Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Advantage
SMID
Cap
V.I.
Fund
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.8%
AAR
Corp.
(a)
.......................
817
$
48,914
Axon
Enterprise,
Inc.
(a)
................
258
80,723
BWX
Technologies,
Inc.
...............
1,713
175,788
Curtiss-Wright
Corp.
..................
2,166
554,366
Huntington
Ingalls
Industries,
Inc.
.........
909
264,946
Moog,
Inc.
,
Class
A
..................
139
22,192
Textron,
Inc.
.......................
1,370
131,424
1,278,353
Air
Freight
&
Logistics
—
0.5%
GXO
Logistics,
Inc.
(a)
(b)
................
13,332
716,728
Hub
Group,
Inc.
,
Class
A
...............
1,416
61,200
777,928
Automobile
Components
—
1.8%
Adient
plc
(a)
........................
40,684
1,339,317
BorgWarner,
Inc.
....................
5,971
207,433
Dana,
Inc.
.........................
3,275
41,593
Lear
Corp.
........................
5,684
823,498
Visteon
Corp.
(a)
.....................
4,094
481,495
2,893,336
Banks
—
4.4%
Amalgamated
Financial
Corp.
...........
12,870
308,880
Ameris
Bancorp
.....................
1,673
80,940
Bank
of
Marin
Bancorp
................
274
4,595
BankFinancial
Corp.
..................
2,418
25,389
Bar
Harbor
Bankshares
...............
2,403
63,631
Capital
City
Bank
Group,
Inc.
............
1,274
35,290
Columbia
Banking
System,
Inc.
..........
7,457
144,293
ConnectOne
Bancorp,
Inc.
.............
4,537
88,472
Enterprise
Bancorp,
Inc.
...............
1,803
46,824
Enterprise
Financial
Services
Corp.
.......
4,360
176,842
FB
Financial
Corp.
...................
5,293
199,334
First
Bank
.........................
3,174
43,611
First
Business
Financial
Services,
Inc.
......
899
33,713
First
Horizon
Corp.
...................
40,363
621,590
First
Internet
Bancorp
.................
3,648
126,732
FNB
Corp.
........................
10,719
151,138
FNCB
Bancorp,
Inc.
..................
2,151
13,057
Glacier
Bancorp,
Inc.
.................
7,117
286,673
Hancock
Whitney
Corp.
...............
14,473
666,337
Heartland
Financial
USA,
Inc.
...........
11,187
393,223
Heritage
Commerce
Corp.
..............
35,538
304,916
Heritage
Financial
Corp.
...............
112
2,172
HomeTrust
Bancshares,
Inc.
............
2,907
79,477
Horizon
Bancorp,
Inc.
.................
16,432
210,823
Independent
Bank
Corp.
...............
33,541
850,264
Independent
Bank
Group,
Inc.
...........
909
41,496
Lakeland
Bancorp,
Inc.
................
4,415
53,421
Mercantile
Bank
Corp.
................
2,127
81,868
Midland
States
Bancorp,
Inc.
............
10,842
272,459
Northrim
BanCorp,
Inc.
................
886
44,752
OceanFirst
Financial
Corp.
.............
31,661
519,557
Republic
First
Bancorp,
Inc.
(a)
............
35,886
201
Shore
Bancshares,
Inc.
................
2,789
32,073
Southern
First
Bancshares,
Inc.
(a)
.........
1,370
43,511
Summit
Financial
Group,
Inc.
............
2,834
76,971
Univest
Financial
Corp.
................
3,668
76,368
Valley
National
Bancorp
(b)
..............
86,364
687,457
Western
New
England
Bancorp,
Inc.
.......
8,083
61,997
Wintrust
Financial
Corp.
...............
3,188
332,795
7,283,142
Security
Shares
Shares
Value
Beverages
—
0.6%
National
Beverage
Corp.
(a)
(b)
.............
588
$
27,906
Primo
Water
Corp.
...................
54,550
993,356
1,021,262
Biotechnology
—
5.4%
(a)
ACADIA
Pharmaceuticals,
Inc.
...........
19,178
354,601
ADMA
Biologics,
Inc.
.................
3,701
24,427
Alector,
Inc.
.......................
23,938
144,107
Aligos
Therapeutics,
Inc.
...............
1,131
1,108
Amicus
Therapeutics,
Inc.
..............
2,154
25,374
Apellis
Pharmaceuticals,
Inc.
............
2,852
167,640
Arcturus
Therapeutics
Holdings,
Inc.
.......
5,851
197,588
Blueprint
Medicines
Corp.
..............
4,594
435,787
CareDx,
Inc.
.......................
6,404
67,818
Catalyst
Pharmaceuticals,
Inc.
...........
3,826
60,986
CG
oncology,
Inc.
...................
2,036
89,380
Cytokinetics,
Inc.
....................
230
16,125
Deciphera
Pharmaceuticals,
Inc.
.........
10,993
172,920
Denali
Therapeutics,
Inc.
...............
2,789
57,230
Exact
Sciences
Corp.
(b)
................
9,044
624,579
Exelixis,
Inc.
.......................
20,205
479,465
Fate
Therapeutics,
Inc.
................
12,324
90,458
Halozyme
Therapeutics,
Inc.
............
10,457
425,391
Ideaya
Biosciences,
Inc.
...............
2,034
89,252
Intellia
Therapeutics,
Inc.
..............
12,994
357,465
Ionis
Pharmaceuticals,
Inc.
(b)
............
10,296
446,332
Ipi
Legacy
Liquidation
Co.
..............
2,621
19
iTeos
Therapeutics,
Inc.
...............
13,169
179,625
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
......
14,925
294,470
Kronos
Bio,
Inc.
.....................
25,540
33,202
Kura
Oncology,
Inc.
..................
5,528
117,912
Kyverna
Therapeutics,
Inc.
.............
1,153
28,640
Merus
NV
.........................
588
26,478
Natera,
Inc.
........................
5,910
540,529
Neurocrine
Biosciences,
Inc.
............
4,563
629,329
Protagonist
Therapeutics,
Inc.
...........
1,975
57,137
PTC
Therapeutics,
Inc.
................
8,198
238,480
Quince
Therapeutics,
Inc.
..............
3,368
3,570
Relay
Therapeutics,
Inc.
...............
3,483
28,909
Sarepta
Therapeutics,
Inc.
(b)
............
4,565
590,985
SQZ
Biotechnologies
Co.
..............
601
29
TG
Therapeutics,
Inc.
.................
4,208
64,004
Twist
Bioscience
Corp.
................
2,407
82,584
Ultragenyx
Pharmaceutical,
Inc.
..........
7,068
330,005
uniQure
NV
........................
12,945
67,314
United
Therapeutics
Corp.
..............
2,369
544,207
Vanda
Pharmaceuticals,
Inc.
............
44,993
184,921
Vaxcyte,
Inc.
.......................
576
39,347
Veracyte,
Inc.
......................
1,638
36,298
Vericel
Corp.
.......................
1,990
103,520
Viking
Therapeutics,
Inc.
...............
665
54,530
Vir
Biotechnology,
Inc.
................
20,718
209,873
Voyager
Therapeutics,
Inc.
.............
4,503
41,923
Zymeworks,
Inc.
....................
2,602
27,373
8,883,246
Broadline
Retail
—
0.3%
Kohl's
Corp.
(b)
......................
14,811
431,740
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
......
561
44,639
476,379
Building
Products
—
3.9%
A
O
Smith
Corp.
....................
19,208
1,718,348
Advanced
Drainage
Systems,
Inc.
........
2,297
395,635
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
..........
16,364
821,800
Builders
FirstSource,
Inc.
(a)
.............
4,902
1,022,312
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
SMID
Cap
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
(continued)
Caesarstone
Ltd.
(a)
...................
10,556
$
43,174
JELD-WEN
Holding,
Inc.
(a)
..............
9,307
197,588
Lennox
International,
Inc.
..............
572
279,571
Masonite
International
Corp.
(a)
...........
572
75,189
Owens
Corning
.....................
6,869
1,145,749
Resideo
Technologies,
Inc.
(a)
............
7,518
168,554
Trex
Co.,
Inc.
(a)
.....................
5,158
514,510
6,382,430
Capital
Markets
—
2.3%
Evercore,
Inc.
,
Class
A
................
1,755
337,995
Federated
Hermes,
Inc.
,
Class
B
.........
4,276
154,449
Houlihan
Lokey,
Inc.
,
Class
A
............
7,631
978,218
Invesco
Ltd.
.......................
57,167
948,401
Lazard,
Inc.
.......................
534
22,359
Raymond
James
Financial,
Inc.
..........
199
25,556
Robinhood
Markets,
Inc.
,
Class
A
(a)
........
1,495
30,094
SEI
Investments
Co.
..................
7,884
566,860
Victory
Capital
Holdings,
Inc.
,
Class
A
......
4,987
211,598
Virtu
Financial,
Inc.
,
Class
A
.............
2,344
48,099
XP,
Inc.
,
Class
A
....................
16,876
433,038
3,756,667
Chemicals
—
2.2%
Cabot
Corp.
.......................
5,517
508,667
CF
Industries
Holdings,
Inc.
.............
270
22,467
Huntsman
Corp.
....................
41,120
1,070,354
Koppers
Holdings,
Inc.
................
668
36,854
Minerals
Technologies,
Inc.
.............
6,668
501,967
Quaker
Chemical
Corp.
...............
950
194,987
Rayonier
Advanced
Materials,
Inc.
(a)
(b)
......
10,985
52,508
RPM
International,
Inc.
................
10,713
1,274,311
3,662,115
Commercial
Services
&
Supplies
—
0.4%
BrightView
Holdings,
Inc.
(a)
.............
17,454
207,703
Healthcare
Services
Group,
Inc.
(a)
.........
2,212
27,606
Tetra
Tech,
Inc.
.....................
1,971
364,063
599,372
Communications
Equipment
—
0.8%
(a)
Calix,
Inc.
.........................
3,975
131,811
Ciena
Corp.
.......................
12,251
605,812
NETGEAR,
Inc.
.....................
19,586
308,871
Viasat,
Inc.
(b)
.......................
10,557
190,976
1,237,470
Construction
&
Engineering
—
2.9%
AECOM
..........................
21,857
2,143,735
Comfort
Systems
USA,
Inc.
.............
1,044
331,689
EMCOR
Group,
Inc.
..................
5,595
1,959,369
Fluor
Corp.
(a)
.......................
4,734
200,154
MasTec,
Inc.
(a)
......................
242
22,566
Matrix
Service
Co.
(a)
..................
8,929
116,345
4,773,858
Construction
Materials
—
0.0%
Summit
Materials,
Inc.
,
Class
A
(a)
.........
430
19,165
Consumer
Finance
—
2.0%
Enova
International,
Inc.
(a)
..............
15,563
977,823
EZCORP,
Inc.
,
Class
A
(a)
(b)
..............
23,447
265,655
FirstCash
Holdings,
Inc.
...............
5,635
718,688
OneMain
Holdings,
Inc.
(b)
..............
11,349
579,820
Oportun
Financial
Corp.
(a)
..............
18,310
44,493
PRA
Group,
Inc.
(a)
...................
6,043
157,602
PROG
Holdings,
Inc.
.................
9,316
320,843
Security
Shares
Shares
Value
Consumer
Finance
(continued)
Regional
Management
Corp.
............
9,597
$
232,343
3,297,267
Consumer
Staples
Distribution
&
Retail
—
1.5%
Casey's
General
Stores,
Inc.
............
4,156
1,323,478
Performance
Food
Group
Co.
(a)
..........
13,926
1,039,437
SpartanNash
Co.
....................
929
18,775
US
Foods
Holding
Corp.
(a)
..............
2,680
144,639
2,526,329
Containers
&
Packaging
—
0.3%
WestRock
Co.
......................
10,565
522,439
Diversified
Consumer
Services
—
0.5%
American
Public
Education,
Inc.
(a)
.........
1,213
17,225
Chegg,
Inc.
(a)
.......................
5,181
39,220
Duolingo,
Inc.
,
Class
A
(a)
...............
634
139,848
Frontdoor,
Inc.
(a)
.....................
7,346
239,333
Laureate
Education,
Inc.
...............
25,087
365,517
801,143
Diversified
REITs
—
0.2%
American
Assets
Trust,
Inc.
.............
15,409
337,611
Diversified
Telecommunication
Services
—
0.3%
Cogent
Communications
Holdings,
Inc.
.....
256
16,724
EchoStar
Corp.
,
Class
A
(a)
..............
3,127
44,560
Frontier
Communications
Parent,
Inc.
(a)
.....
8,125
199,063
Ooma,
Inc.
(a)
.......................
30,247
258,007
518,354
Electric
Utilities
—
0.5%
Portland
General
Electric
Co.
(b)
...........
20,063
842,646
Electrical
Equipment
—
2.3%
Atkore,
Inc.
(b)
.......................
7,378
1,404,476
Encore
Wire
Corp.
...................
2,629
690,849
EnerSys
..........................
2,053
193,926
Freyr
Battery,
Inc.
(a)
..................
2,352
3,951
Hubbell,
Inc.
.......................
1,388
576,090
Sensata
Technologies
Holding
plc
.........
1,699
62,421
Vertiv
Holdings
Co.
,
Class
A
............
9,881
806,981
3,738,694
Electronic
Equipment,
Instruments
&
Components
—
3.2%
Arrow
Electronics,
Inc.
(a)
...............
3,698
478,743
Avnet,
Inc.
........................
4,707
233,373
Fabrinet
(a)
.........................
801
151,405
Flex
Ltd.
(a)
.........................
46,406
1,327,676
Insight
Enterprises,
Inc.
(a)
..............
857
158,991
Itron,
Inc.
(a)
........................
2,591
239,719
Kimball
Electronics,
Inc.
(a)
..............
1,033
22,364
Sanmina
Corp.
(a)
....................
5,525
343,545
TD
SYNNEX
Corp.
...................
16,147
1,826,226
TTM
Technologies,
Inc.
(a)
...............
29,302
458,576
5,240,618
Energy
Equipment
&
Services
—
0.4%
Borr
Drilling
Ltd.
.....................
4,568
31,291
Helmerich
&
Payne,
Inc.
(b)
..............
5,482
230,573
Liberty
Energy,
Inc.
,
Class
A
............
6,712
139,073
ProPetro
Holding
Corp.
(a)
(b)
.............
25,592
206,783
Schlumberger
NV
...................
1,004
55,029
Transocean
Ltd.
(a)
(b)
..................
9,849
61,852
724,601
Entertainment
—
0.5%
Gaia,
Inc.
,
Class
A
(a)
..................
1,508
4,644
Lions
Gate
Entertainment
Corp.
,
Class
A
(a)
...
11,991
119,310
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
SMID
Cap
V.I.
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Entertainment
(continued)
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
...
12,150
$
113,117
Playtika
Holding
Corp.
(b)
...............
14,413
101,612
Roku,
Inc.
,
Class
A
(a)
.................
6,936
452,019
790,702
Financial
Services
—
2.4%
Affirm
Holdings,
Inc.
,
Class
A
(a)
...........
9,790
364,775
Euronet
Worldwide,
Inc.
(a)
..............
10,156
1,116,449
Jack
Henry
&
Associates,
Inc.
...........
3,745
650,619
MGIC
Investment
Corp.
...............
2,484
55,542
Pagseguro
Digital
Ltd.
,
Class
A
(a)
.........
75,394
1,076,626
Repay
Holdings
Corp.
,
Class
A
(a)
.........
6,064
66,704
StoneCo
Ltd.
,
Class
A
(a)
...............
31,009
515,060
Toast,
Inc.
,
Class
A
(a)
.................
7,044
175,537
4,021,312
Food
Products
—
0.7%
Flowers
Foods,
Inc.
..................
15,880
377,150
Simply
Good
Foods
Co.
(The)
(a)
..........
7,542
256,654
Vital
Farms,
Inc.
(a)
...................
18,814
437,426
1,071,230
Gas
Utilities
—
1.4%
New
Jersey
Resources
Corp.
(b)
..........
23,254
997,829
ONE
Gas,
Inc.
(b)
.....................
8,214
530,050
UGI
Corp.
.........................
33,800
829,452
2,357,331
Ground
Transportation
—
0.9%
Covenant
Logistics
Group,
Inc.
,
Class
A
.....
1,942
90,031
Saia,
Inc.
(a)
........................
2,293
1,341,405
Schneider
National,
Inc.
,
Class
B
.........
1,876
42,473
1,473,909
Health
Care
Equipment
&
Supplies
—
1.8%
Accuray,
Inc.
(a)
......................
14,060
34,728
AngioDynamics,
Inc.
(a)
................
4,090
24,008
Enovis
Corp.
(a)
(b)
.....................
10,963
684,639
Envista
Holdings
Corp.
(a)
...............
41,049
877,628
Establishment
Labs
Holdings,
Inc.
(a)
.......
521
26,519
Haemonetics
Corp.
(a)
.................
1,473
125,721
ICU
Medical,
Inc.
(a)
...................
234
25,113
Inmode
Ltd.
(a)
......................
1,565
33,820
Inspire
Medical
Systems,
Inc.
(a)
..........
1,203
258,392
iRadimed
Corp.
.....................
392
17,244
Lantheus
Holdings,
Inc.
(a)
..............
397
24,709
Merit
Medical
Systems,
Inc.
(a)
(b)
...........
5,897
446,698
Novocure
Ltd.
(a)
.....................
13,043
203,862
Omnicell,
Inc.
(a)
.....................
531
15,521
Penumbra,
Inc.
(a)
....................
314
70,079
Tactile
Systems
Technology,
Inc.
(a)
........
3,054
49,627
Varex
Imaging
Corp.
(a)
................
2,197
39,766
2,958,074
Health
Care
Providers
&
Services
—
2.0%
AdaptHealth
Corp.
(a)
..................
3,677
42,322
Alignment
Healthcare,
Inc.
(a)
............
2,797
13,873
CareMax,
Inc.
(a)
.....................
148
713
Chemed
Corp.
......................
1,924
1,235,073
Cross
Country
Healthcare,
Inc.
(a)
.........
1,527
28,586
Ensign
Group,
Inc.
(The)
...............
6,550
814,951
Guardant
Health,
Inc.
(a)
................
10,044
207,208
PetIQ,
Inc.
,
Class
A
(a)
.................
8,034
146,862
Privia
Health
Group,
Inc.
(a)
..............
2,346
45,958
Surgery
Partners,
Inc.
(a)
...............
12,759
380,601
Tenet
Healthcare
Corp.
(a)
...............
2,866
301,245
3,217,392
Security
Shares
Shares
Value
Health
Care
Technology
—
0.7%
(a)
American
Well
Corp.
,
Class
A
...........
57,295
$
46,449
Health
Catalyst,
Inc.
..................
13,770
103,688
Teladoc
Health,
Inc.
..................
63,420
957,642
1,107,779
Hotel
&
Resort
REITs
—
1.2%
Braemar
Hotels
&
Resorts,
Inc.
..........
23,602
47,204
Host
Hotels
&
Resorts,
Inc.
.............
1,079
22,314
Park
Hotels
&
Resorts,
Inc.
.............
83,985
1,468,898
RLJ
Lodging
Trust
...................
8,765
103,602
Ryman
Hospitality
Properties,
Inc.
........
2,156
249,255
Summit
Hotel
Properties,
Inc.
............
2,657
17,297
1,908,570
Hotels,
Restaurants
&
Leisure
—
2.7%
Boyd
Gaming
Corp.
..................
29,540
1,988,633
Marriott
Vacations
Worldwide
Corp.
........
2,517
271,156
PlayAGS,
Inc.
(a)
.....................
3,494
31,376
Texas
Roadhouse,
Inc.
................
5,914
913,535
Wingstop,
Inc.
......................
3,244
1,188,602
4,393,302
Household
Durables
—
3.2%
Century
Communities,
Inc.
.............
1,424
137,416
GoPro,
Inc.
,
Class
A
(a)
.................
20,740
46,250
Installed
Building
Products,
Inc.
..........
3,533
914,093
Leggett
&
Platt,
Inc.
(b)
.................
41,348
791,814
MDC
Holdings,
Inc.
..................
405
25,479
PulteGroup,
Inc.
....................
3,563
429,769
Taylor
Morrison
Home
Corp.
(a)
...........
1,412
87,784
Toll
Brothers,
Inc.
....................
12,092
1,564,342
TopBuild
Corp.
(a)
....................
2,650
1,167,935
TRI
Pointe
Homes,
Inc.
(a)
...............
2,437
94,214
Universal
Electronics,
Inc.
(a)
.............
2,845
28,478
Vizio
Holding
Corp.
,
Class
A
(a)
...........
1,974
21,596
5,309,170
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
,
Class
A
(a)
.......
10,172
375,550
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Clearway
Energy,
Inc.
,
Class
A
...........
3,151
67,778
Insurance
—
3.2%
Ambac
Financial
Group,
Inc.
(a)
...........
1,546
24,164
Brighthouse
Financial,
Inc.
(a)
............
1,589
81,897
Crawford
&
Co.
,
Class
A
...............
3,089
29,129
Everest
Group
Ltd.
...................
825
327,938
Globe
Life,
Inc.
.....................
7,342
854,389
Kinsale
Capital
Group,
Inc.
(b)
............
957
502,176
Reinsurance
Group
of
America,
Inc.
.......
10,846
2,091,977
Selective
Insurance
Group,
Inc.
..........
3,184
347,597
Unum
Group
(b)
......................
17,908
960,943
5,220,210
Interactive
Media
&
Services
—
0.7%
Bumble,
Inc.
,
Class
A
(a)
................
43,581
494,644
Cargurus,
Inc.
,
Class
A
(a)
...............
1,315
30,350
Outbrain,
Inc.
(a)
.....................
9,264
36,593
Shutterstock,
Inc.
(b)
...................
3,303
151,311
Taboola.com
Ltd.
(a)
...................
35,623
158,166
Yelp,
Inc.
(a)
........................
1,629
64,183
ZipRecruiter,
Inc.
,
Class
A
(a)
.............
22,674
260,524
1,195,771
IT
Services
—
0.4%
(a)
Fastly,
Inc.
,
Class
A
..................
3,631
47,094
Kyndryl
Holdings,
Inc.
.................
24,945
542,803
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
SMID
Cap
V.I.
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
(continued)
Unisys
Corp.
.......................
5,276
$
25,905
Wix.com
Ltd.
.......................
550
75,614
691,416
Leisure
Products
—
0.0%
Mattel,
Inc.
(a)
.......................
915
18,126
Life
Sciences
Tools
&
Services
—
1.1%
10X
Genomics,
Inc.
,
Class
A
(a)
...........
516
19,365
Bio-Techne
Corp.
....................
1,918
135,008
Bruker
Corp.
.......................
5,652
530,949
Charles
River
Laboratories
International,
Inc.
(a)
705
191,020
Codexis,
Inc.
(a)
......................
19,564
68,278
Medpace
Holdings,
Inc.
(a)
..............
1,318
532,670
Personalis,
Inc.
(a)
....................
75,580
112,614
QIAGEN
NV
(a)
......................
2,152
92,515
Repligen
Corp.
(a)
....................
637
117,157
Seer,
Inc.
,
Class
A
(a)
..................
34,422
65,402
1,864,978
Machinery
—
3.8%
Astec
Industries,
Inc.
.................
1
44
Donaldson
Co.,
Inc.
..................
7,280
543,670
Flowserve
Corp.
....................
42,382
1,936,010
Graco,
Inc.
........................
620
57,945
Kennametal,
Inc.
(b)
...................
6,968
173,782
Manitowoc
Co.,
Inc.
(The)
(a)
.............
14,359
203,036
Mueller
Industries,
Inc.
................
14,256
768,826
Oshkosh
Corp.
.....................
16,766
2,090,888
Snap-on,
Inc.
......................
1,494
442,553
Terex
Corp.
........................
1,158
74,575
6,291,329
Marine
Transportation
—
0.1%
Matson,
Inc.
.......................
1,583
177,929
Media
—
0.5%
Cable
One,
Inc.
(b)
....................
519
219,605
comScore,
Inc.
(a)
....................
325
5,005
Gray
Television,
Inc.
..................
9,051
57,202
Integral
Ad
Science
Holding
Corp.
(a)
.......
1,188
11,844
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
1,937
57,529
New
York
Times
Co.
(The)
,
Class
A
........
1,383
59,773
PubMatic,
Inc.
,
Class
A
(a)
...............
6,591
156,339
TEGNA,
Inc.
.......................
5,079
75,880
Thryv
Holdings,
Inc.
(a)
.................
6,293
139,893
783,070
Metals
&
Mining
—
1.6%
Alcoa
Corp.
........................
30,451
1,028,939
Cleveland-Cliffs,
Inc.
(a)
................
17,707
402,657
Materion
Corp.
.....................
432
56,916
Olympic
Steel,
Inc.
...................
2,029
143,816
Radius
Recycling,
Inc.
,
Class
A
..........
557
11,769
Royal
Gold,
Inc.
.....................
4,808
585,662
Ryerson
Holding
Corp.
................
1,285
43,048
United
States
Steel
Corp.
..............
5,752
234,567
Warrior
Met
Coal,
Inc.
.................
858
52,081
2,559,455
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Granite
Point
Mortgage
Trust,
Inc.
........
13,379
63,818
Multi-Utilities
—
0.0%
Avista
Corp.
(b)
......................
1,982
69,410
Office
REITs
—
0.5%
Brandywine
Realty
Trust
...............
7,480
35,904
Cousins
Properties,
Inc.
...............
3,014
72,457
Security
Shares
Shares
Value
Office
REITs
(continued)
Equity
Commonwealth
(a)
...............
37,197
$
702,279
Paramount
Group,
Inc.
................
18,728
87,834
898,474
Oil,
Gas
&
Consumable
Fuels
—
4.3%
Antero
Resources
Corp.
(a)
..............
7,817
226,693
Ardmore
Shipping
Corp.
...............
9,425
154,759
Callon
Petroleum
Co.
(a)
................
881
31,505
Delek
US
Holdings,
Inc.
...............
6,289
193,324
EOG
Resources,
Inc.
.................
5,048
645,336
HF
Sinclair
Corp.
....................
21,837
1,318,300
International
Seaways,
Inc.
.............
3,536
188,115
Magnolia
Oil
&
Gas
Corp.
,
Class
A
(b)
.......
32,969
855,546
Murphy
Oil
Corp.
....................
29,786
1,361,220
Ovintiv,
Inc.
........................
1,272
66,017
PBF
Energy,
Inc.
,
Class
A
..............
13,583
781,973
Scorpio
Tankers,
Inc.
.................
2,119
151,614
SM
Energy
Co.
(b)
....................
14,244
710,063
World
Kinect
Corp.
(b)
..................
13,486
356,705
7,041,170
Paper
&
Forest
Products
—
0.1%
Louisiana-Pacific
Corp.
................
1,794
150,535
Passenger
Airlines
—
0.8%
Alaska
Air
Group,
Inc.
(a)
(b)
..............
22,279
957,774
Copa
Holdings
SA
,
Class
A
.............
620
64,579
JetBlue
Airways
Corp.
(a)
...............
43,702
324,269
1,346,622
Personal
Care
Products
—
0.1%
(a)
BellRing
Brands,
Inc.
.................
1,523
89,903
elf
Beauty,
Inc.
.....................
365
71,551
Nature's
Sunshine
Products,
Inc.
.........
1,667
34,623
196,077
Pharmaceuticals
—
1.9%
Alto
Neuroscience,
Inc.
(a)
...............
31
476
Atea
Pharmaceuticals,
Inc.
(a)
............
20,740
83,790
Corcept
Therapeutics,
Inc.
(a)
(b)
...........
28,069
707,058
Elanco
Animal
Health,
Inc.
(a)
.............
46,107
750,622
Harmony
Biosciences
Holdings,
Inc.
(a)
(b)
.....
5,202
174,683
Jazz
Pharmaceuticals
plc
(a)
.............
3,681
443,266
Perrigo
Co.
plc
.....................
16,230
522,444
Scilex
Holding
Co.
,
(Acquired
01/06/23
,
cost
$
17,290
)
(a)
(c)
.....................
1,650
2,488
Supernus
Pharmaceuticals,
Inc.
(a)
(b)
........
13,332
454,754
Tricida,
Inc.
(a)
(d)
.....................
14,390
—
3,139,581
Professional
Services
—
2.9%
ExlService
Holdings,
Inc.
(a)
(b)
............
43,564
1,385,335
Genpact
Ltd.
.......................
14,777
486,902
Insperity,
Inc.
.......................
13,668
1,498,149
KBR,
Inc.
.........................
1,084
69,007
Kelly
Services,
Inc.
,
Class
A
.............
5,396
135,116
ManpowerGroup,
Inc.
.................
450
34,938
Maximus,
Inc.
......................
8,202
688,148
Robert
Half,
Inc.
....................
5,845
463,392
4,760,987
Real
Estate
Management
&
Development
—
0.5%
Anywhere
Real
Estate,
Inc.
(a)
............
37,845
233,882
eXp
World
Holdings,
Inc.
(b)
..............
11,465
118,434
Forestar
Group,
Inc.
(a)
.................
1,037
41,677
Jones
Lang
LaSalle,
Inc.
(a)
..............
922
179,873
Opendoor
Technologies,
Inc.
(a)
(b)
..........
10,787
32,685
Zillow
Group,
Inc.
,
Class
A
(a)
............
1,438
68,822
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
SMID
Cap
V.I.
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Zillow
Group,
Inc.
,
Class
C
(a)
............
3,142
$
153,267
828,640
Residential
REITs
—
0.7%
Camden
Property
Trust
................
5,766
567,374
Independence
Realty
Trust,
Inc.
..........
30,014
484,126
NexPoint
Residential
Trust,
Inc.
..........
5,319
171,219
1,222,719
Retail
REITs
—
1.5%
Brixmor
Property
Group,
Inc.
............
74,878
1,755,889
Kimco
Realty
Corp.
..................
13,553
265,774
Kite
Realty
Group
Trust
................
18,420
399,346
2,421,009
Semiconductors
&
Semiconductor
Equipment
—
1.8%
Amkor
Technology,
Inc.
................
1,911
61,611
Astera
Labs,
Inc.
(a)
...................
1,758
130,426
Axcelis
Technologies,
Inc.
(a)
.............
4,969
554,143
Cirrus
Logic,
Inc.
(a)
...................
8,816
816,009
Maxeon
Solar
Technologies
Ltd.
(a)
.........
2,644
8,804
MaxLinear,
Inc.
(a)
....................
7,820
145,999
Photronics,
Inc.
(a)
....................
2,185
61,879
Power
Integrations,
Inc.
(b)
..............
16,981
1,214,991
2,993,862
Software
—
7.2%
8x8,
Inc.
(a)
.........................
52,309
141,234
ACI
Worldwide,
Inc.
(a)
.................
11,142
370,026
Appfolio,
Inc.
,
Class
A
(a)
...............
454
112,020
AppLovin
Corp.
,
Class
A
(a)
..............
11,505
796,376
Clear
Secure,
Inc.
,
Class
A
.............
4,387
93,312
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
.
1,688
29,861
CommVault
Systems,
Inc.
(a)
.............
4,324
438,583
Confluent,
Inc.
,
Class
A
(a)
..............
10,936
333,767
Domo,
Inc.
,
Class
B
(a)
.................
5,361
47,820
Dropbox,
Inc.
,
Class
A
(a)
...............
12,268
298,112
Elastic
NV
(a)
.......................
979
98,135
Everbridge,
Inc.
(a)
....................
1,046
36,432
Five9,
Inc.
(a)
.......................
10,371
644,143
Gitlab,
Inc.
,
Class
A
(a)
.................
1,578
92,029
Hut
8
Corp.
(a)
.......................
4,915
54,262
Informatica,
Inc.
,
Class
A
(a)
.............
5,133
179,655
Intapp,
Inc.
(a)
.......................
447
15,332
JFrog
Ltd.
(a)
........................
4,183
184,972
Manhattan
Associates,
Inc.
(a)
............
8,576
2,145,972
MicroStrategy,
Inc.
,
Class
A
(a)
............
255
434,663
Nutanix,
Inc.
,
Class
A
(a)
................
30,962
1,910,975
Pegasystems,
Inc.
...................
6,167
398,635
Q2
Holdings,
Inc.
(a)
(b)
..................
12,988
682,649
Qualys,
Inc.
(a)
(b)
.....................
1,571
262,153
RingCentral,
Inc.
,
Class
A
(a)
.............
2,654
92,200
SEMrush
Holdings,
Inc.
,
Class
A
(a)
........
12,925
171,386
SentinelOne,
Inc.
,
Class
A
(a)
.............
2,124
49,510
Smartsheet,
Inc.
,
Class
A
(a)
.............
7,215
277,778
Teradata
Corp.
(a)
....................
26,533
1,026,031
Upland
Software,
Inc.
(a)
................
36,896
114,009
Varonis
Systems,
Inc.
(a)
................
3,014
142,170
Workiva,
Inc.
,
Class
A
(a)
................
481
40,789
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
......
4,166
45,534
Zuora,
Inc.
,
Class
A
(a)
.................
16,628
151,647
11,912,172
Specialized
REITs
—
0.7%
Lamar
Advertising
Co.
,
Class
A
..........
9,011
1,076,003
Security
Shares
Shares
Value
Specialty
Retail
—
3.4%
1-800-Flowers.com,
Inc.
,
Class
A
(a)
........
5,056
$
54,756
Aaron's
Co.,
Inc.
(The)
................
37,527
281,453
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
........
1,675
209,928
Asbury
Automotive
Group,
Inc.
(a)
..........
1,729
407,664
AutoNation,
Inc.
(a)
....................
1,243
205,816
CarParts.com,
Inc.
(a)
..................
1,118
1,811
Carvana
Co.
,
Class
A
(a)
................
1,428
125,535
Chewy,
Inc.
,
Class
A
(a)
................
8,569
136,333
Five
Below,
Inc.
(a)
....................
3,194
579,328
Gap,
Inc.
(The)
(b)
....................
5,473
150,781
Group
1
Automotive,
Inc.
...............
180
52,601
Murphy
USA,
Inc.
...................
2,886
1,209,811
Penske
Automotive
Group,
Inc.
(b)
.........
4,695
760,543
Petco
Health
&
Wellness
Co.,
Inc.
(a)
(b)
......
82,252
187,535
Revolve
Group,
Inc.
,
Class
A
(a)
...........
4,332
91,708
RH
(a)
............................
236
82,189
Stitch
Fix,
Inc.
,
Class
A
(a)
...............
19,945
52,655
Upbound
Group,
Inc.
.................
3,698
130,207
Urban
Outfitters,
Inc.
(a)
................
8,937
388,045
Wayfair,
Inc.
,
Class
A
(a)
................
6,998
475,024
Zumiez,
Inc.
(a)
......................
784
11,909
5,595,632
Technology
Hardware,
Storage
&
Peripherals
—
0.8%
(a)
Pure
Storage,
Inc.
,
Class
A
.............
5,585
290,364
Super
Micro
Computer,
Inc.
.............
934
943,368
1,233,732
Textiles,
Apparel
&
Luxury
Goods
—
2.5%
Deckers
Outdoor
Corp.
(a)
...............
1,494
1,406,242
G-III
Apparel
Group
Ltd.
(a)
..............
13,307
386,036
Ralph
Lauren
Corp.
,
Class
A
............
8,058
1,512,970
Skechers
USA,
Inc.
,
Class
A
(a)
...........
11,871
727,218
4,032,466
Trading
Companies
&
Distributors
—
2.7%
Applied
Industrial
Technologies,
Inc.
.......
1,819
359,343
Beacon
Roofing
Supply,
Inc.
(a)
...........
6,771
663,693
BlueLinx
Holdings,
Inc.
(a)
...............
1,283
167,098
Boise
Cascade
Co.
..................
11,474
1,759,767
DNOW,
Inc.
(a)
......................
15,760
239,552
GATX
Corp.
.......................
6,808
912,476
GMS,
Inc.
(a)
........................
322
31,344
H&E
Equipment
Services,
Inc.
...........
716
45,953
Rush
Enterprises,
Inc.
,
Class
A
(b)
.........
1,332
71,289
WESCO
International,
Inc.
..............
943
161,517
4,412,032
Wireless
Telecommunication
Services
—
0.0%
Telephone
&
Data
Systems,
Inc.
..........
3,622
58,024
United
States
Cellular
Corp.
(a)
...........
464
16,936
74,960
Total
Long-Term
Investments
—
99
.0
%
(Cost:
$
143,180,056
)
..............................
162,918,709
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
SMID
Cap
V.I.
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2024
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
—
9.1%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.50
%
(g)
..................
13,281,937
$
13,288,577
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
....................
1,612,969
1,612,969
Total
Short-Term
Securities
—
9
.1
%
(Cost:
$
14,901,546
)
...............................
14,901,546
Total
Investments
—
108
.1
%
(Cost:
$
158,081,602
)
..............................
177,820,255
Liabilities
in
Excess
of
Other
Assets
—
(
8.1
)
%
.............
(
13,379,980
)
Net
Assets
—
100.0%
...............................
$
164,440,275
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$2,488,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$17,290.
(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
12/31/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
13,288,760
(a)
$
—
$
(
183
)
$
—
$
13,288,577
13,281,937
$
12,666
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
1,597,142
15,827
(a)
—
—
—
1,612,969
1,612,969
17,388
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
17,997,844
—
(
17,995,793
)
(a)
(
1,919
)
(
132
)
—
—
—
—
$
(
2,102
)
$
(
132
)
$
14,901,546
$
30,054
$
—
—
—
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
SMID
Cap
V.I.
Fund
7
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
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.
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.
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
....................................................
17
06/21/24
$
1,824
$
46,463
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
1,278,353
$
—
$
—
$
1,278,353
Air
Freight
&
Logistics
....................................
777,928
—
—
777,928
Automobile
Components
..................................
2,893,336
—
—
2,893,336
Banks
...............................................
7,283,142
—
—
7,283,142
Beverages
...........................................
1,021,262
—
—
1,021,262
Biotechnology
.........................................
8,883,246
—
—
8,883,246
Broadline
Retail
........................................
476,379
—
—
476,379
Building
Products
.......................................
6,382,430
—
—
6,382,430
Capital
Markets
........................................
3,756,667
—
—
3,756,667
Chemicals
............................................
3,662,115
—
—
3,662,115
Commercial
Services
&
Supplies
.............................
599,372
—
—
599,372
Communications
Equipment
................................
1,237,470
—
—
1,237,470
Construction
&
Engineering
................................
4,773,858
—
—
4,773,858
Construction
Materials
....................................
19,165
—
—
19,165
Consumer
Finance
......................................
3,297,267
—
—
3,297,267
Consumer
Staples
Distribution
&
Retail
........................
2,526,329
—
—
2,526,329
Containers
&
Packaging
..................................
522,439
—
—
522,439
Diversified
Consumer
Services
..............................
801,143
—
—
801,143
Diversified
REITs
.......................................
337,611
—
—
337,611
Diversified
Telecommunication
Services
........................
518,354
—
—
518,354
Electric
Utilities
........................................
842,646
—
—
842,646
Electrical
Equipment
.....................................
3,738,694
—
—
3,738,694
Electronic
Equipment,
Instruments
&
Components
.................
5,240,618
—
—
5,240,618
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Advantage
SMID
Cap
V.I.
Fund
8
Level
1
Level
2
Level
3
Total
Energy
Equipment
&
Services
..............................
$
724,601
$
—
$
—
$
724,601
Entertainment
.........................................
790,702
—
—
790,702
Financial
Services
......................................
4,021,312
—
—
4,021,312
Food
Products
.........................................
1,071,230
—
—
1,071,230
Gas
Utilities
...........................................
2,357,331
—
—
2,357,331
Ground
Transportation
...................................
1,473,909
—
—
1,473,909
Health
Care
Equipment
&
Supplies
...........................
2,958,074
—
—
2,958,074
Health
Care
Providers
&
Services
............................
3,217,392
—
—
3,217,392
Health
Care
Technology
..................................
1,107,779
—
—
1,107,779
Hotel
&
Resort
REITs
....................................
1,908,570
—
—
1,908,570
Hotels,
Restaurants
&
Leisure
..............................
4,393,302
—
—
4,393,302
Household
Durables
.....................................
5,309,170
—
—
5,309,170
Household
Products
.....................................
375,550
—
—
375,550
Independent
Power
and
Renewable
Electricity
Producers
............
67,778
—
—
67,778
Insurance
............................................
5,220,210
—
—
5,220,210
Interactive
Media
&
Services
...............................
1,195,771
—
—
1,195,771
IT
Services
...........................................
691,416
—
—
691,416
Leisure
Products
.......................................
18,126
—
—
18,126
Life
Sciences
Tools
&
Services
..............................
1,864,978
—
—
1,864,978
Machinery
............................................
6,291,329
—
—
6,291,329
Marine
Transportation
....................................
177,929
—
—
177,929
Media
...............................................
783,070
—
—
783,070
Metals
&
Mining
........................................
2,559,455
—
—
2,559,455
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
63,818
—
—
63,818
Multi-Utilities
..........................................
69,410
—
—
69,410
Office
REITs
..........................................
898,474
—
—
898,474
Oil,
Gas
&
Consumable
Fuels
...............................
7,041,170
—
—
7,041,170
Paper
&
Forest
Products
..................................
150,535
—
—
150,535
Passenger
Airlines
......................................
1,346,622
—
—
1,346,622
Personal
Care
Products
..................................
196,077
—
—
196,077
Pharmaceuticals
.......................................
3,137,093
2,488
—
3,139,581
Professional
Services
....................................
4,760,987
—
—
4,760,987
Real
Estate
Management
&
Development
.......................
828,640
—
—
828,640
Residential
REITs
.......................................
1,222,719
—
—
1,222,719
Retail
REITs
..........................................
2,421,009
—
—
2,421,009
Semiconductors
&
Semiconductor
Equipment
....................
2,993,862
—
—
2,993,862
Software
.............................................
11,912,172
—
—
11,912,172
Specialized
REITs
......................................
1,076,003
—
—
1,076,003
Specialty
Retail
........................................
5,595,632
—
—
5,595,632
Technology
Hardware,
Storage
&
Peripherals
....................
1,233,732
—
—
1,233,732
Textiles,
Apparel
&
Luxury
Goods
............................
4,032,466
—
—
4,032,466
Trading
Companies
&
Distributors
............................
4,412,032
—
—
4,412,032
Wireless
Telecommunication
Services
.........................
74,960
—
—
74,960
Short-Term
Securities
Money
Market
Funds
......................................
14,901,546
—
—
14,901,546
$
177,817,767
$
2,488
$
—
$
177,820,255
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
46,463
$
—
$
—
$
46,463
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
REIT
Real
Estate
Investment
Trust
Fair
Value
Hierarchy
as
of
Period
End
(continued)