BlackRock
Capital
Appreciation
V.I.
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
September
30,
2022
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.3%
TransDigm
Group,
Inc.
...............
6,795
$
3,566,152
Automobiles
—
4.1%
Tesla,
Inc.
(a)
.......................
24,252
6,432,843
Capital
Markets
—
5.1%
Blackstone,
Inc.,
Class
A
..............
18,623
1,558,745
MSCI,
Inc.
.......................
3,864
1,629,796
S&P
Global,
Inc.
...................
15,536
4,743,918
7,932,459
Chemicals
—
1.2%
Sherwin-Williams
Co.
(The)
............
9,215
1,886,771
Commercial
Services
&
Supplies
—
1.9%
Cintas
Corp.
......................
4,059
1,575,663
Waste
Connections,
Inc.
..............
10,024
1,354,543
2,930,206
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.9%
Prologis,
Inc.
......................
14,388
1,461,821
Health
Care
Equipment
&
Supplies
—
3.0%
(a)
IDEXX
Laboratories,
Inc.
..............
6,542
2,131,384
Intuitive
Surgical,
Inc.
................
14,149
2,652,088
4,783,472
Health
Care
Providers
&
Services
—
3.5%
UnitedHealth
Group,
Inc.
..............
11,018
5,564,531
Hotels,
Restaurants
&
Leisure
—
3.0%
Chipotle
Mexican
Grill,
Inc.
(a)
...........
1,531
2,300,725
Evolution
AB
(b)(c)
....................
30,149
2,383,205
4,683,930
Interactive
Media
&
Services
—
6.7%
(a)
Alphabet,
Inc.,
Class
A
...............
81,338
7,779,980
Match
Group,
Inc.
..................
56,656
2,705,324
10,485,304
Internet
&
Direct
Marketing
Retail
—
8.1%
Amazon.com,
Inc.
(a)
.................
112,010
12,657,130
IT
Services
—
7.3%
Adyen
NV,
ADR
(a)(d)
..................
44,649
559,005
Mastercard
,
Inc.,
Class
A
..............
12,656
3,598,607
MongoDB,
Inc.
(a)
...................
1,559
309,555
Visa,
Inc.,
Class
A
..................
39,524
7,021,439
11,488,606
Life
Sciences
Tools
&
Services
—
6.8%
Danaher
Corp.
....................
17,011
4,393,771
Lonza
Group
AG
(Registered)
..........
4,218
2,053,708
Thermo
Fisher
Scientific,
Inc.
...........
8,321
4,220,328
10,667,807
Oil,
Gas
&
Consumable
Fuels
—
1.9%
Cheniere
Energy,
Inc.
................
14,016
2,325,395
EQT
Corp.
.......................
16,822
685,496
3,010,891
Pharmaceuticals
—
3.3%
AstraZeneca
plc,
ADR
...............
44,432
2,436,651
Zoetis,
Inc.
.......................
18,078
2,680,787
5,117,438
Semiconductors
&
Semiconductor
Equipment
—
6.6%
Advanced
Micro
Devices,
Inc.
(a)
.........
12,988
822,920
ASML
Holding
NV
(Registered),
NYRS
....
9,707
4,031,802
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Marvell
Technology,
Inc.
..............
75,282
$
3,230,351
NVIDIA
Corp.
.....................
19,219
2,332,994
10,418,067
Software
—
17.0%
Bill.com
Holdings,
Inc.
(a)
..............
8,871
1,174,254
Cadence
Design
Systems,
Inc.
(a)
........
12,683
2,072,783
Intuit,
Inc.
........................
17,250
6,681,270
Microsoft
Corp.
....................
55,366
12,894,741
ServiceNow
,
Inc.
(a)
..................
10,177
3,842,937
26,665,985
Technology
Hardware,
Storage
&
Peripherals
—
8.5%
Apple,
Inc.
.......................
96,387
13,320,683
Textiles,
Apparel
&
Luxury
Goods
—
4.7%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
7,755
4,572,153
NIKE,
Inc.,
Class
B
.................
34,467
2,864,897
7,437,050
Total
Common
Stocks
—
95.9%
(Cost:
$145,316,034)
.............................
150,511,146
Preferred
Securities
Preferred
Stocks
—
1.1%
Interactive
Media
&
Services
—
1.1%
Bytedance
Ltd.,
Series
E-1
(Acquired
11/11/20,
cost
$1,100,015)
(e)(f)
...............
10,039
1,668,457
Total
Preferred
Securities
—
1.1%
(Cost:
$1,100,015)
..............................
1,668,457
Total
Long-Term
Investments
—
97.0%
(Cost:
$146,416,049)
.............................
152,179,603
Short-Term
Securities
Money
Market
Funds
—
3.5%
(g)(h)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.79%
...................
4,963,315
4,963,315
SL
Liquidity
Series,
LLC,
Money
Market
Series,
3.29%
(
i
)
.......................
547,262
547,262
Total
Short-Term
Securities
—
3.5%
(Cost:
$5,510,577)
..............................
5,510,577
Total
Investments
—
100.5%
(Cost:
$151,926,626
)
.............................
157,690,180
Liabilities
in
Excess
of
Other
Assets
—
(0.5)%
............
(831,176)
Net
Assets
—
100.0%
..............................
$
156,859,004
BlackRock
Capital
Appreciation
V.I.
Fund
3
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,668,457,
representing
1.06%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,100,015.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Affiliate
of
the
Fund.
(h)
Annualized
7-day
yield
as
of
period
end.
(i)
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,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
81,873
$
4,881,442
(a)
$
—
$
—
$
—
$
4,963,315
4,963,315
$
25,178
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
9,875,432
—
(9,328,024)
(a)
(525)
379
547,262
547,262
8,171
(b)
—
$
(525)
$
379
$
5,510,577
$
33,349
$
—
—
—
(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.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
MSCI
Morgan
Stanley
Capital
International
NYRS
New
York
Registered
Shares
S&P
Standard
&
Poor's
BlackRock
Capital
Appreciation
V.I.
Fund
4
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
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.
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
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
3,566,152
$
—
$
—
$
3,566,152
Automobiles
..........................................
6,432,843
—
—
6,432,843
Capital
Markets
........................................
7,932,459
—
—
7,932,459
Chemicals
............................................
1,886,771
—
—
1,886,771
Commercial
Services
&
Supplies
.............................
2,930,206
—
—
2,930,206
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
1,461,821
—
—
1,461,821
Health
Care
Equipment
&
Supplies
...........................
4,783,472
—
—
4,783,472
Health
Care
Providers
&
Services
............................
5,564,531
—
—
5,564,531
Hotels,
Restaurants
&
Leisure
..............................
2,300,725
2,383,205
—
4,683,930
Interactive
Media
&
Services
...............................
10,485,304
—
—
10,485,304
Internet
&
Direct
Marketing
Retail
............................
12,657,130
—
—
12,657,130
IT
Services
...........................................
11,488,606
—
—
11,488,606
Life
Sciences
Tools
&
Services
..............................
8,614,099
2,053,708
—
10,667,807
Oil,
Gas
&
Consumable
Fuels
...............................
3,010,891
—
—
3,010,891
Pharmaceuticals
.......................................
5,117,438
—
—
5,117,438
Semiconductors
&
Semiconductor
Equipment
....................
10,418,067
—
—
10,418,067
Software
.............................................
26,665,985
—
—
26,665,985
Technology
Hardware,
Storage
&
Peripherals
....................
13,320,683
—
—
13,320,683
Textiles,
Apparel
&
Luxury
Goods
............................
2,864,897
4,572,153
—
7,437,050
Preferred
Stocks
.........................................
—
—
1,668,457
1,668,457
Short-Term
Securities
Money
Market
Funds
......................................
4,963,315
—
—
4,963,315
$
146,465,395
$
9,009,066
$
1,668,457
$
157,142,918
Investments
Valued
at
NAV
(a)
.....................................
547,262
$
—
$
157,690,180
$
—
BlackRock
Capital
Appreciation
V.I.
Fund
5
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(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.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Preferred
Stocks
Total
Investments
Assets
Opening
balance,
as
of
December
31,
2021
...................................................................................
$
1,641,880
$
1,641,880
Transfers
into
Level
3
.................................................................................................
—
—
Transfers
out
of
Level
3
................................................................................................
—
—
Accrued
discounts/premiums
.............................................................................................
—
—
Net
change
in
unrealized
appreciation
(a)
.....................................................................................
26,577
26,577
Purchases
.........................................................................................................
—
—
Sales
............................................................................................................
—
—
Closing
balance,
as
of
September
30,
2022
...................................................................................
$
1,668,457
$
1,668,457
Net
change
in
unrealized
appreciation
on
investments
still
held
at
September
30,
2022
(a)
.....................................................
$
26,577
$
26,577
(a)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
BlackRock
Capital
Appreciation
V.I.
Fund
6
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
investments
as
of
period
end.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Preferred
Stocks
...........................
$
1,668,457
Market
Revenue
Multiple
3.15x
-
3.65x
3.40x
$
1,668,457
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.