Schedule
of
Investments
(unaudited)
September
30,
2025
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Value
Investment
Companies
(a)
Equity
Funds
—
62.4%
iShares
Core
MSCI
Emerging
Markets
ETF
(b)
.
608,374
$
40,104,014
iShares
Core
S&P
500
ETF
.............
115,277
77,154,896
iShares
MSCI
EAFE
Value
ETF
(b)
.........
716,437
48,595,922
iShares
MSCI
USA
Momentum
Factor
ETF
(b)
.
140,703
36,083,284
iShares
MSCI
USA
Quality
Factor
ETF
.....
428,088
83,263,116
iShares
S&P
100
ETF
(b)
...............
130,965
43,590,391
iShares
S&P
500
Growth
ETF
(b)
..........
439,521
53,058,975
iShares
S&P
500
Value
ETF
(b)
...........
211,828
43,744,600
iShares
U.S.
Aerospace
&
Defense
ETF
(b)
...
34,812
7,284,759
iShares
U.S.
Technology
ETF
(b)
..........
142,676
27,944,522
460,824,479
Fixed-Income
Funds
—
37.5%
(b)
iShares
10-20
Year
Treasury
Bond
ETF
.....
350,495
36,097,480
iShares
Core
International
Aggregate
Bond
ETF
422,313
21,635,095
iShares
Core
Total
USD
Bond
Market
ETF
...
3,690,899
172,401,892
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
.......................
112,315
10,691,265
iShares
MBS
ETF
...................
380,129
36,169,274
276,995,006
Total
Long-Term
Investments
—
99.9%
(Cost:
$
654,978,868
)
................................
737,819,485
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
19
.9
%
(a)
(c)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.26
%
(d)
...................
144,130,284
$
144,202,349
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.01
%
.....................
2,895,127
2,895,127
Total
Short-Term
Securities
—
19
.9
%
(Cost:
$
147,107,069
)
..............................
147,097,476
Total
Investments
—
119
.8
%
(Cost:
$
802,085,937
)
..............................
884,916,961
Liabilities
in
Excess
of
Other
Assets
—
(
19.8
)
%
............
(
146,060,439
)
Net
Assets
—
100.0%
...............................
$
738,856,522
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
3
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/25
Shares
Held
at
09/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
256,259,653
$
—
$
(
112,058,189
)
(a)
$
(
10,060
)
$
10,945
$
144,202,349
144,130,284
$
499,203
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
1,126,765
1,768,362
(a)
—
—
—
2,895,127
2,895,127
44,363
—
iShares
10-20
Year
Treasury
Bond
ETF
............
—
36,241,365
(
311,485
)
(
7,844
)
175,444
36,097,480
350,495
565,327
—
iShares
20+
Year
Treasury
Bond
ETF
(c)
..........
13,986,598
412,755
(
15,056,285
)
(
1,116,944
)
1,773,876
—
—
50,685
—
iShares
Core
International
Aggregate
Bond
ETF
....
—
21,494,571
(
107,125
)
585
247,064
21,635,095
422,313
—
—
iShares
Core
MSCI
Emerging
Markets
ETF
..........
9,169,362
25,162,962
(
341,651
)
30,814
6,082,527
40,104,014
608,374
396,086
—
iShares
Core
S&P
500
ETF
..
97,185,770
16,017,806
(
44,804,512
)
11,573,013
(
2,817,181
)
77,154,896
115,277
657,255
—
iShares
Core
Total
USD
Bond
Market
ETF
..........
161,188,895
25,862,942
(
20,217,904
)
(
477,242
)
6,045,201
172,401,892
3,690,899
4,830,639
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
................
6,464,482
3,785,882
(
152,359
)
6,206
587,054
10,691,265
112,315
329,178
—
iShares
MBS
ETF
........
35,769,044
5,219,500
(
6,160,242
)
324,063
1,016,909
36,169,274
380,129
947,664
—
iShares
MSCI
EAFE
Growth
ETF
(c)
..............
34,405,345
2,528,960
(
41,487,907
)
3,839,422
714,180
—
—
204,943
—
iShares
MSCI
EAFE
Value
ETF
34,530,874
18,263,212
(
14,471,966
)
3,735,677
6,538,125
48,595,922
716,437
1,055,529
—
iShares
MSCI
Emerging
Markets
ex
China
ETF
(c)
..
16,152,474
1,004,647
(
18,306,045
)
1,037,440
111,484
—
—
—
—
iShares
MSCI
USA
Momentum
Factor
ETF
...........
26,183,243
3,734,304
(
480,039
)
57,494
6,588,282
36,083,284
140,703
214,588
—
iShares
MSCI
USA
Quality
Factor
ETF
...........
66,016,749
18,969,546
(
9,005,088
)
3,302,883
3,979,026
83,263,116
428,088
563,297
—
iShares
S&P
100
ETF
......
—
40,681,182
(
220,144
)
(
5,679
)
3,135,032
43,590,391
130,965
117,644
—
iShares
S&P
500
Growth
ETF
50,312,278
4,927,501
(
11,045,418
)
2,374,448
6,490,166
53,058,975
439,521
171,488
—
iShares
S&P
500
Value
ETF
.
26,636,350
14,758,213
(
615,136
)
33,708
2,931,465
43,744,600
211,828
485,145
—
iShares
U.S.
Aerospace
&
Defense
ETF
.........
—
7,041,725
—
—
243,034
7,284,759
34,812
—
—
iShares
U.S.
Infrastructure
ETF
(c)
..............
6,225,264
143,478
(
6,341,614
)
1,101,061
(
1,128,189
)
—
—
—
—
iShares
U.S.
Technology
ETF
15,948,491
7,164,607
(
304,060
)
153,812
4,981,672
27,944,522
142,676
28,105
—
$
25,952,857
$
47,706,116
$
884,916,961
$
11,161,139
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
4
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to the
entire
fair
value
measurement
for
the asset
or
liability (including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/
or may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
737,819,485
$
—
$
—
$
737,819,485
Short-Term
Securities
Money
Market
Funds
......................................
147,097,476
—
—
147,097,476
$
884,916,961
$
—
$
—
$
884,916,961
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
EAFE
Europe,
Australasia
and
Far
East
ETF
Exchange-Traded
Fund
MBS
Mortgage-Backed
Securities
MSCI
Morgan
Stanley
Capital
International