BlackRock

Capital

Appreciation

V.I.

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

September

30,

2021

Security

Shares

Shares

Value

Common

Stocks

—

99.5%

Aerospace

&

Defense

—

1.1%

TransDigm

Group,

Inc.

(a)

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

4,331

$

2,705,013

Capital

Markets

—

3.7%

Morgan

Stanley

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

18,207

1,771,723

S&P

Global,

Inc.

(b)

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

17,248

7,328,503

9,100,226

Chemicals

—

1.2%

Sherwin-Williams

Co.

(The)

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

10,537

2,947,515

Containers

&

Packaging

—

1.1%

Ball

Corp.

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

29,830

2,683,805

Entertainment

—

4.6%

(a)

Netflix,

Inc.

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

9,960

6,078,986

Sea

Ltd.,

ADR

(c)

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

15,990

5,096,493

11,175,479

Health

Care

Equipment

&

Supplies

—

2.5%

Danaher

Corp.

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

13,870

4,222,583

Intuitive

Surgical,

Inc.

(a)

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

1,839

1,828,242

6,050,825

Health

Care

Providers

&

Services

—

1.5%

UnitedHealth

Group,

Inc.

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

9,241

3,610,828

Hotels,

Restaurants

&

Leisure

—

0.6%

Domino's

Pizza,

Inc.

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

3,160

1,507,194

Industrial

Conglomerates

—

1.5%

Roper

Technologies,

Inc.

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

8,103

3,614,991

Interactive

Media

&

Services

—

12.9%

(a)

Alphabet,

Inc.,

Class

A

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

4,394

11,747,447

Facebook,

Inc.,

Class

A

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

30,273

10,274,353

Match

Group,

Inc.

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

22,753

3,571,993

Snap,

Inc.,

Class

A

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

81,596

6,027,497

31,621,290

Internet

&

Direct

Marketing

Retail

—

12.1%

(a)

Amazon.com,

Inc.

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

6,180

20,301,547

Etsy,

Inc.

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

18,620

3,872,215

MercadoLibre

,

Inc.

(c)

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

3,258

5,471,485

29,645,247

IT

Services

—

11.8%

Mastercard

,

Inc.,

Class

A

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

23,277

8,092,948

PayPal

Holdings,

Inc.

(a)

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

15,023

3,909,135

Shopify,

Inc.,

Class

A

(a)

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

2,008

2,722,406

Twilio

,

Inc.,

Class

A

(a)

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

8,153

2,601,215

Visa,

Inc.,

Class

A

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

41,955

9,345,476

Wix.com

Ltd.

(a)(b)(c)

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

11,189

2,192,708

28,863,888

Life

Sciences

Tools

&

Services

—

1.7%

Lonza

Group

AG

(Registered)

...........

3,276

2,457,360

Thermo

Fisher

Scientific,

Inc.

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

3,043

1,738,557

4,195,917

Machinery

—

0.7%

Fortive

Corp.

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

25,304

1,785,703

Metals

&

Mining

—

0.5%

Freeport-McMoRan,

Inc.

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

39,477

1,284,187

Personal

Products

—

0.8%

Olaplex

Holdings,

Inc.

(a)

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

79,555

1,949,097

Security

Shares

Shares

Value

Pharmaceuticals

—

2.6%

AstraZeneca

plc,

ADR

(c)

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

21,424

$

1,286,726

Eli

Lilly

&

Co.

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

5,147

1,189,214

Zoetis,

Inc.

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

19,980

3,878,917

6,354,857

Professional

Services

—

2.2%

CoStar

Group,

Inc.

(a)

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

24,938

2,146,164

TransUnion

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

28,372

3,186,460

5,332,624

Road

&

Rail

—

1.1%

Uber

Technologies,

Inc.

(a)

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

31,267

1,400,762

Union

Pacific

Corp.

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

6,929

1,358,153

2,758,915

Semiconductors

&

Semiconductor

Equipment

—

9.4%

Analog

Devices,

Inc.

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

27,673

4,634,674

ASML

Holding

NV

(Registered),

NYRS

(c)

....

10,707

7,977,893

Marvell

Technology,

Inc.

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

87,329

5,266,812

NVIDIA

Corp.

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

24,487

5,072,727

22,952,106

Software

—

18.1%

Adobe,

Inc.

(a)

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

11,817

6,803,283

Autodesk,

Inc.

(a)

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

1,297

369,865

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

.......

5,327

1,309,270

Intuit,

Inc.

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

14,310

7,720,388

Microsoft

Corp.

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

72,153

20,341,374

ServiceNow

,

Inc.

(a)

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

12,376

7,701,214

44,245,394

Technology

Hardware,

Storage

&

Peripherals

—

3.1%

Apple,

Inc.

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

53,687

7,596,710

Textiles,

Apparel

&

Luxury

Goods

—

4.0%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

5,338

3,823,419

NIKE,

Inc.,

Class

B

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

40,453

5,874,989

9,698,408

Wireless

Telecommunication

Services

—

0.7%

T-Mobile

US,

Inc.

(a)

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

12,913

1,649,765

Total

Common

Stocks

—

99.5%

(Cost:

$139,872,969)

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

243,329,984

Preferred

Stocks

—

0.7%

Media

—

0.7%

Bytedance

Ltd.,

Series

E-1

(Acquired

11/11/20,

cost

$1,100,015)

(c)(d)(e)

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

10,039

1,684,110

Total

Preferred

Stocks

—

0.7%

(Cost:

$1,100,015)

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

1,684,110

Total

Long-Term

Investments

—

100.2%

(Cost:

$140,972,984)

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

245,014,094

BlackRock

Capital

Appreciation

V.I.

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

3.0%

(f)(g)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

263,292

$

263,292

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(h)

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

7,089,343

7,091,470

Total

Short-Term

Securities

—

3.0%

(Cost:

$7,354,762)

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

7,354,762

Total

Investments

—

103.2%

(Cost:

$148,327,746

)

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

252,368,856

Liabilities

in

Excess

of

Other

Assets

—

(3.2)%

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

(7,737,111)

Net

Assets

—

100.0%

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

$

244,631,745

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

U.S.

dollar

denominated

security

issued

by

foreign

domiciled

entity.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,684,110,

representing

0.69%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,100,015.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

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)

..

$

1,393,435

$

—

$

(1,130,143)

$

—

$

—

$

263,292

263,292

$

91

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

9,399,514

—

(2,307,919)

(125)

—

7,091,470

7,089,343

13,913

(b)

—

$

(125)

$

—

$

7,354,762

$

14,004

$

—

—

—

(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

Abbreviations

ADR

American

Depositary

Receipts

NYRS

New

York

Registered

Shares

S&P

Standard

&

Poor's

BlackRock

Capital

Appreciation

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:

Long-Term

Investments:

Common

Stocks:

Aerospace

&

Defense

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

$

2,705,013

$

—

$

—

$

2,705,013

Capital

Markets

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

9,100,226

—

—

9,100,226

Chemicals

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

2,947,515

—

—

2,947,515

Containers

&

Packaging

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

2,683,805

—

—

2,683,805

Entertainment

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

11,175,479

—

—

11,175,479

Health

Care

Equipment

&

Supplies

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

6,050,825

—

—

6,050,825

Health

Care

Providers

&

Services

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

3,610,828

—

—

3,610,828

Hotels,

Restaurants

&

Leisure

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

1,507,194

—

—

1,507,194

Industrial

Conglomerates

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

3,614,991

—

—

3,614,991

Interactive

Media

&

Services

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

31,621,290

—

—

31,621,290

Internet

&

Direct

Marketing

Retail

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

29,645,247

—

—

29,645,247

IT

Services

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

28,863,888

—

—

28,863,888

Life

Sciences

Tools

&

Services

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

1,738,557

2,457,360

—

4,195,917

Machinery

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

1,785,703

—

—

1,785,703

Metals

&

Mining

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

1,284,187

—

—

1,284,187

Personal

Products

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

1,949,097

—

—

1,949,097

Pharmaceuticals

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

6,354,857

—

—

6,354,857

Professional

Services

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

5,332,624

—

—

5,332,624

Road

&

Rail

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

2,758,915

—

—

2,758,915

Semiconductors

&

Semiconductor

Equipment

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

22,952,106

—

—

22,952,106

Software

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

44,245,394

—

—

44,245,394

Technology

Hardware,

Storage

&

Peripherals

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

7,596,710

—

—

7,596,710

Textiles,

Apparel

&

Luxury

Goods

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

5,874,989

3,823,419

—

9,698,408

Wireless

Telecommunication

Services

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

1,649,765

—

—

1,649,765

Preferred

Stocks

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

—

—

1,684,110

1,684,110

BlackRock

Capital

Appreciation

V.I.

Fund

5

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2021

Level

1

Level

2

Level

3

Total

Short-Term

Securities

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

$

263,292

$

—

$

—

$

263,292

$

237,312,497

$

6,280,779

$

1,684,110

$

245,277,386

Investments

Valued

at

Net

Asset

Value

("NAV")

(a)

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

7,091,470

$

—

$

252,368,856

$

—

(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.