NPORT-EX 2 9.30.21_Capital_App_VI.htm PART F CAP APP VI
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.