,
Inc.
(a)
.....................
10,819
178,730
PAR
Technology
Corp.
(a)
................
5,078
200,987
Porch
Group,
Inc.
(a)
...................
10,406
174,613
Progress
Software
Corp.
(a)
(b)
..............
5,406
237,486
PROS
Holdings,
Inc.
(a)
.................
5,785
132,534
Q2
Holdings,
Inc.
(a)
....................
7,873
569,926
Qualys,
Inc.
(a)
.......................
4,551
602,234
Rapid7,
Inc.
(a)
.......................
8,199
153,731
Red
Violet,
Inc.
......................
1,517
79,263
ReposiTrak,
Inc.
(b)
....................
1,417
21,000
Rezolve
AI
plc
(a)
(b)
.....................
18,252
90,895
Rimini
Street,
Inc.
(a)
...................
6,637
31,061
Riot
Platforms,
Inc.
(a)
(b)
.................
43,871
834,865
Sapiens
International
Corp.
NV
...........
3,805
163,615
SEMrush
Holdings,
Inc.
,
Class
A
(a)
.........
5,831
41,284
Silvaco
Group,
Inc.
(a)
..................
704
3,809
SoundHound
AI,
Inc.
,
Class
A
(a)
...........
45,966
739,133
SoundThinking,
Inc.
(a)
..................
1,052
12,687
Sprinklr,
Inc.
,
Class
A
(a)
.................
14,392
111,106
Sprout
Social,
Inc.
,
Class
A
(a)
.............
6,686
86,383
SPS
Commerce,
Inc.
(a)
.................
4,814
501,330
Synchronoss
Technologies,
Inc.
(a)
..........
1,560
9,485
Telos
Corp.
(a)
........................
7,127
48,749
Tenable
Holdings,
Inc.
(a)
................
15,123
440,987
Terawulf,
Inc.
(a)
(b)
.....................
35,674
407,397
Varonis
Systems,
Inc.
(a)
.................
13,943
801,304
Verint
Systems,
Inc.
(a)
..................
7,812
158,193
Vertex,
Inc.
,
Class
A
(a)
..................
8,215
203,650
Viant
Technology,
Inc.
,
Class
A
(a)
...........
1,929
16,647
Weave
Communications,
Inc.
(a)
...........
7,390
49,365
WM
Technology,
Inc.
,
Class
A
(a)
...........
10,370
12,029
Workiva,
Inc.
,
Class
A
(a)
.................
6,347
546,350
Security
Shares
Shares
Value
Software
(continued)
Xperi,
Inc.
(a)
.........................
5,605
$
36,320
Yext,
Inc.
(a)
.........................
13,122
111,799
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
.......
23,297
462,911
23,022,693
Specialized
REITs
—
0.4%
Farmland
Partners,
Inc.
(b)
...............
5,051
54,955
Four
Corners
Property
Trust,
Inc.
..........
12,802
312,369
Gladstone
Land
Corp.
(b)
................
4,336
39,717
Outfront
Media,
Inc.
...................
18,084
331,299
PotlatchDeltic
Corp.
(b)
..................
9,812
399,839
Safehold,
Inc.
.......................
7,214
111,745
Smartstop
Self
Storage
REIT,
Inc.
(b)
........
3,830
144,161
1,394,085
Specialty
Retail
—
2.3%
1-800-Flowers.com,
Inc.
,
Class
A
(a)
(b)
........
3,249
14,945
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
.........
5,979
511,503
Academy
Sports
&
Outdoors,
Inc.
..........
8,274
413,866
Advance
Auto
Parts,
Inc.
(b)
...............
7,592
466,149
American
Eagle
Outfitters,
Inc.
............
20,423
349,438
America's
Car-Mart,
Inc.
(a)
...............
950
27,750
Arhaus,
Inc.
,
Class
A
(a)
(b)
................
6,435
68,404
Arko
Corp.
.........................
9,829
44,919
Asbury
Automotive
Group,
Inc.
(a)
(b)
..........
2,479
605,992
BARK,
Inc.
,
Class
A
(a)
(b)
.................
9,042
7,512
Barnes
&
Noble
Education,
Inc.
(a)
..........
1,868
18,587
Bed
Bath
&
Beyond,
Inc.
(a)
...............
6,978
68,315
Boot
Barn
Holdings,
Inc.
(a)
...............
3,893
645,148
Buckle,
Inc.
(The)
....................
3,886
227,953
Build-A-Bear
Workshop,
Inc.
.............
1,508
98,337
Caleres,
Inc.
........................
4,365
56,920
Camping
World
Holdings,
Inc.
,
Class
A
......
7,684
121,330
Citi
Trends,
Inc.
(a)
.....................
649
20,138
Designer
Brands,
Inc.
,
Class
A
(b)
...........
5,032
17,813
Envela
Corp.
(a)
.......................
1,420
11,090
EVgo,
Inc.
,
Class
A
(a)
(b)
.................
16,348
77,326
Genesco,
Inc.
(a)
......................
1,236
35,832
Group
1
Automotive,
Inc.
................
1,594
697,391
Haverty
Furniture
Cos.,
Inc.
..............
1,754
38,465
J
Jill,
Inc.
..........................
820
14,063
Lands'
End,
Inc.
(a)
....................
1,728
24,365
MarineMax,
Inc.
(a)
.....................
2,368
59,981
Monro,
Inc.
.........................
3,863
69,418
National
Vision
Holdings,
Inc.
(a)
(b)
..........
9,906
289,156
ODP
Corp.
(The)
(a)
....................
3,548
98,812
OneWater
Marine,
Inc.
,
Class
A
(a)
..........
1,610
25,502
Petco
Health
&
Wellness
Co.,
Inc.
(a)
........
10,577
40,933
RealReal,
Inc.
(The)
(a)
..................
12,287
130,611
Revolve
Group,
Inc.
,
Class
A
(a)
............
5,141
109,503
Sally
Beauty
Holdings,
Inc.
(a)
.............
12,910
210,175
Shoe
Carnival,
Inc.
....................
2,259
46,965
Signet
Jewelers
Ltd.
(b)
..................
5,033
482,765
Sleep
Number
Corp.
(a)
(b)
................
2,585
18,147
Sonic
Automotive,
Inc.
,
Class
A
...........
1,880
143,049
Stitch
Fix,
Inc.
,
Class
A
(a)
................
12,732
55,384
ThredUp,
Inc.
,
Class
A
(a)
................
11,523
108,892
Tile
Shop
Holdings,
Inc.
(a)
...............
4,225
25,561
Torrid
Holdings,
Inc.
(a)
..................
3,244
5,677
Upbound
Group,
Inc.
..................
6,802
160,731
Urban
Outfitters,
Inc.
(a)
.................
7,671
547,940
Victoria's
Secret
&
Co.
(a)
................
8,696
236,009
Warby
Parker,
Inc.
,
Class
A
(a)
.............
12,473
344,005
Winmark
Corp.
......................
364
181,188
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Zumiez,
Inc.
(a)
.......................
1,763
$
34,572
8,108,527
Technology
Hardware,
Storage
&
Peripherals
—
0.8%
CompoSecure,
Inc.
,
Class
A
(a)
............
5,594
116,467
Corsair
Gaming,
Inc.
(a)
.................
5,976
53,306
CPI
Card
Group,
Inc.
(a)
.................
806
12,203
Diebold
Nixdorf,
Inc.
(a)
..................
3,359
191,564
Eastman
Kodak
Co.
(a)
(b)
.................
8,690
55,703
Immersion
Corp.
.....................
4,029
29,573
IonQ,
Inc.
(a)
(b)
........................
34,741
2,136,572
Quantum
Computing,
Inc.
(a)
(b)
.............
16,789
309,085
Turtle
Beach
Corp.
(a)
...................
1,960
31,164
Xerox
Holdings
Corp.
(b)
.................
14,782
55,580
2,991,217
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Capri
Holdings
Ltd.
(a)
..................
14,758
293,979
Carter's,
Inc.
........................
4,554
128,514
Ermenegildo
Zegna
NV
(b)
...............
7,848
74,164
Figs,
Inc.
,
Class
A
(a)
...................
11,341
75,871
G-III
Apparel
Group
Ltd.
(a)
...............
4,946
131,613
Hanesbrands,
Inc.
(a)
(b)
..................
44,377
292,444
Kontoor
Brands,
Inc.
...................
6,993
557,832
Lakeland
Industries,
Inc.
................
1,113
16,472
Movado
Group,
Inc.
...................
1,997
37,883
Oxford
Industries,
Inc.
.................
1,893
76,742
Rocky
Brands,
Inc.
....................
915
27,258
Steven
Madden
Ltd.
...................
8,721
291,979
Superior
Group
of
Cos.,
Inc.
.............
1,651
17,699
Wolverine
World
Wide,
Inc.
..............
10,108
277,364
2,299,814
Tobacco
—
0.1%
Ispire
Technology,
Inc.
(a)
(b)
...............
2,188
5,601
Turning
Point
Brands,
Inc.
...............
2,148
212,351
Universal
Corp.
......................
3,004
167,834
385,786
Trading
Companies
&
Distributors
—
1.1%
Alta
Equipment
Group,
Inc.
,
Class
A
........
2,753
19,932
BlueLinx
Holdings,
Inc.
(a)
................
1,002
73,226
Boise
Cascade
Co.
...................
4,731
365,801
Custom
Truck
One
Source,
Inc.
(a)
(b)
.........
7,030
45,133
Distribution
Solutions
Group,
Inc.
(a)
.........
1,288
38,743
DNOW,
Inc.
(a)
.......................
13,097
199,729
DXP
Enterprises,
Inc.
(a)
.................
1,675
199,442
EVI
Industries,
Inc.
....................
550
17,386
GATX
Corp.
(b)
.......................
4,507
787,824
Global
Industrial
Co.
...................
1,806
66,226
Herc
Holdings,
Inc.
(b)
..................
4,139
482,856
Hudson
Technologies,
Inc.
(a)
.............
5,098
50,623
Karat
Packaging,
Inc.
..................
883
22,261
McGrath
RentCorp
....................
3,048
357,530
MRC
Global,
Inc.
(a)
....................
10,817
155,981
NPK
International,
Inc.
(a)
................
9,506
107,513
Rush
Enterprises,
Inc.
,
Class
A
(b)
..........
7,556
404,019
Rush
Enterprises,
Inc.
,
Class
B
...........
1,109
63,679
Titan
Machinery,
Inc.
(a)
.................
2,427
40,628
Transcat,
Inc.
(a)
......................
1,207
88,352
Willis
Lease
Finance
Corp.
..............
356
48,804
Xometry,
Inc.
,
Class
A
(a)
(b)
...............
5,422
295,336
3,931,024
Transportation
Infrastructure
—
0.0%
Sky
Harbour
Group
Corp.
,
Class
A
(a)
(b)
.......
2,574
25,405
Security
Shares
Shares
Value
Water
Utilities
—
0.3%
American
States
Water
Co.
..............
4,870
$
357,068
Cadiz,
Inc.
(a)
........................
7,934
37,449
California
Water
Service
Group
...........
7,607
349,085
Consolidated
Water
Co.
Ltd.
.............
1,804
63,645
Global
Water
Resources,
Inc.
.............
1,630
16,789
H2O
America
.......................
4,052
197,332
Middlesex
Water
Co.
..................
2,147
116,196
Pure
Cycle
Corp.
(a)
....................
2,785
30,830
York
Water
Co.
(The)
..................
1,683
51,197
1,219,591
Wireless
Telecommunication
Services
—
0.2%
Gogo,
Inc.
(a)
........................
9,978
85,711
Spok
Holdings,
Inc.
...................
2,587
44,626
Telephone
&
Data
Systems,
Inc.
...........
12,430
487,753
618,090
Total
Common
Stocks
—
99
.6
%
(Cost:
$
265,782,667
)
..............................
356,066,217
Rights
Biotechnology
—
0.0%
(a)
Contra
Aduro
Biotech
I,
CVR
(d)
...........
1,703
851
Contra
Chinook
Therape,
CVR
(d)
..........
7,079
1,203
Icosavax,
Inc.,
CVR
...................
3,727
1,155
Oncternal
Therapeutics,
Inc.,
CVR
(d)
........
105
108
Sanofi
Aatd,
Inc.,
CVR
(d)
................
4,257
4,981
8,298
Life
Sciences
Tools
&
Services
—
0.0%
(a)(d)
OmniAb,
Inc.,
12.50
Earnout
Shares
(
Expires
11/02/22
)
........................
703
—
OmniAb,
Inc.,
15.00
Earnout
Shares
(
Expires
11/03/22
)
........................
703
—
—
Total
Rights
—
0.0
%
(Cost:
$
7,248
)
..................................
8,298
Warrants
Health
Care
Equipment
&
Supplies
—
0.0
%
Pulse
Biosciences,
Inc.
(
1
Share
for
1
Warrant,
Expires
06/27/29
)
(a)
(b)
................
202
677
Total
Warrants
—
0.0
%
(Cost:
$
—
)
.....................................
677
Total
Long-Term
Investments
—
99.6%
(Cost:
$
265,789,915
)
..............................
356,075,192
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
19
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
16.5%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.26
%
(g)
...................
58,064,205
$
58,093,237
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.01
%
.....................
1,134,327
1,134,327
Total
Short-Term
Securities
—
16
.5
%
(Cost:
$
59,228,698
)
...............................
59,227,564
Total
Investments
Before
Investments
Sold
Short
—
116
.1
%
(Cost:
$
325,018,613
)
..............................
415,302,756
Investments
Sold
Short
Common
Stocks
Biotechnology
—
(0.0)%
Ocugen,
Inc.
........................
(1,083)
(
1,765
)
Total
Common
Stocks
—
(0.0)
%
(Proceeds:
$
(
1,243
)
)
..............................
(
1,765
)
Total
Investments
Sold
Short
—
(0.0)
%
(Proceeds:
$
(
1,243
)
)
..............................
(
1,765
)
Total
Investments
Net
of
Investments
Sold
Short
—
116
.1
%
(Cost:
$
325,017,370
)
..............................
415,300,991
Liabilities
in
Excess
of
Other
Assets
—
(
16.1
)
%
............
(
57,733,675
)
Net
Assets
—
100.0%
...............................
$
357,567,316
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(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)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
12/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/25
Shares
Held
at
09/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
55,342,077
$
2,746,527
(a)
$
—
$
1,411
$
3,222
$
58,093,237
58,064,205
$
230,492
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
1,592,079
—
(
457,752
)
(a)
—
—
1,134,327
1,134,327
56,684
—
$
1,411
$
3,222
$
59,227,564
$
287,176
$
—
—
—
(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)
September
30,
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
....................................................
12
12/19/25
$
1,473
$
(
5,122
)
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
7,047,989
$
—
$
—
$
7,047,989
Air
Freight
&
Logistics
....................................
356,146
—
—
356,146
Automobile
Components
..................................
4,733,973
—
—
4,733,973
Automobiles
..........................................
151,656
—
—
151,656
Banks
...............................................
35,557,047
—
—
35,557,047
Beverages
...........................................
394,506
—
—
394,506
Biotechnology
.........................................
26,539,282
—
—
26,539,282
Broadline
Retail
........................................
352,114
—
—
352,114
Building
Products
.......................................
4,900,297
—
—
4,900,297
Capital
Markets
........................................
6,167,368
—
—
6,167,368
Chemicals
............................................
5,763,216
—
—
5,763,216
Commercial
Services
&
Supplies
.............................
5,529,136
—
—
5,529,136
Communications
Equipment
................................
3,098,781
—
—
3,098,781
Construction
&
Engineering
................................
8,527,001
—
—
8,527,001
Construction
Materials
....................................
796,845
—
—
796,845
Consumer
Finance
......................................
3,492,865
—
—
3,492,865
Consumer
Staples
Distribution
&
Retail
........................
1,762,498
—
—
1,762,498
Containers
&
Packaging
..................................
828,285
—
—
828,285
Distributors
...........................................
169,391
—
—
169,391
Diversified
Consumer
Services
..............................
5,004,806
—
—
5,004,806
Diversified
REITs
.......................................
1,950,309
—
—
1,950,309
Diversified
Telecommunication
Services
........................
1,760,735
—
—
1,760,735
Electric
Utilities
........................................
4,395,047
—
—
4,395,047
Electrical
Equipment
.....................................
8,416,313
—
—
8,416,313
Electronic
Equipment,
Instruments
&
Components
.................
11,770,374
—
—
11,770,374
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
21
Level
1
Level
2
Level
3
Total
Energy
Equipment
&
Services
..............................
$
5,766,012
$
—
$
—
$
5,766,012
Entertainment
.........................................
1,810,606
—
—
1,810,606
Financial
Services
......................................
8,593,434
—
—
8,593,434
Food
Products
.........................................
2,793,211
—
—
2,793,211
Gas
Utilities
...........................................
3,725,592
—
—
3,725,592
Ground
Transportation
...................................
1,079,353
—
—
1,079,353
Health
Care
Equipment
&
Supplies
...........................
8,867,393
—
—
8,867,393
Health
Care
Providers
&
Services
............................
11,375,349
—
—
11,375,349
Health
Care
REITs
......................................
3,508,212
—
—
3,508,212
Health
Care
Technology
..................................
1,440,658
—
—
1,440,658
Hotel
&
Resort
REITs
....................................
2,157,117
—
—
2,157,117
Hotels,
Restaurants
&
Leisure
..............................
6,392,845
—
—
6,392,845
Household
Durables
.....................................
6,425,660
—
—
6,425,660
Household
Products
.....................................
998,475
—
—
998,475
Independent
Power
and
Renewable
Electricity
Producers
............
834,024
—
—
834,024
Industrial
Conglomerates
..................................
95,762
—
—
95,762
Industrial
REITs
........................................
1,459,636
—
—
1,459,636
Insurance
............................................
6,998,446
—
—
6,998,446
Interactive
Media
&
Services
...............................
2,283,881
—
—
2,283,881
IT
Services
...........................................
1,974,852
—
—
1,974,852
Leisure
Products
.......................................
1,673,108
—
—
1,673,108
Life
Sciences
Tools
&
Services
..............................
1,443,709
—
—
1,443,709
Machinery
............................................
13,630,084
—
—
13,630,084
Marine
Transportation
....................................
638,196
—
—
638,196
Media
...............................................
3,449,972
—
—
3,449,972
Metals
&
Mining
........................................
7,420,064
—
—
7,420,064
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
3,073,683
—
—
3,073,683
Multi-Utilities
..........................................
1,477,425
—
—
1,477,425
Office
REITs
..........................................
2,380,318
—
—
2,380,318
Oil,
Gas
&
Consumable
Fuels
...............................
11,461,804
—
—
11,461,804
Paper
&
Forest
Products
..................................
284,890
—
—
284,890
Passenger
Airlines
......................................
1,928,631
—
—
1,928,631
Personal
Care
Products
..................................
748,686
—
—
748,686
Pharmaceuticals
.......................................
7,213,220
—
125
7,213,345
Professional
Services
....................................
6,882,769
—
—
6,882,769
Real
Estate
Management
&
Development
.......................
2,216,003
—
—
2,216,003
Residential
REITs
.......................................
1,345,292
—
—
1,345,292
Retail
REITs
..........................................
4,225,385
—
—
4,225,385
Semiconductors
&
Semiconductor
Equipment
....................
12,530,123
—
—
12,530,123
Software
.............................................
23,022,693
—
—
23,022,693
Specialized
REITs
......................................
1,394,085
—
—
1,394,085
Specialty
Retail
........................................
8,108,527
—
—
8,108,527
Technology
Hardware,
Storage
&
Peripherals
....................
2,991,217
—
—
2,991,217
Textiles,
Apparel
&
Luxury
Goods
............................
2,299,814
—
—
2,299,814
Tobacco
.............................................
385,786
—
—
385,786
Trading
Companies
&
Distributors
............................
3,931,024
—
—
3,931,024
Transportation
Infrastructure
...............................
25,405
—
—
25,405
Water
Utilities
.........................................
1,219,591
—
—
1,219,591
Wireless
Telecommunication
Services
.........................
618,090
—
—
618,090
Rights
................................................
—
1,155
7,143
8,298
Warrants
..............................................
—
677
—
677
Short-Term
Securities
Money
Market
Funds
......................................
59,227,564
—
—
59,227,564
Liabilities
Investment
Sold
Short
Common
Stocks
.........................................
(
1,765
)
—
—
(
1,765
)
$
415,291,891
$
1,832
$
7,268
$
415,300,991
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
5,122
)
$
—
$
—
$
(
5,122
)
(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)
September
30,
2025
BlackRock
Small
Cap
Index
V.I.
Fund
22
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
REIT
Real
Estate
Investment
Trust