# EDGAR Filing Document

**Accession Number:** 0000355916
**File Stem:** 0001193125-26-251188
**Filing Date:** 2026-6
**Character Count:** 205450
**Document Hash:** 2d0f179c933412acc95d903b87355424
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-251188.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-251188

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Variable Series Funds, Inc.
- **CENTRAL INDEX KEY:** 0000355916

**ORGANIZATION NAME:**
- **EIN:** 133093080
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-74452
- **FILM NUMBER:** 261050092

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAM Variable Series Funds, Inc.
- **DATE OF NAME CHANGE:** 20050720

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH VARIABLE SERIES FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BlackRock International V.I. Fund (Series ID: S000002881)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000007920 |

---

## Series and Classes Contracts Data

### BlackRock International V.I. Fund (Series ID: S000002881)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007920 | Class I      |  |

##### [**Table of Contents**](#toc)
**MAY 1, 2026**<br>**(AS AMENDED JUNE 1, 2026)**<br>

## Prospectus
**BlackRock Variable Series Funds, Inc.** 

• **BlackRock International V.I. Fund (Class I)** 

***This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.***

***The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.***

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

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##### [**Table of Contents**](#toc)

## **Table of Contents**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **BlackRock International V.I. Fund** |  |  |  |
| ***[Fund Overview](#toc148900_301)*** | *Key facts and details about the Fund, including investment objective, principal investment strategies, principal risk factors, fee and expense information and historical performance information* |  |  |  |
|  | *[Investment Objective](#toc148900_1)* | | *3* | |
|  | *[Fees and Expenses of the Fund](#toc148900_2)* | | *3* | |
|  | *[Principal Investment Strategies of the Fund](#toc148900_3)* | | *4* | |
|  | *[Principal Risks of Investing in the Fund](#toc148900_4)* | | *4* | |
|  | *[Performance Information](#toc148900_5)* | | *7* | |
|  | *[Investment Manager](#toc148900_6)* | | *8* | |
|  | *[Portfolio Managers](#toc148900_7)* | | *8* | |
|  | *[Purchase and Sale of Fund Shares](#toc148900_8)* | | *8* | |
|  | *[Tax Information](#toc148900_9)* | | *8* | |
|  | *[Payments to Broker/Dealers and Other Financial Intermediaries](#toc148900_10)* | | *8* | |
| ***[Details About the Fund](#toc148900_200)*** | *[How the Fund Invests](#toc148900_11)* | | *9* | |
|  | *[Investment Risks](#toc148900_12)* | | *11* | |
|  | *[Financial Highlights](#toc148900_13)* | | *23* | |
| ***[Account Information](#toc148900_15)*** | *[The Insurance Companies](#toc148900_15a)* | | *I-2* | |
|  | *[How to Buy and Sell Shares](#toc148900_16)* | | *I-2* | |
| ***[Management of the Funds](#toc148900_17)*** | *Information about BlackRock and the Portfolio Managers* |  |  |  |
|  | *[BlackRock](#toc148900_18)* | | *I-4* | |
|  | *[Portfolio Manager Information](#toc148900_19)* | | *I-9* | |
|  | *[Conflicts of Interest](#toc148900_20)* | | *I-13* | |
|  | *[Valuation of Fund Investments](#toc148900_21)* | | *I-13* | |
|  | *[Dividends and Taxes](#toc148900_22)* | | *I-15* | |
| ***[General Information](#toc148900_23)*** | *[Shareholder Documents](#toc148900_23a)* | | *I-17* | |
|  | *[Certain Fund Policies](#toc148900_24)* | | *I-17* | |
|  | *[Statement of Additional Information](#toc148900_25)* | | *I-17* | |
| ***[Glossary](#toc148900_26)*** | *[Glossary](#toc148900_26)* | | *I-18* | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***[For More Information](#toc148900_300)*** | *[Funds and Service Providers](#toc148900_27a)* | | *Inside Back Cover* | |

---

---

| | | | |
|:---|:---|:---|:---|
| *[Additional Information](#toc148900_28)* | | *Back Cover* | |

---

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##### [**Table of Contents**](#toc)

## Fund Overview
**Key Facts About BlackRock International V.I. Fund** 

***Investment Objective***

The investment objective of BlackRock International V.I. Fund (the "Fund") is long-term capital growth.

***Fees and Expenses of the Fund***

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **The table and example below do not include separate account fees and expenses, and expenses would be higher if these fees and expenses were included.** Please refer to your variable annuity or insurance contract (the "Contract") prospectus for information on the separate account fees and expenses associated with your Contract.

**Shareholder Fees (fees paid directly from your investment)** 

The Fund is not subject to any shareholder fees.

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses <br>(expenses that you pay each year as a percentage of the value of your investment)** | **Class I<br>Shares** |
| &nbsp;&nbsp; Management Fees<sup>1</sup> | 0.75% |
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp; Other Expenses<sup>2</sup> | 0.43% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>2</sup> | 1.18% |
| &nbsp;&nbsp; Fee Waivers and/or Expense Reimbursements<sup>1,3</sup> | (0.32)% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>1,3</sup> | 0.86% |

---

<sup>1</sup> As described in the "Management of the Funds" section of the Fund's prospectus, BlackRock Advisors, LLC ("BlackRock") has contractually agreed to waive the management fee with respect to any portion of the Fund's assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days' notice by a majority of the non-interested directors of BlackRock Variable Series Funds, Inc. (the "Company") or by a vote of a majority of the outstanding voting securities of the Fund. 

<sup>2</sup> The Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average net assets given in the Fund's most recent annual financial statements and additional information, which do not include Acquired Fund Fees and Expenses. 

<sup>3</sup> As described in the "Management of the Funds" section of the Fund's prospectus, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.86% (for Class I Shares) of average daily net assets through June 30, 2027. BlackRock has also contractually agreed to reimburse fees in order to limit certain networking and operational/recordkeeping fees to 0.08% (for Class I Shares) of average daily net assets through June 30, 2027. Each of these contractual agreements may be terminated upon 90 days' notice by a majority of the non-interested directors of the Company or by a vote of a majority of the outstanding voting securities of the Fund. 

**Example:** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not reflect charges imposed by the Contract. See the Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; Class I Shares | $88 | $343 | $618 | $1403 |

---

**Portfolio Turnover:** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 116% of the average value of its portfolio.

**3** 

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##### [**Table of Contents**](#toc)
***Principal Investment Strategies of the Fund***

The Fund invests primarily in stocks of companies located outside the United States. The Fund may purchase common stock, preferred stock, convertible securities and other instruments.

The Fund will invest at least 75% of its total assets in global equity securities of any market capitalization, selected for their above-average return potential. The Fund may invest in securities issued by companies of all sizes but will focus mainly on medium and large capitalization companies. Companies will be located in developed countries of Europe and the Far East, and in countries with emerging capital markets anywhere in the world. The Fund may invest up to 25% of its total assets in global fixed income securities, including corporate bonds, U.S. Government debt securities, non-U.S. Government and supranational debt securities, asset-backed securities, mortgage-backed securities, emerging market debt securities and non-investment grade debt securities (commonly called high yield or "junk" bonds) or debt securities determined by Fund management to be of similar quality.

The portfolio management team's investment process seeks to identify and benefit from diverse sources of inefficiency by applying a combination of stock-specific analysis, and top-down economic research, across the equity universe and macro-economic environment. The Fund's allocations to particular countries are based on Fund management's evaluation of individual companies.

Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more—unless market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least 30%) of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the United States, (iii) of issuers which primarily trade in a market located outside the United States, or (iv) of issuers doing a substantial amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes the Fund may deviate very substantially from the allocation described above.

Fund management may, when consistent with the Fund's investment objective, buy or sell options or futures on a security or an index of securities, or enter into interest rate or foreign currency transactions, including swaps (collectively, commonly known as derivatives).

***Principal Risks of Investing in the Fund***

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may change over time and you should review each risk factor carefully.

∎  ***Equity Securities Risk*** — Stock markets are volatile. The price of equity securities fluctuates based on
changes in a company's financial condition and overall market and economic conditions.

∎  ***Foreign Securities Risk*** — Foreign investments often involve special risks not present in U.S.
investments that can increase the chances that the Fund will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be
recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to
such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose
substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities,
derivatives or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same
extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of
securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ The Fund's claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of
foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund's net asset value for such refunds may be written down partially or in full, which will
adversely affect the Fund's net asset value.

**4** 

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##### [**Table of Contents**](#toc)
∎  ***Emerging Markets Risk*** — Emerging markets are riskier than more developed markets because they tend to
develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors.
In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

∎  ***Geographic Concentration Risk*** — From time to time the Fund may invest a substantial amount of its
assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant
impact on its investment performance. The Fund's investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.

∎  ***Investment Style Risk*** — Under certain market conditions, growth investments have performed better
during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the
Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.

∎  ***Convertible Securities Risk*** — The market value of a convertible security performs like that of a
regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends
when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may
be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.

∎  ***Debt Securities Risk*** — Debt securities, such as bonds, involve risks, such as credit risk, interest
rate risk, extension risk, and prepayment risk, each of which are described in further detail below:

*Credit Risk* — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

*Interest Rate Risk* — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund's investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund's investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.

To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund's performance.

*Extension Risk* — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

*Prepayment Risk* — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.

**5** 

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##### [**Table of Contents**](#toc)
∎  ***Derivatives Risk*** — The Fund's use of derivatives may increase its costs, reduce the Fund's
returns and/or increase volatility. Derivatives involve significant risks, including:

*Leverage Risk* — The Fund's use of derivatives can magnify the Fund's gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

*Market Risk* — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund's derivatives positions to lose value.

*Counterparty Risk* — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

*Illiquidity Risk* — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

*Operational Risk* — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

*Legal Risk* — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

*Volatility and Correlation Risk* — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

*Valuation Risk* — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

*Hedging Risk* — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund's hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

*Tax Risk* — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.

∎  ***Focus Risk*** — Under normal circumstances, the Fund focuses its investments in the securities of a
limited number of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in the securities of a greater number of issuers.

∎  ***High Portfolio Turnover Risk*** — The Fund may engage in active and frequent trading of its portfolio
securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the
securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies.
These effects of higher than normal portfolio turnover may adversely affect Fund performance.

∎  ***High Yield Bonds Risk*** — Although junk bonds generally pay higher rates of interest than investment
grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Fund.

∎  ***Leverage Risk*** — Some transactions may give rise to a form of economic leverage. These transactions may
include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to
meet the applicable requirements of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the rules thereunder. Increases and decreases in the value of the Fund's portfolio will be magnified when the
Fund uses leverage.

∎  ***Market Risk and Selection Risk*** — Market risk is the risk that one or more markets in which the Fund
invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not
specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or
global events such as war, acts of terrorism, the spread of infectious illness or other public health

**6** 

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##### [**Table of Contents**](#toc)
issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. <br>

∎  ***Mid Cap Securities Risk*** — The securities of mid cap companies generally trade in lower volumes and are
generally subject to greater and less predictable price changes than the securities of larger capitalization companies.

∎  ***Mortgage- and Asset-Backed Securities Risks*** — Mortgage- and asset-backed securities represent interests
in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject
to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed
securities.

∎  ***Operational and Technology Risks*** — The Fund is directly and indirectly susceptible to operational and
technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning ("AI"), which may result in losses
for the Fund and its shareholders or may impair the Fund's operations. While the Fund's service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their
methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund's investments
in such issuers to lose value.

∎  ***Preferred Securities Risk*** — Preferred securities may pay fixed or adjustable rates of return. Preferred
securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds
and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller
companies may be more vulnerable to adverse developments than preferred securities of larger companies.

∎  ***Supranational Entities Risk*** — The Fund may invest in obligations issued or guaranteed by the World
Bank. The government members, or "stockholders," usually make initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.
There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt
securities, and the Fund may lose money on such investments.

***Performance Information***

The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund's performance to that of the MSCI ACWI ex USA Index (Net). The bar chart and table do not reflect separate account fees and expenses. If they did, returns would be less than those shown. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance is not an indication of future results. If the Fund's investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund's returns would have been lower.

**Class I Shares** 

**ANNUAL TOTAL RETURNS** 

**BlackRock International V.I. Fund** 

**As of 12/31**![LOGO](g148900g37g97.jpg)

**7** 

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##### [**Table of Contents**](#toc)
During the ten-year period shown in the bar chart, the highest return for a quarter was 27.04% (quarter ended June 30, 2020) and the lowest return for a quarter was –25.54% (quarter ended March 31, 2020).

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| | | | |
|:---|:---|:---|:---|
| **For the periods ended 12/31/25 <br>Average Annual Total Returns** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; BlackRock International V.I. Fund: Class I Shares | 15.53% | 2.49% | 6.43% |
| &nbsp;&nbsp; MSCI ACWI ex USA Index (Net)<sup>1</sup><br> (Reflects no deduction for fees, expenses or taxes, except for withholding taxes on reinvested dividends) | 32.39% | 7.91% | 8.41% |

---

<sup>1</sup> Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding tax rates, if any. 

***Investment Manager***

The Fund's investment manager is BlackRock Advisors, LLC (previously defined as "BlackRock"). The Fund's sub-adviser is BlackRock International Limited. Where applicable, the use of the term BlackRock also refers to the Fund's sub-adviser.

***Portfolio Managers***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio Manager** | **Portfolio Manager of the Fund Since** | **Title** |
| &nbsp;&nbsp; Olivia Treharne, CFA | 2025 | Managing Director of BlackRock, Inc. |
| &nbsp;&nbsp; Stephen Andrews | 2025 | Managing Director of BlackRock, Inc. |
| &nbsp;&nbsp; Molly Greenen, CFA | 2025 | Director of BlackRock, Inc. |

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***Purchase and Sale of Fund Shares***

Shares of the Fund currently are sold either directly or indirectly (through other variable insurance funds) to separate accounts of insurance companies (the "Insurance Companies") and certain accounts administered by the Insurance Companies (the "Accounts") to fund benefits under the Contracts issued by the Insurance Companies. Shares of the Fund may be purchased or sold each day the New York Stock Exchange is open.

The Fund does not have any initial or subsequent investment minimums. However, your Contract may require certain investment minimums. See your Contract prospectus for more information.

***Tax Information***

Distributions made by the Fund to an Account, and exchanges and redemptions of Fund shares made by an Account, ordinarily do not cause the corresponding Contract holder to recognize income or gain for U.S. federal income tax purposes. See the Contract prospectus for information regarding the U.S. federal income tax treatment of the distributions to Accounts and the holders of the Contracts.

***Payments to Broker/Dealers and Other Financial Intermediaries***

BlackRock and its affiliates may make payments relating to distribution and sales support activities to the Insurance Companies and other financial intermediaries for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Insurance Company or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Visit your Insurance Company's website, which may have more information.

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## Details About the Fund
Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of BlackRock International V.I. Fund (the "Fund") and your rights as a shareholder.

***How the Fund Invests***

**Investment Objective** 

The investment objective of the Fund is long-term capital growth.

This investment objective is a non-fundamental policy of the Fund and may not be changed without 60 days' prior notice to shareholders.

**Investment Process** 

The portfolio management team's investment process seeks to identify and benefit from diverse sources of inefficiency by applying a combination of stock-specific analysis, and top-down economic research, across the equity universe and macro-economic environment. In addition to the portfolio managers, individual stock research is conducted by global sector, and country, specialists seeking to identify companies with the following characteristics: 1) sustainable business model, 2) strong financial position, and 3) strong capital allocation with a focus on dividends.

**Principal Investment Strategies** 

The Fund will invest at least 75% of its total assets in global equity securities of any market capitalization, selected for their above-average return potential. The Fund primarily seeks to buy common stock but may also invest in preferred stock, convertible securities and other instruments. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by BlackRock Advisors, LLC ("BlackRock"), in which case the Fund would invest at least 30%) of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the United States, (iii) of issuers which primarily trade in a market located outside the United States, or (iv) of issuers doing a substantial amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside the United States. For temporary defensive purposes the Fund may deviate very substantially from the allocation described above.

Investment in fixed income securities will be made on an opportunistic basis. Securities will be identified based on factors such as relative value and earnings estimate revisions. The Fund may invest up to 25% of total assets in global fixed income securities, including corporate bonds, U.S. Government debt securities, non-U.S. Government and supranational debt securities, asset-backed securities, mortgage-backed securities, emerging market debt securities and non-investment grade debt securities (commonly called high yield or "junk" bonds) or debt securities determined by Fund management to be of similar quality. Split rated bonds will be considered to have the higher credit rating as determined by Fund management.

The Fund will invest in securities of non-U.S. issuers that can be U.S.-dollar based or non-U.S.-dollar based on a hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to seek total return.

The Fund may, when consistent with the Fund's investment objective, buy or sell options or futures on a security or an index of securities and may buy options on a currency or a basket of currencies, or enter into interest rate or foreign currency transactions, including swaps (collectively, commonly known as derivatives). An option is the right to buy or sell a security or an index of securities at a specific price on or before a specific date. A future is an agreement to buy or sell a security or an index of securities at a specific price on a specific date. A swap is an agreement whereby one party exchanges its right to receive or its obligation to pay one type of currency for another party's obligation to pay or its right to receive another type of currency in the future or for a period of time. The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). The Fund may also use forward foreign currency exchange contracts (obligations to buy or sell a currency at a set rate in the future).

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**Other Strategies** 

In addition to the principal strategies discussed above, the Fund may also invest or engage in the following investments/strategies:

∎  ***Borrowing*** — The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for
the payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth under the Investment Company Act of 1940, as amended (the "Investment Company Act"), the rules and regulations
thereunder and any applicable exemptive relief.

∎  ***Depositary Receipts*** — The Fund may invest in securities of foreign issuers in the form of depositary
receipts or other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts typically issued by an American bank or trust company that evidence underlying securities issued by a foreign
corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary receipts.

∎  ***Foreign Exchange Transactions*** — The Fund may engage in foreign exchange transactions to seek to hedge
against the risk of loss from changes in currency exchange rates, but Fund management cannot guarantee that it will be able to enter into such transactions or that such transactions will be effective.

∎  ***Illiquid Investments*** — The Fund may invest up to an aggregate amount of 15% of its net assets in
illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the
market value of the investment.

∎  ***Indexed and Inverse Securities*** — The Fund may invest in securities that provide a return based on
fluctuations in a stock or other financial index. For example, the Fund may invest in a security that increases in value with the price of a particular securities index. In some cases, the return of the security may be inversely related to the price
of the index. This means that the value of the security will rise as the price of the index falls and vice versa. Although these types of securities can make it easier for the Fund to access certain markets or hedge risks of other assets held by the
Fund, these securities are subject to the risks related to the underlying index or other assets.

∎  ***Investment Companies*** — The Fund has the ability to invest in other investment companies, such as
exchange- traded funds ("ETFs"), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits under the Investment Company
Act, and the rules thereunder. The Fund may invest in affiliated investment companies, including affiliated money market funds and affiliated ETFs. When determining what country an investment company is located in for purposes of the allocation test
described in the Principal Investment Strategies section of this Prospectus, the Fund may consider investment companies to be located in the country or countries in which they primarily make their portfolio investments.

∎  ***"New Issues"*** — From time to time, the Fund may invest in shares of companies through
initial public offerings ("IPOs").

∎  ***Repurchase Agreements and Purchase and Sale Contracts*** — The Fund may enter into certain types of
repurchase agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase agreement, but purchase
and sale contracts also provide that the purchaser receives any interest on the security paid during the period.

∎  ***Restricted Securities*** — Restricted securities are securities that cannot be offered for public resale
unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified
institutional buyers but not to the general public, and securities of U.S. and non-U.S. issuers that are offered pursuant to Regulation S under the Securities Act of 1933, as amended.

∎  ***Reverse Repurchase Agreements*** — The Fund may enter into reverse repurchase agreements. The Fund is
permitted to invest up to one-third of its total assets in reverse repurchase agreements. Investments in reverse repurchase agreements and securities lending transactions (described below) will be aggregated for purposes of this investment
limitation.

∎  ***Securities Lending*** — The Fund may lend securities with a value up to
33<sup>1</sup>⁄<sub>3</sub>% of its total assets to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

∎  ***Standby Commitment Agreements*** — Standby commitment agreements commit the Fund, for a stated period of
time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.

∎  ***Temporary Defensive Strategies*** — For temporary defensive purposes, for example, to respond to adverse
market, economic, political or other conditions, the Fund may depart from its principal investment strategies and may restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market securities, such
as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,

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unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income securities, including repurchase agreements. The Fund may also buy or sell derivatives. In addition, we expect that a portion of the Fund's assets will be held in these short-term instruments in anticipation of making investments in accordance with its investment objectives and strategies or to meet redemptions or when Fund management is unable to find attractive investments. Temporary defensive positions may affect the Fund's ability to achieve its investment objective. <br>

∎  ***Warrants*** — A warrant gives the Fund the right to buy stock. The warrant specifies the amount of
underlying stock, the purchase (or "exercise") price, and the date the warrant expires. The Fund has no obligation to exercise the warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before
it expires.

∎  ***When-Issued and Delayed Delivery Securities and Forward Commitments*** — The purchase or sale of
securities on a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters into
these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into the transaction.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**ABOUT THE PORTFOLIO MANAGEMENT TEAM OF INTERNATIONAL V.I. FUND** |
| &nbsp;&nbsp;&nbsp;The Fund is managed by a team of financial professionals. Olivia Treharne, CFA, Stephen Andrews and Molly Greenen, CFA, are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see "Management of the Funds — Portfolio Manager Information" for additional information about the portfolio management team. |

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***Investment Risks***

This section contains a discussion of the general risks of investing in the Fund. The "Investment Objectives and Policies" section in the Statement of Additional Information also includes more information about the Fund, its investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund's performance will be positive for any period of time. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Principal Risks of Investing in the Fund** 

∎  ***Convertible Securities Risk*** — The market value of a convertible security performs like that of a
regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends
when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may
be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.

∎  ***Debt Securities Risk*** — Debt securities, such as bonds, involve risks, such as credit risk, interest
rate risk, extension risk, and prepayment risk, each of which are described in further detail below:

*Credit Risk* — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

*Interest Rate Risk* — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund's investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund's investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.

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To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund's performance.

During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Certain countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates.

*Extension Risk* — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

*Prepayment Risk* — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.

∎  ***Derivatives Risk*** — The Fund's use of derivatives may increase its costs, reduce the Fund's
returns and/or increase volatility. Derivatives involve significant risks, including:

*Leverage Risk* — The Fund's use of derivatives can magnify the Fund's gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

*Market Risk* — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund's derivatives positions to lose value.

*Counterparty Risk* — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

*Illiquidity Risk* — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

*Operational Risk* — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

*Legal Risk* — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

*Volatility and Correlation Risk* — The Fund's use of derivatives may reduce the Fund's returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

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*Valuation Risk* — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs. Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses that exceed the amount originally invested by the Fund.

*Hedging Risk* — When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund's hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences noted below.

*Tax Risk* — The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the Internal Revenue Service.

*Regulatory Risk* — Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are required to collect variation margin from the Fund and may be required by applicable regulations to collect initial margin from the Fund. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.

Future regulatory developments may impact the Fund's ability to invest or remain invested in certain derivatives. Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or any other financial derivative product, and there can be no assurance that any new governmental regulation will not adversely affect the Fund's ability to achieve its investment objective.

*Risks Specific to Certain Derivatives Used by the Fund*

*Swaps* – Swap agreements, including total return swaps that may be referred to as contracts for difference, are two-party contracts entered into for periods ranging from a few days to more than one year. In a standard "swap" transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect correlation between the return on the Fund's obligation to its counterparty and the return on the referenced asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk. 

*Forward Foreign Currency Exchange Contracts* – Forward foreign currency exchange transactions are OTC contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.

*Futures* – Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts or options are: (a) the imperfect correlations between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially

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unlimited; (d) the investment adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations.

*Options* – An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying asset (or settle for cash in an amount based on an underlying asset, rate, or index) at a specified price (the "exercise price") during a period of time or on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Fund could experience a substantial loss.

∎  ***Emerging Markets Risk*** — The risks of foreign investments are usually much greater for emerging markets.
Investments in emerging markets may be considered speculative. Emerging markets may include those in countries considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations. Emerging markets are
riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many
emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse
publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be
less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and
requirements comparable to those to which U.S. companies are subject.

Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasive corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments may adversely affect the Fund's performance. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. Many emerging markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may significantly decrease the liquidity and value of the securities.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.

∎  ***Equity Securities Risk*** — Common and preferred stocks represent equity ownership in a company. Stock
markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the
companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity

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securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation, interest or currency rates or generally adverse investor sentiment. <br>

∎  ***Focus Risk*** — Under normal circumstances, the Fund focuses its investments in the securities of a
limited number of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in the securities of a greater number of issuers.

∎  ***Foreign Securities Risk*** — Securities traded in foreign markets have often (though not always) performed
differently from securities traded in the United States. However, such investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to the
risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of foreign securities
may go up and down more than prices of securities traded in the United States.

*Certain Risks of Holding Fund Assets Outside the United States* — The Fund generally holds its foreign securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also, the laws of certain countries limit the Fund's ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the United States.

*Currency Risk* — Securities and other instruments in which the Fund invests may be denominated or quoted in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as "currency risk," means that a strong U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.

Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such issuer's ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.

*Foreign Economy Risk* — The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory actions of one government against another government, such as seizure of assets. Any of these actions could severely impair the Fund's ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the Fund's assets or income back into the United States, and could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund's operations, causing the Fund to decline in value.

Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social instability. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of the Fund's investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and take into account with respect to the Fund's investments.

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*Governmental Supervision and Regulation/Accounting Standards* — Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company's securities based on material non-public information about that company. In addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a company's financial condition.

*Settlement Risk* — Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S. investments.

At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable for any losses incurred.

*Withholding Tax Reclaims Risk* — The Fund may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund's net asset value. Shareholders in the Fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in the Fund's net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase in the Fund's net asset value.

∎  ***Geographic Concentration Risk*** — From time to time the Fund may invest a substantial amount of its
assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant
impact on its investment performance. The Fund's investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.

∎  ***High Portfolio Turnover Risk*** — The Fund may engage in active and frequent trading of its portfolio
securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other
securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects of higher than normal
portfolio turnover may adversely affect Fund performance.

∎  ***High Yield Bonds Risk*** — Although junk bonds generally pay higher rates of interest than investment
grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Fund. The major risks of junk bond investments include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of outstanding debt
relative to their assets than issuers of investment grade bonds. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no assets available to repay junk bond
holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer's industry and general
economic conditions may have a greater impact on the prices of junk bonds than on other higher rated fixed-income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an economic
downturn, specific issuer developments, or the unavailability of additional financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund before it
matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in bonds with lower yields and may lose income.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are
fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing
junk bonds than is the case with securities trading in a more liquid market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;∎ The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a
defaulting issuer.

The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.

∎  ***Investment Style Risk*** — Under certain market conditions, growth investments have performed better
during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the
Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.

∎  ***Leverage Risk*** — Some transactions may give rise to a form of economic leverage. These transactions may
include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end investment company registered with the Securities and Exchange Commission (the "SEC"), the Fund is subject to the federal
securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund
leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act
and the rules thereunder. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage.

∎  ***Market Risk and Selection Risk*** — Market risk is the risk that one or more markets in which the Fund
invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not
specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or
global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is
the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

∎  ***Mid Cap Securities Risk*** — The securities of mid cap companies generally trade in lower volumes and are
generally subject to greater and less predictable price changes than the securities of larger capitalization companies.

∎  ***Mortgage- and Asset-Backed Securities Risks*** — Mortgage-backed securities (residential and commercial)
and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Although asset-backed and commercial mortgage-backed securities ("CMBS")
generally experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension risks.

Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. The Fund's investments in asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes with different levels of yield and credit protection. The Fund's investments in CMBS with several classes may be in the lower classes that have greater risks than the higher classes, including greater interest rate, credit and prepayment risks.

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a manner not anticipated by Fund management, it is possible that the Fund could lose all or substantially all of its investment. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of investment leverage, which could cause the Fund to lose all or substantially all of its investment.

The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Fund's mortgage-related investments. Delinquencies and losses on mortgage loans (including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in each case as has been experienced and may continue to be experienced in many housing markets) may exacerbate such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen.

Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities. In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults.

∎  ***Operational and Technology Risk*** — The Fund and the entities with which it interacts directly or
indirectly are susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning
("AI"), which may result in losses for the Fund and its shareholders or impair the Fund's operations. These entities include, but are not limited to, the Fund's adviser, administrator, distributor, other service providers
(e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, listing exchanges, other financial market operators, and governmental authorities, as applicable.
Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund's investments in such issuers to lose value. The Fund may incur substantial
costs in order to mitigate operational and technology risks. Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the Fund invests, the Fund or any of its service providers. They include, but
are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication of
deliberate attacks, particularly those from nation states or from entities with nation state backing.

Cybersecurity incidents may result in any of the following: financial losses; interference with the Fund's ability to calculate its NAV; disclosure of confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to the Fund's functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules and the associated risks to the Fund.

While the Fund's service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.

The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent limitations in such plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot

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control the systems, information security or other cybersecurity of the issuers in which it invests or its service providers, counterparties, and other third parties whose activities affect the Fund.

Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.

∎  ***Preferred Securities Risk*** — Preferred securities may pay fixed or adjustable rates of return. Preferred
securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds
and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller
companies may be more vulnerable to adverse developments than preferred securities of larger companies.

∎  ***Supranational Entities Risk*** — The Fund may invest in obligations issued or guaranteed by
the World Bank. The government members, or "stockholders," usually make initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its
borrowings. There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal
on its debt securities, and the Fund may lose money on such investments.

**Other Risks of Investing in the Fund** 

The Fund may also be subject to certain other non-principal risks associated with its investments and investment strategies, including:

∎  ***Borrowing Risk*** — Borrowing may exaggerate changes in the net asset value of Fund shares and in the
return on the Fund's portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the Fund's return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do
so to satisfy its obligations.

∎  ***Depositary Receipts Risk*** — Depositary receipts are generally subject to the same risks as the foreign
securities that they evidence or into which they may be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk
and the risk of an illiquid market for depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information
available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in
their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk.

∎  ***Expense Risk*** — Fund expenses are subject to a variety of factors, including fluctuations in the
Fund's net assets. Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund's net assets decrease due to market declines or redemptions, the Fund's expenses will increase as
a percentage of Fund net assets. During periods of high market volatility, these increases in the Fund's expense ratio could be significant.

∎  ***Illiquid Investments Risk*** — The Fund may not acquire any illiquid investment if, immediately after the
acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar
days or less without the sale or disposition significantly changing the market value of the investment. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no assurance that
a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid investment pursuant to the Fund's
liquidity risk management program. The Fund's illiquid investments may reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if the Fund is limited in its
ability to dispose of illiquid investments during periods when shareholders are redeeming or selling their shares or the Fund's net assets otherwise shrink, the Fund will need to dispose of liquid securities to meet redemption requests and
illiquid securities will become a larger portion of the Fund's holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To the extent that the Fund's principal investment strategies
involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets,
and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when

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there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.

∎  ***Indexed and Inverse Securities Risk*** — Indexed and inverse securities provide a potential return based
on a particular index of value or interest rates. The Fund's return on these securities will be subject to risk with respect to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain
indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund's investment in such instruments may decline significantly in value if interest rates or index levels move
in a way Fund management does not anticipate.

∎  ***Investment in Other Investment Companies Risk*** — As with other investments, investments in other
investment companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses
in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated fund, the ability of the Fund
itself to hold other investment companies may be limited.

∎  ***Large Shareholder and Large-Scale Redemption Risk*** — Certain shareholders, including a third-party
investor, the Fund's adviser or an affiliate of the Fund's adviser, or another entity, may from time to time own or manage a substantial amount of Fund shares or may invest in the Fund and hold its investment for a limited period of
time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund would be maintained. Redemptions of a large number of Fund shares by these shareholders may
adversely affect the Fund's liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet redemption requests when it might not otherwise do so, which may negatively impact the Fund's NAV and
increase the Fund's brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,
non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. The Fund also may be required to sell its more liquid Fund investments to meet a large redemption, in
which case the Fund's remaining assets may be less liquid, more volatile, and more difficult to price. In addition, large redemptions can result in the Fund's current expenses being allocated over a smaller asset base, which generally
results in an increase in the Fund's expense ratio. Because large redemptions can adversely affect a portfolio manager's ability to implement a fund's investment strategy, the Fund also reserves the right to redeem in-kind, subject
to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily
would, diluting its investment returns.

∎  ***"New Issues" Risk*** — "New issues" are IPOs of equity securities. Investments in
companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an
indication of future performance. The investment performance of the Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the Fund increases
in size, the impact of IPOs on the Fund's performance will generally decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations. Securities issued in IPOs have no
trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. When an IPO is brought to the market,
availability may be limited and the Fund may not be able to buy any shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like.

∎  ***Ownership Limitations Risk*** — If certain aggregate and/or fund-level ownership thresholds are reached
through transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to
purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law, regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may be affected by
the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of the Fund's portfolio holdings.

For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a later date

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with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.

Ownership limitations are highly complex. It is possible that, despite BlackRock's intent to either comply with or be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non-disapproval that was obtained.

∎  ***Reliance on Advisor Risk*** — The Fund is dependent upon services and resources provided by BlackRock, and
therefore BlackRock's parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock will allocate
a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock's personnel could have a negative effect on the performance or the continued operation of the Fund.

∎  ***Repurchase Agreements and Purchase and Sale Contracts Risk*** — If the other party to a repurchase
agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either
situation and the market value of the security declines, the Fund may lose money.

∎  ***Restricted Securities Risk*** — Limitations on the resale, including any required lock up or holding
periods, of restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an
exchange and may have no active trading market. In order to sell certain securities, the Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other transaction
costs may be higher for restricted securities than unrestricted securities. Restricted securities may be difficult to value because market quotations may not be readily available, there may be limited other information regarding the
investment's market or fair value, and the securities values may have significant volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able to determine the
security's market or fair value or assess the investment risks as fully as for other issuers for which more information is available. Certain restricted securities may involve a high degree of business and financial risk and may result in
substantial losses to the Fund. Certain restricted securities may represent limited investment opportunities and each shareholder's proportionate investment exposure to such limited investment opportunities may be reduced proportionately as
the Fund's net assets grow from new or additional investments made in the Fund by other shareholders.

∎  ***Reverse Repurchase Agreements Risk*** — Reverse repurchase agreements involve the sale of securities held
by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The
Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also
trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

∎  ***Risk of Investing in the United States*** — A decrease in imports or exports, changes in trade
regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States are
changing many aspects of financial, commercial, public health, environmental, and other regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the
United States will continue to maintain elevated public debt levels for the foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated public debt service costs may constrain future economic
growth.

The United States has developed increasingly strained relations with a number of foreign countries. If relations with certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade.

∎  ***Securities Lending Risk*** — The Fund may engage in securities lending. Securities lending involves the
risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned
securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

∎  ***Small Cap and Emerging Growth Securities Risk*** — Small cap or emerging growth companies may have limited
product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. If a product fails or there are other adverse developments, or if management changes, the
Fund's investment in a small cap or emerging growth company may lose substantial value. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have
significant ownership by large investors and are followed by relatively few securities analysts.

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The securities of small cap and emerging growth companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap and emerging growth securities requires a longer term view.

∎  ***Sovereign Debt Risk*** — Sovereign debt instruments are subject to the risk that a governmental entity may
delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position
in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans.
There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

∎  ***Standby Commitment Agreements Risk*** — Standby commitment agreements involve the risk that the security
the Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide not to
issue the security. In this case, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

∎  ***Valuation Risk*** — The price the Fund could receive upon the sale of any particular portfolio investment
may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a
result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services that
value fixed-income securities generally utilize a range of market-based and security-specific inputs and assumptions, as well as considerations about general market conditions, to establish a price. Pricing services generally value fixed-income
securities assuming orderly transactions of an institutional round lot size, but may be held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices
than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The Fund's ability to value its investments may also be impacted by technological issues and/or errors
by pricing services or other third-party service providers.

∎  ***Warrants Risk*** — If the price of the underlying stock does not rise above the exercise price before the
warrant expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the
same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

∎  ***When-Issued and Delayed Delivery Securities and Forward Commitments Risk*** — When-issued and delayed
delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet
its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

**22** 

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##### [**Table of Contents**](#toc)
***Financial Highlights***

The financial highlights table is intended to help investors understand the Fund's financial performance for the periods shown. Certain information reflects the financial results for a single share of the Fund. The total returns in the table represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all dividends and/or distributions. The information has been audited by Deloitte & Touche LLP, whose report, along with the Fund's audited financial statements, is included in the Fund's Annual Financial Statements and Additional Information for the fiscal year ended December 31, 2025, as filed with the SEC on Form N-CSR, which are available upon request and at www.blackrock.com.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **BlackRock International V.I. Fund** | **BlackRock International V.I. Fund** | **BlackRock International V.I. Fund** | **BlackRock International V.I. Fund** | **BlackRock International V.I. Fund** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| <br>**(For a share outstanding throughout each period)** | **Year Ended<br>12/31/25** | **Year Ended<br>12/31/24** | **Year Ended<br>12/31/23** | **Year Ended<br>12/31/22** | **Year Ended<br>12/31/21** |
| &nbsp;&nbsp; **Net asset value, beginning of year** | $10.07 | $10.09 | $8.55 | $11.88 | $14.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.12 | 0.07 | 0.10 | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.44 | (0.03) | 1.52 | (3.01) | 1.12 |
| &nbsp;&nbsp; Net increase (decrease) from investment operations | 1.56 | 0.04 | 1.62 | (2.94) | 1.23 |
| &nbsp;&nbsp; **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.17) | (0.06) | (0.08) | (0.08) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.31) | (3.51) |
| &nbsp;&nbsp; Total distributions | (0.17) | (0.06) | (0.08) | (0.39) | (3.62) |
| &nbsp;&nbsp; **Net asset value, end of year** | $11.46 | $10.07 | $10.09 | $8.55 | $11.88 |
| &nbsp;&nbsp; **Total Return<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp; Based on net asset value | 15.53% | 0.37% | 19.02% | (24.62)% | 8.68% |
| &nbsp;&nbsp; **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp; Total expenses | 1.17% | 1.18% | 1.17% | 1.17% | 1.12% |
| &nbsp;&nbsp; Total expenses after fees waived and/or reimbursed | 0.86% | 0.86% | 0.86% | 0.90% | 0.93% |
| &nbsp;&nbsp; Net investment income | 1.16% | 0.65% | 1.02% | 0.77% | 0.69% |
| &nbsp;&nbsp; **Supplemental Data** |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of year (000) | $73933 | $74007 | $81725 | $74381 | $103072 |
| &nbsp;&nbsp; Portfolio turnover rate | 116% | 61% | 102% | 102% | 80% |
|  <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.<br> <sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.<br> <sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.<br> <sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.<br> <sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.<br> <sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> Where applicable, excludes insurance-related fees and expenses and assumes the reinvestment of distributions.<br> <sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |

---

**23** 

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##### [**Table of Contents**](#toc)

## Other Important Information

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BlackRock Variable Series Funds** |  |  |  |
|  | ***Class I Shares*** |  |  |  |
| ***[Account Information](#toc148900_15)*** | *[The Insurance Companies](#toc148900_15a)* | | *I-2* | |
|  | *[How to Buy and Sell Shares](#toc148900_16)* | | *I-2* | |
| ***[Management of the Funds](#toc148900_17)*** | *Information about BlackRock and the Portfolio Managers* |  |  |  |
|  | *[BlackRock](#toc148900_18)* | | *I-4* | |
|  | *[Portfolio Manager Information](#toc148900_19)* | | *I-9* | |
|  | *[Conflicts of Interest](#toc148900_20)* | | *I-12* | |
|  | *[Valuation of Fund Investments](#toc148900_21)* | | *I-13* | |
|  | *[Dividends and Taxes](#toc148900_22)* | | *I-15* | |
| ***[General Information](#toc148900_23)*** | *[Shareholder Documents](#toc148900_23a)* | | *I-17* | |
|  | *[Certain Fund Policies](#toc148900_24)* | | *I-17* | |
|  | *[Statement of Additional Information](#toc148900_25)* | | *I-17* | |
| ***[Glossary](#toc148900_26)*** | *[Glossary](#toc148900_26)* | | *I-18* | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***[For More Information](#toc148900_27)*** | *[Funds and Service Providers](#toc148900_27a)* | | *Inside Back Cover* | |

---

---

| | | | |
|:---|:---|:---|:---|
| *[Additional Information](#toc148900_28)* | | *Back Cover* | |

---

------

##### [**Table of Contents**](#toc)

## Account Information
***The Insurance Companies***

Shares of BlackRock 60/40 Target Allocation ETF V.I. Fund, BlackRock Advantage Large Cap Core V.I. Fund, BlackRock Advantage Large Cap Value V.I. Fund, BlackRock Advantage SMID Cap V.I. Fund, BlackRock Basic Value V.I. Fund, BlackRock Capital Appreciation V.I. Fund, BlackRock Equity Dividend V.I. Fund, BlackRock Global Allocation V.I. Fund, BlackRock Government Money Market V.I. Fund, BlackRock International Index V.I. Fund, BlackRock International V.I. Fund, BlackRock Large Cap Focus Growth V.I. Fund, BlackRock Managed Volatility V.I. Fund, BlackRock S&P 500 Index V.I. Fund and BlackRock Small Cap Index V.I. Fund (each a "Fund," and collectively, the "Funds") are sold to separate accounts of insurance companies (the "Insurance Companies") either directly or indirectly (through other variable insurance funds) to fund certain variable life insurance contracts and/or variable annuities (the "Contracts") issued by the Insurance Companies.

Shares of the Funds are owned by the Insurance Companies, not Contract owners. A Contract owner has no direct interest in the shares of a Fund, but only in the Contract. A Contract is described in the prospectus for that Contract. That prospectus describes the relationship between changes in the value of shares of a Fund, and the benefits provided under a Contract. The prospectus for a Contract also describes various fees payable to the Insurance Company and charges to the separate account made by the Insurance Company with respect to the Contract. While this prospectus and the Statement of Additional Information (the "SAI") are intended for use by Contract owners, because shares of the Funds will be sold only to the Insurance Companies for the separate accounts, the terms "you," "your," "shareholder" and "shareholders" in this prospectus may refer to the Insurance Companies.

More than one Insurance Company may invest in each Fund. It is possible that a difference may arise among the interests of Insurance Companies that invest in a Fund or the holders of different types of Contracts — for example, if applicable state insurance law or Contract owner instructions prevent an Insurance Company from continuing to invest in a Fund following a change in the Fund's investment policies, or if different tax laws apply to variable life insurance contracts and variable annuities. The Funds and the Insurance Companies will attempt to monitor events to prevent such differences from arising. If a conflict between Insurance Companies occurs, or between life insurance policies and annuity contracts, however, a Fund may be required to take actions that are adverse to the interests of a particular Insurance Company and its Contract owners, or to the interests of holders of a particular type of Contract.

If approved by BlackRock Variable Series Funds, Inc.'s (the "Company") Board of Directors (the "Board"), BlackRock, on behalf of the Funds, may enter into agreements with a Service Organization, as defined below, pursuant to which a Fund will pay a Service Organization for administrative, networking, recordkeeping, subtransfer agency and shareholder services. These payments are based on a percentage of the average daily net assets of Fund shareholders serviced by a Service Organization. The aggregate amount of these payments may be substantial.

From time to time, BlackRock, BlackRock Investments, LLC (the "Distributor") and their affiliates may compensate affiliated and unaffiliated Insurance Companies and other financial intermediaries ("Service Organizations") for the sale and distribution of shares of the Funds. These payments would be in addition to the Fund payments described above, if approved by the Board, and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Service Organization, may be based on a percentage of the value of shares sold to, or held by, customers of the Service Organization or may be calculated on another basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial and, in some circumstances, may create an incentive for a Service Organization, its employees or associated persons to recommend or sell shares of the Funds to you. Please contact your Service Organization for details about payments it may receive from the Funds or from BlackRock, the Distributor or their affiliates. For more information, see the SAI.

***How to Buy and Sell Shares***

The Company is offering through this prospectus Class I Shares in each of its Funds to the Insurance Companies. The price of shares purchased by the Insurance Companies is based on the next calculation of the per share net asset value of a Fund after an order is placed. The Company may reject any order to buy shares and may suspend the sale of shares at any time. The Company will redeem all full and fractional shares of the Funds for cash. The price of redeemed shares is based on the next calculation of net asset value after a redemption order is placed. The value of shares at the time of redemption may be more or less than the shareholder's cost, depending in part on the net asset value of such shares at such time.

**Short-Term Trading Policy** 

**Each Fund other than BlackRock Government Money Market V.I. Fund** 

The Board has determined that the interests of long-term shareholders and a Fund's ability to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short-term market

**I-2** 

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##### [**Table of Contents**](#toc)
fluctuations — also known as "market timing." The Funds are not designed for market timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may interfere with portfolio management, increase expenses and taxes and may have an adverse effect on the performance of a Fund and its returns to shareholders. For example, large flows of cash into and out of a Fund may require the management team to allocate a significant amount of assets to cash or other short-term investments or sell securities, rather than maintaining such assets in securities selected to achieve a Fund's investment objective. Frequent trading may cause a Fund to sell securities at less favorable prices, and transaction costs, such as brokerage commissions, can reduce a Fund's performance.

A fund's investment in non-U.S. securities is subject to the risk that an investor may seek to take advantage of a delay between the change in value of such fund's portfolio securities and the determination of the fund's net asset value as a result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies, securities of issuers located in emerging markets or high yield securities ("junk bonds") that are thinly traded and therefore may have actual values that differ from their market prices. This short-term arbitrage activity can reduce the return received by long-term shareholders. Each Fund will seek to eliminate these opportunities by using fair value pricing, as described in "Management of the Funds — Valuation of Fund Investments" below.

The Funds discourage market timing and seek to prevent frequent purchases and sales or exchanges of Fund shares that they determine may be detrimental to a Fund or long-term shareholders. The Board has approved the policies discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to a Fund or its shareholders.

If as a result of its own investigation, information provided by a financial intermediary or other third party, or otherwise, a Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging in market timing activity, it reserves the right to reject any specific purchase or exchange order. If a Fund rejects your purchase or exchange order, you will not be able to execute that transaction, and such Fund will not be responsible for any losses you therefore may suffer. For transactions placed directly with a Fund, such Fund may consider the trading history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions placed through the same financial intermediary on an omnibus basis may be deemed part of a group for the purpose of this policy and may be rejected in whole or in part by a Fund. Certain accounts, such as omnibus accounts and accounts at financial intermediaries, however, include multiple investors and such accounts typically provide a Fund with net purchase or redemption and exchange requests on any given day where purchases, redemptions and exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and exchangers whose orders are aggregated may not be known by a Fund. While the Funds monitor for market timing activity, the Funds may be unable to identify such activities because the netting effect in omnibus accounts often makes it more difficult to locate and eliminate market timers from the Funds. The Distributor has entered into agreements with respect to financial professionals, and other financial intermediaries that maintain omnibus accounts with the transfer agent pursuant to which such financial professionals and other financial intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption orders by their customers in order to detect and prevent short-term or excessive trading in the Funds' shares through such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In the event that a financial intermediary is determined by a Fund to be engaged in market timing or other improper trading activity, the Distributor may terminate such financial intermediary's agreement with the Distributor, suspend such financial intermediary's trading privileges or take other appropriate actions.

There is no assurance that the methods described above will prevent market timing or other trading that may be deemed abusive.

The Funds may from time to time use other methods that they believe are appropriate to deter market timing or other trading activity that may be detrimental to the Funds or long-term shareholders.

**BlackRock Government Money Market V.I. Fund** 

Market timing is an investment technique involving frequent short-term trading of mutual fund shares designed to exploit market movements or inefficiencies in the way a mutual fund prices its shares. The Board has evaluated the risks of market timing activities by BlackRock Government Money Market V.I. Fund's shareholders and has determined that due to (i) the Fund's policy of seeking to maintain the Fund's net asset value per share at $1.00 each day, (ii) the nature of the Fund's portfolio holdings, and (iii) the nature of the Fund's shareholders, it is unlikely that (a) market timing would be attempted by the Fund's shareholders or (b) any attempts to market time the Fund by shareholders would result in a negative impact to the Fund or its shareholders. As a result, the Board has not adopted policies and procedures to deter short-term trading in the Fund. There can be no assurances, however, that the Fund may not, on occasion, serve as a temporary or short-term investment vehicle for those who seek to market time funds offered by other investment companies.

**I-3** 

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##### [**Table of Contents**](#toc)

## Management of the Funds
***BlackRock***

BlackRock, each Fund's investment adviser, manages each Fund's investments and its business operations subject to the oversight of the Board of each of the Funds. While BlackRock is ultimately responsible for the management of the Funds, it is able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of BlackRock, Inc.

BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment companies. BlackRock International Limited ("BIL"), BlackRock (Singapore) Limited ("BSL") and BlackRock Asset Management North Asia Limited ("BNA") are registered investment advisers organized in 1995, 2000 and 1998, respectively. BlackRock and its affiliates had approximately $13.9 trillion in investment company and other portfolio assets under management as of March 31, 2026.

Each Fund has entered into a management agreement (the "Management Agreement") with BlackRock. Under the Management Agreement, BlackRock receives for its services to each Fund a fee at an annual rate described below. The fee is computed daily on a Fund-by-Fund basis and payable monthly.

**BlackRock 60/40 Target Allocation ETF V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.150% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.140% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.135% |
| &nbsp;&nbsp; In excess of $5 billion | 0.130% |

---

**BlackRock Advantage Large Cap Core V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $250 million | 0.500% |
| &nbsp;&nbsp; In excess of $250 million but not exceeding $300 million | 0.450% |
| &nbsp;&nbsp; In excess of $300 million but not exceeding $400 million | 0.425% |
| &nbsp;&nbsp; In excess of $400 million | 0.400% |

---

**BlackRock Advantage Large Cap Value V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.75% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.71% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.68% |
| &nbsp;&nbsp; In excess of $5 billion but not exceeding $10 billion | 0.65% |
| &nbsp;&nbsp; In excess of $10 billion | 0.64% |

---

For BlackRock Advantage Large Cap Value V.I. Fund, BlackRock has agreed to voluntarily waive 0.05% of its management fee payable by the Fund. This voluntary waiver may be reduced or discontinued at any time without notice.

**I-4** 

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##### [**Table of Contents**](#toc)
**BlackRock Advantage SMID Cap V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.75% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.71% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.68% |
| &nbsp;&nbsp; In excess of $5 billion but not exceeding $10 billion | 0.65% |
| &nbsp;&nbsp; In excess of $10 billion | 0.64% |

---

**BlackRock Basic Value V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.60% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.56% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.54% |
| &nbsp;&nbsp; In excess of $5 billion but not exceeding $10 billion | 0.52% |
| &nbsp;&nbsp; In excess of $10 billion | 0.51% |

---

**BlackRock Capital Appreciation V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.65% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.61% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.59% |
| &nbsp;&nbsp; In excess of $5 billion but not exceeding $10 billion | 0.57% |
| &nbsp;&nbsp; In excess of $10 billion | 0.55% |

---

**BlackRock Equity Dividend V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.60% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.56% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.54% |
| &nbsp;&nbsp; In excess of $5 billion but not exceeding $10 billion | 0.52% |
| &nbsp;&nbsp; In excess of $10 billion | 0.51% |

---

**BlackRock Global Allocation V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $6 billion | 0.65% |
| &nbsp;&nbsp; In excess of $6 billion but not exceeding $8 billion | 0.61% |
| &nbsp;&nbsp; In excess of $8 billion but not exceeding $10 billion | 0.59% |
| &nbsp;&nbsp; In excess of $10 billion but not exceeding $15 billion | 0.57% |
| &nbsp;&nbsp; In excess of $15 billion | 0.55% |

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**I-5** 

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##### [**Table of Contents**](#toc)
**BlackRock Government Money Market V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.500% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $2 billion | 0.450% |
| &nbsp;&nbsp; In excess of $2 billion but not exceeding $3 billion | 0.400% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $4 billion | 0.375% |
| &nbsp;&nbsp; In excess of $4 billion but not exceeding $7 billion | 0.350% |
| &nbsp;&nbsp; In excess of $7 billion but not exceeding $10 billion | 0.325% |
| &nbsp;&nbsp; In excess of $10 billion but not exceeding $15 billion | 0.300% |
| &nbsp;&nbsp; In excess of $15 billion | 0.290% |

---

For BlackRock Government Money Market V.I. Fund, BlackRock has voluntarily agreed to waive a portion of its fees and/or reimburse operating expenses to enable the Fund to maintain a minimum daily net investment income dividend. BlackRock may discontinue this waiver and/or reimbursement at any time without notice.

**BlackRock International Index V.I. Fund and BlackRock Small Cap Index V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Fund** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; BlackRock International Index V.I. Fund | 0.08% |
| &nbsp;&nbsp; BlackRock Small Cap Index V.I. Fund | 0.08% |

---

**BlackRock International V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.75% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.71% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.68% |
| &nbsp;&nbsp; In excess of $5 billion but not exceeding $10 billion | 0.65% |
| &nbsp;&nbsp; In excess of $10 billion | 0.64% |

---

**BlackRock Large Cap Focus Growth V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.65% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.61% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.59% |
| &nbsp;&nbsp; In excess of $5 billion but not exceeding $10 billion | 0.57% |
| &nbsp;&nbsp; In excess of $10 billion | 0.55% |

---

**BlackRock Managed Volatility V.I. Fund** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portion of Average Daily Value of Net Assets** | **Rate of<br>Management Fee** |
| &nbsp;&nbsp; Not exceeding $1 billion | 0.55% |
| &nbsp;&nbsp; In excess of $1 billion but not exceeding $3 billion | 0.52% |
| &nbsp;&nbsp; In excess of $3 billion but not exceeding $5 billion | 0.50% |
| &nbsp;&nbsp; In excess of $5 billion but not exceeding $10 billion | 0.48% |
| &nbsp;&nbsp; In excess of $10 billion | 0.47% |

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**I-6** 

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##### [**Table of Contents**](#toc)
**BlackRock S&P 500 Index V.I. Fund** 

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| |
|:---|
| **Rate of<br>Management Fee** |
| 0.07% |

---

BlackRock has contractually agreed to waive the management fee with respect to any portion of each Fund's (except BlackRock 60/40 Target Allocation ETF V.I. Fund and BlackRock Government Money Market V.I. Fund) assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. BlackRock has contractually agreed to waive the management fee with respect to any portion of BlackRock 60/40 Target Allocation ETF V.I. Fund's assets estimated to be attributable to investments in other equity and fixed-income mutual funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. BlackRock has also contractually agreed to waive the management fee with respect to any portion of BlackRock Global Allocation V.I. Fund's assets estimated to be attributable to investments in other exchange-traded products sponsored by BlackRock or its affiliates, through June 30, 2027. In addition, with respect to each Fund (except BlackRock Government Money Market V.I. Fund), BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the "affiliated money market fund waiver"), through June 30, 2027. The contractual agreements may be terminated upon 90 days' notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of the Fund.

BlackRock has agreed to cap net expenses (excluding (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) a Fund's pro rata share of the fees and expenses incurred indirectly by a Fund as a result of investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, a Fund's investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of a Fund's business, if any) of each share class of certain Funds at the levels shown below and, in the case of contractual caps, in a Fund's fees and expenses table in the Fund Overview section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding sentence are referred to in this prospectus as "Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses." To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees or expenses if these operating expenses exceed a certain limit.

With respect to Class I Shares of each Fund, as set forth in the table below, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements. With respect to Class I Shares of certain Funds, BlackRock has contractually agreed to reimburse fees in order to limit operational and recordkeeping fees to the amounts noted in the table below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Contractual Caps<sup>1</sup><br>on Total Annual<br>Fund Operating<br>Expenses<sup>2</sup> (excluding<br>Dividend Expense,<br>Interest Expense,<br>Acquired Fund Fees<br>and Expenses<br>and certain<br>other Fund expenses)** | **Contractual Caps<sup>1</sup>**<br> **on fees paid by Fund**<br> **for Networking and<br>Operational/<br>Recordkeeping**<br> **Services** | **Voluntary Cap(s)<sup>3</sup> on<br>Total Annual Fund<br>Operating Expenses<sup>2</sup><br>(excluding Dividend<br>Expense, Interest<br>Expense, Acquired Fund<br>Fees and Expenses and<br>certain other Fund<br>expenses)** | **Total Annual Fund<br>Operating Expenses<br>after giving effect to<br>all applicable<br>expense limitation<br>provisions (excluding<br>Dividend Expense,<br>Interest Expense,<br>Acquired Fund Fees<br>and Expenses<br>and certain<br>other Fund Expenses)** |
| &nbsp;&nbsp; 60/40 Target Allocation ETF V.I. Fund | 0.19% |  |  | 0.19% |
| &nbsp;&nbsp; Advantage Large Cap Core V.I. Fund | 1.25% | 0.05% |  | 0.64% |
| &nbsp;&nbsp; Advantage Large Cap Value V.I. Fund | 0.60% | 0.00% |  | 0.60% |
| &nbsp;&nbsp; Advantage SMID Cap V.I. Fund | 0.55% | 0.07% |  | 0.55% |
| &nbsp;&nbsp; Basic Value V.I. Fund | 1.25% | 0.06% |  | 0.74% |
| &nbsp;&nbsp; Capital Appreciation V.I. Fund | 0.79% | 0.07% |  | 0.79% |
| &nbsp;&nbsp; Equity Dividend V.I. Fund | 1.25% | 0.00% |  | 0.67% |
| &nbsp;&nbsp; Global Allocation V.I. Fund | 1.25% | 0.07% |  | 0.74% |
| &nbsp;&nbsp; Government Money Market V.I. Fund | 0.30% |  |  | 0.30% |
| &nbsp;&nbsp; International Index V.I. Fund | 0.27% | 0.05% |  | 0.27% |

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**I-7** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Contractual Caps<sup>1</sup><br>on Total Annual<br>Fund Operating<br>Expenses<sup>2</sup> (excluding<br>Dividend Expense,<br>Interest Expense,<br>Acquired Fund Fees<br>and Expenses<br>and certain<br>other Fund expenses)** | **Contractual Caps<sup>1</sup>**<br> **on fees paid by Fund**<br> **for Networking and<br>Operational/<br>Recordkeeping**<br> **Services** | **Voluntary Cap(s)<sup>3</sup> on<br>Total Annual Fund<br>Operating Expenses<sup>2</sup><br>(excluding Dividend<br>Expense, Interest<br>Expense, Acquired Fund<br>Fees and Expenses and<br>certain other Fund<br>expenses)** | **Total Annual Fund<br>Operating Expenses<br>after giving effect to<br>all applicable<br>expense limitation<br>provisions (excluding<br>Dividend Expense,<br>Interest Expense,<br>Acquired Fund Fees<br>and Expenses<br>and certain<br>other Fund Expenses)** |
| &nbsp;&nbsp; International V.I. Fund | 0.86% | 0.08% | 0.71% | 0.71% |
| &nbsp;&nbsp; Large Cap Focus Growth V.I. Fund | 0.79% | 0.07% |  | 0.77% |
| &nbsp;&nbsp; Managed Volatility V.I. Fund | 0.59% | 0.00% |  | 0.59% |
| &nbsp;&nbsp; S&P 500 Index V.I. Fund | 0.15% | 0.05% |  | 0.13% |
| &nbsp;&nbsp; Small Cap Index V.I. Fund | 0.22% | 0.05% |  | 0.22% |

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| |
|:---|
|  <sup>1</sup> The contractual caps for each Fund are in effect through June 30, 2027. The contractual agreement may be terminated, with respect to each Fund, upon 90 days' notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. |
|  <sup>2</sup> As a percentage of average daily net assets and based on current fees. |
|  <sup>3</sup> This voluntary waiver and/or reimbursement is effective June 1, 2026 and may be reduced or discontinued at any time without notice. |

---

The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual cap on net expenses will be reduced by the amount of the affiliated money market fund waiver.

For the fiscal year ended December 31, 2025, BlackRock received a management fee, net of management fee waivers, from each Fund at the annual rate noted in the table below of each Fund's average daily net assets.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Fund Name** | **Management Fee** |
| &nbsp;&nbsp; 60/40 Target Allocation ETF V.I. Fund | 0.15% |
| &nbsp;&nbsp; Advantage Large Cap Core V.I. Fund | 0.50% |
| &nbsp;&nbsp; Advantage Large Cap Value V.I. Fund | 0.70% |
| &nbsp;&nbsp; Advantage SMID Cap V.I. Fund | 0.75% |
| &nbsp;&nbsp; Basic Value V.I. Fund | 0.60% |
| &nbsp;&nbsp; Capital Appreciation V.I. Fund | 0.65% |
| &nbsp;&nbsp; Equity Dividend V.I. Fund | 0.60% |
| &nbsp;&nbsp; Global Allocation V.I. Fund | 0.64% |
| &nbsp;&nbsp; Government Money Market V.I. Fund | 0.50% |
| &nbsp;&nbsp; International Index V.I. Fund | 0.08% |
| &nbsp;&nbsp; International V.I. Fund | 0.75% |
| &nbsp;&nbsp; Large Cap Focus Growth V.I. Fund | 0.65% |
| &nbsp;&nbsp; Managed Volatility V.I. Fund | 0.55% |
| &nbsp;&nbsp; S&P 500 Index V.I. Fund | 0.07% |
| &nbsp;&nbsp; Small Cap Index V.I. Fund | 0.08% |

---

BlackRock has entered into separate sub-advisory agreements with BIL, an affiliate of BlackRock, with respect to BlackRock Global Allocation V.I. Fund, BlackRock International V.I. Fund and BlackRock Managed Volatility V.I. Fund. Under the sub-advisory agreements, BlackRock pays BIL a monthly fee for services it provides for that portion of BlackRock Global Allocation V.I. Fund, BlackRock International V.I. Fund and BlackRock Managed Volatility V.I. Fund for which BIL acts as sub-adviser at an annual rate equal to a percentage of the management fee paid to BlackRock under the Management Agreement.

BlackRock has entered into separate sub-advisory agreements with BSL, an affiliate of BlackRock, with respect to BlackRock Global Allocation V.I. Fund and BlackRock Managed Volatility V.I. Fund. Under the sub-advisory agreements, BlackRock pays BSL a monthly fee for services it provides for that portion of BlackRock Global Allocation V.I. Fund and BlackRock Managed Volatility V.I. Fund for which BSL acts as sub-adviser at an annual rate equal to a percentage of the management fee paid to BlackRock under the Management Agreement.

BlackRock has entered into a sub-advisory agreement with BNA, an affiliate of BlackRock, with respect to BlackRock Managed Volatility V.I. Fund. Under the sub-advisory agreement, BlackRock pays BNA a monthly fee for services it

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provides for that portion of BlackRock Managed Volatility V.I. Fund for which BIL acts as sub-adviser at an annual rate equal to a percentage of the management fee paid to BlackRock under the Management Agreement.

A discussion of the basis for the Board's approval of the Management Agreement with BlackRock with respect to each Fund and each sub-advisory agreement between BlackRock and each sub-adviser is available in the Funds' reports filed on Form N-CSR for the fiscal period ended June 30, 2025.

From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a particular asset class, company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any other person within the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of a Fund.

***Portfolio Manager Information***

Information regarding the portfolio managers of each Fund (other than BlackRock Government Money Market V.I. Fund) is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is available in the Funds' SAI.

**BlackRock 60/40 Target Allocation ETF V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Michael Gates, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2016 | Managing Director of BlackRock, Inc. since 2019. |
| Lisa O'Connor, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2017. |
| Suzanne Ly, CFA, FRM | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2024; Director of BlackRock, Inc. from 2019 to 2023. |

---

**BlackRock Advantage Large Cap Core V.I. Fund, BlackRock Advantage Large Cap Value V.I. Fund and BlackRock Advantage SMID Cap V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Raffaele Savi | Jointly and primarily responsible for the day-to-day management of each Fund's portfolio, including setting each Fund's overall investment strategy and overseeing the management of the Funds. | 2017 | Senior Managing Director of BlackRock, Inc. since 2023; Managing Director of BlackRock, Inc. from 2009 to 2022. |
| Travis Cooke, CFA | Jointly and primarily responsible for the day-to-day management of each Fund's portfolio, including setting each Fund's overall investment strategy and overseeing the management of the Funds. | 2017 | Managing Director of BlackRock, Inc. since 2012. |
| Richard Mathieson | Jointly and primarily responsible for the day-to-day management of each Fund's portfolio, including setting each Fund's overall investment strategy and overseeing the management of the Funds. | 2017 | Managing Director of BlackRock, Inc. since 2011. |

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**BlackRock Basic Value V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| David Zhao | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2019 | Managing Director of BlackRock, Inc. since 2016. |

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**BlackRock Capital Appreciation V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Sally Du, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Director of BlackRock, Inc. since 2019. |
| Reid Menge | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2023; Director of BlackRock, Inc. from 2020 to 2022. |

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**BlackRock Equity Dividend V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Cem Inal | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2025; Chief Investment Officer of US Large Cap Value Equities at AllianceBernstein from 2020 to 2025. |
| David Zhao | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2017 | Managing Director of BlackRock, Inc. since 2016. |

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**BlackRock Global Allocation V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Rick Rieder | Jointly and primarily responsible for the management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2019 | BlackRock's Chief Investment Officer of Global Fixed Income, Head of Global Allocation Investment Team, member of the Global Executive Committee, Global Operating Committee and Chairman of the BlackRock, Inc. firmwide Investment Council; Managing Director of BlackRock, Inc. since 2009. |
| Russ Koesterich, CFA, JD | Jointly and primarily responsible for the management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2017 | Managing Director of BlackRock, Inc. since 2009. |

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**BlackRock International Index V.I. Fund and BlackRock Small Cap Index V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Jennifer Hsui, CFA | Jointly and primarily responsible for the day-to-day management of each Fund's portfolio, including setting each Fund's overall investment strategy and overseeing the management of the Funds. | 2018 | Managing Director of BlackRock, Inc. since 2011; Director of BlackRock, Inc. from 2009 to 2011; Principal of BGI from 2006 to 2009. |
| Matt Waldron, CFA | Jointly and primarily responsible for the day-to-day management of each Fund's portfolio, including setting each Fund's overall investment strategy and overseeing the management of the Funds. | 2025 | Managing Director of BlackRock, Inc. since 2024; Director of BlackRock, Inc from 2010 to 2024. |
| Peter Sietsema, CFA | Jointly and primarily responsible for the day-to-day management of each Fund's portfolio, including setting each Fund's overall investment strategy and overseeing the management of the Funds. | 2025 | Managing Director of BlackRock, Inc. since 2026; Director of BlackRock, Inc. from 2013 to 2025. |
| Steven White | Jointly and primarily responsible for the day-to-day management of each Fund's portfolio, including setting each Fund's overall investment strategy and overseeing the management of the Funds. | 2025 | Managing Director of BlackRock, Inc. since 2026; Director of BlackRock, Inc. from 2020 to 2025. |

---

**BlackRock International V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Olivia Treharne, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2024; Director of BlackRock, Inc. from 2019 to 2023. |
| Stephen Andrews | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director and Co-Head of Global Emerging Market Equities of BlackRock, Inc. since 2017. |
| Molly Greenen, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Director of BlackRock, Inc. since 2022; Vice President of BlackRock, Inc. from 2018 to 2021. |

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**BlackRock Large Cap Focus Growth V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Sally Du, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Director of BlackRock, Inc. since 2019. |
| Reid Menge | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2023; Director of BlackRock, Inc. from 2020 to 2022. |

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**BlackRock Managed Volatility V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Philip Green | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2008 | Managing Director of BlackRock, Inc. since 2006. |
| Michael Pensky | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2013 | Managing Director of BlackRock, Inc. since 2021; Director of BlackRock, Inc. from 2018 to 2020. |

---

**BlackRock S&P 500 Index V.I. Fund** 

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Primary Role** | **Since** | **Title and Recent Biography** |
| Jennifer Hsui, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2016 | Managing Director of BlackRock, Inc. since 2011; Director of BlackRock, Inc. from 2009 to 2011; Principal of BGI from 2006 to 2009. |
| Matt Waldron, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2024; Director of BlackRock, Inc from 2010 to 2024. |
| Peter Sietsema, CFA | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2026; Director of BlackRock, Inc. from 2013 to 2025. |
| Steven White | Jointly and primarily responsible for the day-to-day management of the Fund's portfolio, including setting the Fund's overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2026; Director of BlackRock, Inc. from 2020 to 2025. |

---

***Conflicts of Interest***

The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the "Affiliates")), and their respective directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could disadvantage a Fund and its shareholders.

BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and in the ordinary course of business may engage in activities in which their interests or the interests of other clients may conflict with those of a Fund. BlackRock and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect interests in securities, currencies, commodities, derivatives and other assets in which a Fund may directly or indirectly invest.

BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those of a Fund and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are held by a Fund. This may include transactions in securities issued by other open-end and closed-end investment companies, including investment companies that are affiliated with a Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading activities

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of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by a Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or that have interests different from or adverse to, the assets held by a Fund.

A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.

An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a Fund or who engage in transactions with or for a Fund.

Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund's investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.

In addition, a Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers, employees or clients have an adverse interest. A Fund may be adversely impacted by the effects of transactions undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.

From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by purchases and sales of a Fund by BlackRock or its advisory clients.

A Fund's activities may be limited because of regulatory restrictions applicable to BlackRock or an Affiliate or their policies designed to comply with such restrictions.

Under a securities lending program approved by the Board, a Fund has retained BlackRock Investment Management, LLC, an Affiliate of BlackRock, to serve as its securities lending agent to the extent that it participates in the securities lending program. For these services, the securities lending agent will receive a fee from a participating Fund based on the returns earned on the Fund's lending activities, including the investment of the cash received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its portfolio securities under the securities lending program.

BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund is under an obligation to use a BlackRock index. The terms of a fund's index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other licensees.

The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to other conflicts of interest that could disadvantage a Fund and its shareholders. BlackRock has adopted policies and procedures designed to address these potential conflicts of interest. Please see the SAI for further information.

***Valuation of Fund Investments***

**Each Fund other than Government Money Market V.I. Fund** 

When an Insurance Company purchases shares, the Insurance Company pays the net asset value. This is the offering price. Shares are also redeemed at their net asset value. Each Fund calculates its net asset value of each class of its shares each day the New York Stock Exchange ("NYSE") is open, generally as of the close of regular trading hours on the NYSE, based on prices at the time of closing. The NYSE generally closes at 4:00 p.m. (Eastern time). The net asset value used in determining your share price is the next one calculated after your purchase or redemption order is received. Each business day, the Funds' net asset values are transmitted electronically to the Insurance Companies that use the Funds as underlying investment options for Contracts.

The value of the securities and other assets and liabilities held by the Funds are determined pursuant to BlackRock's valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the Funds pursuant to Rule 2a-5 under the Investment Company Act. Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open-end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.

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Each Fund values fixed-income portfolio securities and certain derivative instruments using bid prices provided by dealers or prices (including evaluated prices) supplied by the Funds' approved independent third-party pricing services, each in accordance with BlackRock's valuation policies and procedures. Pricing services may use valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless BlackRock determines in good faith that such method does not represent fair value.

Foreign currency exchange rates are generally determined as of the close of business on the NYSE. Foreign securities owned by the Funds may trade on weekends or other days when a Fund does not price its shares. As a result, the Funds' net asset value may change on days when you will not be able to purchase or redeem a Fund's shares. Generally, trading in foreign securities, U.S. Government securities, money market instruments and certain fixed-income securities is substantially completed each day at various times prior to the close of business on the NYSE. The values of such securities used in computing the net asset value of a Fund's shares are determined as of such times.

When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair value a Fund's investments in accordance with its policies and procedures. BlackRock may conclude that a market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of liquidity, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable, where the security or other asset or other liability is thinly traded (e.g., municipal securities, certain small cap and emerging growth companies and certain non-U.S. securities) or where there is a significant event subsequent to the most recent market quotation. For this purpose, a "significant event" is deemed to occur if BlackRock determines, in its business judgment prior to or at the time of pricing a Fund's assets or liabilities, that it is likely that the event will cause a material change to the last closing market price of one or more assets or liabilities held by the Fund. For instance, significant events may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Funds' net assets. If such event occurs, those instruments may be fair valued. Similarly, foreign securities whose values are affected by volatility that occurs in U.S. markets on a trading day after the close of foreign securities markets may be fair valued.

For certain foreign securities, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign securities following the close of the local markets to the price that might have prevailed as of a Fund's pricing time.

Fair value represents a good faith approximation of the value of a security. The fair value of one or more securities may not, in retrospect, be the price at which those assets could have been sold during the period in which the particular fair values were used in determining a Fund's net asset value.

A Fund may accept orders from certain authorized financial intermediaries or their designees. A Fund will be deemed to receive an order when accepted by the financial intermediary or designee and the order will receive the net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by a designated later time, the order will be canceled and the financial intermediary could be held liable for any losses.

**Government Money Market V.I. Fund** 

When an Insurance Company purchases shares, the Insurance Company pays the net asset value (normally $1.00 per share). This is the offering price. Shares are also redeemed at their net asset value.

The Fund calculates the net asset value (generally by using market quotations) each day the NYSE is open, as of the close of business on the NYSE, based on prices at the time of closing. The NYSE generally closes at 4:00 p.m. Eastern time. The net asset value used in determining your share price is the next one calculated after your purchase or redemption order becomes effective. Share purchase orders are effective on the date Federal Funds become available to the Fund.

The amortized cost method is used in calculating net asset value, meaning that the calculation is based on a valuation of the assets held by the Fund at cost, with an adjustment for any discount or premium on a security at the time of purchase.

Foreign currency exchange rates are generally determined as of the close of business on the NYSE. Foreign securities owned by the Funds may trade on weekends or other days when a Fund does not price its shares. As a result, the Funds' net asset value may change on days when you will not be able to purchase or redeem a Fund's shares. Generally, trading in foreign securities, U.S. Government securities and money market instruments and certain fixed income securities is substantially completed each day at various times prior to the close of business on the NYSE. The values of such securities used in computing the net asset value of a Fund's shares are determined as of such times.

The Fund may accept orders from certain authorized financial intermediaries or their designees. The Fund will be deemed to receive an order when accepted by the financial intermediary or designee, and the order will receive the net

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asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by a designated later time, the order will be canceled and the financial intermediary could be held liable for any losses.

***Dividends and Taxes***

BlackRock Government Money Market V.I. Fund declares dividends daily and reinvests dividends monthly in additional full and fractional shares of the respective Fund. Each of BlackRock 60/40 Target Allocation ETF V.I. Fund, BlackRock Advantage Large Cap Core V.I. Fund, BlackRock Advantage Large Cap Value V.I. Fund, BlackRock Advantage SMID Cap V.I. Fund, BlackRock Basic Value V.I. Fund, BlackRock Capital Appreciation V.I. Fund, BlackRock Equity Dividend V.I. Fund, BlackRock Global Allocation V.I. Fund, BlackRock International Index V.I. Fund, BlackRock International V.I. Fund, BlackRock Large Cap Focus Growth V.I. Fund, BlackRock Managed Volatility V.I. Fund, BlackRock S&P 500 Index V.I. Fund and BlackRock Small Cap Index V.I. Fund declares and reinvests dividends at least annually in additional shares of the respective Fund.

Each Fund has elected to be treated, and intends to qualify each year, as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In order to qualify to be taxable as a regulated investment company, each Fund must meet certain income and asset diversification tests and distribution requirements. As regulated investment companies, the Funds will not be subject to U.S. federal income tax on their net investment income and net capital gains that they distribute to their shareholders.

Distributions made by a Fund to an Account, and exchanges and redemptions of Fund shares made by an Account, ordinarily do not cause the corresponding Contract holder to recognize income or gain for U.S. federal income tax purposes. See the Contract prospectus for information regarding the U.S. federal income tax treatment of the distributions to Accounts and the holders of the Contracts.

In order for the Contract holders to be eligible for such U.S. federal income tax deferral, each separate account of the Insurance Companies (referred to as "segregated asset accounts" for U.S. federal income tax purposes) must comply with certain asset diversification requirements and investor control prohibitions.

*Diversification Requirements* 

Specifically, each segregated asset account is required to comply with the diversification requirements of Section 817(h) of the Internal Revenue Code and the regulations thereunder relating to the tax-deferred status of segregated asset accounts. If a segregated asset account fails these requirements, (i) the Contract would not be treated as an annuity or life insurance contract under the Internal Revenue Code and (ii) the holders of such Contract would be required to include as ordinary income the "income on the contract" for each taxable year. Generally, the "income on the contract" is the excess of (i) the sum of the increase in the net surrender value of the Contract during the taxable year and the cost of the life insurance protection provided under the Contract during the year, over (ii) the premiums paid under the Contract during the taxable year. Contract holders could also be taxable in future years even if the segregated asset account subsequently complied with the diversification tests.

To satisfy these diversification requirements, as of the end of each calendar quarter or within 30 days thereafter, each segregated asset account must meet one of two tests. Either (i) the segregated asset account must have no more than 55% of its total assets represented by any one investment, no more than 70% of its total assets represented by any two investments, no more than 80% of its total assets represented by any three investments, and no more than 90% of its total assets represented by any four investments or (ii) the segregated asset account must both (a) meet all the tax diversification requirements under Section 851(b)(3) of the Internal Revenue Code (which are applicable to all regulated investment companies) and (b) have no more than 55% of the value of its total assets be attributable to cash, cash items (including receivables), Government securities or securities of other regulated investment companies. For purposes of the first test, all securities of the same issuer are considered a single investment, but in the case of Government securities, each Government agency or instrumentality is considered to be a separate issuer. An alternative test to establish diversification may be available under certain circumstances.

Section 817(h) of the Internal Revenue Code provides a look-through rule for purposes of testing the diversification of a segregated asset account that invests in a regulated investment company such as a Fund. If the look-through rule applies, a beneficial interest in a regulated investment company will not be treated as a single investment of a segregated asset account for purposes of the diversification requirements described above; instead, a pro rata portion of each asset of the regulated investment company will be treated as an asset of the segregated asset account.

*Investor Control Prohibitions* 

For a Contract to qualify for U.S. federal income tax deferral, it must avoid the prohibition on investor control so that assets in the segregated asset accounts supporting the Contract are considered to be owned for U.S. federal income tax purposes by the Insurance Company and not by the Contract holder. Accordingly, a Contract holder should not have an impermissible level of control over a segregated asset account's or a Fund's investment in any particular asset. If the Contract holder were considered the owner of the Fund shares for U.S. federal income tax purposes, income and

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gain earned from such Fund shares for the current, future and prior taxable years would be taxable currently to the Contract holders.

Each Fund intends (1) to comply with the requirements necessary to allow a segregated asset account that invests in the Fund to look-through to the Fund's investments for purposes of satisfying the asset diversification requirements of Section 817(h) of the Code, (2) to comply with such asset diversification requirements necessary to prevent the Contract holders from losing their special tax treatment because of investments in the Fund, and (3) to comply with the requirements necessary to prevent the Contract holders from having an impermissible level of control over the Fund's assets.

*Tax Treatment to Insurance Companies* 

Dividends paid by a Fund may be included in the respective Insurance Company's gross income. The tax treatment of these dividends depends on the Insurance Company's tax status. A description of an Insurance Company's tax status is contained in the prospectus for the Contract.

Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. As a shareholder in a Fund, an Insurance Company may be able to claim a credit or take a deduction for foreign taxes paid by the Fund if certain requirements are met.

This section summarizes some of the consequences under current federal tax law of an investment in a Fund. It is not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an investment in a Fund under all applicable tax laws.

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## General Information
***Shareholder Documents***

Please contact your Insurance Company for a copy of the Funds' annual and semi-annual reports and Annual and Semi-Annual Financial Statements and Additional Information.

***Certain Fund Policies***

**Anti-Money Laundering Requirements** 

The Funds are subject to the USA PATRIOT Act (the "Patriot Act"). The Patriot Act is intended to prevent the use of the U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements under the Patriot Act, the Funds are required to obtain sufficient information from shareholders to enable it to form a reasonable belief that it knows the true identity of its shareholders. This information will be used to verify the identity of investors or, in some cases, the status of financial intermediaries. Such information may be verified using third-party sources. This information will be used only for compliance with the Patriot Act or other applicable laws, regulations and rules in connection with money laundering, terrorism or economic sanctions.

The Funds reserve the right to reject purchase orders from persons who have not submitted information sufficient to allow the Funds to verify their identity. The Funds also reserve the right to redeem any amounts in the Funds from persons whose identity it is unable to verify on a timely basis. It is the Funds' policy to cooperate fully with appropriate regulators in any investigations conducted with respect to potential money laundering, terrorism or other illicit activities.

**BlackRock Privacy Principles** 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties. If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our website.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law, or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

***Statement of Additional Information***

If you would like further information about the Funds, including how the Funds invest, please see the SAI.

For a discussion of the Funds' policies and procedures regarding the selective disclosure of their portfolio holdings, please see the SAI.

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## Glossary
This glossary contains an explanation of some of the common terms used in this prospectus. For additional information about the Funds, please see the SAI.

***60% MSCI All Country World Index/40% Bloomberg U.S. Aggregate Bond Index*** — a customized weighted index comprised of 60% MSCI All Country World Index and 40% Bloomberg U.S. Aggregate Bond Index.

***Acquired Fund Fees and Expenses*** — a Fund's pro rata share of the fees and expenses incurred indirectly by a Fund as a result of investing in other investment companies.

***Annual Fund Operating Expenses*** — expenses that cover the costs of operating a Fund.

***Bloomberg U.S. Aggregate Bond Index*** — a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes U.S. Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

***Contract*** — the Funds offer their shares only to participating insurance companies. These insurance companies write variable annuity and/or variable life insurance contracts that allow the contract owner to choose a Fund as an investment option. The contract owner does not become a Fund shareholder.

***Distribution Fees*** — fees used to support a Fund's marketing and distribution efforts, such as compensating financial professionals and other financial intermediaries, advertising and promotion.

***FTSE All World ex U.S. Index*** — comprises large- and mid-cap stocks providing coverage of developed and emerging markets excluding the United States. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization.

***FTSE Non-U.S. Dollar World Government Bond Index*** — an unmanaged, market capitalization-weighted index that tracks over 20 government bond indexes, excluding the United States.

***FTSE WGBI (hedged into USD)*** — measures the performance of fixed-rate, local currency, investment-grade sovereign bonds. The index is a widely used benchmark that currently includes sovereign debt from over 20 countries, denominated in a variety of currencies.

***FTSE World Index*** — a market cap weighted index representing the performance of the large- and mid-cap stocks from the developed and advanced emerging segments of the FTSE Global Equity Index Series and covers 90-95% of the investable market capitalization.

***ICE BofA 3-Month U.S. Treasury Bill Index*** — an index comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

***ICE BofA Current 5-Year U.S. Treasury Index*** — a one-security index comprised of the most recently issued five-year U.S. Treasury note.

***Management Fee*** — a fee paid to BlackRock for managing a Fund.

***MSCI ACWI ex USA Index*** — The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 1,971 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

***MSCI All Country World Index*** — captures large- and mid-cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,515 constituents, the index covers approximately 85% of the global investable equity opportunity set.

***MSCI EAFE Index (Europe, Australasia, Far East)*** — an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, excluding the US and Canada. With 692 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

***Other Expenses*** — include accounting, transfer agency, custody, professional fees and registration fees.

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***Reference Benchmark*** — an unmanaged weighted index comprised as follows: 36% of the S&P 500<sup>®</sup> Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index.

***Russell 1000***<sup>®</sup> ***Index*** — an index that measures the performance of the large cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership, representing more than 90% of the U.S. market.

***Russell 1000***<sup>®</sup> ***Growth Index*** — an unmanaged index that measures the performance of the large cap growth segment of the U.S. equity universe and consists of those Russell 1000<sup>®</sup> securities with higher price-to-book ratios and higher forecasted growth values.

***Russell 1000***<sup>®</sup> ***Value Index*** — an unmanaged index that is a subset of the Russell 1000<sup>®</sup> Index that consists of those Russell 1000<sup>®</sup> securities with lower price-to-book ratios and lower expected growth values.

***Russell 2000***<sup>®</sup> ***Index*** — an index that measures the performance of the small-cap segment of the US equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

***Russell 2500<sup>TM</sup> Index*** — an index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500<sup>TM</sup> Index is a subset of the Russell 3000<sup>®</sup> Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.

***Russell 3000***<sup>®</sup> ***Index*** — an index that measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

***S&P 500***<sup>®</sup> ***Index*** — an unmanaged index that covers 500 leading companies and captures approximately 80% coverage of available market capitalization.

***Service Fees*** — fees used to compensate securities dealers and other financial intermediaries for certain shareholder servicing activities.

***Shareholder Fees*** — fees paid directly by a shareholder, including sales charges that you may pay when you buy or sell shares of a Fund.

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## For More Information
***Funds and Service Providers***

**THE FUNDS** 

BlackRock Variable Series Funds, Inc.

100 Bellevue Parkway

Wilmington, Delaware 19809

*Written Correspondence:* 

P.O. Box 534429

Pittsburgh, Pennsylvania 15253-4429

*Overnight Mail:* 

Attention: 534429

1350 Penn Avenue Suite 102

Pittsburgh, Pennsylvania 15222

(800) 537-4942

**MANAGER** 

BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, Delaware 19809

**SUB-ADVISERS** 

BlackRock International Limited<sup>1</sup>

Dundas House

20 Brandon Street

Edinburgh, EH3 5PP

Scotland

BlackRock Asset Management North Asia Limited<sup>2</sup>

16/F, 2 Queen's Road

Cheung Kong Center

Hong Kong

BlackRock (Singapore) Limited<sup>3</sup>

20 Anson Road #18-01

079912 Singapore

**TRANSFER AGENT** 

BNY Mellon Investment Servicing (US) Inc.

118 Flanders Road

Westborough, MA 01581

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

Deloitte & Touche LLP

115 Federal Street

Boston, Massachusetts 02110

**ACCOUNTING SERVICES PROVIDER** 

JPMorgan Chase Bank, N.A.

383 Madison Avenue, Floor 11

New York, New York 10179

**DISTRIBUTOR** 

BlackRock Investments, LLC

50 Hudson Yards

New York, New York 10001

**CUSTODIAN** 

JPMorgan Chase Bank, N.A.

383 Madison Avenue, Floor 11

New York, New York 10179

**COUNSEL** 

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

<sup>1</sup> For BlackRock Global Allocation V.I. Fund, BlackRock International V.I. Fund and BlackRock Managed Volatility V.I. Fund.

<sup>2</sup> For BlackRock Managed Volatility V.I. Fund.

<sup>3</sup> For BlackRock Global Allocation V.I. Fund and BlackRock Managed Volatility V.I. Fund.

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***Additional Information***

**This prospectus contains important information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference. More information about the Funds is available at no charge upon request. This information includes:** 

**Annual/Semi-Annual Reports and Form N-CSR** 

**Each Fund's annual and semi-annual reports and Form N-CSR contain additional information about each Fund's investments. The annual report describes each Fund's performance, lists portfolio holdings, and discusses recent market conditions, economic trends and Fund investment strategies that significantly affected a Fund's performance for the last fiscal year. In Form N-CSR, you will find each Fund's financial statements.** 

**Statement of Additional Information ("SAI")** 

**A Statement of Additional Information, dated May 1, 2026, has been filed with the Securities and Exchange Commission (the "SEC"). The SAI, which includes additional information about each Fund, may be obtained free of charge, along with the Fund's annual and semi-annual reports and other information such as Fund financial statements, by calling (800) 537-4942 or visiting www.blackrock.com/prospectus/insurance. The SAI, as amended and/or supplemented from time to time, is incorporated by reference into this prospectus.** 

**BlackRock Investor Services** 

**Representatives are available to discuss mutual fund prospectuses, literature, programs and services available. Hours: 8:00 a.m. to 6:00 p.m. (Eastern time), Monday-Friday. (800) 537-4942.** 

**Purchases and Redemptions** 

**Call your financial professional or BlackRock Investment Services at (800) 537-4942.** 

**World Wide Web** 

**General Fund information and specific Fund performance, including the SAI, annual/semi-annual reports and other information such as Fund financial statements, mutual fund prospectuses and literature, can be accessed free of charge at www.blackrock.com/prospectus/insurance. Mutual fund prospectuses can also be requested via this website.** 

**Written Correspondence** 

**BlackRock Variable Series Funds, Inc.** 

**P.O. Box 534429** 

**Pittsburgh, Pennsylvania 15253-4429** 

**Overnight Mail** 

**BlackRock Variable Series Funds, Inc.** 

**Attention: 534429** 

**1350 Penn Avenue Suite 102** 

**Pittsburgh, Pennsylvania 15222** 

**Internal Wholesalers/Broker Dealer Support** 

**Available on any business day to support investment professionals. Call: (800) 882-0052** 

**Portfolio Characteristics and Holdings** 

**A description of each Fund's policies and procedures related to disclosure of portfolio characteristics and holdings is available in the SAI.** 

**For information about portfolio holdings and characteristics, BlackRock fund shareholders and prospective investors may call (800) 882-0052.** 

**Securities and Exchange Commission** 

**You may also view and copy public information about each Fund, including the SAI, by visiting the EDGAR database on the SEC's website (http://www.sec.gov). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.** 

**You should rely only on the information contained in this prospectus. No one is authorized to provide you with information that is different from information contained in this prospectus.** 

**The SEC and the Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.** 

**BLACKROCK VARIABLE SERIES FUNDS, INC. INVESTMENT COMPANY ACT FILE NO. 811-03290** 

**PRO-VAR-0426R**