BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock Global Allocation V.I. Fund

(the “Fund”)

Supplement dated April 1, 2019 to the Prospectus of the Fund, dated May 1, 2018

Effective April 1, 2019, the following changes are made to the Fund’s Prospectus:

The section of the Prospectus entitled “Fund Overview — Key Facts About BlackRock Global AllocationV.I. Fund — Portfolio Managers” is deleted in its entirety and replaced with the following:

Portfolio Managers

NamePortfolio Manager of

the Fund Since Title

Rick Rieder 2019 Managing Director of BlackRock, Inc.

Dan Chamby, CFA 2003 Managing Director of BlackRock, Inc.

Russ Koesterich, CFA, JD 2017 Managing Director of BlackRock, Inc.

David Clayton, CFA, JD 2017 Managing Director of BlackRock, Inc.

The section of the Prospectus entitled “Details About the Fund — How the Fund Invests — About thePortfolio Management of the Fund” is deleted in its entirety and replaced with the following:

ABOUT THE PORTFOLIO MANAGEMENT OF THE FUND

The Fund is managed by a team of financial professionals. Rick Rieder, Dan Chamby, CFA, Russ Koesterich,CFA, JD, and David Clayton, CFA, JD, are the Fund’s portfolio managers and are jointly and primarilyresponsible for the day-to-day management of the Fund. Please see “Management of the Funds — PortfolioManager Information” for additional information about the portfolio management team.

The sections of the Prospectus entitled “Management of the Funds — Portfolio Manager Information —BlackRock Global Allocation V.I. Fund” are deleted in their entirety and replaced with the following:

BlackRock Global Allocation V.I. Fund

The Fund is managed by Rick Rieder, Dan Chamby, CFA, Russ Koesterich, CFA, JD, and David Clayton, CFA,JD, who are jointly and primarily responsible for the management of the Fund.

Portfolio Manager Primary Role Since Title and Recent Biography

Rick Rieder Jointly and primarily responsible forthe management of the Fund’sportfolio, including setting the Fund’soverall investment strategy andoverseeing the management of theFund.

2019 Managing Director of BlackRock, Inc.since 2009.

Dan Chamby, CFA Jointly and primarily responsible forthe management of the Fund’sportfolio, including setting the Fund’soverall investment strategy andoverseeing the management of theFund.

2003 Managing Director of BlackRock, Inc.since 2007; Director of BlackRock,Inc. in 2006.

Russ Koesterich,CFA, JD

Jointly and primarily responsible forthe management of the Fund’sportfolio, including setting the Fund’soverall investment strategy andoverseeing the management of theFund.

2017 Managing Director of BlackRock, Inc.since 2009.

David Clayton,CFA, JD

Jointly and primarily responsible forthe management of the Fund’sportfolio, including setting the Fund’soverall investment strategy andoverseeing the management of theFund.

2017 Managing Director of BlackRock, Inc.since 2012; Director of BlackRock,Inc. from 2010 to 2011.

In addition, Dan Chamby intends to retire from BlackRock, Inc. in March 2020.

Shareholders should retain this Supplement for future reference.

2

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock iShares® Dynamic Allocation V.I. Fund

(the “Fund”)

Supplement dated March 26, 2019 to the Fund’s Prospectusdated May 1, 2018, as supplemented to date

Effective immediately, the Fund’s Prospectus is amended as follows:

The subsection of the Prospectus entitled “Details about the Fund — Information About the ETFs —ETFs” is amended to add the following underlying exchange-traded fund to the table:

Fund Name Investment Objective and Principal Investment Strategies

iShares Core S&P Total U.S.Stock Market ETF

The fund seeks to track the investment results of a broad-based indexcomposed of U.S. equities.

The fund seeks to track the investment results of the S&P Total MarketIndex™ (the “Underlying Index”), which is comprised of the commonequities included in the S&P 500® and the S&P Completion Index™. TheUnderlying Index consists of all U.S. common equities listed on the NewYork Stock Exchange (including NYSE Arca, Inc. and NYSE MKT), theNASDAQ Global Select Market, the NASDAQ Global Market, theNASDAQ Capital Market and BATS Exchange, Inc. The securities in theUnderlying Index are weighted based on the total float-adjusted marketvalue of their outstanding shares. Securities with higher total float-adjustedmarket value have a larger representation in the Underlying Index. TheS&P 500 measures the performance of the large-capitalization sector of theU.S. equity market. The S&P Completion Index measures the performanceof the U.S. mid-, small- and micro-capitalization sector of the U.S. equitymarket. As of March 31, 2018, the S&P 500 and the S&P CompletionIndex included approximately 80% and 20%, respectively, of the marketcapitalization of the Underlying Index. The Underlying Index includeslarge-, mid-, small- and micro-capitalization companies. As of March 31,2018, a significant portion of the Underlying Index is represented bysecurities of companies in the financials and information technologyindustries or sectors. The components of the Underlying Index are likely tochange over time.

Shareholders should retain this Supplement for future reference.

PR-VARDAVI-0319SUP

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock iShares® Dynamic Allocation V.I. Fund

(the “Fund”)

Supplement dated October 29, 2018to the Prospectus and Statement of Additional Information,

each dated May 1, 2018, as supplemented to date

Effective as of October 29, 2018, BlackRock Advisors, LLC (“BlackRock”) has agreed to adjust the caps on totalexpenses to reduce the net expenses paid by shareholders of the Fund. To achieve these expense caps, BlackRock hasagreed to waive and/or reimburse fees and/or expenses if the Fund’s annual fund operating expenses, excluding certainexpenses described in the Prospectus, exceed a certain limit for the Fund’s Class I and Class III Shares. Accordingly,effective October 29, 2018, the Fund’s Prospectus and Statement of Additional Information are amended as follows:

The section of the Fund’s Prospectus entitled “Fund Overview — Key Facts About BlackRock iShares®

Dynamic Allocation V.I. Fund — Fees and Expenses of the Fund” is deleted in its entirety and replacedwith the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Theexpenses below do not include separate account fees and expenses, and would be higher if these fees andexpenses were included. Please refer to your variable annuity or insurance contract (the “Contract”) prospectusfor 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(expenses that you pay each year as a percentage of the value of yourinvestment) Class I Shares Class III SharesManagement Fees1 0.15% 0.15%Distribution and/or Service (12b-1) Fees None 0.25%Other Expenses2 0.79% 0.85%

Miscellaneous Other Expenses 0.79% 0.85%Other Expenses of the Subsidiary2 — —

Acquired Fund Fees and Expenses3 0.21% 0.21%Total Annual Fund Operating Expenses3 1.15% 1.46%Fee Waivers and/or Expense Reimbursements1,4 (0.75)% (0.81)%Total Annual Fund Operating Expenses After Fee Waivers and/or ExpenseReimbursements1,4 0.40% 0.65%

1 The Management Fee payable by the Fund is based on assets estimated to be attributable to the Fund’s direct investments in fixed-income and equity securities and instruments, including exchange-traded funds advised by BlackRock Fund Advisors, LLC(“BlackRock”) or other investment advisers, other investments and cash and cash equivalents (including money market funds).BlackRock has contractually agreed to waive the Management Fee on assets estimated to be attributed to the Fund’s investments in otherequity and fixed-income mutual funds managed by BlackRock or its affiliates.

2 Other Expenses of iShares Dynamic Allocation V.I. Fund (Cayman) (the “Subsidiary”) were less than 0.01% for the most recent fiscal year.3 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most

recent annual report, 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 0.19% (forClass I Shares) and 0.44% (for Class III Shares) of average daily net assets through April 30, 2021. The Fund may have to repay some ofthese waivers and/or reimbursements to BlackRock in the two years following such waivers and/or reimbursements. The contractualagreement 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.

Example:This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in othermutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and thenredeem 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 chargesimposed by the Contract. See the Contract prospectus for information on such charges. Although your actualcosts may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costswould be:

1 Year 3 Years 5 Years 10 Years

Class I Shares $41 $212 $483 $1,259

Class III Shares $66 $298 $638 $1,602

Portfolio Turnover:The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” itsportfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are notreflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the mostrecent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio.

The first paragraph in the section of the Prospectus entitled “Other Important Information – Class IShares – Management of the Funds – BlackRock – BlackRock iShares® Alternative Strategies V.I. Fundand BlackRock iShares® Dynamic Allocation V.I. Fund,” solely as it relates to the Fund, is deleted in itsentirety and replaced with the following:

BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assetsestimated to be attributable to investments in other equity and fixed-income mutual funds managed byBlackRock or its affiliates that have a contractual management fee, through April 30, 2021. The contractualagreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Companyor by a vote of a majority of the outstanding voting securities of the Fund.

The contractual caps table in the section of the Prospectus entitled “Other Important Information –Class I Shares – Management of the Funds – BlackRock,” solely as it relates to the Fund, is deleted in itsentirety and replaced with the following:

Contractual Caps1 onTotal Annual Fund

Operating Expenses2(excluding Dividend

Expense, InterestExpense, Acquired FundFees and Expenses and

certain other Fundexpenses)

Contractual Caps1on fees paid by Fundfor Operational and

Recordkeeping Services

iShares® Dynamic Allocation V.I. Fund 0.19% —

1 The contractual caps for the Fund are in effect through April 30, 2021. The contractual agreement may be terminated, with respect to theFund, upon 90 days’ notice by a majority of the non-interested directors of the Company or by a vote of a majority of the outstandingvoting securities of the Fund.

2 As a percentage of average daily net assets and based on current fees.

The first paragraph in the section of the Prospectus entitled “Other Important Information – Class IIIShares – Management of the Funds – BlackRock – BlackRock iShares® Alternative Strategies V.I. Fund

-2-

and BlackRock iShares® Dynamic Allocation V.I. Fund,” solely as it relates to the Fund, is deleted in itsentirety and replaced with the following:

BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assetsestimated to be attributable to investments in other equity and fixed-income mutual funds managed byBlackRock or its affiliates that have a contractual management fee, through April 30, 2021. The contractualagreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Companyor by a vote of a majority of the outstanding voting securities of the Fund.

The contractual caps table in the section of the Prospectus entitled “Other Important Information –Class III Shares – Management of the Funds – BlackRock,” solely as it relates to the Fund, is deleted in itsentirety and replaced with the following:

Contractual Caps1 on TotalAnnual Fund Operating

Expenses2 (excludingDividend Expense,Interest Expense,

Acquired Fund Fees andExpenses and certainother Fund expenses)

Contractual Caps1 on feespaid by Fund forOperational and

Recordkeeping Services

iShares® Dynamic Allocation V.I. Fund 0.44% —

1 The contractual caps for the Fund are in effect through April 30, 2021. The contractual agreement may be terminated, with respect to theFund, upon 90 days’ notice by a majority of the non-interested directors of the Company or by a vote of a majority of the outstandingvoting securities of the Fund.

2 As a percentage of average daily net assets and based on current fees.

The section of the Statement of Additional Information entitled “IV. Management and AdvisoryArrangements – (BlackRock iShares® Alternative Strategies V.I. Fund and BlackRock iShares® DynamicAllocation V.I. Fund),” solely as it relates to the Fund, is deleted in its entirety and replaced with thefollowing:

BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’sassets estimated to be attributable to investments in other equity and fixed-income mutual funds managed byBlackRock or its affiliates that have a contractual management fee, through April 30, 2021. The contractualagreement may be terminated upon 90 days’ notice by a majority of the Independent Directors or by a vote of amajority of the outstanding voting securities of the Fund.

The first two paragraphs in the section of the Statement of Additional Information entitled “IV.Management and Advisory Arrangements – BlackRock Managed Volatility V.I. Fund, BlackRockiShares® Alternative Strategies V.I. Fund and BlackRock iShares® Dynamic Allocation V.I. Fund,” solelyas they relate to the Fund, are deleted in their entirety and replaced with the following:

With respect to Class I shares of the Fund, the Manager has agreed to contractually waive and/or reimbursefees or expenses in order to limit Total Annual Fund Operating Expenses (excluding Dividend Expense, InterestExpense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.19% of average daily netassets for iShares® Dynamic Allocation V.I. Fund.

-3-

With respect to Class III shares of the Fund, the Manager has agreed to contractually waive and/orreimburse fees or expenses in order to limit Total Annual Fund Operating Expenses (excluding DividendExpense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses, and excludingDistribution Fees) to 0.44% of average daily net assets for Class III shares of iShares® Dynamic Allocation V.I.Fund.

Shareholders should retain this Supplement for future reference.

PRSAI-VARDAVI-1018SUP

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BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock Advantage Large Cap Core V.I. FundBlackRock Advantage Large Cap Value V.I. FundBlackRock Advantage U.S. Total Market V.I. Fund

BlackRock Basic Value V.I. FundBlackRock Capital Appreciation V.I. Fund

BlackRock Equity Dividend V.I. FundBlackRock Global Allocation V.I. Fund

BlackRock Government Money Market V.I. FundBlackRock High Yield V.I. Fund

BlackRock International V.I. FundBlackRock iShares® Dynamic Allocation V.I. Fund

BlackRock Large Cap Focus Growth V.I. FundBlackRock Managed Volatility V.I. Fund

BlackRock S&P 500 Index V.I. FundBlackRock Total Return V.I. Fund

BlackRock U.S. Government Bond V.I. Fund

(each, a “Fund” and collectively, the “Funds”)

Supplement dated September 17, 2018to the Prospectus and the Statement of Additional Information of each Fund,

each dated May 1, 2018, as supplemented to date

On September 17, 2018 (the “Closing Date”), each series of BlackRock Variable Series Funds II, Inc. listedbelow (each, an “Acquiring Fund”) acquired the assets, subject to the liabilities, of the corresponding series ofBlackRock Variable Series Funds, Inc. (each, a “Target Fund”) set forth in the table below through a tax-freereorganization (each, a “Reorganization”):

Acquiring Fund, each a series of BlackRockVariable Series Funds II, Inc.

Corresponding Target Fund, each a series ofBlackRock Variable Series Funds, Inc.

BlackRock High Yield V.I. Fund BlackRock High Yield V.I. Fund

BlackRock Total Return V.I. Fund BlackRock Total Return V.I. Fund

BlackRock U.S. Government Bond V.I. Fund BlackRock U.S. Government Bond V.I. Fund

As a result of each Reorganization, shareholders of the applicable Target Fund became shareholders of thecorresponding Acquiring Fund as of the Closing Date. Each Acquiring Fund is currently offered pursuant to theProspectus and the Statement of Additional Information dated July 17, 2018. All references to the Target Funds arehereby deleted from the Prospectus and the Statement of Additional Information of the Funds dated May 1, 2018.

Shareholders should retain this Supplement for future reference.

PRSAI-VAR-0918SUP2

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock Large Cap Focus Growth V.I. Fund

(the “Fund”)

Supplement dated August 29, 2018 to the Class I Shares Prospectus and Class III Shares Prospectus of the Fund (together, the “Prospectuses”), each dated May 1, 2018, as supplemented to date

The following change is made to the Fund’s Prospectuses:

Footnote 1 in the section of each Prospectus entitled “For More Information — Funds and Service Providers — Custodians” is amended to include a reference to BlackRock Large Cap Focus Growth V.I. Fund.

Shareholders should retain this Supplement for future reference.

PRO-VAR-LCFG-0818SUP

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock Total Return V.I. Fund

(the “Fund”)

Supplement dated July 31, 2018 to theProspectus of the Fund, dated May 1, 2018, as supplemented to date

Effective immediately, the Prospectus of the Fund is amended as follows:

The second-to-last sentence of the second paragraph in the subsection of the Prospectus entitled “FundOverview — Principal Investment Strategies of the Fund” is deleted in its entirety and replaced with thefollowing:

The Fund may invest up to 20% of its net assets in fixed-income securities that are rated below investment grade(commonly called “junk bonds”) by the NRSROs, including Moody’s Investors Service, Inc., S&P GlobalRatings or Fitch Ratings, Inc., or in unrated securities of equivalent credit quality. Split rated bonds will beconsidered to have the higher credit rating.

The eighth paragraph in the subsection of the Prospectus entitled “Details About the Fund — PrincipalInvestment Strategies” is deleted in its entirety and replaced with the following:

The Fund may invest up to 20% of its net assets in fixed-income securities that are rated below investment grade(commonly called “junk bonds”) by the Nationally Recognized Statistical Rating Organizations (“NRSROs”),including Moody’s, S&P or Fitch, or in unrated securities of equivalent credit quality. Split rated bonds will beconsidered to have the higher credit rating.

Shareholders should retain this Supplement for future reference.

PRO-VAR-TR-0718SUP

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock iShares® Dynamic Allocation V.I. Fund

(the “Fund”)

Supplement dated June 25, 2018 to the Fund’s Prospectusdated May 1, 2018, as supplemented to date

Effective immediately, the Fund’s Prospectus is amended as follows:

The subsection of the Prospectus entitled “Details about the Fund — Information About the ETFs —ETFs” is amended to add the following underlying exchange-traded funds to the table:

Fund Name Investment Objective and Principal Investment Strategies

iShares Global Tech ETF The fund seeks to track the investment results of an index composed ofglobal equities in the technology sector.

The fund seeks to track the investment results of the S&P Global 1200Information Technology Sector IndexTM (the “Underlying Index”), whichmeasures the performance of companies that S&P Dow Jones Indices LLC(“SPDJI”), a subsidiary of S&P Global, Inc., deems to be part of theinformation technology sector of the economy and that SPDJI believes areimportant to global markets. It is a subset of the S&P Global 1200TM. TheUnderlying Index may include large-, mid- or small-capitalizationcompanies. As of March 31, 2017, a significant portion of the UnderlyingIndex is represented by securities of information technology and technologycompanies. The components of the Underlying Index are likely to changeover time. As of March 31, 2017, the Underlying Index was comprised ofstocks of companies in the following countries: Australia, Brazil, Canada,China, Finland, France, Germany, Italy, Japan, the Netherlands, SouthKorea, Spain, Sweden, Taiwan, the United Kingdom and the United States.

iShares U.S. Technology ETF The fund seeks to track the investment results of an index composed of U.S.equities in the technology sector.

The fund seeks to track the investment results of the Dow Jones U.S.Technology Index (the “Underlying Index”), which measures theperformance of the technology sector of the U.S. equity market. TheUnderlying Index may include large-, mid- or small-capitalizationcompanies. As of April 30, 2017, a significant portion of the UnderlyingIndex is represented by securities of information technology and technologycompanies. The components of the Underlying Index are likely to changeover time.

Shareholders should retain this Supplement for future reference.

PRO-VAR1-0618SUP

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock Managed Volatility V.I. Fund

(the “Fund”)

Supplement dated May 30, 2018 to theProspectus dated May 1, 2018, as supplemented to date

Effective immediately, the following changes are made to the Fund’s Prospectus:

The last paragraph of the cover page of the Prospectus of the Fund is deleted in its entirety and replacedwith the following:

The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approvedor disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to thecontrary is a criminal offense.

Shareholders should retain this Supplement for future reference.

PRO-VARMV-0518SUP

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock High Yield V.I. Fund

BlackRock Total Return V.I. FundBlackRock U.S. Government Bond V.I. Fund

(each, a “Fund” and collectively, the “Funds”)

Supplement dated May 18, 2018to the Prospectuses of each Fund, as amended or supplemented to date

The Board of Directors (the “Board”) of BlackRock Variable Series Funds, Inc., a Maryland corporation (the“Company”), has approved an Agreement and Plan of Reorganization (the “Plan”) with respect to each Fund,pursuant to which the Fund will reorganize into a newly created series of a newly organized Marylandcorporation (the “New Company” and its series, the “New Funds”). This reorganization with respect to eachFund (each, a “Reorganization”) is expected to close on or about September 17, 2018. Each Reorganization is notsubject to approval by shareholders of the applicable Fund.

Each New Fund will have the same investment objective, strategies and policies, investment adviser, portfoliomanagement team and service providers as the corresponding Fund. Each Fund will be the accounting survivor ofits Reorganization, meaning that the corresponding New Fund will assume the performance and financial historyof the Fund at the completion of the Reorganization. In addition, each New Fund will be subject to the samecontractual arrangements, including the same contractual fees and expenses, as those of the corresponding Fund.No sales charge or fee will apply to Fund shareholders in connection with their receipt of shares of a New Fundin a Reorganization.

Each Reorganization is commonly referred to as a “shell” reorganization, because: (i) the applicable New Fund,which mirrors the corresponding Fund, has been created for the purpose of receiving the assets of the Fund and(ii) the applicable New Fund will have carried on no business activities prior to the Reorganization.

Each Reorganization is intended to be tax-free, meaning that the applicable Fund’s shareholders will becomeshareholders of the corresponding New Fund without realizing any gain or loss for federal income tax purposes.

How Will the Reorganization Affect My Investment?

Upon the consummation of a Reorganization, shareholders of the relevant Fund will become shareholders of thecorresponding New Fund. If you are a shareholder of one or more of the Funds, the cash value of yourinvestment will not change. You will receive New Fund shares with a total dollar value equal to the Fund sharesthat you own at the time of the Reorganization. Shares of each New Fund have identical legal characteristics asthose of the corresponding Fund with respect to voting rights, accessibility, conversion rights and transferability.

Each New Fund will offer the same purchase and redemption services as the corresponding Fund. Shares of eachNew Fund may be purchased and redeemed at the net asset value of the shares as next determined followingreceipt of a purchase or redemption order, provided the order is received in proper form. There will not be anychange to the minimum initial and subsequent investment amounts as a result of a Reorganization.

Each New Fund will have the same dividend and other distributions policy as the corresponding Fund.Shareholders who have elected to have dividends and capital gain distributions reinvested in Fund shares willcontinue to have dividends and capital gain distributions reinvested in New Fund shares following theReorganization. Each New Fund will have the same fiscal year as the corresponding Fund.

Reasons for the Reorganizations

The Reorganizations are being pursued in connection with a potential reconfiguration of the boards of directors/trustees of certain BlackRock-advised funds. This potential reconfiguration is being considered, among other

reasons, in an effort to enhance the focus and specialization of each board by aligning oversight of funds withsimilar strategies. Each New Fund will have the same investment objective and strategy, board of directors,portfolio management team and contractual arrangements as the corresponding Fund. To effect the reconfiguration,it is anticipated that, following the completion of the Reorganizations, the board of directors of the New Companywill call and hold a special shareholder meeting for the purpose of voting on the election of certain individuals toserve as directors. These individuals currently serve as board members of BlackRock-advised funds.

How Will the Reorganization Work?

Each Reorganization will involve three steps:

• the transfer of all of the assets and liabilities of the applicable Fund to the corresponding New Fund inexchange for shares of the New Fund having equal value to the net assets transferred;

• the pro rata distribution of shares of the New Fund to shareholders of record of the corresponding Fundas of the closing date of the Reorganization; and

• the complete liquidation and dissolution of the Fund.

Are There Any Significant Differences in the Management Fee or Total Annual Fund Operating Expensesof the Funds and the New Funds?

No. The contractual management fees charged by BlackRock Advisors, LLC (“BlackRock”), the investmentadviser to the Funds and the New Funds, are identical. Additionally, the contractual fee rates to be charged by theother service providers to the New Funds are commensurate with the fee rates currently charged to the Funds. Atthe time of each Reorganization, the New Fund’s contractual caps on total operating expenses and any othercontractual waivers in place will be identical to those of the corresponding Fund, if any.

Fees and Expenses of the Reorganization

Each Fund is expected to bear all or a portion of the expenses related to the applicable Reorganization. Suchexpenses borne by a Fund are not anticipated to have a material impact on the overall expenses of the Fund.BlackRock has agreed to bear the portion of expenses associated with the Reorganization that are not borne bythe applicable Fund.

Board Consideration of the Reorganizations

The Board considered each Reorganization at a meeting held on May 8, 2018, and approved a form of the Plan.Based on the information requested by the Board and provided to it by BlackRock, the Board, including amajority of the Directors/Trustees who are not “interested persons” of the Company, unanimously concluded thatparticipation by each Fund in the applicable Reorganization is in the best interests of the Fund and itsshareholders and that the interests of the Fund’s shareholders will not be diluted as a result of the Reorganization.

Material U.S. Federal Income Tax Consequences

The following discussion summarizes the material U.S. federal income tax consequences of each Reorganizationthat are applicable to you as a shareholder of a Fund. The discussion is based on the Internal Revenue Code of 1986,as amended (the “Code”), applicable Treasury regulations, judicial authority and administrative rulings and practice,all as of the date of this Supplement and all of which are subject to change, including changes with retroactiveeffect. The discussion below does not address any state, local or foreign tax consequences of the Reorganization.Your tax treatment may vary depending upon your particular situation. You are urged to consult with your own taxadvisors and financial planners as to the particular tax consequences of the Reorganization to you.

2

Each Reorganization is expected to qualify as a “reorganization” under Section 368(a)(1)(F) of the Code, and theapplicable New Fund and the corresponding Fund should each be a “party to a reorganization” underSection 368(b) of the Code. Provided that the Reorganization so qualifies and the New Fund and Fund are sotreated, for U.S. federal income tax purposes, generally and subject to the qualifications set forth below:

• Neither the New Fund nor the Fund will recognize any gain or loss as a result of the Reorganization.

• Shareholders of the Fund will not recognize any gain or loss as a result of the receipt of shares of theNew Fund in exchange for such shareholder’s shares of the Fund pursuant to the Reorganization.

• A shareholder’s aggregate tax basis in shares of the New Fund received pursuant to the Reorganizationwill equal such shareholder’s aggregate tax basis in shares of the corresponding Fund held immediatelybefore the Reorganization.

• A shareholder’s holding period for shares of the New Fund received pursuant to the Reorganizationwill include the period during which the shareholder held shares of the Fund, provided that suchshareholder held the respective shares of the Fund as a capital asset.

• For purposes of Section 381 of the Code, the New Fund will be treated as the same entity as the Fundand the tax attributes of the Fund enumerated in Section 381(c) of the Code will be taken into accountby the New Fund as if there had been no reorganization.

You should consult your tax advisors with respect to the effect of the Reorganization on (i) the Fund or the NewFund with respect to any asset as to which any unrealized gain or loss is required to be recognized for federalincome tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting and (ii) any shareholder of the Fund or the New Fund that is required to recognizeunrealized gains and losses for federal income tax purposes under a mark-to-market system of accounting.

Since its formation, each Fund believes it has qualified as a separate “regulated investment company” (or “RIC”)under the Code. The New Funds are new entities that will elect RIC status under the Code following theReorganizations. Each Fund believes that it has been, and expects to continue to be, relieved of U.S. federalincome tax liability to the extent that it makes distributions of its taxable income and gains to its shareholders.Prior to a Reorganization, a Fund must continue to make timely distributions of its previously undistributed netinvestment income and realized net capital gains, including capital gains on any securities disposed of inconnection with the Reorganization. Shareholders of the Funds must include any such distributions in theirtaxable income.

* * *

Shareholders should retain this Supplement for future reference.

PR-VAR3-REOR-518SUP

3

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock iShares® Alternative Strategies V.I. Fund

(the “Fund”)

Supplement dated May 18, 2018 tothe Prospectus and the Statement of Additional Information for the Fund

dated May 1, 2018, as supplemented to date

The information in this Supplement relating to the pending liquidation of the Fund is substantially similarto the information in the Supplement that was previously filed on May 10, 2018, except for the date of theexpected liquidation of the Fund.

As disclosed in the previous Supplement, on May 8, 2018, the Board of Directors (the “Board”) of BlackRockVariable Series Funds, Inc. (the “Company”) approved the liquidation of BlackRock iShares® AlternativeStrategies V.I. Fund, a series of the Company.

The Fund is expected to be liquidated on or about August 31, 2018 (the “Liquidation Date”). On or before theLiquidation Date, the Fund will cease investing its assets in accordance with its stated investment objective andpolicies.

On the Liquidation Date, shareholders of the Fund as of the Liquidation Date will receive, as a liquidatingdistribution, an amount equal to their proportionate interest in the net assets of the Fund, after the Fund has paidor provided for all of its charges, taxes, expenses, and liabilities.

A shareholder may voluntarily redeem his or her shares prior to the Liquidation Date to the extent that theshareholder wishes to do so.

Owners of the variable annuity or insurance contracts (each a “Contract”) offered by the insurance companieswhose separate accounts are invested in the Fund should consult with their insurance company for informationregarding:

• the possibility of transferring their investment to other mutual funds sponsored and advised byBlackRock Advisors, LLC or its affiliates; and

• the redirection of their assets that will occur on or about the Liquidation Date.

Contract owners are not expected to incur any tax liability in connection with the liquidation and dissolution ofthe Fund.

In connection with its liquidation, effective August 8, 2018, the Fund will be closed to new insurance companyseparate accounts, including through exchanges into the Fund from other funds of the Company.

Shareholders should retain this Supplement for future reference.

PRSAI-VAR-0518SUP2

BLACKROCK VARIABLE SERIES FUNDS, INC.BlackRock iShares® Alternative Strategies V.I. Fund

(the “Fund”)

Supplement dated May 10, 2018to the Prospectus and the Statement of Additional Information for the Fund,

dated May 1, 2018, as supplemented to date

On May 8, 2018, the Board of Directors (the “Board”) of BlackRock Variable Series Funds, Inc. (the“Company”) approved the liquidation of BlackRock iShares® Alternative Strategies V.I. Fund, a series of theCompany.

The Fund is expected to be liquidated on or about August 15, 2018 (the “Liquidation Date”). On or before theLiquidation Date, the Fund will cease investing its assets in accordance with its stated investment objective andpolicies.

On the Liquidation Date, shareholders of the Fund as of the Liquidation Date will receive, as a liquidatingdistribution, an amount equal to their proportionate interest in the net assets of the Fund, after the Fund has paidor provided for all of its charges, taxes, expenses, and liabilities.

A shareholder may voluntarily redeem his or her shares prior to the Liquidation Date to the extent that theshareholder wishes to do so.

Owners of the variable annuity or insurance contracts (each a “Contract”) offered by the insurance companieswhose separate accounts are invested in the Fund should consult with their insurance company for informationregarding:

• the possibility of transferring their investment to other mutual funds sponsored and advised byBlackRock Advisors, LLC or its affiliates; and

• the redirection of their assets that will occur on or about the Liquidation Date.

Contract owners are not expected to incur any tax liability in connection with the liquidation and dissolution ofthe Fund.

In connection with its liquidation, effective August 8, 2018, the Fund will be closed to new insurance companyseparate accounts, including through exchanges into the Fund from other funds of the Company.

Shareholders should retain this Supplement for future reference.

PRSAI-VAR-0518SUP

MAY 1, 2018

PROSPECTUS

BlackRock Variable Series Funds, Inc.

c BlackRock Advantage Large Cap Core V.I. Fund (Class I, Class II, Class III)

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

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents

BlackRock Advantage Large Cap Core V.I. Fund

Fund Overview Key facts and details about the Fund listed in this prospectus, includinginvestment objectives, principal investment strategies, principal risk factors,fee and expense information, and historical performance informationInvestment Objective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Fees and Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Principal Investment Strategies of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Principal Risks of Investing in the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Performance Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Investment Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Portfolio Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Purchase and Sale of Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Payments to Broker/Dealers and Other Financial Intermediaries . . . . . . . . . . 7

Details About the Fund How the Fund Invests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Investment Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Account Information The Insurance Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-2How to Buy and Sell Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-3

Management of the Funds Information about BlackRock and the Portfolio ManagersBlackRock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5Portfolio Manager Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-12Conflicts of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-17Valuation of Fund Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-18Dividends and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19

General Information Shareholder Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-21Certain Fund Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-21Statement of Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-21

Glossary Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-22

For More Information Funds and Service Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Back CoverAdditional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Back Cover

Fund Overview

Key Facts About BlackRock Advantage Large Cap Core V.I. Fund

Investment Objective

The investment objective of the BlackRock Advantage Large Cap Core V.I. Fund (the “Fund”) is to seek high totalinvestment return.

Fees and Expenses of the FundThis table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The expensesbelow do not include separate account fees and expenses, and would be higher if these fees and expenses wereincluded. Please refer to your variable annuity or insurance contract (the “Contract”) prospectus for information on theseparate 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(expenses that you pay each year as apercentage of the value of your investment)

Class IShares

Class IIShares

Class IIIShares

Management Fees1 0.46% 0.46% 0.46%Distribution and/or Service (12b-1) Fees None 0.15% 0.25%Other Expenses2 0.26% 0.26% 0.27%Total Annual Fund Operating Expenses3 0.72% 0.87% 0.98%Fee Waivers and/or Expense Reimbursements1,4 (0.15)% (0.13)% (0.13)%Total Annual Fund Operating Expenses After Fee Waiversand/or Expense Reimbursements1,4 0.57% 0.74% 0.85%

1 As described in the “Management of the Funds” section of the Fund’s prospectus, BlackRock Advisors, LLC (“BlackRock”) has contractually agreed towaive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity andfixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through April 30,2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of BlackRock Variable SeriesFunds, Inc. (the “Company”) or by a vote of a majority of the outstanding voting securities of the Fund.

2 Other expenses have been restated to reflect current fees.3 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent

annual report which do not include the restatement of Other Expenses to reflect current fees.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 1.25% (for Class I Shares), 1.40% (for Class II Shares), and1.50% (for Class III Shares) of average daily net assets through April 30, 2019. BlackRock has also contractually agreed to reimburse fees in order tolimit certain operational and recordkeeping fees to 0.05% (for Class I Shares), 0.07% (for Class II Shares), and 0.08% (for Class III Shares) of averagedaily net assets through April 30, 2019. Each of these contractual agreements may be terminated upon 90 days’ notice by a majority of thenon-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 mutualfunds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all ofyour shares at the end of those periods. The Example also assumes that your investment has a 5% return each year andthat the Fund’s operating expenses remain the same. The Example does not reflect charges imposed by the Contract. Seethe Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based onthese 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 $58 $215 $386 $ 880

Class II Shares $76 $265 $469 $1,061

Class III Shares $87 $299 $529 $1,190

3

Portfolio Turnover:The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” itsportfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflectedin annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscalyear, the Fund’s portfolio turnover rate was 149% of the average value of its portfolio.

Principal Investment Strategies of the Fund

Under normal circumstances, the Fund seeks to invest at least 80% of its net assets, plus the amount of anyborrowings for investment purposes, in large cap equity securities and derivatives that have similar economiccharacteristics to such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equitysecurities that at the time of purchase have a market capitalization within the range of companies included in theRussell 1000T Index. The Fund primarily intends to invest in equity securities or other financial instruments that arecomponents of, or have characteristics similar to, the securities included in the Russell 1000T Index. The Russell1000T Index is a capitalization-weighted index of equity securities from a broad range of industries chosen for marketsize, liquidity and industry group representation. The equity securities in which the Fund invests primarily consist ofcommon stock, but may also include preferred stock and convertible securities. From time to time, the Fund mayinvest in shares of companies through “new issues” or initial public offerings (“IPOs”).

The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, someof which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return ofthe Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fundeffectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financialinstruments whose value is derived from another security, a currency or an index, including but not limited to theRussell 1000T Index. The use of options, futures, swaps and forward contracts can be effective in protecting orenhancing the value of the Fund’s assets.

The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity marketsthrough investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded fundsthat invest exclusively in commodities and are designed to provide this exposure without direct investment in physicalcommodities.

The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.

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 receiveon your investment, may fluctuate significantly from day to day and over time. You may lose part or all of yourinvestment in the Fund or your investment may not perform as well as other similar investments. The following is asummary description of the principal risks of investing in the Fund.

j Commodities Related Investments Risk — Exposure to the commodities markets may subject the Fund to greatervolatility than investments in traditional securities. The value of commodity-linked derivative investments may beaffected by changes in overall market movements, commodity index volatility, changes in interest rates, or factorsaffecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and internationaleconomic, political and regulatory developments.

j 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 aresubject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value maychange based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Sinceit derives a portion of its value from the common stock into which it may be converted, a convertible security is alsosubject to the same types of market and issuer risks that apply to the underlying common stock.

j Derivatives Risk — The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/orincrease volatility. Derivatives involve significant risks, including:

Volatility Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantlyin price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values maynot correlate with the overall securities markets.

4

Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in thetransaction will not fulfill its contractual obligation.

Market and Liquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inabilityof the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could makederivatives more difficult for the Fund to value accurately.

Valuation Risk — Valuation may be more difficult in times of market turmoil since many investors and marketmakers 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 underlyingsecurity, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedgingmay result in certain adverse tax consequences.

Leverage Risk — Certain transactions in derivatives involve substantial leverage risk and may expose the Fund topotential losses that exceed the amount originally invested by the Fund.

Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements andcommodity-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 directinvestment in an underlying asset and may adversely affect the timing, character and amount of income the Fundrealizes from its investments.

Regulatory Risk — Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverableforwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act(“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, certain derivatives are subject to margin requirements and swap dealersare required to collect margin from the Fund with respect to such derivatives. Specifically, regulations are now ineffect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments andsubject to a required haircut) in connection with trading of over-the-counter (“OTC”) swaps with the Fund. Shares ofinvestment companies (other than certain money market funds) may not be posted as collateral under theseregulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through2020. In addition, regulations adopted by prudential regulators that will begin to take effect in 2019 will requirecertain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, includingmany derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminatesuch contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in theevent 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-FrankAct regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks tothe Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.

j Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in acompany’s financial condition and overall market and economic conditions.

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

j Investment Style Risk — Under certain market conditions, growth investments have performed better during the laterstages 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 theFund is out of favor, the Fund may underperform other equity funds that use different investment styles.

j 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 maycause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations orto meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfoliowill be magnified when the Fund uses leverage.

5

j Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests willgo down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk isthe risk that the securities selected by Fund management will underperform the markets, the relevant indices or thesecurities selected by other funds with similar investment objectives and investment strategies. This means youmay lose money.

j “New Issues” Risk — “New Issues” are IPOs of equity securities. 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 securitiessold in IPOs may be highly volatile or may decline shortly after the initial public offering.

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

Performance Information

The information shows you how the Fund’s performance has varied year by year and provides some indication of therisks of investing in the Fund. The Fund’s total returns prior to June 12, 2017 as reflected in the bar chart and thetable are the returns of the Fund that followed different investment strategies under the name “BlackRock Large CapCore V.I. Fund.” The table compares the Fund’s performance to that of the Russell 1000T Index. As with all suchinvestments, past performance is not an indication of future results. The bar chart and table do not reflect separateaccount fees and expenses. If they did, returns would be less than those shown. The returns for Class III Shares priorto January 27, 2009, the recommencement of Class III Shares, are based upon performance of the Fund’s Class IShares, as adjusted to reflect the distribution and/or service (12b-1) fees applicable to Class III Shares. Thisinformation may be considered when assessing the performance of Class III Shares, but does not represent the actualperformance of Class III Shares. To the extent that dividends and distributions have been paid by the Fund, theperformance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions.If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during theseperiods, the Fund’s returns would have been lower.

Class I SharesANNUAL TOTAL RETURNS

BlackRock Advantage Large Cap Core V.I. FundAs of 12/31

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2017201620152014201320122011201020092008

-38.75%

22.54%

9.12%2.40%

12.75%

33.56%

12.36% 10.55%

22.33%

0.52%

During the ten-year period shown in the bar chart, the highest return for a quarter was 14.97% (quarter endedSeptember 30, 2009 and the lowest return for a quarter was –20.12% (quarter ended December 31, 2008).

As of 12/31/17Average Annual Total Returns 1 Year 5 Years 10 Years

BlackRock Advantage Large Cap Core V.I. Fund: Class I Shares 22.33% 15.33% 6.79%

BlackRock Advantage Large Cap Core V.I. Fund: Class II Shares 22.12% 15.13% 6.62%

BlackRock Advantage Large Cap Core V.I. Fund: Class III Shares 21.97% 15.00% 6.50%

Russell 1000T Index (Reflects no deduction for fees, expenses or taxes) 21.69% 15.71% 8.59%

6

Investment Manager

The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).

Portfolio Managers

NamePortfolio Managerof the Fund Since Title

Raffaele Savi 2017 Managing Director of BlackRock, Inc.

Travis Cooke, CFA 2017 Managing Director of BlackRock, Inc.

Richard Mathieson 2017 Managing Director of BlackRock, Inc.

Purchase and Sale of Fund Shares

Shares of the Fund currently are sold either directly or indirectly (through other variable insurance funds) to separateaccounts of insurance companies (the “Insurance Companies”) and certain accounts administered by the InsuranceCompanies (the “Accounts”) to fund benefits under the Contracts issued by the Insurance Companies. Shares of theFund 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 certaininvestment 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 taxpurposes. See the Contract prospectus for information regarding the U.S. federal income tax treatment of thedistributions 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 InsuranceCompanies and other financial intermediaries for the sale of Fund shares and related services. These payments maycreate a conflict of interest by influencing the Insurance Company or other financial intermediary and your individualfinancial professional to recommend the Fund over another investment. Visit your Insurance Company’s website, whichmay have more information.

7

Details About the FundIncluded in this prospectus are sections that tell you about buying and selling shares, management information,shareholder features of the BlackRock Advantage Large Cap Core V.I. Fund (the “Fund”) and your rights as a shareholder.

How the Fund Invests

Investment ObjectiveThe investment objective of the Fund is to seek high total investment return.

This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority ofthe Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the“Investment Company Act”).

Investment ProcessThe Fund seeks to pursue its investment objective by investing in large cap securities in a disciplined manner, by usingproprietary return forecast models that incorporate quantitative analysis. These forecast models are designed toidentify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particularequity securities while seeking to control incremental risk. BlackRock Advisors, LLC (“BlackRock”) then constructs andrebalances the portfolio by integrating its investment insights with the model-based optimization process. The Fundhas no stated minimum holding period for investments and may buy or sell securities whenever Fund managementsees an appropriate opportunity. The Fund may engage in active and frequent trading of its investments.

Principal Investment StrategiesUnder normal circumstances, the Fund seeks to invest at least 80% of its net assets, plus the amount of any borrowings forinvestment purposes, in large cap equity securities and derivatives that have similar economic characteristics to suchsecurities. For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchasehave a market capitalization within the range of companies included in the Russell 1000T Index. The Fund primarily intends toinvest in equity securities or other financial instruments that are components of, or have characteristics similar to, thesecurities included in the Russell 1000T Index. The Russell 1000T Index is a capitalization-weighted index of equity securitiesfrom a broad range of industries chosen for market size, liquidity and industry group representation. The equity securities inwhich the Fund invests primarily consist of common stock, but may also include preferred stock and convertible securities.From time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”).

The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, someof which may be referred to as contracts for difference) and forward contracts, both to seek to increase the return ofthe Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fundeffectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financialinstruments whose value is derived from another security, a currency or an index, including but not limited to theRussell 1000T Index.

The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity marketsthrough investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded fundsthat invest exclusively in commodities and are designed to provide this exposure without direct investment in physicalcommodities.

The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.

The above 80% policy is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior notice toshareholders.

8

Other StrategiesIn addition to the principal strategies discussed above, the Fund may also invest or engage in the followinginvestments/strategies:

j Borrowing — The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for thepayment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forthunder the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

j Illiquid/Restricted Securities — The Fund may invest up to 15% of its net assets in illiquid securities that it cannotsell within seven days at approximately current value. The Fund may also invest in restricted securities, which aresecurities that cannot be offered for public resale unless registered under the applicable securities laws or thathave a contractual restriction that prohibits or limits their resale, such as Rule 144A securities. They may includeprivate placement securities that have not been registered under the applicable securities laws. Restrictedsecurities may not be listed on an exchange and may have no active trading market and therefore may beconsidered illiquid. Rule 144A securities are restricted securities that can be resold to qualified institutional buyersbut not to the general public and may be considered to be liquid securities.

j Investment Companies — The Fund has the ability to invest in other investment companies, such asexchange-traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds. The Fund may invest inaffiliated investment companies, including affiliated money market funds and affiliated ETFs.

j Money Market Securities — The Fund may invest in money market securities or commercial paper.

j Real Estate Investment Trusts — The Fund may invest in real estate investment trusts (“REITs”).

j Securities Lending — The Fund may lend securities with a value up to 331⁄3% of its total assets to financialinstitutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

j Temporary Defensive Strategies — As a temporary measure for defensive purposes, the Fund may invest withoutlimit in cash, cash equivalents or short-term U.S. Government securities. These investments may include highquality, short-term money market instruments such as U.S. Treasury and agency obligations, commercial paper(short-term, unsecured, negotiable promissory notes of a domestic or foreign company), short-term debt obligationsof corporate issuers and certificates of deposit and bankers’ acceptances. These investments may adversely affectthe Fund’s ability to meet its investment objective.

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

ABOUT THE PORTFOLIO MANAGEMENT OF THE FUND

The Fund is managed by a team of financial professionals. Raffaele Savi, Travis Cooke, CFA, and Richard Mathiesonare 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 theportfolio management team.

Investment Risks

This section contains a discussion of the general risks of investing in the Fund. The “Investment Objectives andPolicies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, itsinvestments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investmentobjective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is notinsured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency.

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Principal Risks of Investing in the Fund:

Commodities Related Investments Risk — Exposure to the commodities markets may subject the Fund to greatervolatility than investments in traditional securities. The value of commodity-linked derivative investments may beaffected by changes in overall market movements, commodity index volatility, changes in interest rates, or factorsaffecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and internationaleconomic, political and regulatory developments.

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 securitiesare subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market valuemay 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 isalso subject to the same types of market and issuer risks that apply to the underlying common stock.

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

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

Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in thetransaction will not fulfill its contractual obligation.

Market and Liquidity Risk — Some derivatives are more sensitive to interest rate changes and market pricefluctuations than other securities. The possible lack of a liquid secondary market for derivatives and the resultinginability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and couldmake derivatives more difficult for the Fund to value accurately. The Fund could also suffer losses related to itsderivatives 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 economicfactors, which could cause the Fund’s derivatives positions to lose value.

Valuation Risk — Valuation may be more difficult in times of market turmoil since many investors and marketmakers may be reluctant to purchase complex instruments or quote prices for them. Derivatives may also exposethe Fund to greater risk and increase its costs. Certain transactions in derivatives involve substantial leverage riskand 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 bythe derivative generally should be substantially offset by gains on the hedged investment, and vice versa. Whilehedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject toimperfect matching between the derivative and the underlying security, and there can be no assurance that theFund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequencesnoted below.

Tax Risk — The federal income tax treatment of a derivative may not be as favorable as a direct investment in anunderlying asset and may adversely affect the timing, character and amount of income the Fund realizes from itsinvestments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather thancapital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the InternalRevenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there couldbe an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment ofcertain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation oradministrative pronouncements issued by the Internal Revenue Service (“IRS”).

Regulatory Risk — Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverableforwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act(“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, certain derivatives are subject to margin requirements and swap dealersare required to collect margin from the Fund with respect to such derivatives. Specifically, regulations are now ineffect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments andsubject to a required haircut) in connection with trading of over-the-counter (“OTC”) swaps with the Fund. Shares ofinvestment companies (other than certain money market funds) may not be posted as collateral under theseregulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through

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2020. In addition, regulations adopted by prudential regulators that will begin to take effect in 2019 will requirecertain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, includingmany derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminatesuch contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in theevent 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-FrankAct regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks tothe 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 predictthe effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps orany other financial derivative product, and there can be no assurance that any new governmental regulation will notadversely 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, aretwo-party contracts entered into for periods ranging from a few weeks to more than one year. In a standard “swap”transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized onparticular predetermined investments or instruments, which can be adjusted for an interest factor. Swapagreements involve the risk that the party with whom the Fund has entered into the swap will default on itsobligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party tothe agreement. Swap agreements may also involve the risk that there is an imperfect correlation between the returnon the Fund’s obligation to its counterparty and the return on referenced asset. In addition, swap agreements aresubject to market and liquidity risk, leverage risk and hedging risk.

Forward Foreign Currency Exchange Contracts — Forward foreign currency exchange transactions are OTC contractsto purchase or sell a specified amount of a specified currency or multinational currency unit at a price and futuredate set at the time of the contract. Forward foreign currency exchange contracts do not eliminate fluctuations inthe value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point intime. 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 aseller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primaryrisks associated with the use of futures contracts and options are: (a) the imperfect correlation between the changein market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possiblelack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract whendesired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investmentadviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates andother economic factors; and (e) the possibility that the counterparty will default in the performance of itsobligations.

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 cashin an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a periodof time or on a specified date. Investments in options are considered speculative. When the Fund purchases anoption, 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) orincreased, remained the same or failed to decrease to a level at or below the exercise price (in the case of a putoption). If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, itspremium would represent a loss to the Fund. To the extent that the Fund writes or sells an option, if the decline orincrease in the underlying asset is significantly below or above the exercise price of the written option, the Fundcould experience a substantial loss.

Equity Securities Risk — Common and preferred stocks represent equity ownership in a company. Stock markets arevolatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing inequities. The value of equity securities purchased by the Fund could decline if the financial condition of the companiesthe Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securitiesmay also decline due to factors that affect a particular industry or industries, such as labor shortages or an increasein production costs and competitive conditions within an industry. In addition, the value may decline due to general

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market conditions that are not specifically related to a company or industry, such as real or perceived adverseeconomic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates orgenerally adverse investor sentiment.

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

Investment Style Risk — Under certain market conditions, growth investments have performed better during the laterstages 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 bythe 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 investmentcompany registered with the Securities Exchange Commission (the “SEC”), the Fund is subject to the federal securitieslaws, including the Investment Company Act of 1940, the rules thereunder, and various SEC and SEC staff interpretivepositions. In accordance with these laws, rules and positions, the Fund must “set aside” liquid assets (often referredto as “asset segregation”), or engage in other SEC- or staff-approved measures, to “cover” open positions withrespect to certain kinds of instruments. The use of leverage may cause the Fund to liquidate portfolio positions whenit may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements.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 godown in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is therisk that the securities selected by Fund management will underperform the markets, the relevant indices or thesecurities selected by other funds with similar investment objectives and investment strategies. This means you maylose money.

“New Issues” Risk — “New Issues” are IPOs of equity securities. Investments in companies that have recently gonepublic have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund willhave access to profitable IPOs and therefore investors should not rely on these past gains as an indication of futureperformance. The investment performance of the Fund during periods when it is unable to invest significantly or at allin 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 ofthe same risks as investing in companies with smaller market capitalizations. Securities issued in IPOs have notrading history, and information about the companies may be available for very limited periods. In addition, the pricesof securities sold in IPOs may be highly volatile or may decline shortly after the initial public offering. When an initialpublic offering is brought to the market, availability may be limited and the Fund may not be able to buy any shares atthe 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 itwould like.

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

The Fund may also be subject to certain other risks assoc