Blackrock Variable Series Funds Inc.
05/26/2026 | Press release | Distributed by Public on 05/26/2026 15:27
Summary Prospectus by Investment Company (Form 497K)
BLACKROCK VARIABLE SERIES FUND, INC.
BlackRock Managed Volatility V.I. Fund
(the "Fund")
Supplement dated May 26, 2026 to the Fund's
Summary Prospectus and Prospectus
each dated May 1, 2026, as supplemented to date
Effective immediately, the following changes are made to the Fund's Summary Prospectus and Prospectus, as applicable:
The section of the Summary Prospectus entitled "Key Facts About BlackRock Managed Volatility V.I. Fund - Fees and Expenses of the Fund" and the section of the Prospectus entitled "Fund Overview - Key Facts About BlackRock Managed Volatility V.I. Fund - Fees and Expenses of the Fund" are deleted in their entirety and replaced with the following:
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
Class I Shares |
Class III Shares |
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| Management Fees1 | 0.55 | % | 0.55 | % | ||||||
| Distribution and/or Service (12b-1) Fee | None | 0.25 | % | |||||||
| Other Expenses | 0.50 | % | 0.51 | % | ||||||
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Other Expense of the Fund |
0.49% | 0.50% | ||||||||
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Other Expenses of the Subsidiary2 |
0.01% | 0.01% | ||||||||
| Acquired Fund Fees and Expenses3 | 0.01 | % | 0.01 | % | ||||||
| Total Annual Fund Operating Expenses3 | 1.06 | % | 1.32 | % | ||||||
| Fee Waivers and/or Expense Reimbursements1,4 | (0.46 | )% | (0.47 | )% | ||||||
| Total Annual Fund Operating Expenses After Fee Waivers and/or Reimbursements1,4 | 0.60 | % | 0.85 | % | ||||||
| 1 |
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. |
| 2 |
BlackRock Cayman Managed Volatility V.I. Fund, Ltd. (the "Subsidiary") is newly organized and, accordingly, Other Expenses of the Subsidiary of 0.01% are based on estimated amounts for the current fiscal year. |
| 3 |
The Total Annual Operating 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. |
| 4 |
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 0.59% (for Class I Shares) and 0.84% (for Class III 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% (for Class I Shares) and 0% (for Class III 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 | |||||||||||||
| Class I Shares | $ | 61 | $ | 291 | $ | 540 | $ | 1,253 | ||||||||
| Class III Shares | $ | 87 | $ | 372 | $ | 678 | $ | 1,549 | ||||||||
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 179% of the average value of its portfolio.
The section of the Summary Prospectus entitled "Key Facts About BlackRock Managed Volatility V.I. Fund - Principal Investment Strategies of the Fund" and the section of the Prospectus entitled "Fund Overview - Key Facts About Managed Volatility V.I. Fund - Principal Investment Strategies of the Fund" are amended to add the following:
The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds that invest in commodities and are designed to provide investment exposure to physical commodities. The Fund expects to gain exposure to commodity markets by investing up to 25% of its total assets, inclusive of leverage, in the Subsidiary, a wholly owned subsidiary of the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for the Subsidiary's derivative positions. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund.
The section of the Summary Prospectus entitled "Key Facts About BlackRock Managed Volatility V.I. Fund - Principal Risks of Investing in the Fund" and the section of the Prospectus entitled "Fund Overview - Key Facts About BlackRock Managed Volatility V.I. Fund - Principal Risks of Investing in the Fund" are amended to add the following:
| • |
Commodities Related Investments Risk - Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. |
| • |
Subsidiary Risk - By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are generally similar to those permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund (see "Commodities Related Investments Risk" above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including the Fund's investment in the |
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Subsidiary, and the Fund's role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the Fund. |
The section of the Prospectus entitled "Details About the Fund - How the Fund Invests - Principal Investment Strategies" is amended to add the following: The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds that invest in commodities and are designed to provide investment exposure to physical commodities.
The Fund expects to gain exposure to commodity markets by investing up to 25% of its total assets, inclusive of leverage, in BlackRock Cayman Managed Volatility V.I. Fund, Ltd. (the "Subsidiary"), a wholly owned subsidiary of the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for the Subsidiary's derivative positions. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund.
The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Fund. As a result, BlackRock, in managing the Subsidiary's portfolio, is subject to the same investment policies and restrictions that apply to the management of the Fund, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary's portfolio investments and shares of the Subsidiary. These policies and restrictions are described in detail in the Statement of Additional Information ("SAI"). The Fund and Subsidiary test for compliance with certain investment restrictions on a consolidated basis.
BlackRock provides investment management and other services to the Subsidiary pursuant to a separate investment management agreement. BlackRock does not receive separate compensation from the Subsidiary for providing it with investment management or administrative services. However, the Fund pays BlackRock based on the Fund's assets, including the assets invested in the Cayman Subsidiary. BlackRock has entered into sub-advisory agreements with each of BlackRock International Limited, BlackRock Asset Management North Asia Limited and BlackRock (Singapore) Limited with respect to the Subsidiary. The Subsidiary has also entered into separate contracts for the provision of custody, accounting agent and audit services with the same or with affiliates of the same service providers that provide those services to the Fund.
The financial statements of the Subsidiary will be consolidated with the Fund's financial statements in the Fund's Annual and Semi-Annual Financial Statements and Additional Information. The Fund's Annual and Semi-Annual Financial Statements and Additional Information are filed with the SEC on Form N-CSR and are distributed to shareholders, and copies of the reports are provided without charge upon request as indicated on the back cover of this prospectus. Please refer to the SAI for additional information about the organization and management of the Subsidiary.
The section of the Prospectus entitled "Details About the Fund - How the Fund Invests - Other Strategies - Illiquid Investments" is deleted in its entirety and replaced with the following:
| • |
Illiquid Investments - 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 |
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changing the market value of the investment. The Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid investments restriction to the Fund, the Fund's investment in the Subsidiary is considered to be liquid. |
The section of the Prospectus entitled "Details About the Fund - How the Fund Invests - Investment Risks - Principal Risks of Investing in the Fund" is amended to add the following:
| • |
Commodities Related Investments Risk - Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. |
| • |
Subsidiary Risk - By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund (see "Commodities Related Investments Risk" above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including the Fund's investment in the Subsidiary, and the Fund's role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the Fund. |
The section of the Prospectus entitled "Details About the Fund - How the Fund Invests - Investment Risks - Other Risks of Investing in the Fund - Illiquid Investments Risk" is deleted in its entirety and replaced with the following:
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. The Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid investments restriction to the Fund, the Fund's investment in the Subsidiary is considered to be liquid. 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 reduced number and capacity of traditional market participants to make a market in fixed-income securities or 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
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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. This may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed-income mutual funds may be higher than normal. In addition, when 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.
Shareholders should retain this Supplement for future reference.
PR2-MVVI-0526SUP
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