BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
September
30,
2021
Security
Shares
Value
Affiliated
Investment
Companies
—
113.4%
(a)
Equity
Funds
—
64.0%
iShares
Core
S&P
500
ETF
(b)
...........
113,233
$
48,783,041
iShares
Core
S&P
Small-Cap
ETF
(b)
.......
114,684
12,522,346
iShares
ESG
Aware
MSCI
EM
ETF
(b)
......
289,801
12,009,353
iShares
ESG
Aware
MSCI
USA
ETF
(b)
.....
555,628
54,707,133
iShares
Global
Financials
ETF
(b)
.........
116,869
9,168,373
iShares
Global
Tech
ETF
(b)
.............
203,885
11,552,124
iShares
MSCI
EAFE
Growth
ETF
........
237,892
25,328,361
iShares
MSCI
EAFE
Value
ETF
(b)
.........
550,934
28,014,994
iShares
MSCI
USA
Value
Factor
ETF
(b)
.....
134,483
13,542,438
iShares
U.S.
Energy
ETF
..............
209,103
5,909,251
221,537,414
Security
Shares
Value
Fixed
Income
Funds
—
36.3%
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
(b)
.....................
231,759
$
12,663,312
iShares
Commodities
Select
Strategy
ETF
..
315,132
11,294,331
iShares
Core
Total
USD
Bond
Market
ETF
..
899,926
47,912,060
iShares
Fallen
Angels
USD
Bond
ETF
(b)
....
223,232
6,721,516
iShares
TIPS
Bond
ETF
...............
122,831
15,684,290
iShares
U.S.
Treasury
Bond
ETF
(b)
........
1,190,265
31,577,731
125,853,240
Short-Term
Securities
—
13.1%
(c)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
.....................
1,866,909
1,866,909
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.13%
(d)
........................
43,532,460
43,545,519
45,412,428
Total
Affiliated
Investment
Companies
—
113.4%
(Cost:
$359,276,109)
..............................
392,803,082
Liabilities
in
Excess
of
Other
Assets
—
(13.4)
%
............
(46,326,843)
Net
Assets
—
100.0%
...............................
$
346,476,239
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
September
30,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
1,321,139
$
545,770
$
—
$
—
$
—
$
1,866,909
1,866,909
$
146
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
49,449,031
—
(5,892,562)
(10,950)
—
43,545,519
43,532,460
156,156
(b)
—
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
(c)
.....
9,800,045
99,755
(9,908,160)
501,990
(493,630)
—
—
—
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
..
14,418,735
14,640,501
(16,293,328)
95,217
(197,813)
12,663,312
231,759
201,762
—
iShares
20+
Year
Treasury
Bond
ETF
(c)
................
2,286,927
24,914
(2,216,567)
56,171
(151,445)
—
—
—
—
iShares
Commodities
Select
Strategy
ETF
...........
—
10,413,528
(48,511)
1,528
927,786
11,294,331
315,132
—
—
iShares
Core
MSCI
EAFE
ETF
(c)
5,848,261
50,215
(6,094,333)
1,013,397
(817,540)
—
—
—
—
iShares
Core
S&P
500
ETF
....
50,318,026
10,637,026
(17,997,852)
5,774,452
51,389
48,783,041
113,233
453,729
—
iShares
Core
S&P
Small-Cap
ETF
6,303,329
6,234,450
(1,457,160)
499,376
942,351
12,522,346
114,684
113,295
—
iShares
Core
Total
USD
Bond
Market
ETF
............
—
48,760,598
(312,748)
(4,165)
(531,625)
47,912,060
899,926
395,234
—
iShares
ESG
Aware
MSCI
EM
ETF
..................
19,215,379
4,579,687
(11,921,003)
4,128,311
(3,993,021)
12,009,353
289,801
96,752
—
iShares
ESG
Aware
MSCI
USA
ETF
..................
40,110,713
16,412,170
(7,019,992)
2,130,704
3,073,538
54,707,133
555,628
404,712
—
iShares
Fallen
Angels
USD
Bond
ETF
..................
—
6,596,716
(43,515)
493
167,822
6,721,516
223,232
116,171
—
iShares
Global
Financials
ETF
..
—
11,843,005
(2,404,124)
(113,842)
(156,666)
9,168,373
116,869
38,720
—
iShares
Global
Tech
ETF
.....
8,532,222
9,206,238
(6,720,776)
3,065,520
(2,531,080)
11,552,124
203,885
13,675
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(c)
.....
30,519,133
2,396,196
(31,596,759)
(193,379)
(1,125,191)
—
—
134,712
—
iShares
MBS
ETF
(c)
.........
9,770,623
486,726
(10,160,898)
(108,057)
11,606
—
—
24,633
—
iShares
MSCI
EAFE
Growth
ETF
19,127,491
11,911,599
(6,294,247)
1,705,900
(1,122,382)
25,328,361
237,892
135,870
—
iShares
MSCI
EAFE
Value
ETF
.
—
29,646,883
(1,815,356)
69,084
114,383
28,014,994
550,934
462,133
—
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
3
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Affiliated
Issuer
Value
at
12/31/20
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/21
Shares
Held
at
09/30/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
MSCI
USA
Min
Vol
Factor
ETF
(c)
................
$
5,126,841
$
387,608
$
(5,685,122)
$
533,571
$
(362,898)
—
—
$
11,819
$
—
iShares
MSCI
USA
Momentum
Factor
ETF
(c)
............
—
9,105,023
(9,359,848)
254,825
—
—
—
8,507
—
iShares
MSCI
USA
Value
Factor
ETF
..................
10,529,842
2,995,799
(1,567,854)
474,892
1,109,759
13,542,438
134,483
210,007
—
iShares
TIPS
Bond
ETF
......
—
15,983,960
(71,739)
(425)
(227,506)
15,684,290
122,831
198,405
—
iShares
U.S.
Energy
ETF
.....
—
6,578,060
(1,154,915)
25,255
460,851
5,909,251
209,103
132,328
—
iShares
U.S.
Medical
Devices
ETF
(c)
................
8,060,417
585,567
(8,926,141)
2,128,662
(1,848,505)
—
—
282
—
iShares
U.S.
Treasury
Bond
ETF
22,361,262
19,517,663
(9,629,118)
203,419
(875,496)
31,577,730
1,190,265
213,471
—
$
22,231,949
$
(7,575,313)
$
392,803,081
$
3,522,519
$
—
—
$
—
(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.
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviations
EAFE
Europe,
Australasia
and
Far
East
EM
Emerging
Markets
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
MBS
Mortgage-Backed
Securities
MSCI
Morgan
Stanley
Capital
International
S&P
Standard
&
Poor's
BlackRock
60/40
Target
Allocation
ETF
V.I.
Fund
4
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
•
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
•
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
•
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
BlackRock
Global
Valuation
Methodologies
Committee's
(the
"Global
Valuation
Committee's")
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Affiliated
Investment
Companies
................................
$
347,390,654
$
—
$
—
$
347,390,654
Short-Term
Securities
.......................................
1,866,909
—
—
1,866,909
$
349,257,563
$
—
$
—
$
349,257,563
Investments
Valued
at
NAV
(a)
......................................
43,545,519
$
—
$
392,803,082
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.