Exhibit 4(g)


Amendment No. 1 to the Investment Management
Agreement


This Amendment No.
1 to the Investment Management Agreement dated as of June 1, 2011 (the “Amendment”) is entered into by and between
BlackRock Variable Series Funds, Inc., a Maryland corporation (the “Corporation”), on behalf of each of its series
named in Schedule A attached hereto (each, a “Fund” and together the “Funds”), and BlackRock Advisors,
LLC, a Delaware limited liability company (the “Advisor”).


WHEREAS, the Corporation,
on behalf of each Fund, and the Advisor have entered into an Investment Management Agreement dated September 29, 2006 (the “Management
Agreement”) pursuant to which the Advisor agreed to act as investment advisor to the Funds; and


WHEREAS, the Management Agreement provides
that the Corporation, on behalf of each Fund, will pay to the Advisor a monthly fee in arrears at an annual rate equal to the amount
set forth in Schedule A thereto; and


WHEREAS, the Management
Agreement provides that the Management Agreement may be amended by the parties to the Management Agreement only if the amendment
is specifically approved by a vote of the Board of Directors of the Corporation, including a majority of those Directors who are
not parties to the Management Agreement or interested persons of any such party cast in person at a meeting called for the purpose
of voting on such approval, and, where required by the Investment Company Act of 1940, by a vote of the majority of the outstanding
voting securities of each Fund; and


WHEREAS, the Board
of Directors, including a majority of those Directors who are not interested persons of the Corporation, specifically approved
this Amendment at an in-person meeting held on May 11, 2011;


NOW, THEREFORE, the
parties hereto, intending to be legally bound, hereby agree as follows:


	1. 		Schedule A of the Management Agreement is hereby amended
as set forth on the Schedule A attached hereto with respect to each Fund. 



	2. 		Except as otherwise set forth herein, the terms and
conditions of the Management Agreement shall remain in full force and effect. 




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IN WITNESS WHEREOF, the parties hereto
have caused this Amendment No. 1 to the Investment Management Agreement to be executed by their officers designated below as of
the day and year first above written.


	 	BLACKROCK VARIABLE SERIES FUNDS, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ John M. Perlowski
	 	 	Name:	John M. Perlowski
	 	 	Title:	President and CEO
	 	 	 	 
	 	 	 	 
	 	BLACKROCK ADVISORS, LLC
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Neal J. Andrews
	 	 	Name:	Neal J. Andrews
	 	 	Title:	Managing Director




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Schedule A


Investment Advisory Fee


BlackRock Balanced Capital V.I. Fund


0.55% of the average daily Net Assets
of the Fund not exceeding $1 billion; 0.52% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.50% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.48% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.47% of the average daily Net Assets of the
Fund exceeding $10 billion.


BlackRock Basic Value V.I. Fund


0.60% of the average daily Net Assets
of the Fund not exceeding $1 billion; 0.56% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.54% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.52% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.51% of the average daily Net Assets of the
Fund exceeding $10 billion.


BlackRock Capital Appreciation V.I.
Fund 


0.65% of the average daily Net Assets
of the Fund not exceeding $1 billion; 0.61% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.59% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.57% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.55% of the average daily Net Assets of the
Fund exceeding $10 billion.


BlackRock Equity Dividend V.I. Fund


0.60% of the average daily Net Assets
of the Fund not exceeding $1 billion; 0.56% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.54% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.52% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.51% of the average daily Net Assets of the
Fund exceeding $10 billion.


BlackRock Global Allocation V.I.
Fund


0.65% of the average daily Net Assets
of the Fund not exceeding $6 billion; 0.61% of the average daily Net Assets of the Fund exceeding $6 billion but not exceeding
$8 billion; 0.59% of the average daily Net Assets of the Fund exceeding $8 billion but not exceeding $10 billion; 0.57% of the
average daily Net Assets of the Fund exceeding $10 billion but not exceeding $15 billion; and 0.55% of the average daily Net Assets
of the Fund exceeding $15 billion.






    	 



    	 



    
BlackRock Global Opportunities
V.I. Fund


0.75% of the average daily Net Assets
of the Fund not exceeding $1 billion; 0.71% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.68% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.65% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.64% of the average daily Net Assets of the
Fund exceeding $10 billion.


BlackRock Government Income V.I.
Fund


0.50% of the average daily Net
Assets of the Fund not exceeding $1 billion; 0.47% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.45% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.44% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.43% of the average daily Net Assets of the
Fund exceeding $10 billion.


BlackRock International Value V.I. Fund


0.75% of the average daily Net Assets
of the Fund not exceeding $1 billion; 0.71% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.68% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.65% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.64% of the average daily Net Assets of the
Fund exceeding $10 billion.


BlackRock Large Cap Growth V.I. Fund


0.65% of the average daily Net Assets
of the Fund not exceeding $1 billion; 0.61% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.59% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.57% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.55% of the average daily Net Assets of the
Fund exceeding $10 billion.


BlackRock Value Opportunities V.I. Fund


0.75% of the average daily Net Assets
of the Fund not exceeding $1 billion; 0.71% of the average daily Net Assets of the Fund exceeding $1 billion but not exceeding
$3 billion; 0.68% of the average daily Net Assets of the Fund exceeding $3 billion but not exceeding $5 billion; 0.65% of the average
daily Net Assets of the Fund exceeding $5 billion but not exceeding $10 billion; and 0.64% of the average daily Net Assets of the
Fund exceeding $10 billion.