Schedule

of

Investments

(unaudited)

March

31,

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

—

61.5%

iShares

Core

MSCI

Emerging

Markets

ETF

(b)

.

287,300

$

15,505,581

iShares

Core

S&P

500

ETF

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

150,565

84,602,473

iShares

MSCI

EAFE

Growth

ETF

(b)

........

215,236

21,523,600

iShares

MSCI

EAFE

Value

ETF

(b)

.........

554,464

32,680,108

iShares

MSCI

Emerging

Markets

ex

China

ETF

284,833

15,691,450

iShares

MSCI

USA

Momentum

Factor

ETF

(b)

.

131,268

26,533,201

iShares

MSCI

USA

Quality

Factor

ETF

(b)

....

435,492

74,421,228

iShares

S&P

100

ETF

(b)

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

43,151

11,686,585

iShares

S&P

500

Growth

ETF

(b)

..........

505,839

46,957,034

iShares

S&P

500

Value

ETF

(b)

...........

192,886

36,760,214

iShares

U.S.

Technology

ETF

...........

103,102

14,479,645

380,841,119

Fixed-Income

Funds

—

38.1%

(b)

iShares

10-20

Year

Treasury

Bond

ETF

.....

184,604

19,152,665

iShares

Core

Total

USD

Bond

Market

ETF

...

3,804,469

175,309,932

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

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

103,893

9,411,667

iShares

MBS

ETF

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

344,697

32,325,685

236,199,949

Total

Long-Term

Investments

—

99.6%

(Cost:

$

594,874,447

)

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

617,041,068

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

30

.2

%

(a)

(c)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.50

%

(d)

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

185,612,441

$

185,705,246

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.22

%

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

1,446,963

1,446,963

Total

Short-Term

Securities

—

30

.2

%

(Cost:

$

187,152,810

)

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

187,152,209

Total

Investments

—

129

.8

%

(Cost:

$

782,027,257

)

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

804,193,277

Liabilities

in

Excess

of

Other

Assets

—

(

29.8

)

%

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

(

184,405,391

)

Net

Assets

—

100.0%

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

$

619,787,886

(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)

March

31,

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

March

31,

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

03/31/25

Shares

Held

at

03/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

256,259,653

$

—

$

(

70,553,788

)

(a)

$

(

20,557

)

$

19,938

$

185,705,246

185,612,441

$

187,575

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

1,126,765

320,198

(a)

—

—

—

1,446,963

1,446,963

14,572

—

iShares

10-20

Year

Treasury

Bond

ETF

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

—

19,247,435

(

126,327

)

(

857

)

32,414

19,152,665

184,604

44,947

—

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

MSCI

Emerging

Markets

ETF

..........

9,169,362

6,238,317

(

127,147

)

8,944

216,105

15,505,581

287,300

—

—

iShares

Core

S&P

500

ETF

..

97,185,770

4,061,276

(

12,678,452

)

3,605,630

(

7,571,751

)

84,602,473

150,565

264,490

—

iShares

Core

Total

USD

Bond

Market

ETF

..........

161,188,895

12,451,488

(

1,541,131

)

(

2,710

)

3,213,390

175,309,932

3,804,469

1,139,409

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

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

6,464,482

2,937,444

(

77,733

)

3,529

83,945

9,411,667

103,893

71,858

—

iShares

MBS

ETF

........

35,769,044

1,640,727

(

5,912,006

)

313,081

514,839

32,325,685

344,697

243,820

—

iShares

MSCI

EAFE

Growth

ETF

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

34,405,345

1,241,043

(

15,763,343

)

1,789,542

(

148,987

)

21,523,600

215,236

—

—

iShares

MSCI

EAFE

Value

ETF

34,530,874

1,402,700

(

7,418,167

)

1,973,796

2,190,905

32,680,108

554,464

—

—

iShares

MSCI

Emerging

Markets

ex

China

ETF

...

16,152,474

701,163

(

1,061,964

)

126,058

(

226,281

)

15,691,450

284,833

—

—

iShares

MSCI

USA

Momentum

Factor

ETF

...........

26,183,243

1,265,527

(

254,361

)

24,173

(

685,381

)

26,533,201

131,268

68,752

—

iShares

MSCI

USA

Quality

Factor

ETF

...........

66,016,749

12,393,712

(

683,992

)

218,433

(

3,523,674

)

74,421,228

435,492

169,539

—

iShares

S&P

100

ETF

......

—

12,554,033

(

84,226

)

(

4,814

)

(

778,408

)

11,686,585

43,151

24,820

—

iShares

S&P

500

Growth

ETF

50,312,278

2,059,224

(

999,755

)

148,048

(

4,562,761

)

46,957,034

505,839

54,418

—

iShares

S&P

500

Value

ETF

.

26,636,350

10,760,558

(

316,570

)

26,470

(

346,594

)

36,760,214

192,886

143,015

—

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

634,568

(

142,310

)

71,171

(

2,032,275

)

14,479,645

103,102

7,755

—

$

8,264,054

$

(

12,958,889

)

$

804,193,277

$

2,485,655

$

—

—

—

(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)

March

31,

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

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

$

617,041,068

$

—

$

—

$

617,041,068

Short-Term

Securities

Money

Market

Funds

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

187,152,209

—

—

187,152,209

$

804,193,277

$

—

$

—

$

804,193,277

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