BlackRock
Advantage
SMID
Cap
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
March
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.6%
Aerojet
Rocketdyne
Holdings,
Inc.
.......
2,037
$
80,156
Astronics
Corp.
(a)
...................
7,550
97,621
Axon
Enterprise,
Inc.
(a)
...............
6,227
857,645
Curtiss-Wright
Corp.
.................
11,189
1,680,140
Hexcel
Corp.
(a)
.....................
640
38,061
Moog,
Inc.,
Class
A
.................
765
67,167
2,820,790
Air
Freight
&
Logistics
—
0.1%
Hub
Group,
Inc.,
Class
A
(a)
.............
2,693
207,927
Airlines
—
0.1%
(a)
Copa
Holdings
SA,
Class
A
............
911
76,196
JetBlue
Airways
Corp.
................
6,113
91,389
167,585
Auto
Components
—
1.6%
Adient
plc
(a)
.......................
5,584
227,660
BorgWarner,
Inc.
...................
34,847
1,355,548
Cooper-Standard
Holdings,
Inc.
(a)
........
8,480
74,370
Dana,
Inc.
........................
4,147
72,863
Goodyear
Tire
&
Rubber
Co.
(The)
(a)(b)
.....
76,164
1,088,383
2,818,824
Automobiles
—
0.4%
Canoo
,
Inc.,
Class
A
(a)(b)
..............
17,480
96,490
Thor
Industries,
Inc.
(b)
................
5,534
435,526
Winnebago
Industries,
Inc.
............
1,645
88,879
620,895
Banks
—
5.9%
Bank
of
Hawaii
Corp.
................
22,564
1,893,571
BankFinancial
Corp.
.................
3,322
34,416
Capital
City
Bank
Group,
Inc.
...........
738
19,454
Citizens
&
Northern
Corp.
.............
1,214
29,597
East
West
Bancorp,
Inc.
..............
2,925
231,134
Farmers
National
Banc
Corp.
...........
426
7,268
First
Business
Financial
Services,
Inc.
.....
899
29,496
First
Financial
Bankshares
,
Inc.
.........
2,094
92,387
First
Interstate
BancSystem
,
Inc.,
Class
A
..
29,062
1,068,610
First
Northwest
Bancorp
..............
1,086
23,990
FNCB
Bancorp,
Inc.
.................
2,151
20,370
Heartland
Financial
USA,
Inc.
..........
10,813
517,186
HomeTrust
Bancshares,
Inc.
...........
1,946
57,465
Independent
Bank
Corp.
..............
6,552
144,144
Lakeland
Bancorp,
Inc.
...............
5,315
88,761
Macatawa
Bank
Corp.
...............
3,717
33,490
Mercantile
Bank
Corp.
...............
2,127
75,338
Mid
Penn
Bancorp,
Inc.
...............
810
21,716
Midland
States
Bancorp,
Inc.
...........
6,219
179,480
Oak
Valley
Bancorp
.................
545
10,055
OceanFirst
Financial
Corp.
............
7,627
153,303
Peapack
-Gladstone
Financial
Corp.
......
1,544
53,654
Pinnacle
Financial
Partners,
Inc.
(b)
.......
14,822
1,364,810
Popular,
Inc.
......................
1,589
129,885
Republic
First
Bancorp,
Inc.
(a)
...........
36,978
190,806
SouthState
Corp.
...................
9,884
806,436
Summit
Financial
Group,
Inc.
...........
677
17,324
TriState
Capital
Holdings,
Inc.
(a)
.........
802
26,650
Wintrust
Financial
Corp.
..............
16,127
1,498,682
Zions
Bancorp
NA
..................
20,915
1,371,187
10,190,665
Beverages
—
0.0%
Brown-Forman
Corp.,
Class
B
(b)
.........
1,286
86,188
Security
Shares
Shares
Value
Biotechnology
—
2.9%
(a)
Agenus,
Inc.
......................
20,850
$
51,291
Akebia
Therapeutics,
Inc.
.............
41,342
29,679
Alector
,
Inc.
......................
4,670
66,547
Aligos
Therapeutics,
Inc.
(b)
.............
1,131
2,432
Allogene
Therapeutics,
Inc.
............
3,317
30,218
Applied
Molecular
Transport,
Inc.
(b)
.......
10,991
82,652
Arcutis
Biotherapeutics
,
Inc.
...........
2,264
43,605
Atara
Biotherapeutics
,
Inc.
.............
7,661
71,171
Atreca
,
Inc.,
Class
A
.................
21,316
67,572
Beyondspring
,
Inc.
(b)
.................
5,913
13,009
Black
Diamond
Therapeutics,
Inc.
........
9,905
27,437
C4
Therapeutics,
Inc.
................
628
15,235
Cabaletta
Bio,
Inc.
..................
1,797
3,648
Cortexyme
,
Inc.
....................
3,368
20,848
Deciphera
Pharmaceuticals,
Inc.
........
20,311
188,283
Denali
Therapeutics,
Inc.
..............
4,128
132,798
Emergent
BioSolutions
,
Inc.
............
6,911
283,766
Enochian
Biosciences,
Inc.
(b)
...........
6,756
55,737
Exelixis
,
Inc.
......................
29,990
679,873
Foghorn
Therapeutics,
Inc.
(b)
...........
3,141
47,837
Frequency
Therapeutics,
Inc.
...........
5,874
12,453
G1
Therapeutics,
Inc.
(b)
...............
2,165
16,454
Halozyme
Therapeutics,
Inc.
...........
7,449
297,066
Heron
Therapeutics,
Inc.
..............
3,745
21,421
Impel
Neuropharma
,
Inc.
(b)
.............
2,621
16,696
Infinity
Pharmaceuticals,
Inc.
...........
4,864
5,545
Inozyme
Pharma,
Inc.
................
2,036
8,327
Ironwood
Pharmaceuticals,
Inc.
.........
5,316
66,875
Karyopharm
Therapeutics,
Inc.
(b)
........
25,342
186,770
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
.....
14,830
147,410
Kodiak
Sciences,
Inc.
................
20,775
160,383
Kronos
Bio,
Inc.
....................
5,933
42,896
MacroGenics
,
Inc.
..................
2,070
18,237
Metacrine
,
Inc.
....................
4,751
2,898
Mirum
Pharmaceuticals,
Inc.
...........
4,121
90,744
Neurocrine
Biosciences,
Inc.
...........
2,083
195,281
NextCure
,
Inc.
.....................
10,095
49,062
Olema
Pharmaceuticals,
Inc.
...........
18,247
77,732
Oncorus
,
Inc.
.....................
1,319
2,348
Passage
Bio,
Inc.
...................
5,948
18,439
PhaseBio
Pharmaceuticals,
Inc.
.........
6,971
9,202
PMV
Pharmaceuticals,
Inc.
............
1,694
35,269
Poseida
Therapeutics,
Inc.
............
11,293
50,593
Precision
BioSciences
,
Inc.
............
7,908
24,357
PTC
Therapeutics,
Inc.
...............
2,138
79,769
Puma
Biotechnology,
Inc.
.............
2,139
6,160
Sangamo
Therapeutics,
Inc.
...........
6,202
36,034
Silverback
Therapeutics,
Inc.
...........
5,929
20,811
Solid
Biosciences,
Inc.
...............
5,787
6,944
Sorrento
Therapeutics,
Inc.
............
11,700
27,261
Spruce
Biosciences,
Inc.
..............
420
844
SQZ
Biotechnologies
Co.
.............
601
2,891
Taysha
Gene
Therapies,
Inc.
...........
11,712
76,362
Ultragenyx
Pharmaceutical,
Inc.
.........
5,041
366,077
United
Therapeutics
Corp.
.............
2,862
513,471
UroGen
Pharma
Ltd.
................
1,267
11,036
Veracyte
,
Inc.
.....................
4,700
129,579
Vincerx
Pharma,
Inc.
................
5,103
20,412
Vir
Biotechnology,
Inc.
...............
5,840
150,205
Voyager
Therapeutics,
Inc.
............
5,369
40,912
X4
Pharmaceuticals,
Inc.
..............
5,307
9,287
4,968,151
Building
Products
—
2.9%
AO
Smith
Corp.
....................
5,058
323,156
Builders
FirstSource
,
Inc.
(a)
............
29,089
1,877,404
BlackRock
Advantage
SMID
Cap
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Building
Products
(continued)
Fortune
Brands
Home
&
Security,
Inc.
.....
605
$
44,939
Lennox
International,
Inc.
.............
1,524
392,979
Owens
Corning
....................
21,752
1,990,308
Trex
Co.,
Inc.
(a)
....................
7,062
461,360
5,090,146
Capital
Markets
—
2.2%
FactSet
Research
Systems,
Inc.
(b)
.......
1,721
747,172
Jefferies
Financial
Group,
Inc.
..........
41,160
1,352,106
Stifel
Financial
Corp.
................
24,841
1,686,704
3,785,982
Chemicals
—
2.6%
Ashland
Global
Holdings,
Inc.
..........
745
73,316
Avient
Corp.
......................
13,332
639,936
CF
Industries
Holdings,
Inc.
............
171
17,623
Chemours
Co.
(The)
.................
6,502
204,683
Ecovyst
,
Inc.
......................
1,405
16,242
Hawkins,
Inc.
.....................
1,726
79,223
HB
Fuller
Co.
(b)
....................
14,145
934,560
Huntsman
Corp.
...................
5,570
208,931
Ingevity
Corp.
(a)
....................
362
23,193
Livent
Corp.
(a)
.....................
14,145
368,760
Mosaic
Co.
(The)
...................
12,860
855,190
Stepan
Co.
.......................
204
20,157
Valvoline,
Inc.
.....................
32,632
1,029,866
4,471,680
Commercial
Services
&
Supplies
—
0.5%
Cimpress
plc
(a)
.....................
813
51,699
Kimball
International,
Inc.,
Class
B
.......
2,244
18,962
Quad/Graphics,
Inc.
(a)
................
4,652
32,285
Steelcase,
Inc.,
Class
A
..............
5,890
70,385
Tetra
Tech,
Inc.
....................
4,696
774,558
947,889
Communications
Equipment
—
1.7%
Applied
Optoelectronics,
Inc.
(a)
..........
3,265
11,917
Calix,
Inc.
(a)
.......................
2,599
111,523
Ciena
Corp.
(a)
.....................
9,847
597,024
Juniper
Networks,
Inc.
...............
60,523
2,249,035
2,969,499
Construction
&
Engineering
—
1.4%
Ameresco
,
Inc.,
Class
A
(a)
.............
788
62,646
EMCOR
Group,
Inc.
.................
3,805
428,557
MasTec
,
Inc.
(a)
.....................
14,465
1,259,901
Matrix
Service
Co.
(a)
.................
18,613
152,999
Quanta
Services,
Inc.
................
3,391
446,290
2,350,393
Consumer
Finance
—
1.0%
Ally
Financial,
Inc.
..................
35,217
1,531,235
OneMain
Holdings,
Inc.
...............
3,787
179,542
PROG
Holdings,
Inc.
................
2,819
81,102
1,791,879
Containers
&
Packaging
—
0.7%
AptarGroup,
Inc.
...................
214
25,145
Sealed
Air
Corp.
...................
18,564
1,243,045
1,268,190
Distributors
—
0.4%
Pool
Corp.
.......................
1,463
618,630
Diversified
Consumer
Services
—
0.8%
2U,
Inc.
(a)
........................
1,726
22,921
H&R
Block,
Inc.
....................
17,769
462,705
Security
Shares
Shares
Value
Diversified
Consumer
Services
(continued)
Service
Corp.
International
............
12,787
$
841,640
1,327,266
Diversified
Financial
Services
—
1.2%
Voya
Financial,
Inc.
.................
32,200
2,136,470
Diversified
Telecommunication
Services
—
1.3%
(a)
Bandwidth,
Inc.,
Class
A
..............
5,773
186,987
EchoStar
Corp.,
Class
A
..............
22,144
538,985
Iridium
Communications,
Inc.
...........
35,552
1,433,457
Liberty
Latin
America
Ltd.,
Class
A
.......
1,979
19,196
2,178,625
Electric
Utilities
—
0.7%
Portland
General
Electric
Co.
...........
23,109
1,274,461
Electrical
Equipment
—
0.5%
Bloom
Energy
Corp.,
Class
A
(a)
..........
7,453
179,990
nVent
Electric
plc
...................
1,543
53,666
Plug
Power,
Inc.
(a)
..................
3,838
109,805
Sunrun
,
Inc.
(a)
.....................
15,309
464,934
808,395
Electronic
Equipment,
Instruments
&
Components
—
2.0%
Avnet,
Inc.
.......................
45,065
1,829,188
ePlus
,
Inc.
(a)
......................
2,252
126,247
Itron
,
Inc.
(a)
.......................
8,130
428,288
Jabil,
Inc.
........................
1,568
96,793
Littelfuse
,
Inc.
.....................
3,456
861,961
National
Instruments
Corp.
............
1,011
41,037
ScanSource
,
Inc.
(a)
..................
5,129
178,438
3,561,952
Energy
Equipment
&
Services
—
0.8%
Nabors
Industries
Ltd.
(a)
..............
251
38,333
Newpark
Resources,
Inc.
(a)
............
12,441
45,534
NexTier
Oilfield
Solutions,
Inc.
(a)
.........
11,475
106,029
Oceaneering
International,
Inc.
(a)
........
20,523
311,129
Patterson-UTI
Energy,
Inc.
............
12,391
191,813
ProPetro
Holding
Corp.
(a)
..............
13,627
189,824
Schlumberger
NV
..................
8,260
341,220
Seadrill
2021
Ltd.
(a)(c)
................
—
3
TechnipFMC
plc
(a)
..................
11,017
85,382
1,309,267
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Class
A
.
2,654
65,395
Cinemark
Holdings,
Inc.
..............
17,425
301,104
Gaia,
Inc.
........................
1,999
9,835
Lions
Gate
Entertainment
Corp.,
Class
A
...
2,106
34,222
410,556
Equity
Real
Estate
Investment
Trusts
(REITs)
—
9.4%
Alpine
Income
Property
Trust,
Inc.
.......
4,383
82,400
American
Homes
4
Rent,
Class
A
........
47,060
1,883,812
Ashford
Hospitality
Trust,
Inc.
(a)
.........
2,559
26,102
Braemar
Hotels
&
Resorts,
Inc.
(a)
........
76,578
473,252
Brixmor
Property
Group,
Inc.
...........
54,926
1,417,640
CorEnergy
Infrastructure
Trust,
Inc.
(b)
.....
8,251
25,331
CubeSmart
.......................
33,321
1,733,692
EastGroup
Properties,
Inc.
............
7,904
1,606,725
Equity
LifeStyle
Properties,
Inc.
.........
27,684
2,117,272
First
Industrial
Realty
Trust,
Inc.
.........
35,390
2,190,995
Highwoods
Properties,
Inc.
............
44,848
2,051,347
Life
Storage,
Inc.
...................
15,569
2,186,355
National
Storage
Affiliates
Trust
.........
3,301
207,171
Regency
Centers
Corp.
..............
4,068
290,211
16,292,305
BlackRock
Advantage
SMID
Cap
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Food
&
Staples
Retailing
—
0.1%
Andersons,
Inc.
(The)
................
363
$
18,244
Performance
Food
Group
Co.
(a)
.........
2,469
125,697
Rite
Aid
Corp.
(a)
....................
13,757
120,374
264,315
Food
Products
—
1.2%
Bunge
Ltd.
.......................
11,857
1,313,874
Kellogg
Co.
(b)
.....................
1,275
82,225
Sanderson
Farms,
Inc.
...............
2,267
425,040
Seneca
Foods
Corp.,
Class
A
(a)
.........
1,030
53,086
Vital
Farms,
Inc.
(a)
..................
12,849
158,814
2,033,039
Gas
Utilities
—
0.1%
Brookfield
Infrastructure
Corp.,
Class
A
(b)
...
1,225
92,414
Southwest
Gas
Holdings,
Inc.
..........
18
1,409
93,823
Health
Care
Equipment
&
Supplies
—
1.8%
Accuray
,
Inc.
(a)
.....................
14,628
48,419
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
13,444
63,993
Eargo
,
Inc.
(a)(b)
.....................
15,054
79,635
Figs,
Inc.,
Class
A
(a)
.................
2,307
49,646
Globus
Medical,
Inc.,
Class
A
(a)
.........
8,967
661,585
Haemonetics
Corp.
(a)
................
1,413
89,330
Heska
Corp.
(a)
.....................
649
89,744
Masimo
Corp.
(a)
....................
3,979
579,104
Merit
Medical
Systems,
Inc.
(a)
...........
471
31,331
Natus
Medical,
Inc.
(a)
................
4,146
108,957
Penumbra,
Inc.
(a)
...................
3,960
879,635
Shockwave
Medical,
Inc.
(a)
.............
1,758
364,539
Sientra
,
Inc.
(a)
.....................
7,409
16,448
STERIS
plc
.......................
326
78,817
Tandem
Diabetes
Care,
Inc.
(a)
..........
282
32,794
3,173,977
Health
Care
Providers
&
Services
—
1.3%
1Life
Healthcare,
Inc.
(a)
...............
32,913
364,676
Accolade,
Inc.
(a)
....................
7,153
125,607
Aveanna
Healthcare
Holdings,
Inc.
(a)
......
3,319
11,318
Ensign
Group,
Inc.
(The)
..............
1,248
112,332
Henry
Schein,
Inc.
(a)
.................
2,780
242,388
Invitae
Corp.
(a)
.....................
22,518
179,468
LHC
Group,
Inc.
(a)
..................
828
139,601
Molina
Healthcare,
Inc.
(a)
..............
1,590
530,408
Select
Medical
Holdings
Corp.
..........
26,551
636,959
2,342,757
Health
Care
Technology
—
1.1%
(a)
Allscripts
Healthcare
Solutions,
Inc.
......
11,818
266,141
American
Well
Corp.,
Class
A
..........
57,295
241,212
Evolent
Health,
Inc.,
Class
A
...........
1,472
47,546
Omnicell
,
Inc.
(b)
....................
10,180
1,318,208
Phreesia
,
Inc.
.....................
1,539
40,568
1,913,675
Hotels,
Restaurants
&
Leisure
—
3.1%
Choice
Hotels
International,
Inc.
.........
1,110
157,353
International
Game
Technology
plc
(b)
......
29,047
716,880
PlayAGS
,
Inc.
(a)
....................
3,494
23,305
Shake
Shack,
Inc.,
Class
A
(a)
...........
11,093
753,215
Texas
Roadhouse,
Inc.
...............
2,583
216,274
Travel
+
Leisure
Co.
.................
35,538
2,059,072
Wendy's
Co.
(The)
..................
16,601
364,724
Wingstop
,
Inc.
(b)
....................
8,259
969,194
Wyndham
Hotels
&
Resorts,
Inc.
........
1,035
87,654
5,347,671
Security
Shares
Shares
Value
Household
Durables
—
1.2%
GoPro,
Inc.,
Class
A
(a)
................
27,598
$
235,411
Green
Brick
Partners,
Inc.
(a)
............
4,838
95,599
iRobot
Corp.
(a)
.....................
7,014
444,688
Meritage
Homes
Corp.
(a)
..............
5,997
475,142
Sonos
,
Inc.
(a)
......................
22,196
626,371
Toll
Brothers,
Inc.
...................
4,999
235,053
2,112,264
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.,
Class
A
(a)(b)
.....
11,070
451,435
Independent
Power
and
Renewable
Electricity
Producers
—
0.8%
Brookfield
Renewable
Corp.
...........
19,088
836,054
Clearway
Energy,
Inc.
(b)
...............
2,394
79,768
Sunnova
Energy
International,
Inc.
(a)(b)
.....
20,110
463,737
1,379,559
Insurance
—
3.3%
Bright
Health
Group,
Inc.
(a)
.............
16,307
31,472
Brighthouse
Financial,
Inc.
(a)
...........
2,820
145,681
Crawford
&
Co.,
Class
A
..............
1,185
8,959
Hanover
Insurance
Group,
Inc.
(The)
.....
13,225
1,977,402
Investors
Title
Co.
..................
60
12,193
Reinsurance
Group
of
America,
Inc.
......
10,174
1,113,646
Trupanion
,
Inc.
(a)
...................
1,828
162,911
Unum
Group
......................
4,554
143,497
WR
Berkley
Corp.
(b)
.................
32,650
2,174,163
5,769,924
Interactive
Media
&
Services
—
0.1%
(a)
Eventbrite,
Inc.,
Class
A
..............
1,419
20,959
fuboTV
,
Inc.
......................
9,105
59,820
Liberty
TripAdvisor
Holdings,
Inc.,
Class
A
(b)
.
8,032
16,465
97,244
Internet
&
Direct
Marketing
Retail
—
0.4%
(a)
1-800-Flowers.com,
Inc.,
Class
A
(b)
.......
10,642
135,792
Lands'
End,
Inc.
....................
2,276
38,510
Overstock.com,
Inc.
.................
8,538
375,714
RealReal
,
Inc.
(The)
.................
20,219
146,790
Stitch
Fix,
Inc.,
Class
A
...............
6,413
64,579
761,385
IT
Services
—
2.2%
Conduent
,
Inc.
(a)
...................
43,862
226,328
CSG
Systems
International,
Inc.
.........
762
48,440
DigitalOcean
Holdings,
Inc.
(a)
...........
1,363
78,850
Euronet
Worldwide,
Inc.
(a)
.............
679
88,372
Genpact
Ltd.
......................
23,426
1,019,265
LiveRamp
Holdings,
Inc.
(a)
.............
8,575
320,619
MongoDB,
Inc.
(a)
...................
2,045
907,142
Paysafe
Ltd.
(a)
.....................
6,632
22,482
StoneCo
Ltd.,
Class
A
(a)
..............
5,598
65,497
Western
Union
Co.
(The)
.............
53,511
1,002,796
Wix.com
Ltd.
(a)
.....................
362
37,814
3,817,605
Leisure
Products
—
0.7%
Brunswick
Corp.
...................
6,140
496,665
Mattel,
Inc.
(a)
......................
9,282
206,153
YETI
Holdings,
Inc.
(a)
................
8,915
534,722
1,237,540
Life
Sciences
Tools
&
Services
—
3.2%
Adaptive
Biotechnologies
Corp.
(a)
........
26,962
374,233
Berkeley
Lights,
Inc.
(a)
................
7,901
56,176
Bruker
Corp.
......................
21,977
1,413,121
Charles
River
Laboratories
International,
Inc.
(a)
610
173,222
BlackRock
Advantage
SMID
Cap
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Medpace
Holdings,
Inc.
(a)(b)
............
6,726
$
1,100,306
Personalis
,
Inc.
(a)
...................
13,383
109,607
Repligen
Corp.
(a)
...................
3,814
717,375
Syneos
Health,
Inc.
(a)
................
19,002
1,538,212
5,482,252
Machinery
—
4.3%
AGCO
Corp.
(b)
.....................
7,575
1,106,177
Allison
Transmission
Holdings,
Inc.
.......
2,687
105,492
Astec
Industries,
Inc.
................
254
10,922
Desktop
Metal,
Inc.,
Class
A
(a)
..........
24,982
118,415
Donaldson
Co.,
Inc.
.................
28,774
1,494,234
Graco
,
Inc.
.......................
624
43,505
Hurco
Cos.,
Inc.
....................
1,060
33,411
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
8,020
35,529
Manitowoc
Co.,
Inc.
(The)
(a)
............
8,643
130,336
Meritor,
Inc.
(a)
.....................
1,838
65,378
Oshkosh
Corp.
....................
307
30,899
Pentair
plc
.......................
25,958
1,407,183
Snap-on,
Inc.
(b)
....................
10,031
2,061,170
Timken
Co.
(The)
...................
12,661
768,523
7,411,174
Marine
—
0.2%
Matson,
Inc.
......................
2,822
340,390
Media
—
1.0%
AMC
Networks,
Inc.,
Class
A
(a)
..........
894
36,323
Cardlytics,
Inc.
(a)
...................
3,012
165,600
comScore,
Inc.
(a)
...................
8,863
25,791
Entravision
Communications
Corp.,
Class
A
.
5,506
35,293
EW
Scripps
Co.
(The),
Class
A
..........
2,788
57,963
Hemisphere
Media
Group,
Inc.
(a)
.........
2,086
9,533
Interpublic
Group
of
Cos.,
Inc.
(The)
......
23,433
830,700
News
Corp.,
Class
B
................
3,553
80,014
Nexstar
Media
Group,
Inc.,
Class
A
.......
2,316
436,520
TEGNA,
Inc.
......................
1,441
32,278
Thryv
Holdings,
Inc.
(a)
................
1,500
42,180
Warner
Bros
Discovery,
Inc.,
Class
A
(a)
....
829
20,659
Warner
Bros
Discovery,
Inc.,
Class
C
(a)
....
1,221
30,488
1,803,342
Metals
&
Mining
—
1.9%
Reliance
Steel
&
Aluminum
Co.
.........
10,836
1,986,780
Royal
Gold,
Inc.
....................
613
86,605
Schnitzer
Steel
Industries,
Inc.,
Class
A
(b)
...
6,222
323,171
Steel
Dynamics,
Inc.
(b)
...............
8,175
682,040
United
States
Steel
Corp.
.............
3,786
142,884
3,221,480
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.3%
Arbor
Realty
Trust,
Inc.
...............
2,365
40,347
Blackstone
Mortgage
Trust,
Inc.,
Class
A
(b)
..
17,824
566,625
606,972
Multiline
Retail
—
0.8%
Dillard's,
Inc.,
Class
A
................
1,400
375,746
Franchise
Group,
Inc.
................
1,069
44,289
Kohl's
Corp.
......................
4,099
247,825
Macy's,
Inc.
......................
12,330
300,359
Nordstrom,
Inc.
(a)(b)
..................
13,899
376,802
1,345,021
Multi-Utilities
—
0.2%
NorthWestern
Corp.
.................
4,598
278,133
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
—
5.1%
Antero
Resources
Corp.
(a)
.............
2,902
$
88,598
Ardmore
Shipping
Corp.
(a)
.............
10,515
47,318
Clean
Energy
Fuels
Corp.
(a)
............
16,788
133,297
Continental
Resources,
Inc.
............
7,395
453,535
CVR
Energy,
Inc.
...................
15,509
396,100
Delek
US
Holdings,
Inc.
..............
8,154
173,028
Devon
Energy
Corp.
(b)
................
33,142
1,959,686
EOG
Resources,
Inc.
................
8,355
996,167
Equitrans
Midstream
Corp.
............
2,390
20,172
Laredo
Petroleum,
Inc.
(a)
..............
439
34,742
Marathon
Oil
Corp.
(b)
................
70,228
1,763,425
Matador
Resources
Co.
..............
1,695
89,801
Oasis
Petroleum,
Inc.
................
1,556
227,643
Ovintiv
,
Inc.
.......................
15,250
824,567
PBF
Energy,
Inc.,
Class
A
(a)
............
14,946
364,234
SandRidge
Energy,
Inc.
(a)
.............
2,880
46,138
Scorpio
Tankers,
Inc.
................
8,766
187,417
SM
Energy
Co.
....................
502
19,553
Talos
Energy,
Inc.
(a)
.................
19,653
310,321
Targa
Resources
Corp.
...............
9,236
697,041
Vertex
Energy,
Inc.
(a)(b)
...............
2,793
27,762
W&T
Offshore,
Inc.
(a)
................
6,524
24,922
World
Fuel
Services
Corp.
.............
775
20,956
8,906,423
Personal
Products
—
0.5%
Coty,
Inc.,
Class
A
(a)
.................
29,251
262,966
Herbalife
Nutrition
Ltd.
(a)
..............
4,589
139,322
Medifast
,
Inc.
.....................
2,396
409,189
Nature's
Sunshine
Products,
Inc.
........
1,667
28,039
839,516
Pharmaceuticals
—
1.7%
Atea
Pharmaceuticals,
Inc.
(a)
...........
21,384
154,392
Cassava
Sciences,
Inc.
(a)(b)
............
584
21,690
Catalent
,
Inc.
(a)
....................
16,926
1,877,093
Nektar
Therapeutics
(a)
................
39,853
214,808
NGM
Biopharmaceuticals,
Inc.
(a)
.........
1,163
17,736
Perrigo
Co.
plc
....................
18,816
723,099
3,008,818
Professional
Services
—
1.2%
ASGN,
Inc.
(a)
......................
293
34,196
Franklin
Covey
Co.
(a)
................
3,047
137,785
Insperity
,
Inc.
......................
11,876
1,192,588
Kelly
Services,
Inc.,
Class
A
............
5,716
123,980
Kforce
,
Inc.
(b)
......................
4,452
329,315
Mistras
Group,
Inc.
(a)
................
8,655
57,210
TriNet
Group,
Inc.
(a)
.................
1,540
151,474
2,026,548
Real
Estate
Management
&
Development
—
0.4%
(a)
Altisource
Portfolio
Solutions
SA
.........
2,797
33,088
Marcus
&
Millichap,
Inc.
..............
4,948
260,661
Realogy
Holdings
Corp.
(b)
.............
21,122
331,193
624,942
Road
&
Rail
—
1.1%
Covenant
Logistics
Group,
Inc.,
Class
A
(a)
..
3,357
72,276
Landstar
System,
Inc.
................
2,107
317,799
Ryder
System,
Inc.
..................
6,918
548,805
Schneider
National,
Inc.,
Class
B
(b)
.......
35,612
908,106
Werner
Enterprises,
Inc.
..............
2,852
116,932
1,963,918
BlackRock
Advantage
SMID
Cap
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
4.0%
Ambarella
,
Inc.
(a)
...................
2,414
$
253,277
Cirrus
Logic,
Inc.
(a)
..................
13,403
1,136,440
Enphase
Energy,
Inc.
(a)
...............
2,703
545,411
Entegris
,
Inc.
......................
142
18,639
Ichor
Holdings
Ltd.
(a)
.................
5,693
202,785
Lattice
Semiconductor
Corp.
(a)
..........
21,671
1,320,848
Monolithic
Power
Systems,
Inc.
.........
1,241
602,729
Power
Integrations,
Inc.
..............
5,868
543,846
Semtech
Corp.
(a)
...................
601
41,673
Silicon
Laboratories,
Inc.
(a)
.............
13,651
2,050,380
SunPower
Corp.
(a)
..................
3,248
69,767
Synaptics
,
Inc.
(a)
...................
381
76,010
Wolfspeed
,
Inc.
(a)
...................
159
18,104
6,879,909
Software
—
6.9%
Avalara,
Inc.
(a)
.....................
298
29,654
Avaya
Holdings
Corp.
(a)
...............
2,134
27,038
Bill.com
Holdings,
Inc.
(a)(b)
.............
1,023
232,006
Blackline,
Inc.
(a)
....................
3,461
253,414
Box,
Inc.,
Class
A
(a)
.................
6,938
201,618
BTRS
Holdings,
Inc.,
Class
A
(a)
..........
20,113
150,445
C3.ai,
Inc.,
Class
A
(a)(b)
...............
35,337
802,150
Digital
Turbine,
Inc.
(a)
................
2,630
115,220
Dynatrace
,
Inc.
(a)
...................
1,683
79,269
Elastic
NV
(a)
......................
2,830
251,729
HubSpot
,
Inc.
(a)
....................
837
397,525
LivePerson
,
Inc.
(a)
..................
20,523
501,172
Manhattan
Associates,
Inc.
(a)
...........
5,940
823,937
New
Relic,
Inc.
(a)
...................
689
46,080
PagerDuty
,
Inc.
(a)(b)
..................
39,912
1,364,591
Paylocity
Holding
Corp.
(a)(b)
............
5,955
1,225,360
Progress
Software
Corp.
..............
5,827
274,394
PROS
Holdings,
Inc.
(a)
...............
1,386
46,168
Rapid7,
Inc.
(a)(b)
....................
16,607
1,847,363
Smartsheet
,
Inc.,
Class
A
(a)
............
1,019
55,821
Tenable
Holdings,
Inc.
(a)
..............
8,871
512,655
Varonis
Systems,
Inc.
(a)(b)
..............
32,691
1,554,130
Workiva
,
Inc.
(a)
.....................
9,974
1,176,932
11,968,671
Specialty
Retail
—
2.0%
American
Eagle
Outfitters,
Inc.
(b)
.........
25,327
425,494
Asbury
Automotive
Group,
Inc.
(a)
.........
216
34,603
AutoNation,
Inc.
(a)
...................
6,177
615,106
Chico's
FAS,
Inc.
(a)
..................
3,069
14,731
Citi
Trends,
Inc.
(a)
...................
361
11,056
Conn's,
Inc.
(a)
.....................
12,193
187,894
Designer
Brands,
Inc.,
Class
A
(a)
.........
6,996
94,516
Dick's
Sporting
Goods,
Inc.
............
8,345
834,667
Express,
Inc.
(a)
.....................
3,347
11,915
Foot
Locker,
Inc.
...................
678
20,109
Lithia
Motors,
Inc.
(b)
.................
438
131,453
MarineMax
,
Inc.
(a)
...................
7,765
312,619
National
Vision
Holdings,
Inc.
(a)
.........
10,750
468,378
Penske
Automotive
Group,
Inc.
(b)
........
1,481
138,799
Shift
Technologies,
Inc.,
Class
A
(a)(b)
.......
13,287
29,231
Sonic
Automotive,
Inc.,
Class
A
.........
1,183
50,289
Urban
Outfitters,
Inc.
(a)
...............
1,263
31,714
Williams-Sonoma,
Inc.
...............
714
103,530
3,516,104
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
(a)
Capri
Holdings
Ltd.
.................
343
17,627
Fossil
Group,
Inc.
..................
6,599
63,614
G-III
Apparel
Group
Ltd.
..............
2,407
65,109
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Skechers
USA,
Inc.,
Class
A
(b)
..........
5,473
$
223,080
Under
Armour
,
Inc.,
Class
A
............
15,024
255,709
Unifi,
Inc.
........................
1,651
29,883
655,022
Thrifts
&
Mortgage
Finance
—
1.5%
Essent
Group
Ltd.
..................
8,988
370,395
Federal
Agricultural
Mortgage
Corp.,
Class
C
11,199
1,214,868
Flagstar
Bancorp,
Inc.
...............
1,415
59,996
Merchants
Bancorp
.................
867
23,738
New
York
Community
Bancorp,
Inc.
(b)
.....
22,276
238,799
Radian
Group,
Inc.
..................
11,976
265,987
Southern
Missouri
Bancorp,
Inc.
.........
489
24,426
Walker
&
Dunlop,
Inc.
................
2,583
334,292
Washington
Federal,
Inc.
..............
2,094
68,725
Western
New
England
Bancorp,
Inc.
......
8,847
79,092
2,680,318
Trading
Companies
&
Distributors
—
1.8%
Applied
Industrial
Technologies,
Inc.
......
5,064
519,870
GATX
Corp.
......................
1,499
184,872
MRC
Global,
Inc.
(a)
..................
6,677
79,523
Rush
Enterprises,
Inc.,
Class
A
.........
989
50,350
SiteOne
Landscape
Supply,
Inc.
(a)
........
12,738
2,059,607
Watsco
,
Inc.
......................
976
297,329
3,191,551
Wireless
Telecommunication
Services
—
0.1%
United
States
Cellular
Corp.
(a)
..........
4,438
134,161
Total
Common
Stocks
—
99.2%
(Cost:
$177,266,320)
.............................
172,155,488
Rights
Pharmaceuticals
—
0.0%
Zogenix
,
Inc.
......................
1,527
1,038
Total
Rights
—
0.0%
(Cost:
$1,038)
.................................
1,038
Total
Long-Term
Investments
—
99.2%
(Cost:
$177,267,358)
.............................
172,156,526
Short-Term
Securities
(d)(e)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.21%
...................
3,877,676
3,877,676
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.42%
(f)
.......................
13,175,513
13,171,560
Total
Short-Term
Securities
—
9.8%
(Cost:
$17,049,144)
..............................
17,049,236
Total
Investments
—
109.0%
(Cost:
$194,316,502
)
.............................
189,205,762
Liabilities
in
Excess
of
Other
Assets
—
(9.0)%
............
(15,578,826)
Net
Assets
—
100.0%
..............................
$
173,626,936
BlackRock
Advantage
SMID
Cap
V.I.
Fund
7
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
March
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/22
Shares
Held
at
03/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,T
-Fund,
Institutional
Class
(a)
.......
$
1,731,585
$
2,146,091
$
—
$
—
$
—
$
3,877,676
3,877,676
$
20
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
8,552,962
4,623,055
—
(4,745)
288
13,171,560
13,175,513
8,674
(b)
—
$
(4,745)
$
288
$
17,049,236
$
8,694
$
—
—
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Advantage
SMID
Cap
V.I.
Fund
8
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
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
S&P
500
E-Mini
Index
......................................................
8
06/17/22
$
1,812
$
2,099
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
S&P
Standard
&
Poor's
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
•
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
•
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
•
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
BlackRock
Global
Valuation
Methodologies
Committee's
(the
"Global
Valuation
Committee's")
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
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.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
2,820,790
$
—
$
—
$
2,820,790
Air
Freight
&
Logistics
....................................
207,927
—
—
207,927
Airlines
..............................................
167,585
—
—
167,585
Auto
Components
......................................
2,818,824
—
—
2,818,824
Automobiles
..........................................
620,895
—
—
620,895
BlackRock
Advantage
SMID
Cap
V.I.
Fund
9
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Level
1
Level
2
Level
3
Total
Banks
...............................................
$
10,190,665
$
—
$
—
$
10,190,665
Beverages
...........................................
86,188
—
—
86,188
Biotechnology
.........................................
4,968,151
—
—
4,968,151
Building
Products
.......................................
5,090,146
—
—
5,090,146
Capital
Markets
........................................
3,785,982
—
—
3,785,982
Chemicals
............................................
4,471,680
—
—
4,471,680
Commercial
Services
&
Supplies
.............................
947,889
—
—
947,889
Communications
Equipment
................................
2,969,499
—
—
2,969,499
Construction
&
Engineering
................................
2,350,393
—
—
2,350,393
Consumer
Finance
......................................
1,791,879
—
—
1,791,879
Containers
&
Packaging
..................................
1,268,190
—
—
1,268,190
Distributors
...........................................
618,630
—
—
618,630
Diversified
Consumer
Services
..............................
1,327,266
—
—
1,327,266
Diversified
Financial
Services
...............................
2,136,470
—
—
2,136,470
Diversified
Telecommunication
Services
........................
2,178,625
—
—
2,178,625
Electric
Utilities
........................................
1,274,461
—
—
1,274,461
Electrical
Equipment
.....................................
808,395
—
—
808,395
Electronic
Equipment,
Instruments
&
Components
.................
3,561,952
—
—
3,561,952
Energy
Equipment
&
Services
..............................
1,309,264
—
3
1,309,267
Entertainment
.........................................
410,556
—
—
410,556
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
16,292,305
—
—
16,292,305
Food
&
Staples
Retailing
..................................
264,315
—
—
264,315
Food
Products
.........................................
2,033,039
—
—
2,033,039
Gas
Utilities
...........................................
93,823
—
—
93,823
Health
Care
Equipment
&
Supplies
...........................
3,173,977
—
—
3,173,977
Health
Care
Providers
&
Services
............................
2,342,757
—
—
2,342,757
Health
Care
Technology
..................................
1,913,675
—
—
1,913,675
Hotels,
Restaurants
&
Leisure
..............................
5,347,671
—
—
5,347,671
Household
Durables
.....................................
2,112,264
—
—
2,112,264
Household
Products
.....................................
451,435
—
—
451,435
Independent
Power
and
Renewable
Electricity
Producers
............
1,379,559
—
—
1,379,559
Insurance
............................................
5,769,924
—
—
5,769,924
Interactive
Media
&
Services
...............................
97,244
—
—
97,244
Internet
&
Direct
Marketing
Retail
............................
761,385
—
—
761,385
IT
Services
...........................................
3,817,605
—
—
3,817,605
Leisure
Products
.......................................
1,237,540
—
—
1,237,540
Life
Sciences
Tools
&
Services
..............................
5,482,252
—
—
5,482,252
Machinery
............................................
7,411,174
—
—
7,411,174
Marine
..............................................
340,390
—
—
340,390
Media
...............................................
1,803,342
—
—
1,803,342
Metals
&
Mining
........................................
3,221,480
—
—
3,221,480
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
606,972
—
—
606,972
Multiline
Retail
.........................................
1,345,021
—
—
1,345,021
Multi-Utilities
..........................................
278,133
—
—
278,133
Oil,
Gas
&
Consumable
Fuels
...............................
8,906,423
—
—
8,906,423
Personal
Products
......................................
839,516
—
—
839,516
Pharmaceuticals
.......................................
3,008,818
—
—
3,008,818
Professional
Services
....................................
2,026,548
—
—
2,026,548
Real
Estate
Management
&
Development
.......................
624,942
—
—
624,942
Road
&
Rail
...........................................
1,963,918
—
—
1,963,918
Semiconductors
&
Semiconductor
Equipment
....................
6,879,909
—
—
6,879,909
Software
.............................................
11,968,671
—
—
11,968,671
Specialty
Retail
........................................
3,516,104
—
—
3,516,104
Textiles,
Apparel
&
Luxury
Goods
............................
655,022
—
—
655,022
Thrifts
&
Mortgage
Finance
................................
2,680,318
—
—
2,680,318
Trading
Companies
&
Distributors
............................
3,191,551
—
—
3,191,551
Wireless
Telecommunication
Services
.........................
134,161
—
—
134,161
Rights
................................................
—
1,038
—
1,038
Short-Term
Securities
.......................................
3,877,676
—
—
3,877,676
$
176,033,161
$
1,038
$
3
$
176,034,202
Investments
Valued
at
NAV
(a)
.....................................
13,171,560
$
—
$
189,205,762
$
—
BlackRock
Advantage
SMID
Cap
V.I.
Fund
10
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2022
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
2,099
$
—
$
—
$
2,099
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.