BLACKROCK VARIABLE SERIES FUNDS, INC.
BlackRock Basic Value V.I. Fund
(the “Fund”)
Supplement dated March 14, 2024 to the Statement of Additional Information (“SAI”) of the Fund, dated May 1, 2023, as supplemented to date
Effective immediately, 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 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 and Assets by Account Type |
Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||||||||
| Name of Portfolio Manager |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts | ||||||
| Tony DeSpirito | 12 $28.52 Billion |
11 $5.07 Billion |
8 $865.5 Million |
0 $0 |
0 $0 |
0 $0 | ||||||
| David Zhao | 12 $28.52 Billion |
11 $5.07 Billion |
8 $865.5 Million |
0 $0 |
0 $0 |
0 $0 | ||||||
The sub-section entitled “Portfolio Manager Compensation Overview — Discretionary Incentive Compensation — Messrs. Ruvinsky, DeSpirito, Williams, Wolfe, Savi, Cooke, Mathieson and Zhao and Mses. Bottinelli and Steel” is deleted in its entirety and replaced with the following:
Messrs. Ruvinsky, DeSpirito, Williams, Savi, Cooke, Mathieson and Zhao and Mses. Bottinelli and Steel
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 Chief Investment Officers determine 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 Manager |
Funds Managed | Applicable Benchmarks | ||
| Phil Ruvinsky Caroline Bottinelli |
BlackRock Capital Appreciation V.I. Fund BlackRock Large Cap Focus Growth V.I. Fund |
Russell 1000 Growth Custom Index; Russell 1000 Growth Index; Russell 2500 Growth Index; Russell MidCap Growth Index |
| Portfolio Manager |
Funds Managed | Applicable Benchmarks | ||
| Tony DeSpirito David Zhao |
BlackRock Equity Dividend V.I. Fund 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) | ||
| Gareth Williams, CFA | BlackRock International V.I. Fund | LIBOR 3 Month Index; MSCI ACWI Financials Index; MSCI All Country World ex US — Net Return | ||
| Raffaele Savi Travis Cooke, CFA Richard Mathieson |
BlackRock Advantage Large Cap Core V.I. Fund BlackRock Advantage Large Cap Value V.I. Fund BlackRock Advantage SMID Cap V.I. Fund |
No benchmarks. | ||
| Sophie Steel | BlackRock International V.I. Fund | MSCI All Country World ex US — Net Return |
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.
2