# EDGAR Filing Document

**Accession Number:** 0000355916
**File Stem:** 0001193125-25-317601
**Filing Date:** 2025-12
**Character Count:** 16281
**Document Hash:** 8bed0a56628da05e7ec48c084aab77db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-317601.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001193125-25-317601

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**EFFECTIVENESS DATE**: 20251212

**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:** 251568341

**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 Large Cap Focus Growth V.I. Fund (Series ID: S000002877)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000007908 |
| Class II   | C000007909 |
| Class III  | C000007910 |

---

### BlackRock Equity Dividend V.I. Fund (Series ID: S000002880)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000007917 |
| Class II   | C000007918 |
| Class III  | C000007919 |

---

### BlackRock Basic Value V.I. Fund (Series ID: S000002882)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000007923 |
| Class II   | C000007924 |
| Class III  | C000007925 |

---

### BlackRock Capital Appreciation V.I. Fund (Series ID: S000002885)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class I    | C000007932 |
| Class II   | C000007933 |
| Class III  | C000007934 |

---

## Series and Classes Contracts Data

### BlackRock Large Cap Focus Growth V.I. Fund (Series ID: S000002877)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007908 | Class I      |  |
| C000007909 | Class II     |  |
| C000007910 | Class III    |  |

### BlackRock Equity Dividend V.I. Fund (Series ID: S000002880)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007917 | Class I      |  |
| C000007918 | Class II     |  |
| C000007919 | Class III    |  |

### BlackRock Basic Value V.I. Fund (Series ID: S000002882)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007923 | Class I      |  |
| C000007924 | Class II     |  |
| C000007925 | Class III    |  |

### BlackRock Capital Appreciation V.I. Fund (Series ID: S000002885)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007932 | Class I      |  |
| C000007933 | Class II     |  |
| C000007934 | Class III    |  |

**BLACKROCK VARIABLE SERIES FUNDS, INC.** 

BlackRock Basic Value V.I. Fund

BlackRock Capital Appreciation V.I. Fund

BlackRock Equity Dividend V.I. Fund

BlackRock Large Cap Focus Growth V.I. Fund

(each, a "Fund" and together, the "Funds")

**Supplement dated December 12, 2025 (the "Supplement") to the Funds'** 

**Statement of Additional Information ("SAI"), dated May 1, 2025, as supplemented or amended to date** 

**The following changes are made to the Fund's SAI:** 

**The section entitled "Management, Advisory and Other Service Arrangements — Portfolio Manager Information" is revised as follows:** 

**The first paragraph of the sub-section entitled "Other Funds and Accounts Managed" is deleted in its entirety and replaced with the following:** 

The following table sets forth information about funds and accounts other than each applicable Fund for which each Fund's (other than BlackRock Government Money Market V.I. Fund's) portfolio manager or managers are primarily responsible for the day-to-day portfolio management as of the Company's fiscal year ended December 31, 2024 (except as otherwise noted below).

**The sub-section entitled "Other Funds and Accounts Managed — BlackRock Basic Value V.I. Fund" is deleted in its entirety and replaced with the following:** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** |
| <br>**Name of<br>Portfolio<br>Manager** | **Other<br>Registered<br>Investment<br>Companies** | **Other<br>Pooled<br>Investment<br>Vehicles** | **Other<br>Accounts** | **Other**<br> **Registered**<br> **Investment**<br> **Companies** | **Other<br>Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** |
| Tony DeSpirito<sup>1</sup> | 13<br> $28.06 Billion | 12<br> $6.21 Billion | 5<br> $915.58 Million | 0<br> $0 | 0<br> $0 | 1<br> $57.53 Million |
| David Zhao | 13<br> $28.06 Billion | 12<br> $6.21 Billion | 5<br> $915.58 Million | 0<br> $0 | 0<br> $0 | 1<br> $57.53 Million |

---

<sup>1</sup> Effective December 31, 2025, Tony DeSpirito will no longer serve as a portfolio manager of BlackRock Basic Value V.I. Fund.

------

**The sub-section entitled "Other Funds and Accounts Managed — BlackRock Capital Appreciation V.I. Fund" is deleted in its entirety and replaced with the following:** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** |
| <br>**Name of Portfolio <br>Manager** | **Other<br>Registered<br>Investment<br>Companies** | **Other<br>Pooled<br>Investment<br>Vehicles** | **Other<br>Accounts** | **Other**<br> **Registered**<br> **Investment**<br> **Companies** | **Other<br>Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** |
| Sally Du, CFA\* | 12<br> $23.05 Billion | 8<br> $7.35 Billion | 0<br> $0 | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Reid Menge\* | 16<br> $42.85 Billion | 7<br> $22.94 Billion | 3<br> $282.8 Million | 0<br> $0 | 0<br> $0 | 0<br> $0 |

---

**\*** Information provided as of October 31, 2025. 

**The sub-section entitled "Other Funds and Accounts Managed — BlackRock Equity Dividend V.I. Fund" is deleted in its entirety and replaced with the following:** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** |
| <br>**Name of Portfolio<br>Manager** | **Other<br>Registered<br>Investment<br>Companies** | **Other<br>Pooled<br>Investment<br>Vehicles** | **Other<br>Accounts** | **Other**<br> **Registered**<br> **Investment**<br> **Companies** | **Other<br>Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** |
| Tony DeSpirito<sup>1</sup> | 13<br> $28.06 Billion | 12<br> $6.21 Billion | 5<br> $915.58 Million | 0<br> $0 | 0<br> $0 | 1<br> $57.53 Million |
| Cem Inal<sup>2</sup> | 0<br> $0 | 0<br> $0 | 0<br> $0 | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| David Zhao | 13<br> $28.06 Billion | 12<br> $6.21 Billion | 5<br> $915.58 Million | 0<br> $0 | 0<br> $0 | 1<br> $57.53 Million |

---

<sup>1</sup> Effective December 31, 2025, Tony DeSpirito will no longer serve as a portfolio manager of BlackRock Equity Dividend V.I. Fund.

<sup>2</sup> Information provided as of October 31, 2025.

------

**The sub-section entitled "Other Funds and Accounts Managed — BlackRock Large Cap Focus Growth V.I. Fund" is deleted in its entirety and replaced with the following:** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts Managed<br>and Assets by Account Type** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** | **Number of Other Accounts and Assets<br>for Which Advisory Fee is<br>Performance-Based** |
| <br>**Name of Portfolio <br>Manager** | **Other<br>Registered<br>Investment<br>Companies** | **Other<br>Pooled<br>Investment<br>Vehicles** | **Other<br>Accounts** | **Other**<br> **Registered**<br> **Investment**<br> **Companies** | **Other<br>Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** |
| Sally Du, CFA\* | 12<br> $22.85 Billion | 8<br> $7.35 Billion | 0<br> $0 | 0<br> $0 | 0<br> $0 | 0<br> $0 |
| Reid Menge\* | 16<br> $42.65 Billion | 7<br> $22.94 Billion | 3<br> $282.8 Million | 0<br> $0 | 0<br> $0 | 0<br> $0 |

---

\* Information provided as of October 31, 2025.

**The sub-section entitled "Fund Ownership" is deleted in its entirety and replaced with the following:** 

***Fund Ownership***

As of October 31, 2025 for Messrs. Inal and Menge and Ms. Du and for the fiscal year ended December 31, 2024 for all other portfolio managers, no portfolio manager beneficially owned any equity securities of any Fund because no portfolio manager had invested in the type of insurance contract through which the Funds must be purchased.

**The first paragraph of the sub-section entitled "Portfolio Manager Compensation Overview — Discretionary Incentive Compensation" is deleted in its entirety and replaced with the following:** 

The discussion below describes the compensation of Messrs. Inal and Menge and Ms. Du as of October 31, 2025 and the compensation of all other portfolio managers as of December 31, 2024.

**The sub-section entitled "Portfolio Manager Compensation Overview — Discretionary Incentive Compensation — Messrs. Ruvinsky, DeSpirito, Savi, Cooke, Mathieson, Zhao and Andrews and Mses. Bottinelli, Greenen and Treharne" is deleted in its entirety and replaced with the following:** 

**Discretionary Incentive Compensation** 

***Messrs. Menge, DeSpirito, Savi, Cooke, Mathieson, Zhao, Inal and Andrews and Mses. Du, Greenen and Treharne***

Generally, discretionary incentive compensation for Fundamental Equities portfolio managers is based on a formulaic compensation program. BlackRock's formulaic portfolio manager compensation program is based on team revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. BlackRock's global compensation team determines the benchmarks or rankings against which the performance of funds and other accounts managed by each portfolio management

------

team is compared and the period of time over which performance is evaluated. With respect to these portfolio managers, such benchmarks for the Funds and other accounts are:

---

| | | |
|:---|:---|:---|
| **Portfolio**<br> **Manager** | **Funds Managed** | **Applicable Benchmarks** |
| Sally Du, CFA | BlackRock Capital <br>Appreciation V.I. Fund <br>BlackRock Large <br>Cap Focus Growth V.I. Fund | S&P 500 Index; ICE BofA US 3-month Treasury Bill Index; Russell 1000 Index. |
| Reid Menge | BlackRock Capital <br>Appreciation V.I. Fund <br>BlackRock Large <br>Cap Focus Growth V.I. Fund | MSCI ACWI 25% Call Overwrite Index; MSCI All Country World Index (Net Total Return); MSCI All Country World Information Technology Index — Net Return in USD. |
| Tony DeSpirito<sup>1</sup> David Zhao | BlackRock Basic Value V.I. Fund | FTSE United States in GBP; MSCI All Country (AC) Americas Index; Russell 1000 Index (GBP); Russell 1000 Index (Gross Total Return); Russell 1000 Value Index (Total Return); Russell 1000 Value Index TR in GBP; Russell 1000 Value TR Customized Index Performance Benchmark JPY; Russell 1000, expressed in EUR; Russell MidCap Value Index; S&P United States MidSmallCap Index; S&P US MidSmallCap Index (GBP) |
| Tony DeSpirito<sup>1</sup> Cem Inal <br>David Zhao | BlackRock Equity Dividend V.I. Fund | FTSE United States in GBP; MSCI All Country (AC) Americas Index; Russell 1000 Index (GBP); Russell 1000 Index (Gross Total Return); Russell 1000 Value Index (Total Return); Russell 1000 Value Index TR in GBP; Russell 1000 Value TR Customized Index Performance Benchmark JPY; Russell 1000, expressed in EUR; Russell MidCap Value Index; S&P United States MidSmallCap Index; S&P US MidSmallCap Index (GBP) |
| Raffaele Savi <br>Travis Cooke, CFA<br>Richard Mathieson | BlackRock Advantage<br> Large Cap Core V.I. Fund<br> BlackRock Advantage<br> Large Cap Value V.I. Fund<br> BlackRock Advantage SMID Cap V.I. Fund | No benchmarks. |
| Olivia Treharne, CFA<br> Molly Greenen, CFA | BlackRock International V.I. Fund | 70% MS_ACWNXUS / 30% LIBOR_3MO; 70% MSACWLDNET / 30% LIBOR_3MO Index; MSCI ACWI HIGH DIVIDEND YIELD — NET USD; MSCI All Country World Index (Net Total Return); MSCI All Country World Net TR Index; MSCI All Country World Net TR Index — in GBP; MSCI World Ex Japan Gross TR Index — in JPY |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio**<br> **Manager** | **Funds Managed** | **Applicable Benchmarks** |
| Stephen Andrews | BlackRock International V.I. Fund | CSI 300 Net TR in USD; FTSE World Asia Pacific Ex Japan, in GBP; ICE BofA 3 Month Treasury Bill Index (G0O1); SOFR 3 Month Index; MSCI AC ASEAN (Net Total Return USD); MSCI AC Asia ex Japan (Net) in USD Performance Index; MSCI AC ASIA ex JAPAN ex TAIWAN — Gross USD; MSCI AC Asia Ex Japan IMI Index; MSCI AC Asia ex Japan Index NET (SPL MXN); MSCI AC Asia Pacific Index (Net Total Return); MSCI All Country Asia Ex Japan in AUD Net Return; MSCI All Country Asia ex Japan in GBP Net TR; MSCI All Country Asia ex Japan in SEK — NET; MSCI All Country Asia ex Japan in USD — NET; MSCI All Country Asia Pacific Ex Japan Index, Net Dividends; MSCI All Country Asia Pacific Ex Japan Index, Net Dividends in GBP; MSCI Asia Pacific ex Japan ex Taiwan Gross TR Index; MSCI China All Shares 10-40 NET Index; MSCI EM Asia Index Net; MSCI EM China 10/40 Net TR Index; MSCI India 10-40 Index in USD; MSCI India Gross Returns in JPY; MSCI CHINA A ONSHORE Index in CNY |

---

<sup>1</sup> Effective December 31, 2025, Tony DeSpirito will no longer serve as a portfolio manager of BlackRock Basic Value V.I. Fund and BlackRock Equity Dividend V.I. Fund.

A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.

**Shareholders should retain this Supplement for future reference.** 

SAI-VAR-1225SUP