BLACKROCK VARIABLE SERIES FUNDS, INC.
BlackRock International Index V.I. Fund
BlackRock S&P 500 Index V.I. Fund
BlackRock Small Cap Index V.I. Fund
(each, a “Fund” and together, the “Funds”)
Supplement dated May 16, 2025 to the Summary Prospectuses and the
Prospectuses of the Funds, each dated May 1, 2025, as amended or supplemented to date
Effective June 30, 2025, the following changes are made to the Funds’ Summary Prospectuses and Prospectuses, as applicable:
The section of the Summary Prospectus for BlackRock International Index V.I. Fund entitled “Key Facts About BlackRock International Index V.I. Fund — Portfolio Managers” and the section of the Prospectus for BlackRock International Index V.I. Fund entitled “Fund Overview — Key Facts About BlackRock International Index V.I. Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
| Portfolio Manager | Portfolio Manager of the Fund Since |
Title | ||
| Jennifer Hsui, CFA | 2018 | Managing Director of BlackRock, Inc. | ||
| Matt Waldron, CFA | 2025 | Managing Director of BlackRock, Inc. | ||
| Peter Sietsema, CFA | 2025 | Director of BlackRock, Inc. | ||
| Steven White | 2025 | Director of BlackRock, Inc. |
The section of the Summary Prospectus for BlackRock S&P 500 Index V.I. Fund entitled “Key Facts About BlackRock S&P 500 Index V.I. Fund — Portfolio Managers” and the section of the Prospectus for BlackRock S&P 500 Index V.I. Fund entitled “Fund Overview — Key Facts About BlackRock S&P 500 Index V.I. Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
| Portfolio Manager | Portfolio Manager of the Fund Since |
Title | ||
| Jennifer Hsui, CFA | 2016 | Managing Director of BlackRock, Inc. | ||
| Matt Waldron, CFA | 2025 | Managing Director of BlackRock, Inc. | ||
| Peter Sietsema, CFA | 2025 | Director of BlackRock, Inc. | ||
| Steven White | 2025 | Director of BlackRock, Inc. |
The section of the Summary Prospectus for BlackRock Small Cap Index V.I. Fund entitled “Key Facts About BlackRock Small Cap Index V.I. Fund — Portfolio Managers” and the section of the Prospectus for BlackRock Small Cap Index V.I. Fund entitled “Fund Overview — Key Facts About BlackRock Small Cap Index V.I. Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
| Portfolio Manager | Portfolio Manager of the Fund Since |
Title | ||
| Jennifer Hsui, CFA | 2018 | Managing Director of BlackRock, Inc. | ||
| Matt Waldron, CFA | 2025 | Managing Director of BlackRock, Inc. | ||
| Peter Sietsema, CFA | 2025 | Director of BlackRock, Inc. | ||
| Steven White | 2025 | Director of BlackRock, Inc. |
The section of the Prospectuses entitled “Details About the Fund — How the Fund Invests — About the Portfolio Management Team of [Fund]” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF [FUND] |
| The Fund is managed by a team of financial professionals. Jennifer Hsui, CFA, Matt Waldron, CFA, Peter Sietsema, CFA and Steven White 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. |
The section of the Prospectuses entitled “Management of the Funds — Portfolio Manager Information — BlackRock International Index V.I. Fund and BlackRock Small Cap Index V.I. Fund” is deleted in its entirety and replaced with the following:
| 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 | Director of BlackRock, Inc. since 2013. | |||
| 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 | Director of BlackRock, Inc. since 2020. |
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The section of the Prospectuses entitled “Management of the Funds — Portfolio Manager Information — BlackRock S&P 500 V.I. Fund” is deleted in its entirety and replaced with the following:
| 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 | Director of BlackRock, Inc. since 2013. | |||
| 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 | Director of BlackRock, Inc. since 2020. |
Shareholders should retain this Supplement for future reference.
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