BlackRock Global Allocation V.I. Fund Annual Report

2020 Annual Report

BlackRock Variable Series Funds, Inc.

? BlackRock Global Allocation V.I. Fund

DECEMBER 31, 2020

Not FDIC Insured - May Lose Value - No Bank Guarantee

THIS PAGE INTENTIONALLY LEFT BLANK.

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of December 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or "COVID-19") led to a vast disruption in the global economy and financial markets. The threat from the coronavirus became increasingly apparent throughout February and March 2020, and countries around the world took economically disruptive countermeasures. Stayat-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following a series of successful vaccine trials and passage of additional stimulus. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities from developed economies grew at a more modest pace, lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the "Fed") assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing shortterm interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to accelerate as vaccination efforts get under way. The results of the U.S. elections also cleared the way for additional stimulus spending in 2021, which is likely to be a solid tailwind for economic growth. Inflation should increase as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in both equities and credit. We see U.S. and Asian equities benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. In credit, rising inflation should provide tailwinds for inflationprotected bonds, and Euro area peripherals and Asian bonds also provide attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit for further insight about investing in today's markets.

Sincerely,

Rob Kapito President, BlackRock Advisors, LLC

Total Returns as of December 31, 2020

U.S. large cap equities (S&P 500? Index)

U.S. small cap equities (Russell 2000? Index)

International equities (MSCI Europe, Australasia, Far East Index)

Emerging market equities (MSCI Emerging Markets Index)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)

U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)

Tax-exempt municipal bonds (S&P Municipal Bond Index)

U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)

6-Month 12-Month 22.16% 18.40%

37.85 19.96

21.61

7.82

31.14 18.31

0.07

0.67

(1.87) 10.58

1.29

7.51

2.92

4.95

11.32

7.05

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

Rob Kapito President, BlackRock Advisors, LLC

This Page is not Part of Your Fund Report

Fund Summary as of December 31, 2020

BlackRock Global Allocation V.I. Fund

Investment Objective

BlackRock Global Allocation V.I. Fund's (the "Fund") investment objective is to seek high total investment return.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2020, the Fund outperformed its reference benchmark, which is comprised of the S&P 500? Index (36%), FTSE World (exU.S.) Index (24%), ICE BofA Current 5-Year U.S. Treasury Index (24%) and FTSE Non-U.S. Dollar World Government Bond Index (16%) (the "Reference Benchmark"), and outperformed the broad-based all-equity benchmark, the FTSE World Index. The Fund invests in both equities and bonds; therefore, Fund management believes that the Reference Benchmark provides a more accurate representation of the Fund's composition and a more comparable means for measurement. The following discussion of relative performance pertains to the Reference Benchmark. The following commentary (and referenced allocation percentages) are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps and options (except with respect to fixed income securities) and convertible bonds, and may vary relative to the market value.

What factors influenced performance?

Within equities, stock selection within a number of sectors, notably consumer discretionary and information technology ("IT"), contributed to performance. Sector positioning was additive, primarily driven by underweights to financials, energy and consumer staples, and overweights to IT and consumer discretionary. Within fixed income, positioning at the long end of the yield curve and exposure to U.S. corporate credit positively impacted returns. Exposure to gold-related securities also contributed to performance.

Within equities, security selection within industrials, materials and financials detracted from performance. Exposure to cash and cash equivalents negatively impacted returns as well. In addition, currency management, notably an underweight to the Australian dollar and overweight to the U.S. dollar, weighed on performance.

Describe recent portfolio activity.

During the period, the Fund's overall equity allocation increased slightly from 67% to 68% of net assets. Within equities, the Fund increased exposure to Europe and decreased exposure to Japan and the United States. From a sector perspective, the Fund increased exposure to IT, consumer discretionary and materials, and decreased exposure to financials, consumer staples, energy and communication services. The Fund's allocation to fixed income decreased from 26% to 24% of net assets. Within fixed income, the Fund decreased exposure to developed market government bonds and securitized debt, and increased exposure to corporate credit. From the standpoint of duration and corresponding interest rate sensitivity, overall portfolio duration was tactically managed over the period and ended the period at 1.9 years, up from 1.5 years at the beginning of the period. The Fund's allocation to commodity-related securities decreased slightly from 2% to 1% of net assets.

Reflecting the changes in the Fund's overall allocations to the equity, fixed income and commodity-related asset classes during the period, the Fund's cash equivalents increased from 5% to 7% of net assets. During the 12-month period, cash helped mitigate portfolio volatility and served as a source of funds for new investments and redemptions.

Describe portfolio positioning at period end.

Relative to its Reference Benchmark, the Fund was overweight in equities and underweight in fixed income, with modest exposure to commodity-related assets and an overweight to cash equivalents. Within equities, the Fund was overweight in the United States, Europe and China, and underweight in Japan and Australia. From a sector perspective, the Fund was overweight in consumer discretionary, IT, health care, materials, industrials and communication services, and underweight in consumer staples, financials and real estate. Within fixed income, the Fund was underweight in developed market government bonds and overweight in corporate credit and securitized debt. From a duration perspective, overall portfolio duration was 1.9 years versus a benchmark duration of 2.8 years (total portfolio duration assumes equity duration of 0). From a currency perspective, the Fund was overweight in the euro, underweight in the Australian dollar and neutrally positioned toward the U.S. dollar.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

2

2 0 2 0 B l a c k R o c k A n n u a l R e p o r t T o S h a r e h o l d e rs

Fund Summary as of December 31, 2020 (continued)

$ 28,000

TOTAL RETURN BASED ON A $10,000 INVESTMENT

25,000

22,000

19,000

16,000

13,000

10,000

7,000 Dec 10

Dec 11

Dec 12

Dec 13

Dec 14

Dec 15

Dec 16

Dec 17

BlackRock Global Allocation V.I. Fund

$25,757

$20,660 $19,420 $19,132 $18,971

Dec 18

Dec 19

Dec 20

CClalasssI SI Shhaarerse(sa)((ab))(b)

CClalasssIIISI Shahraerse(as)((ba))(b)

CClalasssIII ISI hSahraerse(as)((ba))(b)

FFTTSSEEWWoorlrdldInIdnedxe(cx)(c)

RReefefererennceceBBenecnhcmhmarak(rdk)(d)

(a) Assuming transaction costs, if any, and other operating expenses, including investment advisory fees. Does not include insurance-related fees and expenses. (b) The Fund invests in a portfolio of U.S. and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time with respect to types of securities

and markets in response to changing markets and economic trends. (c) A market cap weighted index representing the performance of the large and mid-cap stocks from the developed and advanced emerging countries within the FTSE Global Equity Index Series. (d) An unmanaged weighted index comprised as follows: 36% S&P 500? Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S.

Dollar World Government Bond Index.

Performance Summary for the Period Ended December 31, 2020

6-Month Total

Returns (a)

Class I (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20.45%

Class II (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20.31

Class III (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20.29

FTSE World Index.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24.02

Reference Benchmark. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.26

U.S. Stocks: S&P 500? Index (c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22.16

Non-U.S. Stocks: FTSE World (ex-U.S.) Index (d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24.54

U.S. Bonds: ICE BofA Current 5-year U.S. Treasury Index (e.). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(0.04)

Non-U.S. Bonds: FTSE Non-U.S. Dollar World Government Bond Index (f). . . . . . . . . . . . . . . . . . . .

9.64

Average Annual Total Returns (a)

1 Year 21.08% 20.88 20.79 16.33 13.34 18.40 10.04 7.20 10.78

5 Years

10 Years

9.42%

6.86%

9.25 6.70

9.17 6.61

12.82 9.92

9.51 7.53

15.22 13.88

9.06 5.52

3.13 2.88

5.17 1.88

(a) For a portion of the period, the Fund's investment adviser waived a portion of its fees. Without such waiver, the Fund's performance would have been lower. (b) Average annual and cumulative total returns are based on changes in net asset value for the periods shown and assume reinvestment of all distributions at net asset value on the ex-dividend

date. Insurance-related fees and expenses are not reflected in these returns. (c) An unmanaged index that covers 500 leading companies and captures approximately 80% coverage of available market capitalization. (d) A market cap weighted index representing the performance of the large and mid-cap stocks from the developed and advanced emerging countries excluding the U.S. within the FTSE Global

Equity Index Series. (e) An unmanaged index designed to track the total return of the current coupon five-year U.S. Treasury bond. (f) An unmanaged market capitalization-weighted index that tracks 22 government bond indexes, excluding the United States.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Fund Summary

3

Fund Summary as of December 31, 2020 (continued)

Overall Asset Exposure

U.S. Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . European Equities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asia Pacific Equities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Equities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Equities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Dollar Denominated Fixed-Income Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

U.S. Issuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-U.S. Issuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non-U.S. Dollar Denominated Fixed-Income Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Fixed-Income Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commodity-Related. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash & Short-Term Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

BlackRock Global Allocation V.I. Fund

Percent of Fund's Net Assets (a)

12/31/2020

12/31/2019

42%

43%

16

12

9

11

1

1

68

67

15

18

12

17

3

1

9

8

24

26

1

2

7

5

Reference Benchmark (b) Percentages

35% 12 10 3 60 24 -- -- 16 40 -- --

(a) Exposure based on market value and adjusted for the economic value of futures, swaps, and options (except with respect to fixed-income securities), and convertible bonds. (b) The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the S&P 500? Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S.

Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index. Descriptions of these indexes are found on page 3 of this report to shareholders in the "Performance Summary" section.

4

2 0 2 0 B l a c k R o c k A n n u a l R e p o r t T o S h a r e h o l d e rs

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown below (which is based on a hypothetical investment of $1,000 invested on July 1, 2020 and held through December 31, 2020) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense example provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled "Expenses Paid During the Period."

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

Class I. . . . . . . . . . . . . . . . . . . Class II. . . . . . . . . . . . . . . . . . Class III. . . . . . . . . . . . . . . . . .

Beginning Account Value

(07/01/20) $ 1,000.00

1,000.00 1,000.00

Actual

Including

dividend

expense

Ending

Expenses

Account Value Paid During

(12/31/20) the Period (b)

$ 1,204.50 $ 3.99

1,203.10

4.82

1,202.90

5.37

Excluding dividend expense

Expenses Paid During the Period (c) $ 3.99

4.82 5.37

Hypothetical (a)

Beginning Account Value

(07/01/20) $ 1,000.00

1,000.00 1,000.00

Including dividend expense

Ending

Expenses

Account Value Paid During

(12/31/20) the Period (b)

$ 1,021.52 $ 3.66

1,020.76

4.42

1,020.26

4.93

Excluding dividend expense

Ending

Expenses

Account Value Paid During

(12/31/20) the Period (c)

$ 1,021.52 $ 3.66

1,020.76

4.42

1,020.26

4.93

(a) Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366. (b) For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.72% for Class I, 0.87% for Class II and 0.97% for Class III), multiplied by the average account

value over the period, multiplied by 184/366 (to reflect the one-half year period shown). (c) For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.72% for Class I, 0.87% for Class II and 0.97% for Class III), multiplied by the average account

value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

Disclosure of Expenses / Derivative Financial Instruments

5

Consolidated Schedule of Investments

December 31, 2020

Security

Asset-Backed Securities -- 0.6%

Cayman Islands -- 0.3%(a) AGL CLO 7 Ltd., Series 2020-7A, Class

A1, (LIBOR USD 3 Month + 1.80%), 2.05%, 07/15/31(b). . . . . . . . . . . . USD AGL Core CLO 5 Ltd.(b): Series 2020-5A, Class A2, (LIBOR

USD 3 Month + 2.35%), 2.65%, 07/20/30. . . . . . . . . . . . . . . . Series 2020-5A, Class B, (LIBOR USD 3 Month + 2.78%), 3.08%, 07/20/30. . . . . . . . . . . . . . . . AIMCO CLO, Series 2018-AA, Class B, (LIBOR USD 3 Month + 1.40%), 1.62%, 04/17/31(b). . . . . . . . . . . . ALM Ltd., Series 2020-1A, Class A2, (LIBOR USD 3 Month + 1.85%), 2.09%, 10/15/29(b). . . . . . . . . . . . ALM XVIII Ltd., Series 2016-18A, Class A2R, (LIBOR USD 3 Month + 1.65%), 1.89%, 01/15/28(b). . . . . . Apidos CLO XV, Series 2013-15A, Class A1RR, (LIBOR USD 3 Month + 1.01%), 1.23%, 04/20/31(b). . . . . Ares LV CLO Ltd., Series 2020-55A, Class B, (LIBOR USD 3 Month + 2.50%), 2.74%, 04/15/31(b). . . . . . Atrium XII, Series 12A, Class BR, (LIBOR USD 3 Month + 1.35%), 1.57%, 04/22/27(b). . . . . . . . . . . . Bain Capital Credit CLO Ltd., Series 2020-2A, Class B1, (LIBOR USD 3 Month + 2.50%), 2.72%, 07/21/31(b). Birch Grove CLO Ltd., Series 19X, Class A, (LIBOR USD 3 Month + 1.49%), 1.71%, 06/15/31. . . . . . . BlueMountain CLO Ltd., Series 20142A, Class BR2, (LIBOR USD 3 Month + 1.75%), 1.97%, 10/20/30(b). BlueMountain CLO XXIV Ltd., Series 2019-24A, Class C, (LIBOR USD 3 Month + 2.70%), 2.92%, 04/20/31(b). California Street CLO XII Ltd., Series 2013-12A, Class CR, (LIBOR USD 3 Month + 2.10%), 2.34%, 10/15/25(b). Catskill Park CLO Ltd., Series 2017-1A, Class A1B, (LIBOR USD 3 Month + 1.35%), 1.57%, 04/20/29(b). . . . . . Chenango Park CLO Ltd., Series 20181A, Class A2, (LIBOR USD 3 Month + 1.55%), 1.79%, 04/15/30(b). . . . . CIFC Funding Ltd.(b): Series 2017-3A, Class A2, (LIBOR USD 3 Month + 1.80%), 2.02%, 07/20/30. . . . . . . . . . . . . . . . Series 2020-1A, Class B, (LIBOR USD 3 Month + 2.30%), 2.54%, 07/15/32. . . . . . . . . . . . . . . . Cook Park CLO Ltd., Series 2018-1A, Class B, (LIBOR USD 3 Month + 1.40%), 1.62%, 04/17/30(b). . . . . . Elmwood CLO II Ltd., Series 2019-2A, Class B, (LIBOR USD 3 Month + 2.10%), 2.32%, 04/20/31(b). . . . . . Elmwood CLO III Ltd., Series 2019-3A, Class A1, (LIBOR USD 3 Month + 1.37%), 1.61%, 10/15/32(b). . . . . .

6

Par (000) Par (000)

530 $

550 725 256 252 259 620 950 287 575 1,152 256 562 269 313 401

276 875 402 275 250

Value

531,318

550,552 729,398 252,613 252,174 256,864 616,093 952,570 283,604 573,003 1,150,926 255,721 564,267 264,728 311,719 393,978

274,880 926,340 394,630 273,529 250,498

BlackRock Global Allocation V.I. Fund

(Percentages shown are based on Net Assets)

Security

Cayman Islands (continued) Elmwood CLO V Ltd.(b):

Series 2020-2A, Class A1, (LIBOR USD 3 Month + 1.75%), 2.02%, 07/24/31. . . . . . . . . . . . . . . . USD

Series 2020-2A, Class B, (LIBOR USD 3 Month + 2.20%), 2.47%, 07/24/31. . . . . . . . . . . . . . . .

GoldenTree Loan Management US CLO 6 Ltd., Series 2019-6A, Class B1, (LIBOR USD 3 Month + 1.90%), 2.12%, 01/20/33(b). . . . . . . . . . . .

Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class A1, (LIBOR USD 3 Month + 1.37%), 1.61%, 04/15/33(b).

KVK CLO Ltd., Series 2018-1A, Class A, (LIBOR USD 3 Month + 0.93%), 1.15%, 05/20/29(b). . . . . . . . . . . .

Madison Park Funding XII Ltd., Series 2014-12A, Class B1R, (LIBOR USD 3 Month + 1.65%), 1.87%, 07/20/26(b). . . . . . . . . . . . . . . . .

Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, (LIBOR USD 3 Month + 1.50%), 1.72%, 04/19/30(b). . . . . . . . . . . . . . . . .

Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, (LIBOR USD 3 Month + 1.20%), 1.41%, 07/29/30(b). . . . . . . . . . . . . . . . .

Madison Park Funding XXXVI Ltd., Series 2019-36A, Class B1, (LIBOR USD 3 Month + 1.85%), 2.09%, 01/15/33(b). . . . . . . . . . . . . . . . .

OCP CLO Ltd.(b): Series 2017-13A, Class A2A, (LIBOR USD 3 Month + 1.80%), 2.04%, 07/15/30. . . . . . . . . . . Series 2020-19A, Class B, (LIBOR USD 3 Month + 2.50%), 2.82%, 07/20/31. . . . . . . . . . . . . . . .

Octagon Investment Partners 46 Ltd.(b): Series 2020-2A, Class A, (LIBOR USD 3 Month + 1.65%), 1.90%, 07/15/33. . . . . . . . . . . . . . . . Series 2020-2A, Class B, (LIBOR USD 3 Month + 2.20%), 2.45%, 07/15/33. . . . . . . . . . . . . . . .

OHA Credit Funding 3 Ltd., Series 2019-3A, Class B1, (LIBOR USD 3 Month + 1.80%), 2.02%, 07/20/32(b).

OHA Credit Funding 7 Ltd., Series 2020-7A, Class A, (LIBOR USD 3 Month + 1.25%), 1.47%, 10/19/32(b).

Palmer Square Loan Funding Ltd.(b): Series 2018-2A, Class A2, (LIBOR USD 3 Month + 1.05%), 1.29%, 07/15/26. . . . . . . . . . . . . . . . Series 2019-2A, Class A2, (LIBOR USD 3 Month + 1.60%), 1.82%, 04/20/27. . . . . . . . . . . . . . . . Series 2020-3A, Class A2, (LIBOR USD 3 Month + 2.40%), 2.62%, 07/20/28. . . . . . . . . . . . . . . .

Par (000) Par (000)

Value

1,000 $

1,003,459

250

251,060

326 1,742

215

326,281 1,742,640

214,617

273

272,567

250

247,157

259

258,533

518

518,089

401

400,840

175

176,110

1,000 300 322 150

1,002,571 300,855 320,978 150,126

650

641,734

583

574,260

475

475,983

2 0 2 0 B l a c k R o c k A n n u a l R e p o r t T o S h a r e h o l d e rs

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