BlackRock Variable Series Funds NPORTP BlackRock Advantage SMID Cap V.I. Fund (Sep 2024 report)

Schedule

Investments

(unaudited)

September

30,

2024

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Aerospace

Defense

—

1.5%

Axon

Enterprise,

Inc.

(a)

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

1,524

608,990

BWX

Technologies,

Inc.

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

4,696

510,455

Curtiss-Wright

Corp.

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

2,597

853,608

Hexcel

Corp.

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

282

17,436

Huntington

Ingalls

Industries,

Inc.

.........

1,538

406,617

Moog,

Inc.

Class

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

139

28,081

Textron,

Inc.

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

383

33,926

Woodward,

Inc.

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

310

53,168

2,512,281

Automobile

Components

—

1.6%

Adient

plc

(a)

(b)

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

32,211

727,002

BorgWarner,

Inc.

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

5,971

216,688

Dana,

Inc.

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

3,275

34,584

Goodyear

Tire

Rubber

Co.

(The)

(a)

.......

14,576

128,998

Lear

Corp.

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

5,694

621,500

Modine

Manufacturing

Co.

(a)

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

2,333

309,799

Patrick

Industries,

Inc.

(b)

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

1,895

269,791

Visteon

Corp.

(a)

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

3,112

296,387

2,604,749

Banks

—

4.6%

Amalgamated

Financial

Corp.

...........

12,870

403,732

Bank

OZK

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

2,711

116,546

Bar

Harbor

Bankshares

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

2,403

74,109

Capital

City

Bank

Group,

Inc.

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

1,274

44,959

Commerce

Bancshares,

Inc.

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

1,489

88,447

ConnectOne

Bancorp,

Inc.

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

6,767

169,513

Cullen/Frost

Bankers,

Inc.

(b)

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

4,925

550,910

Enterprise

Bancorp,

Inc.

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

1,803

57,624

Enterprise

Financial

Services

Corp.

.......

3,563

182,639

Financial

Corp.

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

5,198

243,942

First

Bank

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

3,174

48,245

First

Business

Financial

Services,

Inc.

......

899

40,985

First

Horizon

Corp.

(b)

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

49,008

761,094

First

Internet

Bancorp

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

3,608

123,610

FNB

Corp.

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

7,512

105,994

Hancock

Whitney

Corp.

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

10,918

558,674

Heritage

Commerce

Corp.

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

19,336

191,040

Heritage

Financial

Corp.

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

112

2,438

HomeTrust

Bancshares,

Inc.

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

2,907

99,071

Horizon

Bancorp,

Inc.

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

11,852

184,299

Independent

Bank

Corp.

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

32,873

1,096,315

Independent

Bank

Group,

Inc.

...........

915

52,759

Mercantile

Bank

Corp.

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

2,127

92,992

Midland

States

Bancorp,

Inc.

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

10,607

237,385

Northfield

Bancorp,

Inc.

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

6,557

76,061

OceanFirst

Financial

Corp.

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

30,584

568,557

Prosperity

Bancshares,

Inc.

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

1,606

115,744

Provident

Financial

Services,

Inc.

.........

3,672

68,152

Shore

Bancshares,

Inc.

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

2,789

39,018

Southern

First

Bancshares,

Inc.

(a)

.........

1,370

46,690

Univest

Financial

Corp.

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

3,668

103,218

Valley

National

Bancorp

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

54,237

491,387

Webster

Financial

Corp.

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

916

42,695

Western

New

England

Bancorp,

Inc.

.......

8,042

68,357

Wintrust

Financial

Corp.

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

2,578

279,790

7,426,991

Beverages

—

0.1%

Primo

Water

Corp.

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

8,747

220,862

Biotechnology

—

6.3%

(a)

ACADIA

Pharmaceuticals,

Inc.

...........

21,288

327,409

ADMA

Biologics,

Inc.

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

12,693

253,733

Security

Value

Biotechnology

(continued)

Akero

Therapeutics,

Inc.

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

965

27,686

Alector,

Inc.

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

23,938

111,551

Aligos

Therapeutics,

Inc.

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

390

Amicus

Therapeutics,

Inc.

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

23,138

247,114

AnaptysBio,

Inc.

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

2,745

91,957

Apellis

Pharmaceuticals,

Inc.

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

7,630

220,049

Arcturus

Therapeutics

Holdings,

Inc.

.......

4,781

110,967

Arcus

Biosciences,

Inc.

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

1,373

20,993

Avidity

Biosciences,

Inc.

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

553

25,399

BioCryst

Pharmaceuticals,

Inc.

...........

15,093

114,707

Blueprint

Medicines

Corp.

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

4,715

436,138

CareDx,

Inc.

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

5,238

163,557

Catalyst

Pharmaceuticals,

Inc.

...........

11,859

235,757

CRISPR

Therapeutics

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

3,182

149,490

Cytokinetics,

Inc.

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

230

12,144

Denali

Therapeutics,

Inc.

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

11,881

346,094

Dyne

Therapeutics,

Inc.

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

527

18,930

Exact

Sciences

Corp.

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

7,263

494,756

Exelixis,

Inc.

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

6,448

167,326

Fate

Therapeutics,

Inc.

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

12,324

43,134

Halozyme

Therapeutics,

Inc.

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

5,389

308,466

Ideaya

Biosciences,

Inc.

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

3,352

106,191

Insmed,

Inc.

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

1,861

135,853

Intellia

Therapeutics,

Inc.

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

13,351

274,363

Ionis

Pharmaceuticals,

Inc.

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

10,718

429,363

iTeos

Therapeutics,

Inc.

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

13,169

134,455

Kiniksa

Pharmaceuticals

International

plc

....

11,476

286,785

Kronos

Bio,

Inc.

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

25,301

25,298

Kura

Oncology,

Inc.

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

5,528

108,017

Kymera

Therapeutics,

Inc.

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

1,355

64,132

MannKind

Corp.

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

3,950

24,845

Myriad

Genetics,

Inc.

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

5,543

151,823

Natera,

Inc.

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

5,222

662,933

Neurocrine

Biosciences,

Inc.

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

4,995

575,524

Protagonist

Therapeutics,

Inc.

...........

1,975

88,875

PTC

Therapeutics,

Inc.

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

9,595

355,974

Quince

Therapeutics,

Inc.

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

3,368

2,614

Relay

Therapeutics,

Inc.

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

22,642

160,305

REVOLUTION

Medicines,

Inc.

...........

513

23,265

Sarepta

Therapeutics,

Inc.

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

4,094

511,300

SQZ

Biotechnologies

Co.

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

601

Syndax

Pharmaceuticals,

Inc.

...........

1,943

37,403

Therapeutics,

Inc.

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

8,441

197,435

Travere

Therapeutics,

Inc.

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

1,901

26,595

Ultragenyx

Pharmaceutical,

Inc.

..........

7,525

418,014

United

Therapeutics

Corp.

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

1,909

684,090

Vanda

Pharmaceuticals,

Inc.

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

44,993

211,017

Vaxcyte,

Inc.

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

1,581

180,661

Veracyte,

Inc.

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

3,145

107,056

Vericel

Corp.

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

1,990

84,078

Verve

Therapeutics,

Inc.

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

5,909

28,600

Viking

Therapeutics,

Inc.

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

2,624

166,125

Voyager

Therapeutics,

Inc.

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

6,119

35,796

10,226,546

Broadline

Retail

—

0.3%

Dillard's,

Inc.

Class

(b)

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

178

68,297

Etsy,

Inc.

(a)

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

1,981

110,005

Macy's,

Inc.

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

13,240

207,735

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

......

1,260

122,472

508,509

Building

Products

—

3.7%

Smith

Corp.

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

3,598

323,208

Advanced

Drainage

Systems,

Inc.

........

11,910

1,871,776

Allegion

plc

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

814

118,632

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Building

Products

(continued)

Armstrong

World

Industries,

Inc.

..........

288

37,852

AZEK

Co.,

Inc.

(The)

Class

(a)

(b)

.........

23,122

1,082,109

Builders

FirstSource,

Inc.

(a)

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

656

127,172

Caesarstone

Ltd.

(a)

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

10,507

47,912

Gibraltar

Industries,

Inc.

(a)

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

1,674

117,063

Owens

Corning

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

1,432

252,777

Trex

Co.,

Inc.

(a)

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

3,429

228,303

Zurn

Elkay

Water

Solutions

Corp.

.........

49,773

1,788,842

5,995,646

Capital

Markets

—

3.8%

Evercore,

Inc.

Class

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

1,700

430,678

Federated

Hermes,

Inc.

Class

.........

8,207

301,771

Houlihan

Lokey,

Inc.

Class

(b)

...........

5,244

828,657

Interactive

Brokers

Group,

Inc.

Class

.....

5,848

814,977

Invesco

Ltd.

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

55,258

970,331

Morningstar,

Inc.

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

212

67,653

Raymond

James

Financial,

Inc.

..........

199

24,370

Robinhood

Markets,

Inc.

Class

(a)

........

10,196

238,790

SEI

Investments

Co.

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

23,184

1,604,101

Silvercrest

Asset

Management

Group,

Inc.

Class

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

933

16,085

Stifel

Financial

Corp.

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

4,084

383,488

Virtu

Financial,

Inc.

Class

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

10,521

320,470

XP,

Inc.

Class

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

6,779

121,615

6,122,986

Chemicals

—

1.7%

Cabot

Corp.

(b)

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

4,815

538,173

Industries

Holdings,

Inc.

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

270

23,166

Huntsman

Corp.

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

63,476

1,536,119

Koppers

Holdings,

Inc.

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

668

24,402

Minerals

Technologies,

Inc.

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

6,668

514,970

Mosaic

Co.

(The)

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

2,267

60,710

Quaker

Chemical

Corp.

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

366

61,667

2,759,207

Commercial

Services

Supplies

—

0.0%

Tetra

Tech,

Inc.

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

410

19,336

Communications

Equipment

—

0.2%

NETGEAR,

Inc.

(a)

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

16,201

324,992

Construction

Engineering

—

3.1%

AECOM

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

4,617

476,798

Comfort

Systems

USA,

Inc.

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

3,921

1,530,562

Dycom

Industries,

Inc.

(a)

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

2,584

509,306

EMCOR

Group,

Inc.

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

4,813

2,072,141

MasTec,

Inc.

(a)

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

2,139

263,311

Primoris

Services

Corp.

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

1,853

107,622

Sterling

Infrastructure,

Inc.

(a)

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

1,004

145,600

5,105,340

Consumer

Finance

—

1.9%

Enova

International,

Inc.

(a)

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

9,599

804,300

EZCORP,

Inc.

Class

(a)

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

44,113

494,507

FirstCash

Holdings,

Inc.

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

5,920

679,616

OneMain

Holdings,

Inc.

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

15,743

741,023

Oportun

Financial

Corp.

(a)

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

18,045

50,706

PROG

Holdings,

Inc.

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

1,567

75,984

Regional

Management

Corp.

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

9,597

313,918

3,160,054

Consumer

Staples

Distribution

Retail

—

1.0%

Albertsons

Cos.,

Inc.

Class

...........

12,060

222,869

Performance

Food

Group

Co.

(a)

..........

13,670

1,071,318

Security

Value

Consumer

Staples

Distribution

Retail

(continued)

Sprouts

Farmers

Market,

Inc.

(a)

...........

3,664

404,542

1,698,729

Containers

Packaging

—

0.7%

AptarGroup,

Inc.

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

3,164

506,841

Crown

Holdings,

Inc.

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

4,823

462,430

Packaging

Corp.

America

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

263

56,650

Sonoco

Products

Co.

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

1,800

98,334

1,124,255

Diversified

Consumer

Services

—

1.0%

Bright

Horizons

Family

Solutions,

Inc.

(a)

.....

3,635

509,373

Frontdoor,

Inc.

(a)

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

1,960

94,060

Grand

Canyon

Education,

Inc.

(a)

..........

1,800

255,330

H&R

Block,

Inc.

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

4,754

302,117

Laureate

Education,

Inc.

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

25,087

416,695

Strategic

Education,

Inc.

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

181

16,751

1,594,326

Diversified

REITs

—

0.4%

American

Assets

Trust,

Inc.

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

15,034

401,708

CTO

Realty

Growth,

Inc.

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

9,389

178,579

580,287

Diversified

Telecommunication

Services

—

0.2%

ATN

International,

Inc.

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

535

17,302

Bandwidth,

Inc.

Class

(a)

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

1,043

18,263

Iridium

Communications,

Inc.

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

8,917

271,522

Liberty

Global

Ltd.

Class

(a)

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

1,835

38,737

345,824

Electric

Utilities

—

0.6%

Portland

General

Electric

Co.

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

9,059

433,926

TXNM

Energy,

Inc.

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

13,302

582,229

1,016,155

Electrical

Equipment

—

1.2%

Acuity

Brands,

Inc.

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

1,694

466,511

Atkore,

Inc.

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

442

37,455

EnerSys

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

2,053

209,509

Generac

Holdings,

Inc.

(a)

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

5,183

823,475

nVent

Electric

plc

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

3,738

262,632

Vertiv

Holdings

Co.

Class

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

1,748

173,908

1,973,490

Electronic

Equipment,

Instruments

Components

—

2.2%

Avnet,

Inc.

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

5,727

311,033

Badger

Meter,

Inc.

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

1,238

270,392

Fabrinet

(a)

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

2,212

523,005

Flex

Ltd.

(a)

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

28,120

940,052

Insight

Enterprises,

Inc.

(a)

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

584

125,788

Kimball

Electronics,

Inc.

(a)

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

1,033

19,121

Napco

Security

Technologies,

Inc.

........

1,275

51,587

OSI

Systems,

Inc.

(a)

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

407

61,795

Connection,

Inc.

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

515

38,846

Sanmina

Corp.

(a)

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

5,525

378,186

SYNNEX

Corp.

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

3,425

411,274

TTM

Technologies,

Inc.

(a)

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

29,302

534,761

3,665,840

Energy

Equipment

Services

—

0.9%

Borr

Drilling

Ltd.

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

4,568

25,078

Forum

Energy

Technologies,

Inc.

(a)

........

2,130

32,930

Helmerich

Payne,

Inc.

(b)

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

14,298

434,945

Liberty

Energy,

Inc.

Class

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

11,893

227,037

Noble

Corp.

plc

(b)

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

3,891

140,621

NOV,

Inc.

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

10,468

167,174

Patterson-UTI

Energy,

Inc.

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

16,261

124,397

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Energy

Equipment

Services

(continued)

ProPetro

Holding

Corp.

(a)

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

25,592

196,035

Schlumberger

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

1,004

42,118

1,390,335

Entertainment

—

0.6%

Gaia,

Inc.

Class

(a)

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

1,508

7,344

Lions

Gate

Entertainment

Corp.

Class

(a)

...

7,869

61,614

Lions

Gate

Entertainment

Corp.

Class

(a)

...

2,520

17,439

Marcus

Corp.

(The)

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

7,558

113,899

Roku,

Inc.

Class

(a)

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

10,313

769,968

970,264

Financial

Services

—

2.1%

Affirm

Holdings,

Inc.

Class

(a)

...........

3,281

133,930

Essent

Group

Ltd.

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

3,510

225,658

Euronet

Worldwide,

Inc.

(a)

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

15,583

1,546,301

Jack

Henry

Associates,

Inc.

...........

5,154

909,887

MGIC

Investment

Corp.

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

1,657

42,419

Cooper

Group,

Inc.

(a)

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

1,458

134,399

Pagseguro

Digital

Ltd.

Class

(a)

.........

40,343

347,353

Velocity

Financial,

Inc.

(a)

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

3,267

64,066

3,404,013

Food

Products

—

1.1%

Flowers

Foods,

Inc.

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

15,055

347,319

Freshpet,

Inc.

(a)

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

6,918

946,175

Pilgrim's

Pride

Corp.

(a)

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

6,858

315,811

Vital

Farms,

Inc.

(a)

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

4,716

165,390

1,774,695

Gas

Utilities

—

1.6%

New

Jersey

Resources

Corp.

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

23,254

1,097,589

ONE

Gas,

Inc.

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

1,644

122,346

Southwest

Gas

Holdings,

Inc.

...........

6,778

499,945

UGI

Corp.

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

35,277

882,631

2,602,511

Ground

Transportation

—

0.5%

Covenant

Logistics

Group,

Inc.

Class

.....

1,942

102,615

XPO,

Inc.

(a)

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

6,241

670,970

773,585

Health

Care

Equipment

Supplies

—

1.4%

Accuray,

Inc.

(a)

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

14,060

25,308

AngioDynamics,

Inc.

(a)

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

4,090

31,820

Envista

Holdings

Corp.

(a)

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

11,132

219,968

Establishment

Labs

Holdings,

Inc.

(a)

.......

1,372

59,366

Haemonetics

Corp.

(a)

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

3,182

255,769

Inmode

Ltd.

(a)

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

7,403

125,481

Inspire

Medical

Systems,

Inc.

(a)

(b)

.........

1,039

219,281

iRadimed

Corp.

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

2,526

127,033

LeMaitre

Vascular,

Inc.

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

4,447

413,082

Masimo

Corp.

(a)

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

2,344

312,525

Novocure

Ltd.

(a)

(b)

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

14,828

231,762

Omnicell,

Inc.

(a)

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

2,293

99,975

Tactile

Systems

Technology,

Inc.

(a)

........

3,054

44,619

TransMedics

Group,

Inc.

(a)

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

448

70,336

2,236,325

Health

Care

Providers

Services

—

3.1%

Addus

HomeCare

Corp.

(a)

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

687

91,391

CareMax,

Inc.

Class

(a)

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

148

251

Castle

Biosciences,

Inc.

(a)

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

2,307

65,796

Chemed

Corp.

(b)

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

2,336

1,403,866

Cross

Country

Healthcare,

Inc.

(a)

.........

1,527

20,523

Encompass

Health

Corp.

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

5,864

566,697

Guardant

Health,

Inc.

(a)

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

5,420

124,335

Hims

Hers

Health,

Inc.

Class

(a)

........

1,376

25,346

Security

Value

Health

Care

Providers

Services

(continued)

Nano-X

Imaging

Ltd.

(a)

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

3,377

20,532

PetIQ,

Inc.

Class

(a)

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

681

20,954

Privia

Health

Group,

Inc.

(a)

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

3,422

62,315

Progyny,

Inc.

(a)

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

8,072

135,287

Surgery

Partners,

Inc.

(a)

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

8,517

274,588

Tenet

Healthcare

Corp.

(a)

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

4,101

681,586

Universal

Health

Services,

Inc.

Class

....

6,965

1,595,055

5,088,522

Health

Care

Technology

—

0.1%

(a)

Health

Catalyst,

Inc.

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

13,770

112,088

Phreesia,

Inc.

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

2,188

49,865

Teladoc

Health,

Inc.

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

9,091

83,455

245,408

Hotel

Resort

REITs

—

0.7%

Park

Hotels

Resorts,

Inc.

(b)

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

68,596

967,203

Pebblebrook

Hotel

Trust

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

3,118

41,251

RLJ

Lodging

Trust

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

8,765

80,463

Summit

Hotel

Properties,

Inc.

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

2,657

18,227

1,107,144

Hotels,

Restaurants

Leisure

—

2.8%

Aramark

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

669

25,910

Life

Time

Group

Holdings,

Inc.

(a)

..........

5,585

136,386

Light

Wonder,

Inc.

Class

(a)

...........

659

59,791

Marriott

Vacations

Worldwide

Corp.

........

5,272

387,386

PlayAGS,

Inc.

(a)

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

3,494

39,797

Rush

Street

Interactive,

Inc.

Class

(a)

.....

1,467

15,917

Texas

Roadhouse,

Inc.

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

6,465

1,141,719

Travel

Leisure

Co.

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

16,206

746,772

Wingstop,

Inc.

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

4,784

1,990,527

4,544,205

Household

Durables

—

1.9%

Champion

Homes,

Inc.

(a)

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

579

54,918

Installed

Building

Products,

Inc.

..........

590

145,299

M/I

Homes,

Inc.

(a)

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

601

102,988

Newell

Brands,

Inc.

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

17,599

135,160

Toll

Brothers,

Inc.

(b)

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

14,098

2,178,000

TopBuild

Corp.

(a)

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

743

302,260

TRI

Pointe

Homes,

Inc.

(a)

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

1,655

74,988

Universal

Electronics,

Inc.

(a)

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

2,845

26,259

Vizio

Holding

Corp.

Class

(a)

...........

1,959

21,882

3,041,754

Household

Products

—

0.3%

Central

Garden

Pet

Co.

Class

(a)

.......

10,749

337,518

Spectrum

Brands

Holdings,

Inc.

..........

2,013

191,517

529,035

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Vistra

Corp.

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

2,781

329,660

Industrial

Conglomerates

—

0.1%

Brookfield

Business

Corp.

Class

........

4,423

112,035

Industrial

REITs

—

0.6%

EastGroup

Properties,

Inc.

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

1,428

266,779

First

Industrial

Realty

Trust,

Inc.

..........

13,296

744,310

1,011,089

Insurance

—

2.8%

Ambac

Financial

Group,

Inc.

(a)

...........

1,546

17,331

AMERISAFE,

Inc.

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

1,717

82,983

CNO

Financial

Group,

Inc.

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

2,721

95,507

Crawford

Co.

Class

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

3,089

33,886

Donegal

Group,

Inc.

Class

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

1,141

16,818

Fidelis

Insurance

Holdings

Ltd.

...........

3,465

62,578

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Insurance

(continued)

Hanover

Insurance

Group,

Inc.

(The)

......

1,338

198,171

Kemper

Corp.

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

2,412

147,735

Kinsale

Capital

Group,

Inc.

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

671

312,398

Oscar

Health,

Inc.

Class

(a)

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

4,394

93,197

Palomar

Holdings,

Inc.

(a)

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

1,487

140,774

Reinsurance

Group

America,

Inc.

.......

9,576

2,086,323

Selective

Insurance

Group,

Inc.

..........

1,301

121,383

TWFG,

Inc.

(a)

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

626

16,977

Unum

Group

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

17,908

1,064,452

4,490,513

Interactive

Media

Services

—

0.6%

(a)

Bumble,

Inc.

Class

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

24,240

154,651

EverQuote,

Inc.

Class

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

8,565

180,636

MediaAlpha,

Inc.

Class

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

8,735

158,191

Outbrain,

Inc.

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

9,264

45,023

QuinStreet,

Inc.

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

896

17,140

Taboola.com

Ltd.

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

35,623

119,693

Yelp,

Inc.

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

3,002

105,310

Ziff

Davis,

Inc.

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

404

19,659

ZipRecruiter,

Inc.

Class

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

25,671

243,875

1,044,178

Services

—

0.4%

(a)

Kyndryl

Holdings,

Inc.

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

27,715

636,890

Squarespace,

Inc.

Class

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

1,532

71,131

708,021

Leisure

Products

—

0.5%

(a)

Mattel,

Inc.

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

6,171

117,558

YETI

Holdings,

Inc.

(b)

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

15,199

623,615

741,173

Life

Sciences

Tools

Services

—

1.0%

10X

Genomics,

Inc.

Class

(a)

...........

4,146

93,617

Bio-Techne

Corp.

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

1,991

159,140

Bruker

Corp.

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

4,495

310,425

Charles

River

Laboratories

International,

Inc.

(a)

544

107,152

Codexis,

Inc.

(a)

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

19,564

60,257

Medpace

Holdings,

Inc.

(a)

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

1,430

477,334

Personalis,

Inc.

(a)

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

24,001

129,125

QIAGEN

(a)

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

2,152

98,066

Repligen

Corp.

(a)

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

379

56,403

Seer,

Inc.

Class

(a)

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

33,945

66,872

1,558,391

Machinery

—

3.5%

Astec

Industries,

Inc.

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

Blue

Bird

Corp.

(a)

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

1,855

88,966

Donaldson

Co.,

Inc.

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

8,463

623,723

Federal

Signal

Corp.

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

4,247

396,925

Flowserve

Corp.

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

37,258

1,925,866

ITT,

Inc.

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

4,543

679,224

Kennametal,

Inc.

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

6,968

180,680

Oshkosh

Corp.

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

16,043

1,607,669

Shyft

Group,

Inc.

(The)

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

8,534

107,102

Trinity

Industries,

Inc.

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

1,004

34,979

5,645,166

Marine

Transportation

—

0.2%

Kirby

Corp.

(a)

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

3,037

371,820

Media

—

1.0%

Cable

One,

Inc.

(b)

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

1,091

381,621

EchoStar

Corp.

Class

(a)

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

3,072

76,247

Gray

Television,

Inc.

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

9,051

48,513

New

York

Times

Co.

(The)

Class

........

11,526

641,653

Paramount

Global

Class

(b)

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

18,045

191,638

Security

Value

Media

(continued)

PubMatic,

Inc.

Class

(a)

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

6,591

98,008

Sirius

Holdings,

Inc.

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

1,601

37,864

TEGNA,

Inc.

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

4,959

78,253

Thryv

Holdings,

Inc.

(a)

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

6,293

108,428

1,662,225

Metals

Mining

—

1.7%

Alcoa

Corp.

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

19,718

760,720

Alpha

Metallurgical

Resources,

Inc.

.......

481

113,603

Century

Aluminum

Co.

(a)

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

1,258

20,417

Cleveland-Cliffs,

Inc.

(a)

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

80,136

1,023,337

Kaiser

Aluminum

Corp.

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

1,815

131,624

Materion

Corp.

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

1,386

155,038

Olympic

Steel,

Inc.

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

1,997

77,883

Piedmont

Lithium,

Inc.

(a)

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

2,723

24,316

Royal

Gold,

Inc.

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

1,489

208,907

Tredegar

Corp.

(a)

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

3,629

26,455

United

States

Steel

Corp.

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

5,664

200,109

2,742,409

Multi-Utilities

—

0.1%

Avista

Corp.

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

1,973

76,454

Northwestern

Energy

Group,

Inc.

.........

372

21,286

97,740

Office

REITs

—

1.0%

Brandywine

Realty

Trust

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

7,441

40,479

Cousins

Properties,

Inc.

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

2,936

86,553

Equity

Commonwealth

(a)

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

24,985

497,202

Kilroy

Realty

Corp.

(b)

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

23,213

898,343

Paramount

Group,

Inc.

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

18,728

92,142

1,614,719

Oil,

Gas

Consumable

Fuels

—

3.9%

Antero

Resources

Corp.

(a)

(b)

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

24,366

698,086

Ardmore

Shipping

Corp.

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

8,656

156,674

Civitas

Resources,

Inc.

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

5,603

283,904

Delek

Holdings,

Inc.

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

5,631

105,581

EOG

Resources,

Inc.

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

2,079

255,571

Sinclair

Corp.

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

16,758

746,904

Matador

Resources

Co.

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

6,749

333,536

Murphy

Oil

Corp.

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

44,316

1,495,222

Ovintiv,

Inc.

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

40,669

1,558,029

PBF

Energy,

Inc.

Class

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

4,180

129,371

Plains

Holdings

Class

..........

19,535

361,397

REX

American

Resources

Corp.

(a)

........

3,458

160,071

6,284,346

Paper

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

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

6,478

696,126

Passenger

Airlines

—

0.7%

Alaska

Air

Group,

Inc.

(a)

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

16,917

764,818

Copa

Holdings

Class

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

463

43,448

SkyWest,

Inc.

(a)

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

3,110

264,412

1,072,678

Personal

Care

Products

—

0.1%

(a)

BellRing

Brands,

Inc.

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

3,036

184,346

Nature's

Sunshine

Products,

Inc.

.........

1,667

22,704

207,050

Pharmaceuticals

—

2.3%

Arvinas,

Inc.

(a)

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

787

19,384

Atea

Pharmaceuticals,

Inc.

(a)

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

20,740

69,479

Corcept

Therapeutics,

Inc.

(a)

(b)

...........

16,575

767,091

Edgewise

Therapeutics,

Inc.

(a)

...........

2,678

71,476

Elanco

Animal

Health,

Inc.

(a)

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

34,776

510,860

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Value

Pharmaceuticals

(continued)

Fulcrum

Therapeutics,

Inc.

(a)

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

1,685

6,016

Harmony

Biosciences

Holdings,

Inc.

(a)

(b)

.....

8,703

348,120

Intra-Cellular

Therapies,

Inc.

(a)

...........

3,054

223,461

Jazz

Pharmaceuticals

plc

(a)

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

7,957

886,489

Phibro

Animal

Health

Corp.

Class

.......

916

20,628

Prestige

Consumer

Healthcare,

Inc.

(a)

......

4,922

354,876

Scilex

Holding

Co.

(Acquired

01/06/23

cost

17,290

)

(a)

(c)

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

1,650

1,473

SIGA

Technologies,

Inc.

(b)

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

10,052

67,851

Supernus

Pharmaceuticals,

Inc.

(a)

.........

12,073

376,436

Tarsus

Pharmaceuticals,

Inc.

(a)

...........

1,034

34,008

3,757,648

Professional

Services

—

3.1%

ExlService

Holdings,

Inc.

(a)

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

46,830

1,786,564

FTI

Consulting,

Inc.

(a)

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

4,717

1,073,400

Insperity,

Inc.

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

7,132

627,616

KBR,

Inc.

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

1,084

70,601

ManpowerGroup,

Inc.

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

450

33,084

Maximus,

Inc.

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

10,729

999,514

Parsons

Corp.

(a)

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

473

49,041

Robert

Half,

Inc.

(b)

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

6,651

448,344

5,088,164

Real

Estate

Management

Development

—

0.2%

Anywhere

Real

Estate,

Inc.

(a)

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

24,298

123,434

St.

Joe

Co.

(The)

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

1,395

81,343

Zillow

Group,

Inc.

Class

(a)

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

1,195

74,006

278,783

Residential

REITs

—

0.2%

Camden

Property

Trust

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

1,934

238,907

NexPoint

Residential

Trust,

Inc.

..........

3,675

161,737

400,644

Retail

REITs

—

1.9%

Brixmor

Property

Group,

Inc.

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

64,923

1,808,755

Kimco

Realty

Corp.

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

13,121

304,670

Kite

Realty

Group

Trust

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

37,836

1,004,924

3,118,349

Semiconductors

Semiconductor

Equipment

—

2.7%

ACM

Research,

Inc.

Class

(a)

...........

3,106

63,052

Ambarella,

Inc.

(a)

(b)

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

3,127

176,378

Cirrus

Logic,

Inc.

(a)

(b)

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

3,058

379,834

Credo

Technology

Group

Holding

Ltd.

(a)

.....

4,331

133,395

Diodes,

Inc.

(a)

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

251

16,087

Impinj,

Inc.

(a)

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

125

27,065

Maxeon

Solar

Technologies

Ltd.

(a)

.........

2,644

256

Onto

Innovation,

Inc.

(a)

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

4,326

897,904

Photronics,

Inc.

(a)

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

2,185

54,101

Power

Integrations,

Inc.

(b)

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

15,435

989,692

Silicon

Laboratories,

Inc.

(a)

(b)

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

2,238

258,646

SolarEdge

Technologies,

Inc.

(a)

...........

2,186

50,081

Synaptics,

Inc.

(a)

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

18,192

1,411,335

4,457,826

Software

—

6.7%

ACI

Worldwide,

Inc.

(a)

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

18,628

948,165

Appfolio,

Inc.

Class

(a)

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

114

26,836

Bit

Digital,

Inc.

(a)

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

4,186

14,693

Box,

Inc.

Class

(a)

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

4,954

162,144

Braze,

Inc.

Class

(a)

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

8,841

285,918

CommVault

Systems,

Inc.

(a)

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

3,014

463,704

Confluent,

Inc.

Class

(a)

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

5,430

110,663

DoubleVerify

Holdings,

Inc.

(a)

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

18,324

308,576

Dropbox,

Inc.

Class

(a)

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

16,857

428,674

Security

Value

Software

(continued)

Elastic

(a)

(b)

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

848

65,092

Five9,

Inc.

(a)

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

4,222

121,298

Gitlab,

Inc.

Class

(a)

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

4,938

254,505

Guidewire

Software,

Inc.

(a)

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

4,270

781,154

HashiCorp,

Inc.

Class

(a)

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

2,482

84,041

Informatica,

Inc.

Class

(a)

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

6,354

160,629

JFrog

Ltd.

(a)

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

4,183

121,474

LiveRamp

Holdings,

Inc.

(a)

(b)

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

11,670

289,183

Manhattan

Associates,

Inc.

(a)

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

5,948

1,673,648

Nutanix,

Inc.

Class

(a)

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

16,789

994,748

Ooma,

Inc.

(a)

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

30,247

344,513

Pegasystems,

Inc.

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

5,323

389,058

Qualys,

Inc.

(a)

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

905

116,256

RingCentral,

Inc.

Class

(a)

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

10,622

335,974

SEMrush

Holdings,

Inc.

Class

(a)

........

2,987

46,926

SentinelOne,

Inc.

Class

(a)

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

2,473

59,154

Smartsheet,

Inc.

Class

(a)

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

11,102

614,607

Teradata

Corp.

(a)

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

10,584

321,119

Varonis

Systems,

Inc.

(a)

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

12,419

701,673

Verint

Systems,

Inc.

(a)

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

1,648

41,744

Workiva,

Inc.

Class

(a)

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

3,990

315,689

Zeta

Global

Holdings

Corp.

Class

(a)

......

8,218

245,143

Zuora,

Inc.

Class

(a)

(b)

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

16,628

143,333

10,970,334

Specialized

REITs

—

1.8%

Gaming

Leisure

Properties,

Inc.

........

21,328

1,097,326

Lamar

Advertising

Co.

Class

(b)

.........

13,802

1,843,947

2,941,273

Specialty

Retail

—

4.0%

1-800-Flowers.com,

Inc.

Class

(a)

........

5,056

40,094

Aaron's

Co.,

Inc.

(The)

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

785

7,811

Abercrombie

Fitch

Co.

Class

(a)

........

2,287

319,951

Bath

Body

Works,

Inc.

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

2,857

91,195

Boot

Barn

Holdings,

Inc.

(a)

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

1,408

235,530

Carvana

Co.

Class

(a)

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

4,972

865,675

Chewy,

Inc.

Class

(a)

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

1,067

31,252

Dick's

Sporting

Goods,

Inc.

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

1,194

249,188

Five

Below,

Inc.

(a)

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

610

53,894

Foot

Locker,

Inc.

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

3,823

98,786

Gap,

Inc.

(The)

(b)

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

11,583

255,405

Genesco,

Inc.

(a)

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

2,322

63,089

Group

Automotive,

Inc.

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

552

211,438

Murphy

USA,

Inc.

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

1,426

702,833

National

Vision

Holdings,

Inc.

(a)

..........

11,139

121,527

Penske

Automotive

Group,

Inc.

..........

10,528

1,709,958

Petco

Health

Wellness

Co.,

Inc.

(a)

.......

22,370

101,784

Revolve

Group,

Inc.

Class

(a)

...........

716

17,742

(a)

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

716

239,452

Signet

Jewelers

Ltd.

(b)

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

328

33,830

Stitch

Fix,

Inc.

Class

(a)

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

30,274

85,373

Upbound

Group,

Inc.

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

3,698

118,299

Urban

Outfitters,

Inc.

(a)

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

3,708

142,053

Warby

Parker,

Inc.

Class

(a)

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

12,685

207,146

Wayfair,

Inc.

Class

(a)

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

4,584

257,529

Zumiez,

Inc.

(a)

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

8,066

171,806

6,432,640

Technology

Hardware,

Storage

Peripherals

—

0.4%

Pure

Storage,

Inc.

Class

(a)

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

12,185

612,174

Textiles,

Apparel

Luxury

Goods

—

2.0%

Deckers

Outdoor

Corp.

(a)

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

6,000

956,700

G-III

Apparel

Group

Ltd.

(a)

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

5,953

181,686

Ralph

Lauren

Corp.

Class

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

5,051

979,237

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Advantage

SMID

Cap

V.I.

Fund

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the period

ended

September

30,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Textiles,

Apparel

Luxury

Goods

(continued)

Skechers

USA,

Inc.

Class

(a)

...........

17,599

1,177,725

3,295,348

Trading

Companies

Distributors

—

1.7%

Applied

Industrial

Technologies,

Inc.

.......

1,348

300,779

BlueLinx

Holdings,

Inc.

(a)

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

1,121

118,176

Boise

Cascade

Co.

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

6,919

975,441

DNOW,

Inc.

(a)

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

14,707

190,161

FTAI

Aviation

Ltd.

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

1,032

137,153

GATX

Corp.

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

3,124

413,774

Herc

Holdings,

Inc.

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

3,557

567,092

2,702,576

Water

Utilities

—

0.1%

SJW

Group

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

2,151

124,995

Total

Long-Term

Investments

—

(Cost:

145,382,228

)

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

161,264,294

Security

Value

Short-Term

Securities

Money

Market

Funds

—

9.6%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

Agency

5.05

(f)

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

13,996,738

14,007,936

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

4.83

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

1,604,302

Total

Short-Term

Securities

—

(Cost:

15,612,046

)

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

15,612,238

Total

Investments

—

108

(Cost:

160,994,274

)

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

176,876,532

Liabilities

Excess

Other

Assets

—

(

8.7

)

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

(

14,209,183

)

Net

Assets

—

100.0%

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

162,667,349

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Restricted

security

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

current

value

$1,473,

representing

less

than

0.05%

its

net

assets

period

end,

and

original

cost

$17,290.

(d)

Affiliate

the

Fund.

(e)

Annualized

7-day

yield

period

end.

(f)

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

12/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

09/30/24

Held

09/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

—

14,003,341

(a)

—

4,403

192

14,007,936

13,996,738

30,069

(b)

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

1,597,142

7,160

(a)

—

1,604,302

55,783

—

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

17,997,844

—

(

17,995,541

)

(a)

(

2,171

)

(

132

)

—

2,232

15,612,238

85,852

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

fees

and

collateral

investment

expenses,

and

other

payments

and

from

borrowers

securities.

(c)

period

end,

the

entity

longer

held.

For

purposes

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

the

Fund

for

compliance

purposes.

Schedule

Investments

(unaudited)

(continued)

September

30,

2024

BlackRock

Advantage

SMID

Cap

V.I.

Fund

Fair

Value

Hierarchy

Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

These

inputs

valuation

techniques

are

categorized

into

fair

value

hierarchy

consisting

three

broad

levels

for

financial

reporting

purposes

follows:

Level

—

Unadjusted

price

quotations

active

markets/exchanges

that

the

Fund

has

the

ability

access

for

identical,

unrestricted

assets

liabilities;

Level

—

Inputs

other

than

quoted

prices

included

within

level

that

are

observable

for

the

asset

liability,

either

directly

indirectly;

and

Level

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

liability (including

the

Valuation

Committee's

assumptions

used

determining

the

fair

value

financial

instruments).

The

hierarchy

gives

the

highest

priority

unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

(Level

measurements)

and

the

lowest

priority

unobservable

inputs

(Level

measurements).

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Investments

classified

within

Level

have

significant

unobservable

inputs

used

the

Valuation

Committee

determining

the

price

for

Fair

Valued

Investments.

Level

investments

include

equity

debt

issued

privately

held

companies

funds.

There

may

not

secondary

market,

and/

there

are

limited

number

investors.

The

categorization

value

determined

for

financial

instruments

based

the

pricing

transparency

the

financial

instruments

and

not

necessarily

indication

the

risks

associated

with

investing

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

BlackRock Variable Series Funds NPORT-PBlackRock Advantage SMID Cap V.I. Fund (Sep 2024 report)